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Cable Update (GBPUSD)

  • #456,341
  • Nov 4, 2017 8:05am Nov 4, 2017 8:05am
yes for my case it has to open bullish but as I say it cannot be a flag if your following the rules of a flag
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #456,342
  • Nov 4, 2017 8:13am Nov 4, 2017 8:13am
On the weekly, it does look like a downtrend.
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  • #456,343
  • Nov 4, 2017 8:15am Nov 4, 2017 8:15am
Quoting Bones
there's some bearish GBP weekly charts,im going to use 2-week chart which close's next week for the outlook gbp has to open bullish pretty much and not break the weeks previous im going into the week saying the weeklies are false cable remains in range cable sits on a major tl I can draw it 2 ways 1 way shown and remain technically correct gbp carries a bullish monthly {image} {image} {image}
and

Quoting medici
Considering the longer term view, yes, the downtrend that bottomed last October has been broken. Still, for an upside to happen, the bear flag would have to be triggered by a break of the trend line, and then fail. That would be the logical and cyclical thing. The support levels for a triggered and failed bear flag would be around 1.28 or 1.20. {image}
Thanks, guys, for your charts

I have something to think of, I suppose.
However, I am personally bearish still, but have to hold my fingers on the pulse.

Best
D.P.
Hunting High and Low
  • #456,344
  • Edited 9:33am Nov 4, 2017 8:15am | Edited 9:33am
Attachment g
Attached Image
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #456,345
  • Nov 4, 2017 8:22am Nov 4, 2017 8:22am
yes def is
Quoting medici
On the weekly, it does look like a downtrend. {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #456,346
  • Nov 4, 2017 9:37am Nov 4, 2017 9:37am
It is quite bearish, but the continuation of the trend will probably be confirmed after a breakout below the last low at 1.3026.
  • #456,347
  • Nov 4, 2017 9:50am Nov 4, 2017 9:50am
If we break 3020, then 2773 will happen pretty fast and that will be my next target GL
  • #456,348
  • Nov 4, 2017 6:58pm Nov 4, 2017 6:58pm
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2 plays here 1 false break short on the next open candle , which should show a 61% extention from 3026 and the top we see .2 a full break which could follow eu to 1.078 and gbj to 142 . Area
  • #456,349
  • Nov 4, 2017 7:01pm Nov 4, 2017 7:01pm
Quoting elbert3
{image} 2 plays here 1 false break short on the next open candle , which should show a 61% extention from 3026 and the top we see .2 a full break which could follow eu to 1.078 and gbj to 142 . Area
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possible extension and monthly resistance
  • #456,350
  • Nov 5, 2017 12:47am Nov 5, 2017 12:47am
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  • #456,351
  • Nov 5, 2017 2:26am Nov 5, 2017 2:26am
Long term, really good higher high, higher low. Resistance at Brexit gaps.

Currently in a big range between 1.3 and 1.33.

Watching for breakouts or continued ranging
A 1 pip gain is better than a 1 pip loss.
  • #456,352
  • Nov 5, 2017 4:12am Nov 5, 2017 4:12am
There is only one direction for Pound - South.
  • #456,353
  • Nov 5, 2017 1:06pm Nov 5, 2017 1:06pm
Quoting pawelo760
There is only one direction for Pound - South.
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are you totally new or are you one of them traders that have multiple name ?? As you come here and make a statement like that with no reason or back up chart . E
  • #456,354
  • Nov 5, 2017 2:05pm Nov 5, 2017 2:05pm
At this time price is 30796 so slight gap up on the open ??
  • #456,355
  • Nov 5, 2017 3:01pm Nov 5, 2017 3:01pm
too early to tell ahead of the week

but i'd be careful if it breaks 1.3010 , this could lead to further downside

if it doesn't it could maybe range trade for a while between 1.3010 and 1.3350
  • #456,356
  • Nov 5, 2017 5:00pm Nov 5, 2017 5:00pm
Quoting MXT
too early to tell ahead of the week but i'd be careful if it breaks 1.3010 , this could lead to further downside if it doesn't it could maybe range trade for a while between 1.3010 and 1.3350
Don't be shy, tell us what you really think.

How about what would prompt your entry, which direction and why?
  • #456,357
  • Nov 5, 2017 5:19pm Nov 5, 2017 5:19pm
Quoting Nala66
{quote} Don't be shy, tell us what you really think. How about what would prompt your entry, which direction and why?
honestly we need to see what this week brings , we're in a tough spot at the moment

but really should it break 1.3010 i'd rather look for shorts as this may lead to fresh weakness

being a good support , maybe 1.3010 won't be broken this week so we could just range trade for a while

time will tell
  • #456,358
  • Nov 5, 2017 5:44pm Nov 5, 2017 5:44pm
Well I am long at 30774
Stop at 30660

This was the bear support level so I am hoping the bulls will take it out.

You have to be in it to win it. I am certainly not waiting a week.
  • #456,359
  • Nov 5, 2017 6:04pm Nov 5, 2017 6:04pm
There we go, the bulls took it out
Stop now at 30774

and stopped out......................
  • #456,360
  • Edited 6:47pm Nov 5, 2017 6:17pm | Edited 6:47pm
Trying again
Long at 30780
Stop at 30664

Moved stop to 30720

and stopped out again....
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