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Cable Update (GBPUSD)

  • #457,501
  • Jan 14, 2018 1:59pm Jan 14, 2018 1:59pm
Quoting Nala66
{quote} A Diagonal Triangle? I don't recall Pythagoras mentioning that shape...no wonder it is rare.
Never Ever Give Up
  • #457,502
  • Jan 14, 2018 2:28pm Jan 14, 2018 2:28pm
Quoting sumar
{quote}
If it goes above that it becomes an overthrow, if the overthrow breaks out it becomes a major trend change
  • #457,503
  • Jan 14, 2018 2:35pm Jan 14, 2018 2:35pm
Pythagoras only concerned himself with right angled triangles

Come with me if you want to live....
  • #457,504
  • Jan 14, 2018 2:36pm Jan 14, 2018 2:36pm
Quoting ettrader
{quote} If it goes above that it becomes an overthrow, if the overthrow breaks out it becomes a major trend change
Never Ever Give Up
  • #457,505
  • Jan 14, 2018 2:58pm Jan 14, 2018 2:58pm
If you are tracking cable this week, consider this technical perspective.

Since mid-December 2017, price action on the GBPUSD has been northward in disposition. The northward mode continued last week with a relatively big bullish candlestick on the weekly time frame. Technicals on the weekly time frame are still in favour of bulls. Should there be a follow-through this week, a likely target of bulls is the immediate resistance around the 1.38350/1.39150 area. The support trendline (chocolate coloured) from the low of March 2017 is still very much in play.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #457,506
  • Jan 14, 2018 5:26pm Jan 14, 2018 5:26pm
Quoting KeenPips
If you are tracking cable this week, consider this technical perspective. Since mid-December 2017, price action on the GBPUSD has been northward in disposition. The northward mode continued last week with a relatively big bullish candlestick on the weekly time frame. Technicals on the weekly time frame are still in favour of bulls. Should there be a follow-through this week, a likely target of bulls is the immediate resistance around the 1.38350/1.39150 area. The support trendline (chocolate coloured) from the low of March 2017 is still very much...
my target 1.287x small position
When life gives you lemons, make lemonade
  • #457,507
  • Jan 14, 2018 5:30pm Jan 14, 2018 5:30pm
Quoting KeenPips
If you are tracking cable this week, consider this technical perspective. Since mid-December 2017, price action on the GBPUSD has been northward in disposition. The northward mode continued last week with a relatively big bullish candlestick on the weekly time frame. Technicals on the weekly time frame are still in favour of bulls. Should there be a follow-through this week, a likely target of bulls is the immediate resistance around the 1.38350/1.39150 area. The support trendline (chocolate coloured) from the low of March 2017 is still very much...
Well I considered it but to me your data is way out of whack.

We are at the topmost of a Diagonal Triangle on the weekly with 3 touches on the top and 3 on the bottom.

The rise has been in progress since the beginning of October 2016.

It looks to me like the bulls are interested in taking out the bear support (resistance) at 1.43755.

What does this all mean to me...Nothing at all. The bulls have been trading above average for over 40 weeks now but the draw downs are huge too. It could easily be another 40 weeks to reach the resistance and as yet the bulls have not even found a support which it needs to take out the resistance.

As for the lines can it break them..Sure it can, they are lines not concrete walls. Information on a weekly chart is seriously lacking the details needed to make a trade. If we use this type of analysis then we should be expecting price to return to the lower line, about 1100 pips away.

Anyway good of you to notice the bullish trend and gee it only took you 67 weeks to cotton on.
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  • #457,508
  • Jan 14, 2018 5:44pm Jan 14, 2018 5:44pm
Better trading results from constructive analysis and incorporating alternative scenarios. See more details at weekly technical outlook.

KP

Quoting Nala66
{quote} Well I considered it but to me your data is way out of whack. We are at the topmost of a Diagonal Triangle on the weekly with 3 touches on the top and 3 on the bottom. The rise has been in progress since the beginning of October 2016. It looks to me like the bulls are interested in taking out the bear support (resistance) at 1.43755. What does this all mean to me...Nothing at all. The bulls have been trading above average for over 40 weeks now but the draw downs are huge too. It could easily be another 40 weeks to reach the resistance and...
Do your homework, follow the footprints of smart money
  • #457,509
  • Jan 14, 2018 5:47pm Jan 14, 2018 5:47pm
Quoting micho
{quote} my target 1.287x small position
I think you have a reasonable chance of making 3672 being a 25% retrace on the current bullish move....with a small stop this is a good risk...good luck
  • #457,510
  • Jan 14, 2018 7:18pm Jan 14, 2018 7:18pm
Pound took advantage of dollar's weakness, remain a strong upward strength. Next target would be at 1.3785 and follow by 1.3800.
  • #457,511
  • Jan 14, 2018 7:28pm Jan 14, 2018 7:28pm
Stopped out again...

So far + 5 pips short, + 10 pips long.

5 pips to go and I am done.

Coffee break
  • #457,512
  • Jan 14, 2018 7:35pm Jan 14, 2018 7:35pm
I'm expecting the pair lose some upward strength during US holiday on Monday and lead to possible correction movement.
  • #457,513
  • Jan 14, 2018 7:51pm Jan 14, 2018 7:51pm
If it now hits 37349 I am done for the day...stop is at b/e
  • #457,514
  • Jan 14, 2018 7:53pm Jan 14, 2018 7:53pm
That'll do it.
  • #457,515
  • Jan 14, 2018 8:08pm Jan 14, 2018 8:08pm
Darn it I pulled the plug an a long (+7 pips) but it looks like making more now.

Still that is +27 pips so far
  • #457,516
  • Jan 14, 2018 8:17pm Jan 14, 2018 8:17pm
Is anyone trading here or just watching.

Here on the 1 minute chart are the four trades I have taken
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  • #457,517
  • Jan 14, 2018 9:11pm Jan 14, 2018 9:11pm
Watching the master lol,,,, shouldnt you be fishing ?
  • #457,518
  • Jan 14, 2018 9:21pm Jan 14, 2018 9:21pm
Quoting digger1
Watching the master lol,,,, shouldnt you be fishing ?
Hey Digger happy new year old son.

Fishing been there and done it now back at work with this trading lark. Next fishing is at Easter time.

Haven't seen you for a spell, I thought you had bogged the wheels or something.
  • #457,519
  • Jan 14, 2018 9:26pm Jan 14, 2018 9:26pm
Good morning. For now I remain neutral on cable cos still mopping up the spills of last week. BULLISH Bias though. Just comfortable trailing along.
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  • #457,520
  • Jan 14, 2018 9:35pm Jan 14, 2018 9:35pm
Quoting isoleam
Good morning. For now I remain neutral on cable cos still mopping up the spills of last week. BULLISH Bias though. Just comfortable trailing along. {image}
Good morning. although it is 2pm for me.

This thing is not even attempting a retrace so maybe when London opens we will see a bullish continuation.

I am out for the time being with my 27 pips intact.
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Jewel1996