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Cable Update (GBPUSD)

  • #457,821
  • Feb 11, 2018 9:06am Feb 11, 2018 9:06am
Quoting aeternum
{quote} Well consolidation is there, it has broken lower. I am looking towards 1.36xx after seeing the weekly bar.
me too, looks like 1.3687
good luck
  • #457,822
  • Feb 11, 2018 12:23pm Feb 11, 2018 12:23pm
Broken support 1.3852, looking for price touching and decline this resistance, then sell
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  • #457,823
  • Feb 11, 2018 3:37pm Feb 11, 2018 3:37pm
Here's a technical perspective on GBPUSD.

On the daily time frame, recent price action has been largely bearish and the order flow context is very much in favour of bears. A support trendline (navy) has been broken southward but the ascending trendline (chocolate) seen on the weekly time frame is still in play. The zone between the two trendlines is likely to act as support for a while until the weekly ascending trendline (chocolate) is broken down. Alternatively, price action may swing north and establish a bullish mode, particularly when it reaches the 1.35890 area or bounces off the weekly ascending trendline (chocolate).

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #457,824
  • Feb 11, 2018 4:39pm Feb 11, 2018 4:39pm
I am long from 3777 expecting to reach 3926 minimum.

This was the result of the 1 hour just pushing through the 3785 average forming a divergence on the 1 minute chart. Then the cross of the average found support on the 1 minute.

Just thought I would mention it because in general people are mainly bearish.
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  • #457,825
  • Feb 11, 2018 5:42pm Feb 11, 2018 5:42pm
I am not sure what price is doing now since I see both bullish and bearish failures on the 1 minute so I have tightened up my stop to lock in profits.
I have three long entries at...
3777
3793
3817
and set the stops to 3814 and will let the trade run its course without fear of loss.

Before it all scrolls left I will post what I am seeing on the 1 minute chart.
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  • #457,826
  • Feb 11, 2018 5:56pm Feb 11, 2018 5:56pm
Very nice it has swung my way so I have moved the stops to 3818 putting all three trades in profit.

I can't get anymore orders because I am all in at the moment and have to wait for equity to be released and a situation to get in again.
  • #457,827
  • Feb 11, 2018 6:00pm Feb 11, 2018 6:00pm
Ut oh divergence on the 1 minute could see me stopped out here.
  • #457,828
  • Feb 11, 2018 6:08pm Feb 11, 2018 6:08pm
Very nice, breaking the higher average of 3828 hopefully Stops moved to 3822, Don't like theses divergences!
  • #457,829
  • Feb 11, 2018 6:22pm Feb 11, 2018 6:22pm
Stopped out finally for a gain of 79 pips in total. I think I should have left the stop at 3818.

This is what happens when we watch the charts we always think negatively.
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  • #457,830
  • Feb 11, 2018 6:31pm Feb 11, 2018 6:31pm
Quoting Nala66
Stopped out finally for a gain of 79 pips in total. I think I should have left the stop at 3818. This is what happens when we watch the charts we always think negatively. {image}
nice charting...
  • #457,831
  • Feb 11, 2018 8:48pm Feb 11, 2018 8:48pm
Quoting IIjoeyg
{quote} nice charting...
Thanks...

I just got stopped out and lost the Internet connection at the same time...phew!

Now I am back I can see I set my stop too tight due to my third entry position.

Here is the 1 minute as it currently stands now so you can see the role the average is playing on the price structure. i.e Failure to break one side results in a test of the other side. Remember compare averages to averages not price to average.
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  • #457,832
  • Feb 11, 2018 9:26pm Feb 11, 2018 9:26pm
Darn it I lost connection again... Must be working on the power lines.

I now see the 1 hour is trying to stop the average from falling further. This is always a testing time so I will just sit it out in case the power drops out again.

We can see the relationships of success and failures quickly on the 1 minute, note how even if the average fails the price tends to make it in its effort to break it.

Any how this is how I track the charts using only the 1 min, 5 min and 1 hour.
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  • #457,833
  • Feb 11, 2018 10:10pm Feb 11, 2018 10:10pm
By the way note I have changed that longer term target on the 1 hour to 3935. This is because when I zoomed in I saw I had the wrong line as the average top.

I think the best tip I can give a new trader or even an old hand is to trade what we see happening not what we think may happen.

As I said at the beginning I couldn't see any reason to short just because there are certain levels down there doesn't imply anything at all.
  • #457,834
  • Feb 11, 2018 11:44pm Feb 11, 2018 11:44pm
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  • #457,835
  • Feb 12, 2018 1:26am Feb 12, 2018 1:26am
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Morning let's see if we can get another leg dow stop at 3865 target. 3615
  • #457,836
  • Feb 12, 2018 1:32am Feb 12, 2018 1:32am
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long play . If one looks at the candle pattern on the left top green line where it goes up from the doji type candle then 3900 target to that green line . So watch 5 min for clue for that one
  • #457,837
  • Feb 12, 2018 3:11am Feb 12, 2018 3:11am
Quoting elbert3
{image} long play . If one looks at the candle pattern on the left top green line where it goes up from the doji type candle then 3900 target to that green line . So watch 5 min for clue for that one
Hi Elbert

The doji you speak of is also at the level of the average 3935 and this is also a 161.8 Fib Ex (1 hour), so should be interesting to see if it makes it.
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  • #457,838
  • Feb 12, 2018 4:55am Feb 12, 2018 4:55am
Good entry level for long at 1.37 if reached.
  • #457,839
  • Feb 12, 2018 6:14am Feb 12, 2018 6:14am
any possibilities to reach that red trendline, folks?

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  • #457,840
  • Feb 12, 2018 6:26am Feb 12, 2018 6:26am
Quoting Nala66
{quote} Hi Elbert The doji you speak of is also at the level of the average 3935 and this is also a 161.8 Fib Ex (1 hour), so should be interesting to see if it makes it. {image}
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