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Why is GBPUSD called cable? 76 replies

Cable Update - Continued 102 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Cable Update (GBP/USD) without Idiots 23 replies

cable short for gbpusd? 6 replies

Attachments: Cable Update (GBPUSD)
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Cable Update (GBPUSD)

Quoting dean1star
Shorts today
nice call mate..
same side here
just for a cup of coffee...
Quoting akim0895
{quote} nice call mate.. same side here
Glad u called it too still room to go higher but staying with short Bias
Shame could not get in on the euro usd but that seems to be a gmt 4.30 am move south but sure its gonna long later
Quoting tunamelt
{quote} Thanks nala for the great analysis! Most likely I'll wait for a break out to get a clearer market direction as my scalping isn't good enough. I can get 5-10pips here and there but tend to be too greedy to lose it all :/ Will learn more from you on how to be patient and calm ^^ It's unfortunate that you logged off earlier yesterday I (and some others I believe) managed to reap some nice profits to long at 40755 May I know how to get the 40685 support? I couldn't find it as the best I can to get the level is at 40745
Yep I have to go to bed early this week because I have things to do in the early morning.

The 40685... Put a horizontal line at this level so you can track it back on the 5 min chart it should actually be 4067 but I sometimes allow for the spread.

Note how it is the first pull back after crossing the 26 EMA and the bears could not close below it...hence the bulls have found support.

The reverse is true also for bearish support. As you can see from the section of chart below the bears could not find support and hold it on the whole page.

Look also at the previous lowest bull support and how the market came back to test it to the pip.

Finally look at the bull support between the two. Price tested it, then price broke it and it became resistance. The price broke it again and once more it was back to a support. It shows how special this level is.
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Waiting for price to break the high so far
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Quoting Nala66
Ok on the 1 hour we see the bears have failed by a long way to make the LL average so here we have a situation of both bullish and bearish failures in other words we have a range we have to break free of. We should see some side movement here for a while the establish a tighter range than the averages. The bears tried very hard but failed so there is still heaps of bullish support in this current market but we now have to sit on the fence and wait to let them slog it out so at best we are back to scalping again. Note how even with this biggish bear...
hi nala mate you use 2 rsi i use 3 rsi to check money in out .green pips
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Say something meaningful or Silence!!
another shot on GU..
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Quoting classy
{quote} hi nala mate you use 2 rsi i use 3 rsi to check money in out .green pips {image}
I see what you are doing, a good workable system, that's what I like to see. The 21 would have to be a strong move to cross the waterline, a good idea.

I also put trend lines on the swings.
Quoting classy
{quote} hi nala mate you use 2 rsi i use 3 rsi to check money in out .green pips {image}
if you have 3 rsi indicator please share it.
Quoting Nala66
{quote} Yep I have to go to bed early this week because I have things to do in the early morning. The 40685... Put a horizontal line at this level so you can track it back on the 5 min chart it should actually be 4067 but I sometimes allow for the spread. Note how it is the first pull back after crossing the 26 EMA and the bears could not close below it...hence the bulls have found support. The reverse is true also for bearish support. As you can see from the section of chart below the bears could not find support and hold it on the whole page....
Thanks Nala!~ I really like how you explain this in a structured manner ^^ The story is simple yet easy to forget (sometimes) LOL, so I'm going to take down more notes to read the charts ~
So I see we have bullish failure, then bearish failure and bullish failure again so we are in a range on the 1 hour chart.

On the 5 min the bears found support at 41493 (evidence to short)and took out a couple of bear resistance levels and now retesting the lower one at 41957
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There we go stopped on the retest exactly then busted through it the bears failing to make the LL average so now we are becoming range bound on the 5min also.
Quoting tunamelt
{quote} Thanks Nala!~ I really like how you explain this in a structured manner ^^ The story is simple yet easy to forget (sometimes) LOL, so I'm going to take down more notes to read the charts ~
The main consideration is to watch the 26 EMA when it fails to make either a HH or a LL this is your clue that it is going to test the opposite side. A failure is when price manages to get back and close across then either the bulls or the bears find support.

I can make it a lot more complicated if you like reading.
Quoting Ashwani
{quote} if you have 3 rsi indicator please share it.
it is available and a lot more in my old thread
3 RSI cross and above or below level 50
go and grab
https://www.forexfactory.com/showthread.php?t=556504
Say something meaningful or Silence!!
Currently the bulls are looking for support to take out the 41892
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Quoting Nala66
{quote} The main consideration is to watch the 26 EMA when it fails to make either a HH or a LL this is your clue that it is going to test the opposite side. A failure is when price manages to get back and close across then either the bulls or the bears find support. I can make it a lot more complicated if you like reading.
Pls don't make it too complicated LOLOL~

Just that sometimes i'm wondering why my S/R lines are different :3
Well I have a target of 41299 based on something else but it is taking toooooo long so I closed for +35 pips.

Going to quit for the day
48 pips and closed on short
Quoting ItsAtrap
{quote} Good morning. Still long Cable. I raised my SL on my first entry, but only by a bit, enough to be break-even on that entry. I added a bit to my longs, increasing my gross exposure by 30%. I am not yet prepared to raise the SL more. Prefer to give this trade time to breathe and if it dies, I'll take the small loss. I do feel more confident of further upside after Wednesday's seemingly bearish pin candle. I think it's probably a fake top and it's high will be take out soon Still short USD/JPY, EUR/GBP too {image}

Hello. I am still long Cable and have been adding to my long position over the past days. I just added to it again today as we near US market close. When in an uptrend, look for scary bearish daily candles and add just as they close (or as the next day opens). Today's daily candle is such a candle. My stops have been raised to just below the lows of the bullish daily candle of March 21st.

Posting a view of the hourly with my recent add-ons to my long position initiated March 12th, on the break of the previous trading day's high.

Edit: added the daily candle chart as well, as this is the chart I trade from.
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Scotiabank comments on the current position of the British pound

It is expected that in the short term, the growth of the British pound will contain resistance in the region of 1.4200/10, currency analysts of Scotiabank suggested. "The pound shows minor changes today, despite the widespread strengthening of the US dollar. The pound receives support for reports that the government is working out a plan to solve the problem of the Irish border. The monthly business status report, prepared by the BoE agencies, shows a trend of weakening retail sales across the country, but labor market data was more favorable, reflecting upward pressures from labor costs. Yesterday the pound found stable support below 1.41, as expected, and managed to recover well enough during the night session. The short-term and medium-term trend in the pound remains fairly positive, but the short-term momentum signals began to deteriorate, indicating that the market remains prone to decline. However, we still note initial support at 1.4075/85. Resistance is located at 1.4200/10 ", - experts said.
Good morning all, I see if I would have waited a couple of hours my TP would have been hit last night, them's the breaks.

Looking at the 1 hour chart this morning I see we are still trading below the average, the bears are still holding support and we are getting close to both the average LL and the Bull support at 4041 which I expect price to test and even break. Also the 4041 is the retrace level for my Fib Exp, exactly. So no evidence yet of bullish activity yet on the 1 hour.

We should also recognize this is an uptrend so the bulls are quite capable of stopping the average making that LL so this is not a good place to be taking trades without tight stops and quick TP's on the lower time frames.
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