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Cable Update (GBPUSD)

  • #459,981
  • May 2, 2018 2:51pm May 2, 2018 2:51pm
Quoting Neil0163
{quote} Yeah it was tight I was looking at DXY to turn from it’s supply zone. Seems more rally tomorrow and NFP to weaken the dollar {image}

Good.. Hate to see anyone lose money.. Not sure why everyone wants to get in buys so bad, am I missing something... Dollar is incredibly strong and really hasn't shown any sign of slowing down... Just my opinion... Could be completely wrong.
  • #459,982
  • May 2, 2018 3:11pm May 2, 2018 3:11pm
Quoting Cwsjr
{quote} Good.. Hate to see anyone lose money.. Not sure why everyone wants to get in buys so bad, am I missing something... Dollar is incredibly strong and really hasn't shown any sign of slowing down... Just my opinion... Could be completely wrong.
My theory based on supply and demand, Dollar index is coming to another strong supply zone and even though it’s been really strong it needs some form of retracment, usually climatic acceleration results in a rather large strong fall (more Agressive price shoots up more Agressive it should fall).
My other reason for looking to buys along with GU needing to correct is that smart money will buy into selling pressure and vice versa, so if I’m correct smart money should have order to buy very soon which of course would meet the saying buy low sell high.
I used to think the same then I saw a cartoon picture someone had posted here and for the love of me I can’t find it but I wish I could it was basically a cycle going round in a loop with retail traders suffering and a picture of a fat banker pouring gold into his mouth from the retailers pocket. People try to jump on trend and whilst there getting in on the down move that’s already happened or is nearly over the bankers are waiting, price pushes into profit for the retail trader great I’m making money then all of a sudden the banks buy low and eat up retail traders whilst there at it. They need liquidity for there orders we along with hedge funds tend to give them that.


Thats my theory anyway
Sorry for the essay hopefully it provides some sort of insight to people.
  • #459,983
  • May 2, 2018 3:18pm May 2, 2018 3:18pm
Quoting Neil0163
{quote} My theory based on supply and demand, Dollar index is coming to another strong supply zone and even though it’s been really strong it needs some form of retracment, usually climatic acceleration results in a rather large strong fall (more Agressive price shoots up more Agressive it should fall). My other reason for looking to buys along with GU needing to correct is that smart money will buy into selling pressure and vice versa, so if I’m correct smart money should have order to buy very soon which of course would meet the saying buy low...

Yes... All makes sense.. I personally think it will retest 1.358 and drop further.. We shall see.... I am holding sells from 1.40 so running in profits at the moment.
  • #459,984
  • May 2, 2018 3:20pm May 2, 2018 3:20pm
Quoting Neil0163
{quote} My theory based on supply and demand, Dollar index is coming to another strong supply zone and even though it’s been really strong it needs some form of retracment, usually climatic acceleration results in a rather large strong fall (more Agressive price shoots up more Agressive it should fall). My other reason for looking to buys along with GU needing to correct is that smart money will buy into selling pressure and vice versa, so if I’m correct smart money should have order to buy very soon which of course would meet the saying buy low...
I Agree. This chap explains what I would have said.
I have strong buy GU and EU. I have strong sell USDJPY and USDCHF.
Inserted Video
FREEDOM IS SECURITY.
  • #459,985
  • May 2, 2018 3:30pm May 2, 2018 3:30pm
Quoting hippiedog
{quote} I Agree. This chap explains what I would have said. I have strong buy GU and EU. I have strong sell USDJPY and USDCHF. https://youtu.be/HYbFlC7ohbA
This is a very interesting and thought provoking video - thank you for sharing!

Essentially, in the first part of the video, it appears like he's saying that support and resistance levels are useless (and worse, dangerous) to retail traders.

Made me look at it from a different perspective!

Thanks again.
  • #459,986
  • May 2, 2018 3:32pm May 2, 2018 3:32pm
couldn't find the picture I wanted but here one pretty much sums up too
Attached Image
  • #459,987
  • May 2, 2018 3:55pm May 2, 2018 3:55pm
Quoting hippiedog
{quote} I Agree. This chap explains what I would have said. I have strong buy GU and EU. I have strong sell USDJPY and USDCHF. https://youtu.be/HYbFlC7ohbA
Very nice video.
Intraday only.
  • #459,988
  • May 2, 2018 4:09pm May 2, 2018 4:09pm
Lots of big up and down moves today could be big boys moving out of positions !! Not a good market for traders with small stops . Best way to play it is if you get in try to get to a break even point and then grab a few before it turns on you .. and follow the play if you can . 3720 will be hit and needs to be soon so 3550 target and then try long of that .
  • #459,989
  • May 2, 2018 4:47pm May 2, 2018 4:47pm
3582 short order on over night target 3500
  • #459,990
  • May 2, 2018 4:52pm May 2, 2018 4:52pm
Quoting Kajos2250
bulls are waiting for yearly PP ~3050...
GU D1 GMT+2

massive bearish momentum, load more short.
bearish belthold followed bears control, base is building.
sell stop .3552, rr>1.0
invalidation if price close above .3668
70% book and BE ~3386,
targetting YPP ~3050

good luck!
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.proDaily.png Size: 55 KB
Anything is math!
  • #459,991
  • May 2, 2018 5:11pm May 2, 2018 5:11pm
The GBPUSD accelerates its bearish momentum below the 200 day EMA and breaks below the 1.3700 level. The pair may now reach the 1.3500 level.
  • #459,992
  • May 2, 2018 7:40pm May 2, 2018 7:40pm
Updating my 1 hour chart and zooming out so you can see the overall price action...

We can clearly see there have has been 6 shorting opportunities in this downtrend and no long opportunities at all thus far. All stops should now be at level 6 locking in thousands of pips.

Unless the bulls FIND support any longs are simply scalps or hedges which we can tackle on the lower time frames.
Attached Image (click to enlarge)
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  • #459,993
  • May 3, 2018 1:27am May 3, 2018 1:27am
long
  • #459,994
  • May 3, 2018 2:13am May 3, 2018 2:13am
No trading for me today 3599 looks like the key price, daily / weekly threaten sizable downside but you never know.

Good semmetry chart for the brave bulls
Attached Image (click to enlarge)
Click to Enlarge Name: sem.PNG Size: 23 KB
All charts/ideas based on UK time zone
  • #459,995
  • May 3, 2018 2:20am May 3, 2018 2:20am
Sterling is under attack on all fronts at present: disappointing economic data, doubts about the BoE rate hike next week, political disagreements and questionable news on the Brexit negotiations. The new round of negotiations with the EU started yesterday. It is nota-ble that EU chief negotiator Michel Barnier, who even travelled to the Irish border, pointed out twice over the past few days that it is also possible that no deal would be reached. This may be just part of his negotiating tactic to finally get the British government to commit to clear statements on how it envisages its future relation with the EU (including the Irish border). But in any case it should constitute a warning signal for all Sterling bulls. It is still true after all: until an agreement has been reached on everything no agreement has been reached. And the clock is ticking more loudly and quickly than ever...
  • #459,996
  • May 3, 2018 2:22am May 3, 2018 2:22am
pre-NFP is rally IMHO

this is my playground for today

Attached Image (click to enlarge)
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  • #459,997
  • May 3, 2018 2:26am May 3, 2018 2:26am
today candle is inside yesterday's, what it's called?
  • #459,998
  • May 3, 2018 2:52am May 3, 2018 2:52am
Quoting SweetRevenge
today candle is inside yesterday's, what it's called?
Inside bar???? Not sure now turned to an engulfing but will it close that way
  • #459,999
  • May 3, 2018 2:54am May 3, 2018 2:54am
I got laughed at for long yesterday seems I was just slightly early in my prediction
  • #460,000
  • May 3, 2018 3:00am May 3, 2018 3:00am
Quoting Nala66
Updating my 1 hour chart and zooming out so you can see the overall price action... We can clearly see there have has been 6 shorting opportunities in this downtrend and no long opportunities at all thus far. All stops should now be at level 6 locking in thousands of pips. Unless the bulls FIND support any longs are simply scalps or hedges which we can tackle on the lower time frames. {image}
Hi nala, I tried studying your chart and have some queries which I don't quite get it if you don't mind to clarify ^^

Q1: Blue Line A (Bear support) is drawn by me but I'm confused why isn't it the same as yours (Line B)?

Q2: The same goes for Line C and D, not sure how you determine which should be the correct bear support

Would be glad you could help provide insights on this! Thanks~
Attached Image (click to enlarge)
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