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Cable Update (GBPUSD)

  • #460,001
  • May 3, 2018 3:05am May 3, 2018 3:05am
Quoting Neil0163
I got laughed at for long yesterday seems I was just slightly early in my prediction
Definitely not time to long yet.

Attached Image (click to enlarge)
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I would even argue to short it heavily.
Let the market decide!
  • #460,002
  • May 3, 2018 3:07am May 3, 2018 3:07am
Quoting Tcharq
{quote} Definitely not time to long yet. {image}
I’m more on higher time frame buddy 4 hour and daily if I can get a failure swing today I’ll be entering
  • #460,003
  • May 3, 2018 3:09am May 3, 2018 3:09am
Quoting Neil0163
I got laughed at for long yesterday seems I was just slightly early in my prediction
Not by me, I just saw you taking a loss.. I respect every trader!
  • #460,004
  • May 3, 2018 3:10am May 3, 2018 3:10am
Quoting Neil0163
{quote} I’m more on higher time frame buddy 4 hour and daily if I can get a failure swing today I’ll be entering
All I'm saying is, don't long this Wishing you all the best ofc.
Let the market decide!
  • #460,005
  • May 3, 2018 3:32am May 3, 2018 3:32am
See if theres a failure swing now maybe around US open (failure swing will look like a Head and shoulders pattern
  • #460,006
  • May 3, 2018 3:35am May 3, 2018 3:35am
Quoting Neil0163
See if theres a failure swing now maybe around US open (failure swing will look like a Head and shoulders pattern
could you draw it bro?
  • #460,007
  • May 3, 2018 3:39am May 3, 2018 3:39am
Let the dust settle first.... there is always a time to trade.... patience ummmmmmmmmmm……..
  • #460,008
  • May 3, 2018 3:47am May 3, 2018 3:47am
Quoting SweetRevenge
long
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  • #460,009
  • May 3, 2018 3:51am May 3, 2018 3:51am
Quoting SweetRevenge
{quote} could you draw it bro?
sure one sec
  • #460,010
  • May 3, 2018 4:00am May 3, 2018 4:00am
Looking to go Long shortly ..
position one of a few
target set - time span tba
  • #460,011
  • May 3, 2018 4:02am May 3, 2018 4:02am
Quoting SweetRevenge
{quote} could you draw it bro?
Might be of interest if take a look at my journal too chart patterns there’s all sorts on there.
(Self promotion) lol
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  • #460,012
  • May 3, 2018 4:05am May 3, 2018 4:05am
Take note though bearish trend is clearly weakening as you can see from the current projection and depth
  • #460,013
  • May 3, 2018 4:13am May 3, 2018 4:13am
Quoting Neil0163
{quote} Might be of interest if take a look at my journal too chart patterns there’s all sorts on there. (Self promotion) lol {image} {image}
almost failed to me.. LOL

and it will retrace to 1.375x

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  • #460,014
  • May 3, 2018 4:13am May 3, 2018 4:13am
Quoting Neil0163
Take note though bearish trend is clearly weakening as you can see from the current projection and depth
There's polenty room to go south
Let the market decide!
  • #460,015
  • May 3, 2018 4:14am May 3, 2018 4:14am
Quoting Neil0163
Take note though bearish trend is clearly weakening as you can see from the current projection and depth
There's plenty room to go south
Let the market decide!
  • #460,016
  • May 3, 2018 4:15am May 3, 2018 4:15am
Attached Image (click to enlarge)
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  • #460,017
  • May 3, 2018 4:15am May 3, 2018 4:15am
1.34859 can be tested.
  • #460,018
  • May 3, 2018 4:18am May 3, 2018 4:18am
Quoting tunamelt
{quote} 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~ {image}
Sure thing...

I regard support as being a FOUND position. That is to say price crosses the 26EMA (or the same thing with the RSI 50% level) and then fails to get back and close. Hence support has been found for one side or the other.

As you can see on the last 1 hour chart I posted the bears found support (level 6) and bulls have just taken it out so it no longer exists as a bear support or bull resistance.

In doing this the bulls were unable to establish support for themselves and down it comes.

Very rarely do these levels marry up with tops and bottoms.

Hope that helps...

PS I note your blue lines and consider these to be related to the range limits during holding patterns
  • #460,019
  • May 3, 2018 4:20am May 3, 2018 4:20am
Quoting Neil0163
Take note though bearish trend is clearly weakening as you can see from the current projection and depth
I smell bullish divergence between last week and recent week at timeframe H4


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  • #460,020
  • May 3, 2018 4:24am May 3, 2018 4:24am
Quoting Trade-G
I think max 1.3655-80
Stalled at 1.3664..... never went past that
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