Cable Update (GBPUSD)

I think Cable still on bearish in the next week:

S1 1.335
S2 1.3315
S3 1.3244

P 1.3386

R3 1.3529
R2 1.3458
R1 1.3422

And 55rma on 1 month tf

21+55+200 EMA daily chart.

Bounce next week is very much on card.

Rejection at 200 EMA or 21 EMA could be possible.

If rejects, 1.3000 is the price. See the signal line in Monthly MACD which has buy signal.

Dear seniors please I need ur suggestion Im traped in GU in buy at 3414. And i think it well be more down i cant afford too much it will wipe my account till 1.30xx . Can it goes up for retracement before touching 1.30xx.......???

Just take the hit and cut your loss mate. It’s better too loose what you’ve lossed now then risk loosing more or your whole account for the sake of hope of a retrace. This is pure emotional trading
ive got this going to 3117 to 3034. That’s just another area to watch it may retrace there it may just plummet through

The bounce is on cards.

The bounce can happen at 1.3270 or 1.3250.

Big bounce is not guaranteed though.

Depending on your balance, just see to what extent the account can withstand.

If support is found around 1.3270, then 1.3365 ( or more ) is expected.

All depends on your account size. If it has good capital, you can hold as the dip is now deeper so any time a reasonable bounce is expected.

If I am in your place, after a bounce ( say 1.3350) I would short and hedge positions.

Having said that, it is important always to follow money management rules.

Many of us ( including me ) here blown capitals.

If somebody says they never blown capital, it is not true.

If this happens to me, I would wait for the bounce and then short to hedge positions. Thereafter you have to play with positions.

Hedging is not advisable though. For traders like us, MM is important.

Look at the hourly chart. 200 EMA was never broken in hourly chart. This always has been proved as good resistance. On the 16 th May 200 EMA has proved to be resistance. 19 th April 200 EMA was broken.

My advice to you : Never trade against 200 hour EMA. ( Being new trader )

Thanx to all for giving a valuable advice. Love u dears...

I am bearish on the GBPUSD. Here's why.

Price action on the GBPUSD has continued bearish since two weeks ago after a sideways operation a week earlier. On the H4 time frame, the market is bearing southward and the order flow context favours bears. A descending trendline (black) is in play, acting as resistance. We may expect price action to move further southward before a northward correction.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

GU GMT+2

bearish IB BO on the daily, no bulls, good rr to bet.
sell stop .3291.
invalidation, close above .3438.
70% close and BE ~3132.
targeting YPP ~3048...

good luck!

Nice work KP and Kajos.
It's always great to see presented and explained reasons for trading ideas.
Right or wrong, it gives others things to consider so they can make informed choices.
Please keep it up, we need more of that in this thread.

It is going to be "up" day.

Will be buying after Frankfurt open if "buy conditions " prevail after Frankfurt open.
Beware guys, London, NY bank holiday on Monday.

With bank holiday on Monday and light economic data this week, I would expect a short period of correction movement without directional strength, but the long-term bearish trend is not just over yet.

Dovish comments from BoE's Governor Carney that the central bank could cut interest rate again in the event of a 'disorderly' Brexit, would push Pound even further on the downside.

Banks closed, not enough volume today.

Asia trades only all closed.

Got in sell position, risk reward 1:2.
But could have a problem at minium of Asian session.
Profit target 1.32543

still maintaing the bearish view..

Trade was closed, 0 pips profit. Asian minimum too strong.

Pair tested its low of Friday, double bottom, lets see if bulls upper hands on bears, seems bear trend intact, Green pips to all.

This pair still threatens the daily DT at 1.3040, for me 1.350 may change the view but shorts below imo

Friday sees more gbp news so a wander down to this news event is possible and then we finally get the turn?

I'll be on the lookout for some sneaky buying

Of course it could all go tits up