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Cable Update (GBPUSD)

  • #460,821
  • May 31, 2018 1:48pm May 31, 2018 1:48pm
Quoting navk
{quote} It should go. In hourly chart, it was 200 EMA. resisted. Now after consolidation it must go up. Not sure though. It is only my analysis.
I handed back my small monthly profit by bailing on my shorts earlier today.
Maybe premature.
Come with me if you want to live....
  • #460,822
  • May 31, 2018 1:49pm May 31, 2018 1:49pm
Quoting zaidan
{quote} Now what!! Before you assume its a reversal.. please note that trends dont change directions instantly... you will have lots of Yo-Yo before it empties your account and resume. Dont believe patterns in a correction of a trend... it will be always extended corrections xyz and form complex shapes... better to aim small till the trend is clear. Best of luck

lots of yo-yo.... with last day of monthly closing... they want to reduce loses as much as they can. They will attempt to close higher near 1.3330

statistically, we have 75% chance to close higher in june than what we will have today.
  • #460,823
  • May 31, 2018 8:35pm May 31, 2018 8:35pm
Yesterdays closed candle and the brewing 1/4hr H&S formation off 1.33 area resistance, all point to the downside in my book.
Come with me if you want to live....
  • #460,824
  • May 31, 2018 9:38pm May 31, 2018 9:38pm
Quoting zaidan
{quote} lots of yo-yo.... with last day of monthly closing... they want to reduce loses as much as they can. They will attempt to close higher near 1.3330 statistically, we have 75% chance to close higher in june than what we will have today.
From a swing trading point of view, that would be awesome.
Come with me if you want to live....
  • #460,825
  • May 31, 2018 11:45pm May 31, 2018 11:45pm
according to Elliott wave rules and conditions GU already filled it to create a bottom and should fly to at least 1.37 but that doesn't mean it cannot one more last leg down to make a tiny lower low

and checking the weekly chart I have found 3 support lines in the range between 1.3090 to 1.3170

I placed huge long position on 1.3170 area and I will hope GU will fall down there before it start flying
Attached Image (click to enlarge)
Click to Enlarge Name: 990.jpg Size: 156 KB
  • #460,826
  • Jun 1, 2018 12:27am Jun 1, 2018 12:27am
Looking at longs to day .. ?
Early or later on now that is the question
  • #460,827
  • Jun 1, 2018 12:53am Jun 1, 2018 12:53am
Quoting Ill-b-back
Yesterdays closed candle and the brewing 1/4hr H&S formation off 1.33 area resistance, all point to the downside in my book.
1.3280-90 necklne could offer resistance for more down for now.
Come with me if you want to live....
  • #460,828
  • Jun 1, 2018 1:19am Jun 1, 2018 1:19am
watch out manufacturing data later and US data tonight
  • #460,829
  • Jun 1, 2018 4:17am Jun 1, 2018 4:17am
1.3320 has my attention today. I think the price action at/around that point decides the fate of GU for the next couple of weeks.
  • #460,830
  • Jun 1, 2018 6:33am Jun 1, 2018 6:33am
GBPUSD is moving higher today, let's see how the news release affects the pair.
  • #460,831
  • Jun 1, 2018 9:08am Jun 1, 2018 9:08am
what's your view on this pair today?
  • #460,832
  • Jun 1, 2018 10:28am Jun 1, 2018 10:28am
Shorting near - could be a higher high scenario so two positions but getting into short mode
EU looking at a long early next week
  • #460,833
  • Jun 1, 2018 12:25pm Jun 1, 2018 12:25pm
The Sterling could be mustering power for a rally, a correction is long due.
  • #460,834
  • Jun 1, 2018 1:43pm Jun 1, 2018 1:43pm
I see this being the basis of a short term recovery/retracement.

I'm long at 1.3339, looking at 1.3410 as the top of this move.
  • #460,835
  • Jun 1, 2018 4:57pm Jun 1, 2018 4:57pm
Quoting Luzbay
I see this being the basis of a short term recovery/retracement. I'm long at 1.3339, looking at 1.3410 as the top of this move.
I think you maybe right or thereabouts Luzbay, certainly a better outlook than I have managed to publish this week.
Looking at the monthly, I have a decent reaction zone around that area.
I feel It's always good to acknowledge our mistakes, keeps our feet on the ground and helps us improve.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDMonthly.png Size: 18 KB
Come with me if you want to live....
  • #460,836
  • Jun 2, 2018 2:19am Jun 2, 2018 2:19am
Quoting Ill-b-back
{quote} I think you maybe right or thereabouts Luzbay, certainly a better outlook than I have managed to publish this week. Looking at the monthly, I have a decent reaction zone around that area. I feel It's always good to acknowledge our mistakes, keeps our feet on the ground and helps us improve. {image}
All I can tell from this monthly chart is that during the past 2 months price has made a 50% retrace of the previous 15 months.
  • #460,837
  • Jun 2, 2018 3:43am Jun 2, 2018 3:43am
Quoting Nala66
{quote} All I can tell from this monthly chart is that during the past 2 months price has made a 50% retrace of the previous 15 months.
Looking at the monthly PA I highlighted, it looks like a resistance/price reaction area to me. It is also the 38.2fib of the April 2018 high and Oct 2016 low on the chart. You will also find fib confluences in the same area from the other major swing points on the chart, (namely June 2016 high to Oct 2016 low and June 2015 high to Oct 2016 low).
What is the significance of the previous 15 months when it's Oct 2016 that marks the low?
The major 50fib of April 2018/Oct 2016 (I think),comes in around 3090 or so.
Come with me if you want to live....
  • #460,838
  • Jun 2, 2018 4:19am Jun 2, 2018 4:19am
sell for tagt 1.33144 below on rise
IF U DONT KNOW DOES NOT MEAN IT DOES NOT EXIST
  • #460,839
  • Jun 2, 2018 6:25am Jun 2, 2018 6:25am
Quoting Ill-b-back
{quote} Looking at the monthly PA I highlighted, it looks like a resistance/price reaction area to me. It is also the 38.2fib of the April 2018 high and Oct 2016 low on the chart. You will also find fib confluences in the same area from the other major swing points on the chart, (namely June 2016 high to Oct 2016 low and June 2015 high to Oct 2016 low). What is the significance of the previous 15 months when it's Oct 2016 that marks the low? The major 50fib of April 2018/Oct 2016 (I think),comes in around 3090 or so.
Now I'm back at the computer, I can post pictures for clarity.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDMonthly.png Size: 23 KB
Click to Enlarge Name: GBPUSDMonthly1.png Size: 24 KB
Click to Enlarge Name: GBPUSDMonthly2.png Size: 24 KB
Come with me if you want to live....
  • #460,840
  • Edited 11:25am Jun 2, 2018 8:04am | Edited 11:25am
Summer time.

It is going to be ranging market.

I do not expect the price to break below this month low.

After consolidation, it has chances to go up .

Go up percentage slightly more, say 60 %.

Breaking down say, 40 %.

And next week, 1.3500 can be expected in a choppier fashion.
Intraday only.
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