Cable Update (GBPUSD)

lets see if going a little down from here

After passing 3286 I expect it to run to 33248

The market seems to like Carney speach.

Possible upside target from pennant.

A bullish week next week? we have a nice hammer this week so far but a lack of volume, monthly /quarterly not too healthy either

We'll just have to make do with the daily for now

HIT TP +60 PIP

At 33248 not sure but expect a bit of a bear move.

Actually I have two options and this 3308 may be the turn point

agree as I am expecting bear move on GJ around 147. so I guess GJ and GU will get hit by bears on those area

Over my time trying to learn about this game i have read and collected a shed load of articles in my quest to earn a few golden nuggets, thought this might be of some interest, please look at the dates mentioned and see if you think it is relevant to the present, its the reason i always keep banging the drum about range.
New Highs and New Lows
One of the most important things the market can do during a trading day is to continue along the path hitting either new highs or new lows for the day ( they almost never continue doing both during the same day) Table 1 has so much data worth interpreting, I could write an entire 300 page book just talking about it, but what i want to emphasise here is the size of the range, the value of the 20 day moving median of the range, and the median of the open from either the high or low
Table 1
goes back to the start of Dec 05 GBP- USD futures contract, when it became the front month after the expiring Sept 05 contract , I have this data back to about the start of 2000 and when you look at the values for these other periods they are very close to what i have presented in table 1

It's very clear from the data that you can make the following conclusions:
A) Excluding pre - holiday trading, the range for the day has a 90% + probability of being 100 pips about a 70% probability of being 120 pips and about a 50% probability of being 135 pips
B) There is approximately a 75% probability that once the market moves farther than about 45 pips from the OPEN, it isn't coming back
C) There is a 50% probability that when the market goes past 30 pips from the OPEN it isn't coming back

Know this will prevent you from trying to pick Tops and Bottoms and getting hurt

This was written by a guy called Vegas a long time ago, how much relevance today ?

Don't know about todays range but yesterdays low/volume suggests a repeat of it's range with target around 1.3430 area


Dollar suggests the opposite

15 pip grid set from to-days OPEN

took this moment to short GU

Yes, it shows it all. Let us see.

nice drop for start

the possibility of current move as a Dip, beware with this beast's tricks LOL

Let's see how it plays with 1.3300 level

I did not close my short yet. Let it run.

why you feel so?

Have you seen my pic? I think it needs to fall at that place.

And 1.3250 minimum I feel.

ok, 1.325 might as the turn point

Well that was a pretty weak pull back from the 3308 so my guess is that it will reach for the 33248 to drag up the average past the 3257 level