Disliked{quote} Hey TG you having a brain fart or something... The above was posted on the 5th, long before the event. Sorry I could not post before Philippides ran the marathon but I was a tad busy in the bath working on a problem with gold. Next up target on the 1 hour chart is 3390Ignored
Cable Update (GBPUSD)
- #461,864
- Edited 9:45pm Jul 8, 2018 1:42pm | Edited 9:45pm
- Joined Dec 2015 | Status: Trader | 8,759 Posts
Here's a top-down technical perspective on cable.
On the weekly time frame, price action is operating in an ascending channel (black). Current price action is located at around the channel support. Before last week, price action made two attempts to reject the support zone northward but there was no follow through by bulls. However, last week, price action printed a bullish pinbar, indicating a potential follow through for a bull market this week. But the 1.35400 area is likely to see some resistance to the potential bullish move. Should bulls overcome the area, we may see them target the channel resistance or the horizontal resistance around the 1.42790 area. A breakdown of channel support may see the next horizontal support around 1.22710 exposed.
On the H4 time frame, GBPUSD has rejected a descending trendline (blue) from the high of April 17, 2018. It is now respecting an ascending trendline (magenta) from recent lows. As current price action is around a minor horizontal resistance, we may see some sideways operation early this week before further northward move. A retest of the ascending trendline (magenta) is not unlikely; and that may be what I need to trade the market northward, albeit on a short-term basis. The 1.35410 area is likely to be an initial target of bulls, although they may be challenged around the 1.34450 area.
I may be wrong. Trade safe and prosper.
KP
On the weekly time frame, price action is operating in an ascending channel (black). Current price action is located at around the channel support. Before last week, price action made two attempts to reject the support zone northward but there was no follow through by bulls. However, last week, price action printed a bullish pinbar, indicating a potential follow through for a bull market this week. But the 1.35400 area is likely to see some resistance to the potential bullish move. Should bulls overcome the area, we may see them target the channel resistance or the horizontal resistance around the 1.42790 area. A breakdown of channel support may see the next horizontal support around 1.22710 exposed.
On the H4 time frame, GBPUSD has rejected a descending trendline (blue) from the high of April 17, 2018. It is now respecting an ascending trendline (magenta) from recent lows. As current price action is around a minor horizontal resistance, we may see some sideways operation early this week before further northward move. A retest of the ascending trendline (magenta) is not unlikely; and that may be what I need to trade the market northward, albeit on a short-term basis. The 1.35410 area is likely to be an initial target of bulls, although they may be challenged around the 1.34450 area.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #461,866
- Jul 8, 2018 2:49pm Jul 8, 2018 2:49pm
It might fill the gap. it would be an easy 20 pips.
Yes, weekend gaps tend to be filled most of the time, provided it's not a huge runaway gap.
but for this week, the sentiment seems to be longing GBPUSD so gotta cautious if you wanna risk fading it.
- #461,873
- Jul 8, 2018 11:09pm Jul 8, 2018 11:09pm
- | Commercial User | Joined Feb 2017 | 24,065 Posts
still early for new weeks,lets have some coffee n donuts while waiting for price to decide where to go
️
️ just for a cup of coffee...
- #461,875
- Jul 8, 2018 11:17pm Jul 8, 2018 11:17pm
- | Joined May 2016 | Status: Trader | 2,277 Posts
still early for new weeks,lets have some coffee n donuts while waiting for price to decide where to go
- #461,876
- Jul 8, 2018 11:28pm Jul 8, 2018 11:28pm
- | Commercial User | Joined Feb 2017 | 24,065 Posts
{quote} Hit your SL or still in short position? I don't have a good feeling until I check my charts
better wait higher price to short again
for now sideline
dxy keep dump mate
so good for long for now
just for a cup of coffee...
- #461,877
- Jul 8, 2018 11:51pm Jul 8, 2018 11:51pm
- | Commercial User | Joined Feb 2017 | 24,065 Posts
hope bear still around
not going for summer vacation yet
not going for summer vacation yet
just for a cup of coffee...
- #461,878
- Jul 9, 2018 1:07am Jul 9, 2018 1:07am
- | Joined May 2016 | Status: Trader | 2,277 Posts
{quote} close manual at friday for small loss mate better wait higher price to short again for now sideline