Cable Update (GBPUSD)

Its GBPUSD thread but I must say that
US Sugar 11 gonna fall to daily sma200 now, it's on its top, very good short

Stop loss at 16.50

Take profit 12.25

Maybe can go a little more down, but i'll start to buy from here. - 1.2930

Hi All,

Anyone subscribe to pro realtime? Any good?

a short i hope

why higher than the structure and not like the example

hope will see 2820

Waiting for 2850 for a tight SL long. Else, see you again GU next week. UC is than you, lol.

If 2850 cannot hold, sorry 2810 is even a weaker support. It will challenge lower, like the good old Brexit shit days.

Flush the dust 1.28 next.
Look at eurgbp on the way to 0.890

We're now at Nala's 2884 and WS 100 (2880). Any shorts at this area is not advisable at all. And from experience, it will take about an hour before the actual direction of PA can be determined from here.

The only way is down...IMHO. However, expect a major medium term pause and pull back at 1.2777.

ok thanks for you that .. noted

Posted this yesterday at 1.3056, now GU is 1.2880 zone - should see slow steady drift lower as per our model to below 1.26 - trade accordingly

It's looking more like 2700 if so it a buy long term I would think but would not be surprised to see a lot lower

You mean double bottom?

Yep.

Mid 1.26 or 1.24 support.

Then nice up.... Next month?? (once bottom and FAKE SPIKE DOWN noticed).

Easy.

Very nice example Mr Nala66 was that target from the 5min or 1hr chart

Looks like a nice reaction zone above, and a good place to sell for a 100 pips or so

The downside is not over just yet, I set my target at 1.2785.

4 hour, my exit and target was the 5 min. I take just the one trade per day sometimes two if the first was tiny.

See if I just use the 4 hour we could see a substantial pullback long even if the trend is short so if we cannot get in at the beginning we face a possible serious drawdown via this 4 hour because they take a long time to execute, days even weeks sometimes. When we see them coming to the end that presents a different story because we should see the major push to cross the level, what I call an impulse bar and this we can trade at the lower 5 min level.

From here on in I would be reluctant to take a trade because I need to see something set up that I can trade. For longs we would see this as a series of average HHs and HLs and for the short to continue we would see a series of average LLs and LHs. When in doubt scalping is the name of the game until something sets up where we can hold the trades longer and perhaps add to our winning position compounding profits.

Timing is important too, I look to take a trade around the bar 108 on the 5m chart because this is the start of the major business... Look at the chart below and see the dotted verticals marry up nicely with the start of business.

Lastly money management plays a huge role and scaling in the trades whilst managing the stops is not easy and is certainly a hectic busy affair. My trades are place in the fashion of 1 unit, 2units, 3units and 6units all four trades on and this is all of my account.

Notice how the price sets off in one direction and switches direction early in the trade, this is what makes the early entry difficult.

Speculation..

Looking at the 1hr chart the average has broken the average swing low of 2925 but the price has failed to reach the 2833.

To me this suggest an attempt by the bulls to stop the descending average sometime soon. Together with the 5 min chart starting to make HHs and HLs would suggest an up move is on the cards here.

However this is the Asian session so not holding my breath on this move. Waiting for bar 108 and see what happens from there...