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Cable Update (GBPUSD)

  • #489,881
  • Aug 17, 2019 7:02pm Aug 17, 2019 7:02pm
76% of traders are long on the pound right now. Did a tiny fake breakout long fool so many traders, Has Brexit been solved? So i'm still bearish on cable and Algo Bot says we have a short day Monday after a high pop on London open and a short week,
  • #489,882
  • Edited 12:32am Aug 18, 2019 12:08am | Edited 12:32am
Nothing interesting () happening in the thread today except some usual and useful ( ) analysis.

I am off.

Intraday only.
  • #489,883
  • Aug 18, 2019 12:48am Aug 18, 2019 12:48am
I shall trade as per this chart on Monday, however I may change my idea if the picture changes.
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Intraday only.
  • #489,884
  • Aug 18, 2019 4:13am Aug 18, 2019 4:13am
To me it looks as if Bears have run out of steam and can't push price down further and on weekly chart you have an indecision candle but with bulls in control.
Euro pound correlation was smashed this week with cable rising 1% and Euro falling 1% and with very good sales data out this week for pound the economy is in better shape than reported. People are out there buying stuff, probably sick of brexit shenanigans and wanting to get on with their lives realising leaving the EU wont be the end of the world...
Last two trading days didn't seem like a relief rally but nothings set in stone in forex
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Don't Leave Money on the Table
  • #489,885
  • Aug 18, 2019 6:26am Aug 18, 2019 6:26am
Quoting navk
Nothing interesting () happening in the thread today except some usual and useful ( ) analysis. I am off.
Hahahhaa
  • #489,886
  • Aug 18, 2019 8:16am Aug 18, 2019 8:16am
Quoting SilverBolt
76% of traders are long on the pound right now. Did a tiny fake breakout long fool so many traders, Has Brexit been solved? So i'm still bearish on cable and Algo Bot says we have a short day Monday after a high pop on London open and a short week,
The retail majority have been long everyday since May, not really anything to do with this weeks PA
Come with me if you want to live....
  • #489,887
  • Aug 18, 2019 8:18am Aug 18, 2019 8:18am
Quoting morfes2
here you guys GBPJPY and that will work with GU as well, Pound on reversal mode ATM https://youtu.be/RQVmOkrwChI
Hey morfes great analysis and fx lesson, don't subscribe to youtube channels but got yours bookmarked..

Interestingly your take profit for buy trade correlates with the January 2019 flash crash low for GJ of 131.55 and also recently touched on 1 hr and 4hr charts, 1st Aug.
Don't Leave Money on the Table
  • #489,888
  • Aug 18, 2019 11:45am Aug 18, 2019 11:45am
GBPUSD next move

Inserted Video
  • #489,889
  • Aug 18, 2019 2:24pm Aug 18, 2019 2:24pm
Quoting morfes2
GBPUSD next move https://youtu.be/-BdlPaIhC7o
Very good, thanks. Yes, I believe the worst case no deal scenario is already priced in as markets are 6 months forward-looking. On the USD side the Fed has already begun to cut rates to avert another economic disaster. Sterling up from here to 1.25.
Be humble or be humbled.
  • #489,890
  • Aug 18, 2019 3:29pm Aug 18, 2019 3:29pm
If you are tracking the GBPUSD market this week, consider this technical perspective.

Recent price action on the H4 time frame is largely ambivalent as the candlesticks are relatively even between bulls and bears. The fact that the market operation is at a significant horizontal support area on the weekly time frame, the 1.20860 area, indicates that we may see some struggle between bulls and bears before a breakdown of the zone. Although the technicals and market structure still favour bears, we may see a retracement or sideways of price action before any southward continuation.

I may be wrong. Trade safe and prosper.

KP


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Do your homework, follow the footprints of smart money
  • #489,891
  • Aug 18, 2019 4:18pm Aug 18, 2019 4:18pm
https://uk.reuters.com/article/uk-br...-idUKKCN1V70M4
according to some news i thing GBP wil be weaker
  • #489,892
  • Aug 18, 2019 4:56pm Aug 18, 2019 4:56pm
Simple analysis
Daily- we remain in a down trend

4Hour-uptrend (this is a pull back at the minute within a daily bearish downtrend)

i think we will see 1.22 before we get some form of pull back or bearish trend continuation within the higher time frame, This of course would create a shady double top on the daily. I am looking at GU coming to 1.19 but who knows.
A break of 1.22 would signal a potential bull trend however we would then need a pull back retest of 1.22 and a break of the high to confirm bullish trend within the daily TF
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  • #489,893
  • Aug 18, 2019 5:13pm Aug 18, 2019 5:13pm
Still holding my buy from Monday last week 1.2025, but will liquidate at 1.2200 (assuming it gets there).

Shorts were exhausted at historical numbers of market participants and large specs have confirmed the bottom by taking off their shorts.

As with any Brexit economy, I've hedged against BoJ, but I think this is my cash cow for this month.
  • #489,894
  • Aug 18, 2019 9:06pm Aug 18, 2019 9:06pm
I expect 2085 today.

Unless 2160 breaks. It is not going to break though.
Intraday only.
  • #489,895
  • Aug 18, 2019 9:08pm Aug 18, 2019 9:08pm
Algo BOT says short all week. We can count this out to validate it. Euro is a strong buy so those trading eur/gbp look for pincer reversal.
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  • #489,896
  • Aug 18, 2019 9:29pm Aug 18, 2019 9:29pm
Quoting navk
I expect 2085 today. Unless 2160 breaks. It is not going to break though.
Limit for bull 2180/2200, if break more up side.
  • #489,897
  • Aug 18, 2019 9:57pm Aug 18, 2019 9:57pm
Some small money made in EA long. Now clean chart. No trades. Will look to Frankfurt open.
Intraday only.
  • #489,898
  • Aug 18, 2019 10:03pm Aug 18, 2019 10:03pm
Quoting Gilaforex13
{quote} Limit for bull 2180/2200, if break more up side.
Whatever happens, it will continue until NY open. Then reverse.
Intraday only.
  • #489,899
  • Edited 11:49pm Aug 18, 2019 11:08pm | Edited 11:49pm
It would easily go at 2350+.. if any extreme bad things about brexit does't push back market..
#Hey_I'm_junior_member_I'_can't_post_here_directly_How_can_I_become_a_member?
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  • #489,900
  • Aug 18, 2019 11:17pm Aug 18, 2019 11:17pm
Agree that GBP is gaining traction since last week, but fundamentals are not supporting.
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