Cable Update (GBPUSD)

Very good that you mention that

Its my pet peeve: i hate pseudo scientists lol.

No regrets, buying the dips is far more safer. Short terms gains versus long term objectives. More down if you want it so.Gu still under after the break of 1.23208 waiting the crossing of 1.22868. Bear party for weekend. Still Holding Longs

I hear you mate I'll make more effort here

DXY tanking now!!!

Or perhaps a wee pullback....LOL

<p>[quote=asgcorp;12525511]anyone thinks that GU is up for a re-test of the recent low (1975)?
1975 or 1957

exit shorts +32 pips.

ride the wave: H4 break, M30 pullback.

M1 pressure.

lets try another short; but tight SL.

SELL 2314

2240//2260 target for the bears.

Though not in trade now, looking very initial limit up for down for gbpusd 2411, eurusd 1.0965.anyway no any reactions so far, just submissive to for next level apparently. In that case the initial limits may work perfect. Take care.
In this small swing down already played twice and third time in any single leg proved risky. Anyway next target goes to 2232 down ( to 1957 low) before next leg up towards top again.

H4 chart
several HH or LL targets (blue boxes) are possible.
im gonna go with 31 pips bit @ 21 pips there is a possible support

edit : Exit -8 pips
should have waited for the pullback !

covered the loss on latest long (-17 points). even for the day. Flat until data.

Nearly at break even.

Quick analysis top down, people may agree or disagree I suppose that's how the markets move, in my opnion markets moves in a ABCD pattern or that's the easiest way I see it anyway getting into it below we have the weekly, the "ABCD" pattern is complete as you can see it's hit my extension zone. Now I'm looking for some form of correction phase (as the market can't keep going down in one direction without correcting) note we are also at very strong lows (support) and price seems to be forming a double bottom, when I counter trend trade I'll always want to see a double bottom or a head and shoulders (basically a retest). So ABCD complete on weekly I'm expecting a correction phase on a macro scale. Scoot down on the daily what can I see. So the green line is that strong weekly zone again we can see the ABCD completed and price rose from the completed level at D out of my extension zone. However remember what I said about CT I always want to see a double bottom head and shoulders or a trip bottom basically a retest, we've only had the first push up from the completed D zone as you can see there for I expect price to drop down to make that double bottom. So medium term I'm bullish also expecting a correction phase.

If you take a look at the 4 hour you can see however a clear head and shoulders pattern at weekly resistance (yellow box) if you extend this back you'll see it's a key weekly resistance also look how that zone lines up nicely with a daily swing point.

So......
Weekly bearish but expecting correction phase so Bullish (Macro term)

Daily medium term Bullish due to weekly support but waiting for retest so for now bearish.

ENTRY 4 hour weekly level of resistance, daily swing point, 4 hour head and shoulders which matches my medium term view of bearish ( because I want to see the retest)

This is basically how I trade obviously there is abit more to it than that like more in-depth study of swing points but yeah hopefully it helps some of you guys out.
Now you know why GU was an absolute steal for potentially around 400 odd pips

Thinking that this is a retracement and another drop coming, will see what happens

Go Moty, do your magic

Aside from Euro kicking me in the goolies all cable buys in positive territory

Thought 2300 would hold, for now! So bought in again...even Euro starting to be nice, thought 0926 would hold and happy it only dropped to 0922

Usdx morning chart seeing now. Test tl 98.80 pending with or without correction, like break/test first x, bo down, test later!

We do have a double top on 1hr @ 98.75???

gbp daily line charts

My first pending trade on GU today