2620-2630 pre-market.
Cable Update (GBPUSD)
- #497,721
- Oct 13, 2019 1:22pm Oct 13, 2019 1:22pm
- Joined Feb 2014 | Status: trading bank levels | 8,143 Posts
- #497,722
- Oct 13, 2019 1:23pm Oct 13, 2019 1:23pm
- Joined May 2014 | Status: From1toMillion | 9,471 Posts
Everyone can see the chart, but only a few can actually read it.
- #497,723
- Oct 13, 2019 1:26pm Oct 13, 2019 1:26pm
- Joined Aug 2009 | Status: Reading the TAPE | 2,389 Posts
I suck at trading. I see a market that is strong, not weak.
The case for the Bulls:
1. Price has broke out above both the Balance Point Line (BPL) and Trend Bias Line (TBL) on a Level 3 Buying Aggression (Climber) bar.
2. Both Chart Mode I & Chart Mode II have turned Green.
*** Price closing above both the BPL and TBL, while both Chart Mode I & Chart Mode II are Green, is our definition of an Up trend.***
3. While Markets do not like wide spread Up bars on Ultra High to Very High Volume, Friday's interval may turn out to be both a Level 3 Buying Aggression (Climber) bar and a Wyckoffian Absorption Volume bar (Pushing thru Supply).
4. The most recent Level 2 Selling Aggression (Drifter) bar had its high taken out by a Level 3 Buying Aggression (Cimber) bar and the Market found no Acceptance Below it. Acceptance Below is defined as 2-3 full bars below the low of the Aggression bar.
5. Going back to the first marked Test (Spring), every Level 2 or Level 3 Buying Aggression bar has either found Acceptance Above, had follow thru higher, or not had its low taken out (a close below).
With all that said, I wouldn't get Long just yet. I would want to see either a Test/No Supply bar at HB or a Test/No Supply bar at HVZ (H) after price breaks above the HVZ and starts to retrace back towards the zone.
The case for the Bulls:
1. Price has broke out above both the Balance Point Line (BPL) and Trend Bias Line (TBL) on a Level 3 Buying Aggression (Climber) bar.
2. Both Chart Mode I & Chart Mode II have turned Green.
*** Price closing above both the BPL and TBL, while both Chart Mode I & Chart Mode II are Green, is our definition of an Up trend.***
3. While Markets do not like wide spread Up bars on Ultra High to Very High Volume, Friday's interval may turn out to be both a Level 3 Buying Aggression (Climber) bar and a Wyckoffian Absorption Volume bar (Pushing thru Supply).
4. The most recent Level 2 Selling Aggression (Drifter) bar had its high taken out by a Level 3 Buying Aggression (Cimber) bar and the Market found no Acceptance Below it. Acceptance Below is defined as 2-3 full bars below the low of the Aggression bar.
5. Going back to the first marked Test (Spring), every Level 2 or Level 3 Buying Aggression bar has either found Acceptance Above, had follow thru higher, or not had its low taken out (a close below).
With all that said, I wouldn't get Long just yet. I would want to see either a Test/No Supply bar at HB or a Test/No Supply bar at HVZ (H) after price breaks above the HVZ and starts to retrace back towards the zone.
Without VSA, you're playing checkers while the Smart Money plays chess.
- #497,724
- Oct 13, 2019 1:40pm Oct 13, 2019 1:40pm
- Joined Sep 2019 | Status: Trader | 1,979 Posts
ignorance is a bliss. some talk about sentiment in the market. while obviously ignoring the facts.{image}
don't short this b...
- #497,725
- Oct 13, 2019 1:44pm Oct 13, 2019 1:44pm
- Joined Sep 2019 | Status: Trader | 1,979 Posts
highly recommended video for those of you with an open mind. Not going to work for Business Owners and Instagram Bimbos though.https://www.youtube.com/watch?v=Lvq0t0eQOG4
- #497,728
- Oct 13, 2019 2:55pm Oct 13, 2019 2:55pm
- Joined Mar 2008 | Status: Name real with real own way | 23,413 Posts
Not understand?better not follow my analyses!doubt clearer first, risks ++
- #497,729
- Oct 13, 2019 3:01pm Oct 13, 2019 3:01pm
- Joined Jun 2015 | Status: Trader | 14,961 Posts
{...> Well, pound is such a messy, shifty liar's business, that i have two options. I gues you all same?
...I enter when i think is short time.... So I'm waiting to sell 1.24-25-27. Why would i need chart...
See what i mean.
😱😱😱😨
Wait for the big lie, then sell.
Of course it'll go up more....
But feel Ok to have sold 1.27
Now 1.26, liars destroy premarket 😱😭😭😭👏👏👏
Will close .💰💰
Mind you it'll jump on next lie.... Next lie...drop...up.
Overall up. So wait. Buy if you care.😨
I'd wait to sell 1.3010. etc. No hurry. 🐢🐢👍
Beware of robber banks (RB), bad advisors.
- #497,730
- Oct 13, 2019 3:02pm Oct 13, 2019 3:02pm
- Joined Sep 2009 | Status: Trader | 1,027 Posts
{image} Cross EMA on low timeframe, multiple times, raised support lvels, what to do? Short everybody
)
I want to buy PATIENCE
- #497,731
- Oct 13, 2019 3:02pm Oct 13, 2019 3:02pm
- Joined Apr 2017 | Status: trying to make money | 3,341 Posts
Don't Worry Be Happy
- #497,733
- Oct 13, 2019 3:38pm Oct 13, 2019 3:38pm
- Joined Dec 2014 | Status: Trader | 1,326 Posts
gap down today
"A breakthrough in the Brexit talks has failed to materialise after a weekend of intensive negotiations, with European Union capitals concluding that it may now be impossible for the UK to leave the EU by 31 October with a deal. "
- #497,734
- Oct 13, 2019 3:39pm Oct 13, 2019 3:39pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #497,735
- Oct 13, 2019 3:43pm Oct 13, 2019 3:43pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
{quote} Yep... wonder what the record for biggest gap is?
Down aboit 63 right now
Blogging daily now at www.volume.zone
- #497,737
- Oct 13, 2019 4:09pm Oct 13, 2019 4:09pm
- Joined Dec 2014 | Status: Trader | 1,326 Posts
opening at about 1.2630 no big deal , could have been worse
- #497,738
- Oct 13, 2019 4:20pm Oct 13, 2019 4:20pm
- Joined Dec 2013 | Status: Trader | 19,815 Posts
Sorry but I said it was not that easy on the 5 min you will find loss and loss as it makes it’s mind up be if you stick with it you will get a big win 
{quote} Short , right?
- #497,739
- Oct 13, 2019 4:59pm Oct 13, 2019 4:59pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Here's a technical perspective on GBPUSD.
On the daily time frame, upon the print of an inverted hammer at the support trendline of the failing channel (blue) seen on the weekly tie frame on Wednesday, bulls took the initiative to take price action further northwards within he channel. Presently, price action is a located a few pips below the next horizontal resistance around 1.27960. The area is proximal to the 61.8 Fib zone of the most recent downward swing from the high of 1.31757 to the low of 1.20221. Such an area is amenable to a southward turnaround. I am bearish GBPUSD.
I may be wrong. Trade safe and prosper.
KP
On the daily time frame, upon the print of an inverted hammer at the support trendline of the failing channel (blue) seen on the weekly tie frame on Wednesday, bulls took the initiative to take price action further northwards within he channel. Presently, price action is a located a few pips below the next horizontal resistance around 1.27960. The area is proximal to the 61.8 Fib zone of the most recent downward swing from the high of 1.31757 to the low of 1.20221. Such an area is amenable to a southward turnaround. I am bearish GBPUSD.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
