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Cable Update (GBPUSD)

  • #511,941
  • Feb 16, 2020 4:00pm Feb 16, 2020 4:00pm
Are you tracking the GBPUSD this week? Consider this top-down technical perspective on the GBPUSD. On the weekly time frame, two weeks ago, bears retested the former horizontal resistance area around 1.28880 (magenta) seen on the monthly time frame but last week bulls effected a northward push. Presently, the order flow is somehow in equilibrium and we should step aside to watch what happens in the market in the early part of this week.

Technicals on the H4 time frame favour further bullish move but the ‘wicky’ formations in some areas above the current location of price action indicate that there are barriers ahead which may hinder any bullish momentum. Much likely we may witness a brief move northward which would give way to a bearish turnaround soon.


I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #511,942
  • Edited 6:59pm Feb 16, 2020 4:09pm | Edited 6:59pm
its massive 3 candle in fresh air ,the only thing that is a match is the start ,in oct last year
I guess it can back up there ,but its going to fail

Then the monthly is bearish right now including a printed hang man that broke to downside
Attached Image(s) (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #511,943
  • Feb 16, 2020 5:44pm Feb 16, 2020 5:44pm
Quoting Moty
A small gap down is expected {image}
GAP closed already
  • #511,944
  • Edited 11:13pm Feb 16, 2020 7:28pm | Edited 11:13pm
hey guys, 3072 first, then short.
Intraday only.
  • #511,945
  • Feb 16, 2020 7:42pm Feb 16, 2020 7:42pm
Quoting Bones
let me show you the 3 week ,I can see massive red long legged doji I only see red and lower highs on that tf ill come back to this chart 2 weeks from today ,lets see {image}
I find from my (limited experience), that price will at least touch the high of the previous weeks before going down. So, if the mid/long term trader is bearish, it would be playing off previous month's high for a decent entry no?

Cheers
  • #511,946
  • Feb 16, 2020 8:40pm Feb 16, 2020 8:40pm
its not something I noticed but there is an open gap there ,I have seen crazy to reach a gap
this week I posted against the last weekly I'm cautious to I see the open ,because its rather mixed ,to go that high blows the test the back of tl theory on w1

Quoting Ra.
{quote} I find from my (limited experience), that price will at least touch the high of the previous weeks before going down. So, if the mid/long term trader is bearish, it would be playing off previous month's high for a decent entry no? Cheers
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #511,947
  • Feb 16, 2020 9:02pm Feb 16, 2020 9:02pm
back of tl eur jpy recent example ,just like cable it respected it then failed
then to come up and test.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #511,948
  • Feb 16, 2020 9:54pm Feb 16, 2020 9:54pm
Quoting Bones
its not something I noticed but there is an open gap there ,I have seen crazy to reach a gap this week I posted against the last weekly I'm cautious to I see the open ,because its rather mixed ,to go that high blows the test the back of tl theory on w1 {quote}
definitely need to tread soft with this pair

Im sorry... lol that was a 3hr chart I was looking at.

this is what i'm seeing, for a good short position. Price 'feints' the high of previous few month's highs then moves price opposite. You can see it on the down -> upward reversals as well. Just moves a litttttle past then switches.

I'm guessing you hold longer term moreso than scalp/intra day.
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  • #511,949
  • Feb 16, 2020 11:12pm Feb 16, 2020 11:12pm
Quoting Bones
800 isn't possible there's evening star d1 , it's huge I'm going to say it can't even go into the wick of the election day later ill be right, not arrogance but experience it could be consolidating but it's bearish first of all, this week must confirm it could break and fail like that other one let us take it from there {quote}
Please which of the election is coming up?
THE TRUTH IS SIMPLE,ACCEPTING THE SIMPLICITY OF THE TRUTH IS WHAT IS HARD
  • #511,950
  • Feb 16, 2020 11:31pm Feb 16, 2020 11:31pm
so only short opportunity for me next days at as test below 3069 to trade above 3124 if . lets see , also for gold too after filling retest top / gap fill if . take care
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #511,951
  • Feb 16, 2020 11:36pm Feb 16, 2020 11:36pm
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yes yes yes
  • #511,952
  • Feb 17, 2020 12:36am Feb 17, 2020 12:36am
Quoting navk
today range 3018 to 3092. Play as you wish. {image}
Navk Which indicator is that for Daily Support & Resistance Levels?
  • #511,953
  • Feb 17, 2020 1:35am Feb 17, 2020 1:35am
Pending orders placed at the Asian session barriers .
Waiting........
My guess , down to 1.29908-1.30000 area and then up .
Tp for long 1.3100
For short 1.3000
Pivot line , 1.30300
Edit : took long at pivot line
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yes yes yes
  • #511,954
  • Feb 17, 2020 2:04am Feb 17, 2020 2:04am
No sells for me , im sticking to my buy stop above 1.30701
Follow The Markets Structure - Patience and Discipline
  • #511,955
  • Feb 17, 2020 2:09am Feb 17, 2020 2:09am
Quoting Bones
you need to provide reasoning, otherwise its a guess from now on in {quote}
I spent over 30,000 hours of life on the charts. Some patterns simply repeat on the stock market. It has always been so and will continue. This is my justification. I may be wrong, of course, but this is the direction I see right now. 800 to 1100 pips north
  • #511,956
  • Feb 17, 2020 2:18am Feb 17, 2020 2:18am
when GU was 1.2900 level the ratio was 59% long for small traders

now GU is above 1.3000 level and ratio dropped to 43%

hummmm that's not good sign I guess . means small traders area going short
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  • #511,957
  • Feb 17, 2020 2:22am Feb 17, 2020 2:22am
Quoting pipfarm
No sells for me , im sticking to my buy stop above 1.30701

Target @3200 to fill the gap
Follow The Markets Structure - Patience and Discipline
  • #511,958
  • Feb 17, 2020 2:26am Feb 17, 2020 2:26am
Am not selling or buying anything at moment, waiting for the market to show its hand.
99.9% persistence
  • #511,959
  • Feb 17, 2020 2:27am Feb 17, 2020 2:27am
Now let's have a Crack at 1.3090 this Monday. A move above 1.3070 clears the path to 1.32 - 1.34
Data + Stat + Risk/Emotions Management
  • #511,960
  • Feb 17, 2020 2:31am Feb 17, 2020 2:31am
Hi All,

I'm on the road, but here's my trades for the next 2 weeks. Sell TP:1.2950, then buy TP1.3210, wait for retrace, then buy to TP:1.3380.

Trade Safe all.

Guz
Charts don't drive price, market conditions drive price...
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