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Cable Update (GBPUSD)

  • #516,281
  • Apr 14, 2020 2:24am Apr 14, 2020 2:24am
2700 might be pushing it, 2623 looks like the target, bear in mind this whole hourly trend is corrective as it has not reversed the previous downtrend yet.
Follow The Markets Structure - Patience and Discipline
  • #516,282
  • Edited 2:47am Apr 14, 2020 2:25am | Edited 2:47am
try to long again. with small lot
1.25780
SL: 1.25015
TP: 1.26200

+ 200 pips. change to BE.

make a wave 3.
Attached Image (click to enlarge)
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  • #516,283
  • Apr 14, 2020 2:27am Apr 14, 2020 2:27am
Had a 2 lot trade on 'The Dragon' for only 9 pips and ya reakon they'd let me have it.....LOL
Bought @ 135.20 TP 135.29
Seemed like ages b4 I hit TP
Yes it was a revenge trade on 'The Dragon' from yesterday so made back the loss....
Don't Leave Money on the Table
  • #516,284
  • Apr 14, 2020 2:28am Apr 14, 2020 2:28am
Tick volume rising,buyers dominating but not convincing enough to buy,see the chart
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  • #516,285
  • Apr 14, 2020 2:30am Apr 14, 2020 2:30am
big picture
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yes yes yes
  • #516,286
  • Apr 14, 2020 2:34am Apr 14, 2020 2:34am
Quoting Moty
big picture {image}

Bear in mind price does not have to go back to old support/ new resistance, there is no guarantee when trading a corrective move and in a strong down trend it is more likely to gap away from the old support new resistance
Follow The Markets Structure - Patience and Discipline
  • #516,287
  • Apr 14, 2020 2:39am Apr 14, 2020 2:39am
one min tf view
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Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
  • #516,288
  • Edited 3:07am Apr 14, 2020 2:53am | Edited 3:07am
The lower line of the previous Daily descending channel comes in @ 1.2600 and the high of the 13th March bear candle comes in @ 1.2624, so I suspect those two targets can be reached today....
Take note, it's been 7 bullish Daily candles in a row which doesn't happen too often so expect some bearish action soon...If we don't break 2570 today then back to 2500 or 2470
Bulls might also be targeting the 200ma coming in @ almost 2650...Sellers should be lurking there
Attached Image (click to enlarge)
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Don't Leave Money on the Table
  • #516,289
  • Apr 14, 2020 3:07am Apr 14, 2020 3:07am
We opened the day on 1.25 and could well go back there to test that level. I would not trade that, but it deters me from adding longs.
Gone to a better place
  • #516,290
  • Apr 14, 2020 3:12am Apr 14, 2020 3:12am
Quoting smikester
We opened the day on 1.25 and could well go back there to test that level. I would not trade that, but it deters me from adding longs.
Hey Smikester did you sort Mingary out...
Don't Leave Money on the Table
  • #516,291
  • Apr 14, 2020 3:15am Apr 14, 2020 3:15am
Quoting Almo2312
one min tf view {image}
broke the upper tl

stay safe
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
  • #516,292
  • Apr 14, 2020 3:18am Apr 14, 2020 3:18am
2595/2600 is the area to short
Intraday only.
  • #516,293
  • Apr 14, 2020 3:20am Apr 14, 2020 3:20am
Quoting navk
2595/2600 is the area to short
IMO maybe 1.2620 to short... but lets see
  • #516,294
  • Apr 14, 2020 3:23am Apr 14, 2020 3:23am
As long as these two are both strong today,there is no trade,GBP and USD still strong for the day,it might move up slightly but not worth to risk money on,odds are not favorable for long.The only way to trade is to read markets bar by bar
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  • #516,295
  • Apr 14, 2020 3:24am Apr 14, 2020 3:24am
IMHO do not short blindly, just because that is a resistance , it may go through, wait for price to signal a reversal much safer.
Follow The Markets Structure - Patience and Discipline
  • #516,296
  • Apr 14, 2020 3:29am Apr 14, 2020 3:29am
Quoting pipfarm
IMHO do not short blindly, just because that is a resistance , it may go through, wait for price to signal a reversal much safer.
i will test short if hit my tp.
  • #516,297
  • Apr 14, 2020 3:30am Apr 14, 2020 3:30am
Quoting pipfarm
2700 might be pushing it, 2623 looks like the target, bear in mind this whole hourly trend is corrective as it has not reversed the previous downtrend yet.
I see what you are saying, but in the context of this being a correction to a longer term down trend I see last month's break out as false and the rejection of those lows could take us to the top of that range which equals 1.35. (This was tested and rejected in December) That would leave the down trend intact by definition. I reckon if we break that, it would be a major trend change.
Gone to a better place
  • #516,298
  • Apr 14, 2020 3:41am Apr 14, 2020 3:41am
Quoting smikester
{quote} I see what you are saying, but in the context of this being a correction to a longer term down trend I see last month's break out as false and the rejection of those lows could take us to the top of that range which equals 1.35. (This was tested and rejected in December) That would leave the down trend intact by definition. I reckon if we break that, it would be a major trend change.
Im not seeing it, sorry, can you post a chart
Follow The Markets Structure - Patience and Discipline
  • #516,299
  • Apr 14, 2020 3:47am Apr 14, 2020 3:47am
Attached Image (click to enlarge)
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  • #516,300
  • Apr 14, 2020 3:54am Apr 14, 2020 3:54am
going long x2 tp 700
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