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Cable Update (GBPUSD)

  • #518,641
  • May 2, 2020 7:38pm May 2, 2020 7:38pm
I don't believe the long term decline has ended yet. the ending diagonal wave of the long term impulsive wave has yet to complete. cable free fall coming soon.
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  • #518,642
  • May 3, 2020 1:56am May 3, 2020 1:56am
Some seemingly important levels. Sorry for all the lines and 'spaghetti' on my charts...
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  • #518,643
  • May 3, 2020 4:10am May 3, 2020 4:10am
Hello all

hope you had a chilled and relaxing weekend, my bias for tomorrow is for cable to carry on dropping. Possible 1.24. I still believe we will have a Monday effect like we’ve had the past 3 weeks. And after Friday I can’t really see much else. I could be wrong but we will wait and see. Catch you in the morning.
  • #518,644
  • May 3, 2020 4:18am May 3, 2020 4:18am
As someone said in the last few days - May is typically a bearish month. I actually checked myself and it is true. For the last 10 years only 1 month wasn't bearish. Also it provides quite a range, 300-600 pips.

Of course not every time history repeats itself, but lets see.

I'm bearish on the pound for the month. Maybe we will see 1.22/21.

All the best and stay green.
Patience and Discipline.
  • #518,645
  • Edited 5:33am May 3, 2020 5:02am | Edited 5:33am
Quoting ICouldBWrong
Some seemingly important levels. Sorry for all the lines and 'spaghetti' on my charts... {image}
The one thing that bothers me about possibly going long here is the huge sell off we saw after approaching the previous high around the 1.264 area, meaning that sellers got their fill. And there were plenty of them (sellers). I could see this area holding for a little while as the pair hugs the previous short term upwards trendline for maybe a few days, gradually moving upwards before another sell off. Who knows. Just speculating here. Ultimately I see this as the last good (and reasonable) spot for longs to cautiously take a few positions while keeping a watchful eye on it. If recent support areas don't hold, I could definitely see plenty of more selling over the next couple of weeks.
  • #518,646
  • May 3, 2020 5:14am May 3, 2020 5:14am
gbpusd still short

Attached Image
COT: The precious data ignored
  • #518,647
  • May 3, 2020 5:21am May 3, 2020 5:21am
Quoting ICouldBWrong
{quote} The one thing that bothers me about possibly going long here is the huge sell off we saw after approaching the previous high around the 1.264 area, meaning that sellers got their fill. And there were plenty of them (sellers). I could see this area holding for a little while as the pair hugs the previous short term upwards trendline for maybe a few days, gradually moving upwards before another sell off. Who knows. Just speculating here. Ultimately I see this as the last good (and reasonable) spot for longs to cautiously take a few positions...
The big spike up to 2642 seems to be end of month fixing flows, great if you could have caught that rally but was too late for me in Australia as deep into NY session...

https://www.forexlive.com/news/!/us-...-play-20200430

A piece on currency fixing...

https://www.forexlive.com/news/!/wha...-work-20100721
Don't Leave Money on the Table
  • #518,648
  • May 3, 2020 5:38am May 3, 2020 5:38am
Quoting HaLBot
{quote} The big spike up to 2642 seems to be end of month fixing flows, great if you could have caught that rally but was too late for me in Australia as deep into NY session... https://www.forexlive.com/news/!/us-...-play-20200430 A piece on currency fixing... https://www.forexlive.com/news/!/wha...-work-20100721
Thanks for sharing
  • #518,649
  • May 3, 2020 5:40am May 3, 2020 5:40am
Gold moved as expected. Here is my analysis:

Inserted Video
Technical Analyst & Trader @ Vikinsa
  • #518,650
  • Edited 12:13pm May 3, 2020 10:58am | Edited 12:13pm
Very much Perspective of longterm. indeed very important related to this, but some people are intraday type traders. I think it's better to wait for the market to open to decide when we enter and exit the market. bull and bear are not a problem if we are able to decide when to get in when to get out. it will produce an accurate analysis.


backuping file.

i get it from Moty

thanks, i using this indicator for my exit.
Attached File(s)
File Type: mq4 Auto Pivots.mq4   31 KB | 195 downloads
  • #518,651
  • May 3, 2020 12:38pm May 3, 2020 12:38pm
Inserted Video
  • #518,652
  • May 3, 2020 3:36pm May 3, 2020 3:36pm
Here's my take on the GBPUSD, from the technical perspective of a swing trader. The GBPUSD market is generally sideways. On the H4 time frame, price action has retested the 1.23330 horizontal resistance area from which it turned around on April 15, forming two topping patterns in the area, which suggests a weakening of bullish drive. We should watch how the market handles the area in the early part of this week. The next horizontal resistance is around 1.27490 (magenta), which aligns with the 78.6 Fib retracement of the 1.31000/1.14130 downward swing. I am bearish GBPUSD.


I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #518,653
  • May 3, 2020 4:10pm May 3, 2020 4:10pm
Quoting KeenPips
Here's my take on the GBPUSD, from the technical perspective of a swing trader. The GBPUSD market is generally sideways. On the H4 time frame, price action has retested the 1.23330 horizontal resistance area from which it turned around on April 15, forming two topping patterns in the area, which suggests a weakening of bullish drive. We should watch how the market handles the area in the early part of this week. The next horizontal resistance is around 1.27490 (magenta), which aligns with the 78.6 Fib retracement of the 1.31000/1.14130 downward...
  • #518,654
  • May 3, 2020 4:59pm May 3, 2020 4:59pm
Quoting morfes2
https://youtu.be/oIAFRZVJII0
Where are your longs... to 1.27? (20/04/2020)
Attached Image


Where are you shorts...? (27/04/2020)
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No hard feelings - just scrutiny...
WT
  • #518,655
  • May 3, 2020 6:16pm May 3, 2020 6:16pm
note
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Intraday only.
  • #518,656
  • Edited 6:56pm May 3, 2020 6:30pm | Edited 6:56pm
Quoting navk
note {image}
not sure what MA's youre using. I'm targeting 1.242 on a sell for the h1 200d sma... Where I will also intitate a Long entry
(convergence of h4 50d SMA and h1 200d SMA)

h4 100d SMA, I think we will fall through it however.
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  • #518,657
  • May 3, 2020 6:40pm May 3, 2020 6:40pm
Well i am now selling this one. and im afraid that it may drop all the way down to the 30 year swing low. good for my trade but bad for my country. again major trading decisions on market open like last week

broken the support of last weeks spike up, so lower lows going to form
broken some resistance that could have acted as support in last weeks uptrend
major obvious resistance at the spike up last week and now rejected

could reach 1.2250 quickly
  • #518,658
  • May 3, 2020 7:02pm May 3, 2020 7:02pm
now, all the way above 2500.

HMM.. let us see.
Intraday only.
  • #518,659
  • May 3, 2020 7:14pm May 3, 2020 7:14pm
I will risk to buy now 1.2444 SL 1.2430 TP above 1.2550
  • #518,660
  • May 3, 2020 7:25pm May 3, 2020 7:25pm
Dollar Index I see a bearish pattern and now its retesting before resuming the fall which might help the GBPUSD and EURUSD to go up again
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