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Cable Update (GBPUSD)

  • #522,561
  • May 23, 2020 8:50am May 23, 2020 8:50am
Quoting OnlineAddict
{quote} I think we will break friday's resistance of 2219(from Frankfurt to London and NY) easily...2230-50 minimum, possible break above 2300 next week. You have to think of EU and EG, too. EU will retrace towards 950 minimum...I expect even a re-test of 990-1005. EG did some heavy topping below 9000, only touched 8999 twice and "crashed". EG can easily drop hundreds of pips over time, which will favor pound over euro...so everytime EU goes up 50 pips, GU can do 70-100 at the same time, due to bearish EG. Just a thought... I will start looking...
onething that is bothering me is nice support formed at 2160.

Anyways, I do not like to prdict the market.

I take it on daily basis.
Intraday only.
  • #522,562
  • May 23, 2020 9:42am May 23, 2020 9:42am
Quoting akim0895
..Eid Mubarak.. to all muslim traders at FF.. ️
wish you same.

EID MUBARAK.
Intraday only.
  • #522,563
  • May 23, 2020 9:49am May 23, 2020 9:49am
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  • #522,564
  • May 23, 2020 9:51am May 23, 2020 9:51am
Quoting Almo2312
{quote} I trust my system but time will tell..i still strongly bearish.
Long term I don't know...we may see both 1.15 and 1.35, but I take it on a week to week basis. And I mostly prefer to trade GU on mondays only, as its easiest to predict based on the previous week.
Everyone can see the chart, but only a few can actually read it.
  • #522,565
  • May 23, 2020 9:56am May 23, 2020 9:56am
Quoting navk
{quote} wish you same. EID MUBARAK.
khair mubarak
  • #522,566
  • May 23, 2020 9:58am May 23, 2020 9:58am
Monday is a bank hol in US and UK
Look ahead, Macro=Direction, Levels & Structure = Entry
  • #522,567
  • May 23, 2020 10:11am May 23, 2020 10:11am
FOR ME, Monday is simple,

I will see if 2160 holds after asia open.

If opens down, then i will see if 4 hr support forms after daily open.

Will go long from there.

similar to what happened on 18 th may.
Intraday only.
  • #522,568
  • May 23, 2020 10:17am May 23, 2020 10:17am
Quoting navk
FOR ME, Monday is simple, I will see if 2160 holds after asia open. If opens down, then i will see if 4 hr support forms after daily open. Will go long from there. similar to what happened on 18 th may.
Hi navk, I send you a message. Would you answer it? Thanks.
  • #522,569
  • May 23, 2020 10:38am May 23, 2020 10:38am
All this talk about bull and bear week doesn't really matter, if like me, you only scalp. Little drops of water makes the mighty ocean.
  • #522,570
  • May 23, 2020 10:43am May 23, 2020 10:43am
I like scalping....but prefer strong macro trades
Press a button and wait a session
Look ahead, Macro=Direction, Levels & Structure = Entry
  • #522,571
  • May 23, 2020 10:56am May 23, 2020 10:56am
Quoting SFundamental
I like scalping....but prefer strong macro trades Press a button and wait a session
Sometimes, I trade the hourly pullback when price hits 4 am open and reverses but I generally prefer scalping
  • #522,572
  • May 23, 2020 11:49am May 23, 2020 11:49am
Quoting Almo2312
{image} 100%clients are long..wow now i 100% sure my shorts will win lol
This is because most traders are still using the traditional way of trading. R/S, Overbought/Oversold, the use of standard indicators etc.. Trading is simple but the Psychology of Man makes it complex.
Le$$ I$ More
  • #522,573
  • May 23, 2020 2:46pm May 23, 2020 2:46pm
Quoting OnlineAddict
{quote} Its never good to hold GU for too long...if I am expecting a bullish week, I buy dips and get out at every spike up...if bearish, I close shorts at any quick dip. Because cable can be retracing both ways very fast, you don't take a profit of 100 pips and 10 minutes later it may be only 50 and next hour you are in loss.
starting to see this... Which is why "waiting" on that 50 pip move or whatever seems to be a bad idea... Because yes it will move 50 but in the meantime bounce you in and out profit the whole time. Going to switch it scalps this week and see how it sets up. Both my GU trades had profit and then went negative like yeah alright not making that mistake again. Take what the market gives you...and that's exactly what I'm going to do. I do expect a bullish week. Slight dip to entice sellers and then finally make the move I have been expecting.
  • #522,574
  • May 23, 2020 2:49pm May 23, 2020 2:49pm
Quoting Almo2312
{image} 100%clients are long..wow now i 100% sure my shorts will win lol
long term down... Short is probably up... But those long will get shook out then the market will go were it's supposed to
  • #522,575
  • May 23, 2020 3:01pm May 23, 2020 3:01pm
GU, a clear break above hourly chart down trend channel TL and R @ 1.221 needed to change the bearish picture. Mid-term still 1.23 has to clear for more upside potential
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  • #522,576
  • Edited 3:37pm May 23, 2020 3:15pm | Edited 3:37pm
I like analyze the market in the weekend, because all is so quiet, and I can make possible simulations for the following week
Now I understood why there were many posts calling for 1.25
In one of my simulation there is 1.212x (also 1.2086) and uptrend up to 1.25...but we are in daily downtrend at the moment, and there is not a fundamental reasion
Other simulations say down under 1.19...

I just follow the trend, if it changes long I will follow
Time will tell
  • #522,577
  • Edited 5:37pm May 23, 2020 4:11pm | Edited 5:37pm
Quoting shahab8b
GU, a clear break above hourly chart down trend channel TL and R @ 1.221 needed to change the bearish picture. Mid-term still 1.23 has to clear for more upside potential {image} {image}
shahab8b, yes, you are correct we have a law of the charts and it's called Dow Theory.
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Quoting Mitiblotch
.........for the market's structure students... the second chart is an excerpt from the course on Andrew's pitchfork posted some time ego by @mbrown when he was with us. One of the sections treated about market structure... https://marketgeometry.com/blog/market-structure
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Always trade your own plan...I don't provide trading signals.
  • #522,578
  • May 23, 2020 4:27pm May 23, 2020 4:27pm
Quoting Almo2312
{image} 100%clients are long..wow now i 100% sure my shorts will win lol
hehe crazy this is which broker or service to show u this ratio ?
  • #522,579
  • May 23, 2020 4:36pm May 23, 2020 4:36pm
Quoting Wavegarrick
{quote} Hi Guys, Been a tough pair to trade indeed, nevertheless, I am in with my shorts currently all locked in and price must do what it has to. Even though we are in a short swing at the moment I am kinda worried that price shows little conviction to the short side and things could change on a dime. All the best for next week. Cheers. {image}
Hi Guys,
Some top-down zoomed-in analytics.
Monthly chart: Bearish with price at previous months low.
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Weekly chart: Bearish with a weekly up attempt.
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Daily chart giving clear bearish signals:
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4 Hourly chart: 1.21500 could act as a bounce point but more importantly, my ascending trendline at 1.21500 ish needs to be broken to signal further shorts for next week, All in all, bearish.
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All the best for next week
Cheers
Trade to trade another day
  • #522,580
  • Edited May 24, 2020 12:05am May 23, 2020 10:19pm | Edited May 24, 2020 12:05am
Quoting Almo2312
{image} 100%clients are long..wow now i 100% sure my shorts will win lol
Yes may some contrarian mindsetups, play more or less ok and fakeout last possible, take care
Unique pandemic time historical Eid mubarrak in our life time to everybody, wish stay safe and stay cool with personal and social distancing at home! But our love, sacrifice and affection never be stopped even remotely!
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Not understand?better not follow my analyses!doubt clearer first, risks ++
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