Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#525,841
Jun 6, 2020 5:00am Jun 6, 2020 5:00am

Georginson
Joined Aug 2018 | Status: Research Analyst | 4,290 Posts

Quoting OnlineAddict

Disliked

FED next week, curious if we get a bit more of a push up before wednesday and then a dump, or if the drop starts sooner. I love FED weeks, always a good range to trade both ways before the announcement.

Ignored

This month price surge is weird, no single drop point this month already 407 pips up. Similar to June 2013, October 2018, April 2018 and December 2016 which all went up 270 - 500 pips before crash below the opening price by 50 pips or more which is pointing at 1.2276 minimum target.

Now the question is since 1.2645 was broken last Friday, is the possible high going to be 1.28 or that same 1.2730 before drop? Normally once a double top is broken, it often breaks by 100-180 pips and so far it's just 85 pips break.

Data + Stat + Risk/Emotions Management

#525,842
Jun 6, 2020 5:15am Jun 6, 2020 5:15am

OnlineAddict
Joined May 2014 | Status: From1toMillion | 9,471 Posts

Quoting Georginson

Disliked

{quote} This month price surge is weird, no single drop point this month already 407 pips up. Similar to June 2013, October 2018, April 2018 and December 2016 which all went up 270 - 500 pips before crash below the opening price by 50 pips or more which is pointing at 1.2276 minimum target. Now the question is since 1.2645 was broken last Friday, is the possible high going to be 1.28 or that same 1.2730 before drop? Normally once a double top is broken, it often breaks by 100-180 pips and so far it's just 85 pips break.

Ignored

Since we didn't push higher all day yesterday, a re-visit of 2730 is likely, many times Frankfurt does a fakey first thing on monday, so if it makes a big bullish candle, to me it will be a big bearish signal. I still see 2260 as a certainty, just need to find a good place to short. Monday or wednesday...

Everyone can see the chart, but only a few can actually read it.

#525,843
Jun 6, 2020 5:21am Jun 6, 2020 5:21am

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

if that was a double top how come it failed to confirm

Quoting Georginson

Disliked

{quote} This month price surge is weird, no single drop point this month already 407 pips up. Similar to June 2013, October 2018, April 2018 and December 2016 which all went up 270 - 500 pips before crash below the opening price by 50 pips or more which is pointing at 1.2276 minimum target. Now the question is since 1.2645 was broken last Friday, is the possible high going to be 1.28 or that same 1.2730 before drop? Normally once a double top is broken, it often breaks by 100-180 pips and so far it's just 85 pips break.

Ignored

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#525,844
Jun 6, 2020 5:25am Jun 6, 2020 5:25am

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

your just bearish, all the statistics are bent to meet that

On-site guru & also FF member's' psychiatrist, when not drinking tea

#525,845
Jun 6, 2020 5:33am Jun 6, 2020 5:33am

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

a double top looks like this

Attached Image (click to enlarge)

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#525,846
Jun 6, 2020 5:45am Jun 6, 2020 5:45am

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

however it is a major level we are at

Attached Image (click to enlarge)

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#525,847
Jun 6, 2020 5:55am Jun 6, 2020 5:55am

Georginson
Joined Aug 2018 | Status: Research Analyst | 4,290 Posts

Quoting OnlineAddict

Disliked

{quote} Since we didn't push higher all day yesterday, a re-visit of 2730 is likely, many times Frankfurt does a fakey first thing on monday, so if it makes a big bullish candle, to me it will be a big bearish signal. I still see 2260 as a certainty, just need to find a good place to short. Monday or wednesday...

Ignored

Well said

Data + Stat + Risk/Emotions Management

#525,848
Edited 8:35am Jun 6, 2020 5:56am | Edited 8:35am

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

the worst thing for this chart is go test higher first and fail, when it gets to not confirmed red line i'd want to see it break,
I can see the bear set up only that massive HTF wick makes me think it can go higher in the following weeks
I don't know without seeing the open as that pattern can continue of opening bullish

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#525,849
Jun 6, 2020 6:00am Jun 6, 2020 6:00am

Georginson
Joined Aug 2018 | Status: Research Analyst | 4,290 Posts

Quoting Bones

Disliked

if that was a double top how come it failed to confirm {quote}

Ignored

Price dropped by 400 - 550 pips on different occasions which is what validate it as a double top but got broken yesterday which led to the question of where the top could be.. I believe more in detailed explanation of price movements than chart uploads

Data + Stat + Risk/Emotions Management

#525,850
Jun 6, 2020 6:07am Jun 6, 2020 6:07am

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

validation was the break
thats how crawl market is to double top callers ,cause then it went straight up ,lets not make things up on opinion

Quoting Georginson

Disliked

{quote} Price dropped by 400 - 550 pips on different occasions which is what validate it as a double top but got broken yesterday which led to the question of where the top could be.. I believe more in detailed explanation of price movements than chart uploads

Ignored

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#525,851
Jun 6, 2020 6:37am Jun 6, 2020 6:37am

Almo2312
Joined Jul 2015 | Status: Trader | 2,762 Posts

hr4 and daily pointing to trend change to the up (mid/long term view)defo will be retraces for the scalpers but for the other mid/long term viewers

its change to the bull side ,i may be wrong its just my two cents view (and resarch of years..)

take care friends

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the attach is hr4 and daily MACD

Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!

#525,852
Jun 6, 2020 6:44am Jun 6, 2020 6:44am

Rgkc
| Joined Dec 2010 | Status: Never stop learning about forex! | 419 Posts

Quoting Georginson

Disliked

{quote} This month price surge is weird, no single drop point this month already 407 pips up. Similar to June 2013, October 2018, April 2018 and December 2016 which all went up 270 - 500 pips before crash below the opening price by 50 pips or more which is pointing at 1.2276 minimum target. Now the question is since 1.2645 was broken last Friday, is the possible high going to be 1.28 or that same 1.2730 before drop? Normally once a double top is broken, it often breaks by 100-180 pips and so far it's just 85 pips break.

Ignored

in fact, this radical rise was unexpected, seeing the euro falling
I think it was a bear hunt, and next week the drop will be significant. 1.2480 in my view.
it's just my opinion, I'll probably be wrong

Studing..............

#525,853
Jun 6, 2020 6:53am Jun 6, 2020 6:53am

Almo2312
Joined Jul 2015 | Status: Trader | 2,762 Posts

Quoting Almo2312

Disliked

hr4 and daily pointing to trend change to the up (mid/long term view)defo will be retraces for the scalpers but for the other mid/long term viewers its change to the bull side ,i may be wrong its just my two cents view (and resarch of years..) take care friends{image}{image} the attach is hr4 and daily MACD

Ignored

weekly issue as well

Attached Image (click to enlarge)