Cable Update (GBPUSD)

Update to my chart in the morning. Same chart. I mentioned that only a strong 4hr breakdown of the line would make me short. It never happened. Dips were bought up.

Never watch a boiling kettle. Pull the trigger, Go out. Come back to 30 pips. 1o more pips and will ditch this trade.

burning alot? from 600% become 200% in a day...

I manage a lot of trading accounts. and having an account has reached 25 000%. lol

Hello again, ...back at desk for an hour to update supp/res charts...and to see what I missed after my own trading session ended at 11.15am London.

Upside break of the desc 1hr+ t/line to the potential resistance zone leading up to that Boe Mpc announcement spike [last Thursday,] at the current Hi and above that 61.8% of 2686-2334 awaits. ...also beginning of a potential support becomes resistance zone on 4hr.... Total 100pip range so far today.....82% of 30 day adr....56% of 26 week AWR so far this week has been covered by price.

Will Mon/Tues last week repeat and start to see a fall now to below the current weekly lo ? Certainly the bearish hidden divergence in 4hr oscillators that was developing earlier is just about fully formed but this doesn't mean price can't go higher. Likely it will still be there as long as price stays some bit below that 2686 hi. 4hr now has printed a LL at the current weekly lo a LH a HL then H,L,HH, LL and a HH in terms of fractal swings so not optimum for hidden divergence which is better at a LH or H and in any event is it really signalling an entry into a higher t/f trend ? - ie the daily which now has a HH, HL,LH and a L as it's last few fractal swings - so maybe a developing downtrend but not a fully formed one by this measure. I actually still have daily in an uptrend by the same measure.

2573 if seen and price will have given back 50% of the 2813-2334 drop...and will be just over the B-C 4hr correction in terms of pips.

As yesterday's daily candle - what will be the effect of a weekly bullish engulfing ? Long ways off but time will tell.

4hr is below.

Crisp and clear chart with a risk-free trade. Well done Shahab

Cheers.

Why is it every day, when the market is going like a train. Someone says there's a bear 4 Hr candle? Where is this candle? I keep missing it!!!

hope it will go down

This is why I do not much read the thread while I trade.

Looks like the close of today's daily candle will form a fractal swing L now on daily so a new asc t/line can be drawn. Chart as below.

Second Sell activated @1.2530 level... Crash from here or activate third and final sell at 1.2575 level all for target of 1.2310. This is a swing trade not scalp trade.

are we buying or selling, i confused by all the views here

Wow, is that what they call a 1 hour chart? you are brave soul brandishing that kind of chart around here! lol!

long added again

We are clearly buying. Neat little TE by the way

Cheers.

Current price at 1.2525

Last week after price touched a low of 1.2453 there was a bounce to 1.2587 being 234 pips reversal which ended up to be momentum gathering for another crash to 1.2332. The range from 1.2453-1.2587 between Monday/Tuesday was 234 pips.

This week price touched a low of 1.2333 and has surged to 1.2531 being 197 pips so far. A projected 230 pips rise from 1.2333 will take price to 1.2566 level which will also mean weekly range at 233 pips.

Should price hold below this 1.2535/1.2570 level, expect a retest and break of previous low at 1.2333 to 1.2280 area which will be quick and aggressive. Should the price attack 1.2300/1.2280 it will take the monthly range to 512/533 pips range which is the average range for month of June since 2011 till date.

In summary, bias is for price to return to 1.2310-1.2280 in few days time as far as 1.2575 doesn't break.

Peace.

Thank you Wavegarrick. It seems we trading are on the same side on GU and EU.

OK, what do you call it then?