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Cable Update (GBPUSD)

  • #534,301
  • Jul 9, 2020 7:27am Jul 9, 2020 7:27am
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yes yes yes
  • #534,302
  • Jul 9, 2020 7:34am Jul 9, 2020 7:34am
Longs, just a note to beware, might be a bull trap (subjective opinion).
A trader is as good as his stop loss. Understand your mistakes.
  • #534,303
  • Jul 9, 2020 7:38am Jul 9, 2020 7:38am
15m range, between the red lines,
break it and complete the ADR 35-45 pips.
im thinking of breaking down, bulls need to refresh at the pool.
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  • #534,304
  • Jul 9, 2020 7:43am Jul 9, 2020 7:43am
Just back at desk to update supp/res charts....Some short hoping the 15min H&S thing plays out (not a true one as I understand them - but this doesn't mean it won't play out.)....anyways, price is just about into the 4hr part of that prev 4hr/dly sw hi up to 2687 (76.4% 2813-2251 @ 2680) @ the current '666' hi which is the 38.2% ext of yesterday's pip range. Speaking of which - 72 today so far which is 60% of the 30 day adr. So far this week we have travelled 75% of the 13 week awr and so far this mth 50% of the 12mth amr which includes that 'exceptional' month of march this year - so the % will be higher if you don't include this 'outlier' in the calculation. Weekly R2 is @ 2698 and DailyR2 2695 - both confluential with the daily desc t/line which today comes thru circa 2690-2700.


PS: If you look at how far price has travelled so far this month as a % of the last 3 months average (ie after the 'outlier referred to above) - it's 58% so not a whole lot different.
Trader with an Edge.
  • #534,305
  • Jul 9, 2020 7:43am Jul 9, 2020 7:43am
Quoting Moty
{image}

you dont use that rainbow indicator....it look useful if you obey it patiently
MY OPINION NOT FINANCIAL ADVISE
  • #534,306
  • Jul 9, 2020 7:47am Jul 9, 2020 7:47am
I think the 1.26341 is the resistance point to break through for shorts.
  • #534,307
  • Jul 9, 2020 7:50am Jul 9, 2020 7:50am
what is happening with the dollar???? why is it so weak?
  • #534,308
  • Jul 9, 2020 7:51am Jul 9, 2020 7:51am
8th bullish day in a row...another buying frenzy
COT: The precious data ignored
  • #534,309
  • Jul 9, 2020 7:54am Jul 9, 2020 7:54am
Quoting Student21
Longs, just a note to beware, might be a bull trap (subjective opinion).
based on what?
how are you determining a trap?
in wondering about yourself, you forgot what you came here to be part of
  • #534,310
  • Jul 9, 2020 7:54am Jul 9, 2020 7:54am
All ypu guys selling will produce lots of liquidity, lots of stoplosses to take out by the market makers
  • #534,311
  • Jul 9, 2020 7:56am Jul 9, 2020 7:56am
...self explanatory daily chart below.
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Trader with an Edge.
  • #534,312
  • Jul 9, 2020 7:57am Jul 9, 2020 7:57am
Taken a long at 1.2656 with a tight stop - tp 1.2680ish around the upper trend line - replicating previous leg up pattern. Rgds, Angus
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  • #534,313
  • Jul 9, 2020 7:58am Jul 9, 2020 7:58am
Quoting knkie
{quote} based on what? how are you determining a trap?
Hey knkie, indeed true you should ask. Again it is subjective but I am expecting a bigger bear move and it had crossed one of my TLs. Big bear scenario for me is still active, but the bull trap scenario is to be tested (1.26671 at previous high level). My apologies if i had disturbed anybody's projections or analysis.
A trader is as good as his stop loss. Understand your mistakes.
  • #534,314
  • Jul 9, 2020 7:58am Jul 9, 2020 7:58am
Quoting knkie
{quote} what you are seeing is a pullback bar as reaction to the break of 2643 i seem to be the only bull in the bear wilderness today. twilight-zone-ish to see everyone so locked into short narrative today. amazing.
the active trade frame is still m15.
breaking out now.
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in wondering about yourself, you forgot what you came here to be part of
  • #534,315
  • Jul 9, 2020 8:00am Jul 9, 2020 8:00am
Quoting Student21
{quote} Hey knkie, indeed true you should ask. Again it is subjective but I am expecting a bigger bear move and it had crossed one of my TLs. Big bear scenario for me is still active, but the bull trap scenario is to be tested (1.26671 at previous high level). My apologies if i had disturbed anybody's projections or analysis.
no apology neccesary.
I just think alot of traders are throwing out confirmation bias stuff today because they are locked into a bear scenario.
anyways
good luck
in wondering about yourself, you forgot what you came here to be part of
  • #534,316
  • Jul 9, 2020 8:02am Jul 9, 2020 8:02am
Quoting knkie
{quote} no apology neccesary. I just think alot of traders are throwing out confirmation bias stuff today because they are locked into a bear scenario. anyways good luck
even a bear cant argue with this statement.
since frankfurt 2 days ago, nothing bearish.
but nothing last forever
  • #534,317
  • Jul 9, 2020 8:06am Jul 9, 2020 8:06am
Quoting knkie
{quote} no apology neccesary. I just think alot of traders are throwing out confirmation bias stuff today because they are locked into a bear scenario. anyways good luck
Yeah thanks for being on the point, truth there is definitely - when one is long he/she is finding long confirmations and the opposite! I am just speaking of TLs and Channels, and surely some bear keenness. Nonetheless closed my longs almost at last high.
A trader is as good as his stop loss. Understand your mistakes.
  • #534,318
  • Jul 9, 2020 8:07am Jul 9, 2020 8:07am
Quoting knkie
{quote} what you are seeing is a pullback bar as reaction to the break of 2643 i seem to be the only bull in the bear wilderness today. twilight-zone-ish to see everyone so locked into short narrative today. amazing.
Probably you don't read my posts,of course I don't shout buy,or sell sell, but its pretty obvious that shorting this market its dangerous game
  • #534,319
  • Jul 9, 2020 8:20am Jul 9, 2020 8:20am
Look at on daily chart or above, there is only long!! Pound will going back to normal conditions before Corona.
So my suggest, just need to find leg/bottom to trade in this year!
Hope this will help to who are already loss
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  • #534,320
  • Jul 9, 2020 8:22am Jul 9, 2020 8:22am
...a short longer t/f swing scenario may be building although many longer t/f swing traders have been calling for it prematurely when the evidence was plain and contrary to it on those charts....Firstly, today if it closes bullish will be the 8th consecutive bullish daily candle...rare - although we've had 10 consecutive bullish this year so far as a max...but 8 is rare, 9 is rarer and 10 is even more rare (on any t/f.) Secondly there is a potential resistance confluence overhead and near term. I can from today see the bearish case building....but as always I trade what I see (both ways - with a bias on trend/chart conditions on the t/f's of interest.)
Trader with an Edge.
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