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Cable Update (GBPUSD)

  • #535,661
  • Jul 15, 2020 7:33am Jul 15, 2020 7:33am
Quoting ngiler
lets try buy at 2613, if it reach 2670 first, then i will short from 2670. sl 30pips. tp 2670
delete my order. doesnt look good
row row row your boat
  • #535,662
  • Jul 15, 2020 7:35am Jul 15, 2020 7:35am
Took short at 12640 TP at R1.
  • #535,663
  • Jul 15, 2020 7:35am Jul 15, 2020 7:35am
Quoting WizardTrade
{quote} Don't you think the wave 3 and 4 violate the rules of Elliot's classical thought?
I can't answer your question because there are many ways how people apply EW. For me a wave is confirmed when we have a confirmed retrace and other usual rules.
  • #535,664
  • Jul 15, 2020 7:37am Jul 15, 2020 7:37am
Quoting Fadhl
{quote} I can't answer your question because there are many ways how people apply EW. For me a wave is confirmed when we have a confirmed retrace and other usual rules.
Ok. Thanks
WARNING: This post warps space and time in its vicinity.
  • #535,665
  • Jul 15, 2020 7:39am Jul 15, 2020 7:39am
I can't just hold back my thought process here about this price... Here are some reasons to stay on selling from 1.25/1.26 area ...

* This month current low is 1.2358 which already has a distance of 300 pips to the current price at 1.2640... this implies that 65% risk is already off the price since the most repeated July range is 420 pips

* The current price 1.2640 has distance of 160 pips to the low of yesterday (1.2479) which is still seen as a temporary low for the week as either the current weekly high 1.2665 or 1.2479 weekly low will still break to force out 211 pips range which has been the lowest range in the last 15 weeks

* No July since 2011 has failed to have at least 200 pips range below the monthly open, this current monthly open is 1.2399 and the current monthly low is 1.2358 which means just 40 pips decline below the monthly open, so additional 160 pips more to break lower to equal last 10 years July behaviour.

* The most open to high distance since 2011 to 2019 July s contains 418 pips, so far this July open to high distance is already 270 pips which has equalled the most repeated open to high average since 2011

* June last month had open to high distance of 489 pips and relinquished all the gains and crash below the opening price by 73 pips

* Only once have we had three consecutive weeks of buying this 2020, only twice in the whole of 2019. So far we have had two weeks of consecutive buying which starts from a leg of June low of 1.2250, this week being the third week has an obstinate resistance to decline the third consecutive week of buying...

Verdict... Ensure your risk management plan is solid to accommodate 1.2720/1.2817 level for an imminent fall to 1.22 level.

This is strictly swing approach, and discretion is very much required.
Data + Stat + Risk/Emotions Management
  • #535,666
  • Jul 15, 2020 7:39am Jul 15, 2020 7:39am
My view (can be wrong)
Attached Image (click to enlarge)
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  • #535,667
  • Jul 15, 2020 7:40am Jul 15, 2020 7:40am
Quoting trumps
{quote} When I put that indicator on the daily chart, it changes back and forth from a bullish to a bearish pattern.
ya 2 scenarios available at the moment
  • #535,668
  • Jul 15, 2020 7:41am Jul 15, 2020 7:41am
Quoting SFundamental
{quote} Lots of pos news on the pound https://uk.reuters.com/ Plus a beat on inflation But: 1.2369 is the 2nd std deviation for the today If we get there 1.2650 will likely be defended.
Took a cheeky sell at 1.2640
If we can get a nice pullback into the cash open that will be good.
Look ahead, Macro=Direction, Levels & Structure = Entry
  • #535,669
  • Jul 15, 2020 7:42am Jul 15, 2020 7:42am
Quoting Siame
SHORT 1.26405 I'm laddering positions into 1.26500
Filled 2portions Average 1.26414

Still open if we get to 2650
  • #535,670
  • Jul 15, 2020 7:44am Jul 15, 2020 7:44am
Quoting Georginson
I can't just hold back my thought process here about this price... Here are some reasons to stay on selling from 1.25/1.26 area ... * This month current low is 1.2358 which already has a distance of 300 pips to the current price at 1.2640... this implies that 65% risk is already off the price since the most repeated July range is 420 pips * The current price 1.2640 has distance of 160 pips to the low of yesterday (1.2479) which is still seen as a temporary low for the week as either the current weekly high 1.2665 or 1.2479 weekly low will still...
im still waiting for your new thread...
row row row your boat
  • #535,671
  • Jul 15, 2020 7:44am Jul 15, 2020 7:44am
Quoting navk
And most importantly it is going to be bullish week. Be prepared for it. IMO. Just buy the dips.
I think GBPUSD should be preparing for a sell off until 1.229X
I expect strong selling in New York session and this will most likely continue until Monday/Tuesday next week.
  • #535,672
  • Jul 15, 2020 7:45am Jul 15, 2020 7:45am
well I guess he has rules to make the technique ,I'm not seeing the point in reinventing the wheel ,when it works so well already
Quoting shahab8b
{quote} To be fair, some traders do that. Will Hunting uses a tazer technique, made by himself, in which he draws the lines in a certain way. {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #535,673
  • Jul 15, 2020 7:50am Jul 15, 2020 7:50am
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yes yes yes
  • #535,674
  • Jul 15, 2020 7:52am Jul 15, 2020 7:52am
Quoting Bones
well I guess he has rules to make the technique ,I'm not seeing the point in reinventing the wheel ,when it works so well already {quote}
@Bones,
will you be kind enough to teach me how you draw your trend lines?
  • #535,675
  • Jul 15, 2020 7:52am Jul 15, 2020 7:52am
Quoting Moty
{image}{image}{image}

let’s bring in the hammer

#Stay blue. /swinger/scalper/
  • #535,676
  • Jul 15, 2020 7:56am Jul 15, 2020 7:56am
Quoting shahab8b
GU {image}
GU
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  • #535,677
  • Jul 15, 2020 7:57am Jul 15, 2020 7:57am
Quoting pipcenturion
{quote} I think GBPUSD should be preparing for a sell off until 1.229X I expect strong selling in New York session and this will most likely continue until Monday/Tuesday next week.
let us see.
Intraday only.
  • #535,678
  • Jul 15, 2020 7:58am Jul 15, 2020 7:58am
Quoting Ehminiz
{quote} let’s bring in the hammer
s&p at major res at 3231
the drop is coming
yes yes yes
  • #535,679
  • Jul 15, 2020 7:59am Jul 15, 2020 7:59am
Quoting Moty
{quote} s&p at major res at 3231 the drop is coming
Electric Bear Hammer please : D maybe w Pikachu thunder
A trader is as good as his stop loss. Understand your mistakes.
  • #535,680
  • Jul 15, 2020 7:59am Jul 15, 2020 7:59am
Quoting Moty
{image}{image}{image}
It It looks like you short it right into the liquidity pool
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