Cable Update (GBPUSD)

Retracement or trend change? we will see next week.. a break of 1.2950 would be a clue to a trend change. there are lots of buyers there

But a bounce from 1.30 would mean a retracement..and then a possible continuation to the upside

Exciting times

Possible re-visit of 3130 on monday and eventually 2800 in august. Just thinking loudly...

W/E Analysis

July saw a pip range of 810 which was 154% of the 3mth amr. This week just closing 401 - 146% of the 13wk awr, and Friday 101 - 94% of 30day adr. It's not hard to see where the longer term bears were caught out.

Mthly No fractal swing created by close of this month's very bullish monthly candle...the last few fractal swings on this t/f are a 2nd LL, H (@ 33515,) 3rd LL (@ 1411) and a HL (@ 2075) ...so either a weakened general fractal downtrend on that t/f with the H and HL or the start of a new uptrend ? Re ema's on this t/f 100/50/20 all remain crossed down.

Wkly Again, no fractal swing created by the close of this week's weekly candle which closes very bullishly - muck like the monthly ..the last few fractal swings since and including 1411 low are L, LH,HL,H,LH, L, H, HL, LH and what will become a HH when it forms. So this t/f is in a general fractal uptrend but like the monthly the 100/50/20 ema's all remain crossed down.
.

Dly Again, no fractal swing created by the close of today's candle which closes bearishly as a pinbar ending the consecutive run of 10 bullish bodied candles. The Daily remains in a general fractal uptrend - the fractal prints since 2252 sw lo and starting with that have been LL, LH, HL, H, HL, LH, HL, HH, and what will become a 2nd HH when it forms. If price continues south it is likely we could see a fractal HL develop on this t/f because the next lower HL is 2511. The 100/50/20 ema's on this daily t/f remain crossed up.

4Hr The 4hr candle closes bearishly making friday's 3170 hi a fractal swing hi now. There is damage to it's general fractal uptrend with the lo of the candle being @ a L below the last HL and off the last HH at friday's daily hi of 3170...we have of course seen this many times in the 'general fractal uptrend' such is their nature (as opposed to a classic fractal uptrend which is a succession of HL's and HH's.) Like the daily the 100/50/20 ema's all remain crossed up on this t/f.

1Hr Again no fractal print created by the last 1hr close and the last few fractal prints have been HH, HL, HH, L, HH, LL, LH, and what will be a LL now - so more damage than 4hr to the general fractal uptrend too on that t/f or the start of a fractal downtrend ? Time will tell. Like Dly and 4hr the 100/50/20 ema's on this t/f remain crossed up.

Conclusion:
Given the recent history of classic bearish and bullish pinbars at potential fractal sw hi/lo's respectively, on the dly t/f and the weakening of the 1hr uptrend in particular friday, it suggests that there will be more downside but is up against a strong uptrend on 4hr/daily/weekly and very bullish closes on those later two t/f's. August is an historically 'quieter' peak holiday month but this year of covid etc could be different. Depends on the ever changing fundamentals (which the technicals graphically reflect) and with the Boe/Mpc stuff this coming week we could see a firming of £ demand after the pullback if, like last time, they are as 'less dovish' than was expected last time - this time round ? With a 'firming' economy' post 1st wave covid this is more probable than not but it doesn't mean to say it will happen lol !


* Potential supp/res/sbr/rbs analysis across the t/f's will follow during the w/e in a separate post.

Good weekend all. Great week. Hopefully for al!!

....

You still have not said where your auto trade is placed .,. I get interested in the mind set of traders that’s all . Regards E

2910 would be good for a pullback break that number . The 100 pip per drop and retest is ideal

Its possible it may drop to 1.25 area. Technically possible.
My autotrade will be placed when certain conditions are met... could happen any time next week

1.17 ?

W/E Analysis cont....

Downside potential Supp & RBS (Res Becomes Supp) analysis

NB: (1.) Don't know Monday's open price yet so can't include Mthly/Wkly/Dly floor pivots yet. (2.) Fibs mentioned are the major fibs on dly/4hr/1hr starting @ 1411 - and then where there was a new HH in the uptrend first/major swings...only 3 fib clusters or greater get a mention unless otherwise stated. (3.) Analysis covers the 30day adr+ to the downside.

> 3078-68 prev 1hr sw lo zone = pot supp

> 3056-45 prev 1hr sw hi zone = pot rbs
> 3054-40 3 fib cluster incl:
(3040 ish - steepest 1hr asc t/line on Monday’s opening 1hr
candle)

> 3031-19 prev 1hr sw lo zone = pot supp incl:
3031-29 2 x fibs
(3020 ish - 2nd 1hr asc t/line on Sunday’s 2nd 1hr candle)


> 3014-03 4 fib cluster
> 3012-2995 prev 1hr/4hr sw hi zone = pot rbs
> 2990-86 prev minor 1hr sw hi zone = pot rbs
> 2979-64 3 fib cluster

> 2952-43 prev 1hr/4hr sw hi/lo zone incl:
(2950 ish 4hr asc t/line on 2nd 4hr candle from sun open)
2945-43 = 2 x fibs

> 2924-16 3 fib cluster
> 2919-10 prev 1hr/4hr sw lo zone = pot supp
> 2915-03 4 fib cluster

Upside analysis will follow in a separate post over the w/e.

I can't wait to see that coming

Awesome monthly Close

For this month alone, I’ll need 40 truckloads of popcorn along with something very chilled to go with..Mr Akim, please consider my special order and see what you can do in this regard..

Wonder why I need so much orders? Well, it’s my birt-month and I feel like chewing my mouth most of the time.

Happy New month guys..
️

StaySafe

Not convinced of any significant reversal.
That daily looks enticing, but would have expected a deeper body.

The weekly not losing any momentum and thinking 1.32-1.34 next week.

The word out there is institutional traders are targeting 1.3200 so wouldn't be surprised if it hits that level next week sometime. Like a pullback to 3020 b4 more upside please
There's this expectation the bull run has to end with a few days of selling b4 more upside so that could happen next week too, be prepared for whatever outcome, trade what you see and not what you expect

Opened a new account on the mt4 platform on the 24th July and have had a very good week. Wasn't really getting anywhere with other one, frustrating because I like the layout.

Did the analysis of my performance:

50 trades
27 Wins
23 loses

82% gain with 20% of it coming in the last few hours of NY session on Friday as Cable sold off to end the week.
Going to set up Trade Explorer on this account

Yes, what I see not what expect.
Working on this

The best trading week ever. Up 138%

Yes, looking at 3034

GBPUSD will back to 1.26 next friday on NFP so i guest next week range 1.2820 - 1.3140 and NFP booster the dollar to 1.26xx