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Cable Update (GBPUSD)

  • #540,621
  • Aug 4, 2020 8:59am Aug 4, 2020 8:59am
Quoting kelvinftg
Basically GU hasn't proven itself to be bearish yet with a shooting star and doji D1 candles for the past 2 days. Any drop should be viewed as retracements and opportunities to go long..
its a corrective wave, you can play both sides given you go long or short at the correct levels.
  • #540,622
  • Aug 4, 2020 9:02am Aug 4, 2020 9:02am
Nah.... right?
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Don't compare your trades to others. Most often the masses are the asses
  • #540,623
  • Aug 4, 2020 9:11am Aug 4, 2020 9:11am
Quoting knkie
{quote} its superstitious 'hope arrows' if you dont post them price will go against you
This right here got me wailing.. The ‘hope arrow’ part got me even worse ..

I guess one gotta post them on the reg

SS
  • #540,624
  • Aug 4, 2020 9:14am Aug 4, 2020 9:14am
So many wanna-be out here lately.. I have an idea that will separate the real traders from wannabes..

Idea so sophisticated yet simple..

It should be up and running before end of the week.

StaySafe everyone
  • #540,625
  • Aug 4, 2020 9:21am Aug 4, 2020 9:21am
adding another (swing) short 1.3067
  • #540,626
  • Aug 4, 2020 9:22am Aug 4, 2020 9:22am
Quoting Bones
It rallied over 800 pips I have a reliable source thats unusual, especially for a July though George never updated it ,but daily indicates retrace like you say- that could take more than a week against that kind of momentum. {quote} {image}
July 2020 did a weird and overblown range of 811 pips (1.2358 - 1.3169) which did exceed the maximum July range of 2011 being 689 pips by significant 122 pips.

Coincidentally July 2011 Low being 1.5780 - 1.6617 August high contained 837 pips range, now this July 2020 range alone contained 811 pips range.

In August 2011 after price attained high of 1.6617 price did drop to 1.6110 low same August 2011 which means 507 pips retracement. Does this now mean a retracement of around 500 pips is also on the card from 1.3169 high which takes us to possible 1.2669?

Also sighted 6 of the last 9 August from 2011 to 2019 have ended bearish. That 2011 August range contained 507 pips range (1.6617 - 1.6110) and also noteworthy that average August range is 450 pips.

Most cases in the last 4 years where we have had a run of 800 +pips range have been followed up with 450+ pips reversal. I'm now so lazy to bring out this instances but not keen on having any strong bias other than step by step approach of what price action does.

1.2750 looks most realistic reversal target which is not a definite but everything points towards there in weeks ahead.

Note: No obligation to follow this analysis, just references being pointed out.
Data + Stat + Risk/Emotions Management
  • #540,627
  • Aug 4, 2020 9:22am Aug 4, 2020 9:22am
I still say long is the preferred direction even though my first entry was a stop out for a small loss, some may have scalped some shorts on lower time-frames , but now is the time in my opinion to go long again
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Follow The Markets Structure - Patience and Discipline
  • #540,628
  • Aug 4, 2020 9:23am Aug 4, 2020 9:23am
Quoting thevisitor
adding another (swing) short 1.3067
hey visitor
could you tell me which time-frame you base this swing on?
in wondering about yourself, you forgot what you came here to be part of
  • #540,629
  • Aug 4, 2020 9:27am Aug 4, 2020 9:27am
Quoting Moty
{image}
i hope one day you will read and listen to one of the tips you get here.
you just stick your head in your own ass.
you were today at a profit of 70 percent on your money, in what talent did you manage to lose it?
how many years do you need to understand that the market is not going in a straight line down or up?
if you never close the trade you will probably never make a profit.
the market today was so generous and you didn't take even one dollar.
  • #540,630
  • Aug 4, 2020 9:28am Aug 4, 2020 9:28am
Quoting Scotteyy
Gonna test a long at 1.3008
check this post

https://www.forexfactory.com/thread/...0#post12638120
Intraday only.
  • #540,631
  • Edited 9:49am Aug 4, 2020 9:30am | Edited 9:49am
The dollar is showing an interesting pattern. The higher the time frame the more accurate this thing is. STILL. Caution. It is predictive, and predictive things are often tripped up. Target is... You guessed it. 93. Almost to the tick. I am on board with this as it is resting right on that previous level.

WARNING. The indicator shown here has entry and TP levels. These are based on a Harmonc pattern IN THE MAKING. This is NOT the way to use Harmonic patterns to trade. You need to wait for all 5 levels to be drawn, THEN trade. Not trade INTO the final leg of the pattern.
Attached Image (click to enlarge)
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Don't compare your trades to others. Most often the masses are the asses
  • #540,632
  • Aug 4, 2020 9:32am Aug 4, 2020 9:32am
Quoting OBsayMkMoney
The dollar is showing an interesting pattern. The higher the time frame the more accurate this thing is. STILL. Caution. It is predictive, and predictive things are often tripped up. Target is... You guessed it. 93. Almost to the tick. I am on board with this as it is resting right on that previous level. {image}
i hope you understand that what is written on the top right corner is incorrect.
You're supposed to buy point D.
  • #540,633
  • Aug 4, 2020 9:34am Aug 4, 2020 9:34am
Quoting navk
{quote} check this post https://www.forexfactory.com/thread/...0#post12638120
Appreciated!
  • #540,634
  • Aug 4, 2020 9:40am Aug 4, 2020 9:40am
Attached Image (click to enlarge)
Click to Enlarge Name: 01 GBPUSD-Monthly.png Size: 45 KB


Quoting Georginson
{quote} July 2020 did a weird and overblown range of 811 pips (1.2358 - 1.3169) which did exceed the maximum July range of 2011 being 689 pips by significant 122 pips. Coincidentally July 2011 Low being 1.5780 - 1.6617 August high contained 837 pips range, now this July 2020 range alone contained 811 pips range. In August 2011 after price attained high of 1.6617 price did drop to 1.6110 low same August 2011 which means 507 pips retracement. Does this now mean a retracement of around 500 pips is also on the card from 1.3169 high which takes us to...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #540,635
  • Aug 4, 2020 9:40am Aug 4, 2020 9:40am
Quoting navk
{quote} check this post https://www.forexfactory.com/thread/...0#post12638120
Hmm does it now allow displaying of daily/weekly/monthly all at the same time?
  • #540,636
  • Aug 4, 2020 9:41am Aug 4, 2020 9:41am
Quoting knkie
{quote} hey visitor could you tell me which time-frame you base this swing on?
daily
  • #540,637
  • Aug 4, 2020 9:42am Aug 4, 2020 9:42am
Quoting gatenio
{quote} i hope one day you will read and listen to one of the tips you get here. you just stick your head in your own ass. you were today at a profit of 70 percent on your money, in what talent did you manage to lose it? how many years do you need to understand that the market is not going in a straight line down or up? if you never close the trade you will probably never make a profit. the market today was so generous and you didn't take even one dollar.
Its just a Chart Spammer
  • #540,638
  • Aug 4, 2020 9:44am Aug 4, 2020 9:44am

Note the volume yesterday and today
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  • #540,639
  • Aug 4, 2020 9:45am Aug 4, 2020 9:45am
Quoting gatenio
{quote} i hope you understand that what is written on the top right corner is incorrect. You're supposed to buy point D.

I ABSOLUTELY understand that my friend. This is the very FIRST harmonics indicator I ever found. Needless to say I can blame it for some of my losses as in my ignorance of Harmonics I traded those numbers. Not sure what the fabricator was thinking when he made it, BUT with that being said, his rules appear to have some merit as the levels have come true more times than I can count. Not so much where the pattern says as far as time.. but price. You make a good point though. I will make it a point to add a warning to the novice in us all.
Don't compare your trades to others. Most often the masses are the asses
  • #540,640
  • Aug 4, 2020 9:48am Aug 4, 2020 9:48am
Quoting Moty
{image}
17th Chart Posting in one day and still not in profit

(Chart Spammer)
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