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Cable Update (GBPUSD)

  • #542,801
  • Aug 16, 2020 3:41pm Aug 16, 2020 3:41pm
If you are tracking the GBPUSD this week, consider this technical perspective of a swing trader. The 1.29600/1.31900 zone (magenta) is presently the prevailing channel for price action on the daily time frame. A significant break above the zone may see bulls target the 1.35140 horizontal resistance area created in November 2019. But a significant bearish break may expose the 1.27600 handle.

Price action on the H4 time frame is sideways and the 1.30500/1.31300 zone (blue) has seen much of the recent ranging price action. The last candlestick prints on Friday were bearish but there is some significant bullish influence. I will be neutral on this market until my mid-week review on Tuesday/Wednesday.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #542,802
  • Aug 16, 2020 5:01pm Aug 16, 2020 5:01pm
Quoting MoneyZilla
{quote} Definetly not safe. The chance your sl to get hit is around 67% to 75%.
Thanks guys, SL didn't get hit.
Patience.....
  • #542,803
  • Aug 16, 2020 6:46pm Aug 16, 2020 6:46pm
31019 is mid range so you all figure...
  • #542,804
  • Aug 16, 2020 9:44pm Aug 16, 2020 9:44pm
1.3105
D1 and H4 : hi >> >good short
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  • #542,805
  • Aug 16, 2020 9:51pm Aug 16, 2020 9:51pm
3 completely different approaches delivering nearly identical average buy/sell prices?!?

Loaded with 90% buys. Highly likely, going up is next.

Would highly appreciate 200-250 pips wide zig zag, too. Whichever comes furst...
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Maadik Hugiis. IQ 69.
  • #542,806
  • Aug 16, 2020 10:14pm Aug 16, 2020 10:14pm
Quoting Moty
1.31000 Resistance {image}
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  • #542,807
  • Aug 16, 2020 10:48pm Aug 16, 2020 10:48pm
chart show me gbp going to low, but 2 slow ( sunday night in my town ) will see monday morning ( sleep tight all )
  • #542,808
  • Aug 16, 2020 11:20pm Aug 16, 2020 11:20pm
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yes yes yes
  • #542,809
  • Aug 16, 2020 11:28pm Aug 16, 2020 11:28pm
Quoting Moty
{image}
Wait for confirm Man, 1.31 can be now support with imbalances.
another - Asia bought. This isn’t same set .
  • #542,810
  • Aug 16, 2020 11:56pm Aug 16, 2020 11:56pm
Quoting Gym4life
{quote} Wait for confirm Man, 1.31 can be now support with imbalances. another - Asia bought. This isn’t same set .
I agree with your view to wait for confirmation.
My two cents is that Friday's rejection from 3130 (yellow line) is rather strong. Today's Asia tiny rally could very well be a "corrective rally". Who knows?
Anyway, the whole structure from July is one big messy consolidation (1.30-1.32), best to play range.
If one were to bet on price breaking this consolidation, then the trader should be prepared to play the Daily TF and using wide stoploss for Bulls (against 1.30) and Bears (against 1.32).
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  • #542,811
  • Aug 17, 2020 1:14am Aug 17, 2020 1:14am
Quoting mesiforex
1.3105 D1 and H4 : hi >> >good short {image}
still short again
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  • #542,812
  • Aug 17, 2020 1:39am Aug 17, 2020 1:39am
Morning Everyone,

I am anticipating monthly candle to close outside BB 20 aggressively so I am not surprised if we bouncing off weekly open real quick .. Bull pressure please!

SS
  • #542,813
  • Aug 17, 2020 1:42am Aug 17, 2020 1:42am
Up up and away to daily r1
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yes yes yes
  • #542,814
  • Aug 17, 2020 1:44am Aug 17, 2020 1:44am
Quoting Moty
Up up and away to daily r1 {image}
Nice one M.. Feels good to see you on the bull side.

SS
  • #542,815
  • Aug 17, 2020 1:54am Aug 17, 2020 1:54am
Caution for bulls, week still very early.
Possible week high: 1.3130
Possible week low:. 1.2980

Alternate scenario: 1.3170/1.3020. in a very confined weekly range.

Note: please no obligation to follow.
Data + Stat + Risk/Emotions Management
  • #542,816
  • Aug 17, 2020 2:00am Aug 17, 2020 2:00am
Quoting Georginson
Caution for bulls, week still very early. Possible week high: 1.3130 Possible week low:. 1.2980 Alternate scenario: 1.3170/1.3020. in a very confined weekly range. Note: please no obligation to follow.
Hi G,

when we put into consideration the extremely tight range for the past 2 weeks, I won’t be surprised if we just spring out without any retrace this week.

With my limited experience, last 2 weeks of the month usually a continuation move depending on the main trend at hand..

I hope you'll agree with me its been bullish ..
but like you said, it’s still early, so let’s see how it goes ..

SS
  • #542,817
  • Aug 17, 2020 2:02am Aug 17, 2020 2:02am
Quoting JayBag
{quote} Hi G, when we put into consideration the extremely tight range for the past 2 weeks, I won’t be surprised if we just spring out without any retrace this week. With my limited experience, last 2 weeks of the month usually a continuation move depending on the main trend at hand.. I hope you'll agree with me its been bullish .. but like you said, it’s still early, so let’s see how it goes .. SS
Well said mate.
Data + Stat + Risk/Emotions Management
  • #542,818
  • Aug 17, 2020 2:05am Aug 17, 2020 2:05am
if current 4hr closes bullish, we should another Bullish SW.
The rest is history....
Let see how it goes.
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Le$$ I$ More
  • #542,819
  • Aug 17, 2020 2:09am Aug 17, 2020 2:09am
Short here and above for the rest of the month
Make money by doing the opposite of Giveachance aka loser
  • #542,820
  • Aug 17, 2020 2:20am Aug 17, 2020 2:20am
Shorted too
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