Cable Update (GBPUSD)

Quoting kuroro001

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Longs, time to seriously get worried {image}

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Quoting trumps

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{quote} Not yet. Your chart shows the last swing low coming from a much cheaper price than the previous swing lows. Your chart also shows that such moves from cheaper prices, create higher blue peaks (and price peaks) than shallower swing lows (which is logical).

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Quoting kuroro001

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{quote} What about this ? {image}

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Quoting kuroro001

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{quote} What about this ? {image}

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Quoting trumps

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{quote} My main issue however, is that I think we are in the early stages of a major trend change, the likes of which we haven't seen since the huge move to 1.71+, and I think this one will be bigger. After dealers briefly shorted the peaks, they spend long periods of buying as price falls for significant periods of time. I presume this is because cable has been in an overall down trend since the GFC. If we are in the midst of a major bullish trend change, then I would expect this to produce a mirror opposite result as the trend progresses.

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Quoting kuroro001

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{quote} Its not only about the dealers, they can be wrong for quite some time until they go extreme into positionning. You have to look at the assets managers, hedge funds, etc... But looking at the dealers, if you start buying now for the long when they are short....is not the right way Maybe market will go higher, so dealers will go even more shorts. Only time will tell But you need to look at the dollar as well.....and its not beautiful for dollar bears, especially something strong happened this week

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Quoting trumps

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{quote} The $ monthly is extremely bearish. It may retest it's broken trend line 200 or so pips up though.

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Quoting Roszey

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{quote} What’s your R:R ?? From the chart it looks like 1:1

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Quoting Olabanji-Tex

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{quote} Hello, Sometimes I use a risk reward of 1:1. Sometimes I use 1:2 It depends on the nearest support and resistance zone I hope this answers your question.

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Quoting TerpFan2

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So, For what it's worth i'll throw some Elliot here up for some "Nut's & Bolts" of the Ball-Game here. We may have thought we were getting "Faked" by Longs here, up close to the Previous High. However, If you look Wave-3 was clearly "Exhausted". Just look at your Daily Chart, Your Weekly Chart, your 4 hr Chart, etc, etc. Don't make it complex or too hard on yourself. Follow the Technical's, -that's what i have to do, not everybody's opinion, -or even mine for that matter. -PLS! Read up on the Wave Count, here, Pls- Even me or Mine! I myself got...

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Quoting TerpFan2

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Hey Bones, Great Seeing you in here... I'd say i'm still myself perfecting wave-sets, and can't directly answer that. I'll give away a "Copy" of What i think the Ball-Game, being played here is. -But again, other's should LooK at All their Charts (Not you). -But IN Fact, Just as you pointed out the "WKLY-Chart" is Important in this, too -(On Previous Post). Here's what i see / "think i see" at the moment, -u decide, Cheers Mate, my VERY BEST. {image}

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Quoting Bones

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I'm not sure if thats good enough, last time it came down I was waiting but no show. Maybe it's better to leave it unknown . Chart condition isn't extremely bearish without break of the range.Break of line.But it is very heavy. A lot of confluence at that point for break. Or next month it can hit, with something else printed first. Possible falling wedge into support is being respected, to the pip high tf. {image} {image} {image}

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Quoting vowan4ik

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For me, don't sell now. This situation gives me the best buy price. At the moment I have 2 purchases from SL to BE. But I'm waiting for prices lower, 1.303-1.304 will buy If the price breaks out and clearly closes below 1.30, I will reconsider my purchases to consider selling Trade safe

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