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Cable Update (GBPUSD)

  • #544,061
  • Aug 22, 2020 4:05pm Aug 22, 2020 4:05pm
Quoting trumps
{quote} That will be more or less my response also. But that wedge you have drawn, is not from the highest point and cuts through daily bodies.
theres no wedge
we have 2 strong push full bodied candles then 2 full bodied rejects , off that major level
there are no buyer above that pattern, from that location.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #544,062
  • Aug 22, 2020 4:27pm Aug 22, 2020 4:27pm
Quoting Bones
{quote} theres no wedge we have 2 strong push full bodied candles then 2 full bodied rejects , off that major level there are no buyer above that pattern, from that location. {image}
I know there's no wedge, that's what I was saying.
There's no buyers above that location because that was 5 to 8 months ago.
The market has since found a cheaper price, and we are now trading now.
Here's a wedge though, 2 actually.
A lot of pressure mounting on the upper boundary
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Compulsions can be hard to resist
  • #544,063
  • Aug 22, 2020 7:11pm Aug 22, 2020 7:11pm
i hope you holding very well and might can think again... how ever this is weekly a chart
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  • #544,064
  • Aug 22, 2020 11:06pm Aug 22, 2020 11:06pm
Quoting Georginson
{quote} SLOW MOTION AUGUST this just concluded week recorded the lowest weekly range in 2020 (1.3142 - 1.3004) being 138 pips. In fact August so far has done only 287 pips range (1.3267 - 1.2980). WHY THIS SLOW MOTION? Looking into previous Months that have range of over 580 pips and the months that followed such months ... May 2019 (1.3176 - 1.2558) 618 pips. June 2019 (1.2783 - 1.2505) 278 pips July 2019 (1.2705 - 1.2119) 586 pips. August 2019 (1.2309 - 1.2014) 295 pips October 2019 (1.3012 - 1.2195) 817 pips November 2019 (1.2985 - 1.2768) 217...
SLOW MOTION AUGUST is still happening but in a very weird DAILY VOLATILITY kind of way in the last week. The weekly range stood at 208 and monthly range still below the anticipated 300 pips range. What changed so far is the new high it made last week to 1.3265 level which still makes the monthly range still stay less than 300 pips.

In this light, this week almost concludes August and the monthly is still expected to have less than 300 pips range, which means that the current high 1.3265 and current low 1.2980 will be maintained this week/month once more.

This week projected range is 1.30 - 1.32 level and this month is very likely to still end around 1.3060/1.3090 area. Enjoy the tight monthly range while it lasts as wide movement looms in September for possible range of 580 - 650 pips.

So a sell from 1.32 area to 1.2870 area is preferable in the next 3 - 10 trade days. While a buy from 1.28 level to 1.35 level is somewhat a good idea for September.

Note: Please no obligation to follow, just a research excerpt.
Data + Stat + Risk/Emotions Management
  • #544,065
  • Edited 10:36am Aug 23, 2020 4:34am | Edited 10:36am
Quoting trumps
{quote} I know there's no wedge, that's what I was saying. There's no buyers above that location because that was 5 to 8 months ago. The market has since found a cheaper price, and we are now trading now. Here's a wedge though, 2 actually. A lot of pressure mounting on the upper boundary {image} {image}
I can only say they are very weak lines right now, but they are potential lines- only market can prove it.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #544,066
  • Aug 23, 2020 4:45am Aug 23, 2020 4:45am
it's not just a pin bar ,thats a general term ,
but it is true 1 candle can be unreliable ,sure I'm concerned about the monthly ,only it failed to break with last week
and the previous ,so long as it fails to break is good for lower ,really we have to see the next d1 of what type of move we look at
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #544,067
  • Aug 23, 2020 4:53am Aug 23, 2020 4:53am
What I saw from my chart is uptrend not finish yet. Price still running on channel zone and will hit lvl 61.8 before down for retrace
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  • #544,068
  • Edited 10:31am Aug 23, 2020 5:00am | Edited 10:31am
Quoting Bones
{quote} theres no wedge we have 2 strong push full bodied candles then 2 full bodied rejects , off that major level there are no buyer above that pattern, from that location. {image}
what I'm looking for is a weekly thats negative with little buyer ,on the cross & daily pattern =a negative weekly open ,not positive
like this daily after cross I pointed too ,to be fair it's not exactly the same because we have 2 other candle in the way w1.
This weekly must break- ideally early to higher confidence.Gap down is probably bearish, which is what I've gone for.
The first bear d1 has only broke down.
The red arrow is the absolute max for up this month and thats what I targeted on the first bullish candle.it's very overbought...
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #544,069
  • Aug 23, 2020 5:33am Aug 23, 2020 5:33am
Quoting morfes2
{quote} https://youtu.be/yi6CzKBV6z8
Inserted Video
  • #544,070
  • Edited 9:28am Aug 23, 2020 6:07am | Edited 9:28am
could be jpy is clearer how important the open is
I will reassess on open, anyhow I would say sell it at 14 thats dark cloud in a sell zone.
Thats what I call a good tl
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #544,071
  • Edited 1:48pm Aug 23, 2020 6:44am | Edited 1:48pm
Looking at the monthly chart bulls seem to be gaining strenght. But as for now a test of the 1.28 area this week seems quite likely and maybe of the 1.2650 area at the beginning of the next month.

Before making a buy call we'll have to wait for a daily close/open above 1.3252. Should it happen (I think it will) we will see a huge rally with a first target @ 1.50 and a second target @ 1.575/1.59 after a pullback toward 1.435 or deeper @ 1.39.

It's monthly chart, it will take time but above 1.3252 that's what I see.

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  • #544,072
  • Aug 23, 2020 8:23am Aug 23, 2020 8:23am
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yes yes yes
  • #544,073
  • Aug 23, 2020 1:48pm Aug 23, 2020 1:48pm
If you are tracking the GBPUSD this week, consider this technical perspective. Technically, the GBPUSD market is still favourable to bulls. However, recent price action on the daily time frame is sideways at a significant horizontal resistance area (magenta). Technically, the area is susceptible to a bearish turnaround. However, we should let the market decide how it handles the area before taking any directional bias.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #544,074
  • Aug 23, 2020 1:53pm Aug 23, 2020 1:53pm
My view, Long term trend is still up but a correction is at play at the moment and price may go down for a bit next coming days. That does not mean price will fall immediately. Seems like Price will revisit the 1.3240/50 resistance area first before falling to 1.2800/2780 area. Let's see how the market behaves.

Safe Trading Everyone.
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  • #544,075
  • Aug 23, 2020 2:03pm Aug 23, 2020 2:03pm
Scalping Scenario, Just a Idea. I may be wrong. Let's see how it plays out
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  • #544,076
  • Aug 23, 2020 2:14pm Aug 23, 2020 2:14pm
I'm not a consistent trader, but here's my attempts:

Cable:

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USD on 5min chart:

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GBP on 5min chart:

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Would love your input. To me the dollar wants to go up to resistance. There is a potential for GBP to fall below the bottom trendline, but it could also bounce up. Monday could be choppy then.
I have no clue where it's going
  • #544,077
  • Aug 23, 2020 2:15pm Aug 23, 2020 2:15pm
I like to trade flags. It's figure to continue trend
dxy is forming a bullish flag on M30.
But my trend (on image) is too small - m30))
So that this for intraday trading, max 2 days
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let's see how Gu will play on Monday. gu and gj have not finished forming the flag yet
Like your wife says, hold the fucking position until I tell you I'm done.
  • #544,078
  • Aug 23, 2020 3:01pm Aug 23, 2020 3:01pm
God's plan.
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Le$$ I$ More
  • #544,079
  • Aug 23, 2020 3:17pm Aug 23, 2020 3:17pm
Gu will forming flag on Asian session or no.
Interesting what will bring London and NY
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Like your wife says, hold the fucking position until I tell you I'm done.
  • #544,080
  • Aug 23, 2020 5:07pm Aug 23, 2020 5:07pm
so sorry for gbp still going down ( around next 8 to 12 hours for sure ) add eur $ and gold $ for south
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