Cable Update (GBPUSD)

Party has just started bro

Are bulls invited?

You missed with a strict narrow SL

I made out 30pips

Badly invited

Greeen backs dosent seems make any sense to me, they are already going outta run

Maybe others can definitely forecast the direction of cable (or any other pair, for that matter), but I can't. I can only look at the drivers and try to decipher from the price action and from events I anticipate which scenario is being played out. My current expectation is that bulls will aim to drive price to 1.34-1.35 before a big drop due to Brexit and bad UK economic news. (Although a mention of negative rates from Bank of England or some random Brexit remark from Boris may trigger the drop earlier.) However, if GU continues to appreciate above 1.35, I will have to reassess.

And yes, you are right, I am often confused and not sure whether I should buy or sell. But I thought this is normal for a trader, especially a relatively inexperienced trader like me.

...nice little session...easing back in...done for now.....G/L all.

to me, there is selling here. stop 33015

good

I'm satisfied watching this fight in narrow channel 1.32845 - 1.3297.
If M15 reject close below 1.32845, my thought it will print higher on daily candle.
Let's see if this thought is correct or wrong.
First time experience for me.
Will take it as my learning.

Edit: Maybe, we have seen the high for daily candle. Maybe,


Edit: seems like this is wrong thought. Should erase from my memory.

Not gonna happen today

Closed for a few

For those who may be interested, here's the speech by Bailey at Jackson Hole:

https://www.bankofengland.co.uk/spee...symposium-2020

I guess nothing really new, but looks quite dovish to me.

"The MPC has moved on from that approach as market conditions have eased. In June we increased the stock of QE purchases, but at a slower pace. And in August we introduced forward guidance, stating that the Committee does not intend to tighten monetary policy until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably. This important step is intended to ensure monetary conditions do not tighten prematurely when there are some initial signs of an economic recovery.

We also made clear that our box does include other tools, including the possibility of negative rates. We have used private sector asset purchases through the corporate bond programme, longer-term liquidity provision to banks with targeted lending incentives, and direct purchasing of newly issued commercial paper to supplement market-based lending channels. We are not out of firepower by any means, and to be honest it looks from today’s vantage point that we were too cautious about our remaining firepower pre-Covid. But, hindsight is a wonderful thing when you have it.

In the decade ahead, I think we need to take on board the message the Covid crisis has reiterated, namely that our tools may be state contingent in their effects. And with that in mind, let’s not ignore the need to manage central bank balance sheets to enable such state contingency to take effect. There are times when we need to go big and go fast."

hawk786, maybe this chart will help you...good luck with your trading...

just buy tops

Go GU, finish it today, my target is R3

short 3338
I will die with it

WOW that was a quick pending sell/TP fill for 20+pips in 2 mins Glad Tp to reenter again

dangerous to short.

So is buying a topish 1000 pips rally without retrace

So far since 30.6 this pair had the most violent movement

Usd-chf 435 pips down

Eur-usd 730 pips up

Gbp-usd 952 pips up

Usd-jpy 320 pips down

neither buy nor short now.

just watching.

Every swing is 30 to 40 pips.

every stop hitting is 20 pips.

Rampage.

Usual Friday.

They scare you