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Cable Update (GBPUSD)

  • #545,761
  • Sep 2, 2020 3:09am Sep 2, 2020 3:09am
Thank you all for your input
I have no clue where it's going
  • #545,762
  • Sep 2, 2020 3:09am Sep 2, 2020 3:09am
This market move can create interesting debate and patterns
Compulsions can be hard to resist
  • #545,763
  • Sep 2, 2020 3:10am Sep 2, 2020 3:10am
Quoting LifeRider
Have you ever noticed how it often doesn't reach the obvious target, stops short very near, retraces, and then hits through it with force? Is it just me? If it wants to respect a level it will bounce clean off, but when it's broken, it first goes up (or down) to it, and then "gathers momentum" to break it. Does it makes any sense to you?

Absolutely!

Usually they do it about 100-200 pips from below, when breaking it up. And then? Usually with zig zag moving higher. A zig zag that is not a clean movement. Each zig zag aims at faking it they will turn it around. Most traders believe what they see and they just hook up, while the rate, in fact moves higher.

If they were about to make clean breaks, this game would be uber simple and easy. Sometimes they do clean breaks, but most of the times they do it from a respectful distance from above/below.
Maadik Hugiis. IQ 69.
  • #545,764
  • Edited 3:23am Sep 2, 2020 3:12am | Edited 3:23am
Quoting Theoak
{quote} Why don't you go long to this area? Long in at 1.3339
Because the trend is now clearly down in H1 and there is no guarantee of the retest /about 65% chance of retest). I would rather wait to reach R38 and sell there.
Observation is the path to discovery.
  • #545,765
  • Sep 2, 2020 3:15am Sep 2, 2020 3:15am
Quoting Alorente
{quote} The rebound to test the M15 neckline at R38 will actually form the H4 right shoulder (attached). When and if that neckline breaks, the final target would be 1.3175. This is where we may be going before we turn to 1,35 and beyond. {image}
Another question I like to ask - is this move just testing the 4 hr mid band on your 4 HR Chart?
Don't trade what you think. Just what you see!!!
  • #545,766
  • Sep 2, 2020 3:16am Sep 2, 2020 3:16am
Why are people going long ??? The bounce was 1hr ma 100 it will gather more power and fall again
  • #545,767
  • Sep 2, 2020 3:22am Sep 2, 2020 3:22am
Quoting Theoak
{quote} Another question I like to ask - is this move just testing the 4 hr mid band on your 4 HR Chart?
I changed the previous post to an H1 chart to show how the right shoulder may form more clearly.
Observation is the path to discovery.
  • #545,768
  • Sep 2, 2020 3:23am Sep 2, 2020 3:23am
If price breaks below the 1.33 level, I'll be looking to short around the red box after a pull back.
Else, if price makes a higher low from the current level, I'll buy around the green box
Edit: Chart
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20200902-092430_MetaTrader 4.jpg Size: 286 KB
  • #545,769
  • Sep 2, 2020 3:31am Sep 2, 2020 3:31am
Quoting Alorente
{quote} I changed the previous post to an H1 chart to show how the right shoulder may form more clearly.
Cheers bud
Don't trade what you think. Just what you see!!!
  • #545,770
  • Sep 2, 2020 3:32am Sep 2, 2020 3:32am
i am loving cable today so much money made
  • #545,771
  • Sep 2, 2020 3:33am Sep 2, 2020 3:33am
Quoting epzero
Why are people going long ??? The bounce was 1hr ma 100 it will gather more power and fall again
Because some bulls don't think the top is in yet.
Compulsions can be hard to resist
  • #545,772
  • Sep 2, 2020 3:34am Sep 2, 2020 3:34am
Bulls be warned no adding more buys you will get burnt
  • #545,773
  • Sep 2, 2020 3:41am Sep 2, 2020 3:41am
make or break time imo. if it goes past 1.34 again, no stopping it. below 1.33 and back to 1.20 imo. i closed my longs from yesterday, added a fresh one here though.
  • #545,774
  • Sep 2, 2020 3:41am Sep 2, 2020 3:41am
Quoting Alorente
{quote} Because the trend is now clearly down in H1 and there is no guarantee of the retest /about 65% chance of retest). I would rather wait to reach R38 and sell there.
From 1.3169 to 1.2980. = 189 pips
From 1.3185 to 1.3004 = 181 pips
From 1.3267 to 1.3053 = 214 pips
From 1.3481 to 1.3267/1.3295 = 214/186 pips.

Key observation:
Each high keeps being broken by 200, then retracement comes between 217/184 pips.

* I will pay very close attention to price action at 1.3267/1.3295, if convincingly broken to 1.3240 area that's the breakthrough to 1.28 level, if not broken then we are heading back to the high of 1.3481 which will cleanly break to 1.3690 and Jaybag will push me out of the thread for one month.

In summary, break 1.3240 and we head aggressively to 1.28, failure to break 1.3240 and we will see 1.3690 area.
Data + Stat + Risk/Emotions Management
  • #545,775
  • Sep 2, 2020 3:44am Sep 2, 2020 3:44am
Eur/Usd supported by the hourly 200ma coming in @ 1858 giving Cable a lending hand.....
Don't Leave Money on the Table
  • #545,776
  • Sep 2, 2020 3:47am Sep 2, 2020 3:47am
Quoting Georginson
{quote} From 1.3169 to 1.2980. = 189 pips From 1.3185 to 1.3004 = 181 pips From 1.3267 to 1.3053 = 214 pips From 1.3481 to 1.3267/1.3295 = 214/186 pips. Key observation: Each high keeps being broken by 200, then retracement comes between 217/184 pips. * I will pay very close attention to price action at 1.3267/1.3295, if convincingly broken to 1.3240 area that's the breakthrough to 1.28 level, if not broken then we are heading back to the high of 1.3481 which will cleanly break to 1.3690 and Jaybag will push me out of the thread for one month. In...
Weekly pivot is 13253. I would say that is the major resistance point until 1.30 then 1.28.
  • #545,777
  • Sep 2, 2020 3:47am Sep 2, 2020 3:47am
Quoting Georginson
{quote} From 1.3169 to 1.2980. = 189 pips From 1.3185 to 1.3004 = 181 pips From 1.3267 to 1.3053 = 214 pips From 1.3481 to 1.3267/1.3295 = 214/186 pips. Key observation: Each high keeps being broken by 200, then retracement comes between 217/184 pips. * I will pay very close attention to price action at 1.3267/1.3295, if convincingly broken to 1.3240 area that's the breakthrough to 1.28 level, if not broken then we are heading back to the high of 1.3481 which will cleanly break to 1.3690 and Jaybag will push me out of the thread for one month. In...


If that happens you'll have to start your own thread something like: I was wrong, Jaybag is King
Don't Leave Money on the Table
  • #545,778
  • Sep 2, 2020 3:51am Sep 2, 2020 3:51am
Quoting HaLBot
Eur/Usd supported by the hourly 200ma coming in @ 1858 giving Cable a lending hand.....
Here we go, EU on the slide now to 1840 maybe lower
Can be wrong
Don't Leave Money on the Table
  • #545,779
  • Sep 2, 2020 3:52am Sep 2, 2020 3:52am
Quoting HaLBot
{quote} If that happens you'll have to start your own thread something like: I was wrong, Jaybag is King
It did not get to 1.35!!!
Don't trade what you think. Just what you see!!!
  • #545,780
  • Sep 2, 2020 3:54am Sep 2, 2020 3:54am
Quoting Theoak
{quote} It did not get to 1.35!!!
So what are the rules??
If Jaybag loses does he have to leave for a month?
Don't Leave Money on the Table
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