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Cable Update (GBPUSD)

  • #546,081
  • Sep 3, 2020 3:24am Sep 3, 2020 3:24am
We bounced off support, but no real conviction in the PA so far. If we break the support, my guess is we go much lower. Placed a sell stop at 1.327, stop loss 25 pips.
  • #546,082
  • Sep 3, 2020 3:24am Sep 3, 2020 3:24am
Weekly range stands at 206 pips so far, last week range was 302 pips. 1.3280 is a critical area that decides 1.35 or 1.28 battle. Today's range already 83 pips, considering the last 3 days had ranges of 120+ pips, we can't rule out a possible range of 100 pips today, which opens up potential 1.3250 area or reversal to 1.3380 area which looks quite a distance away. Let's see how the events unfold.
Data + Stat + Risk/Emotions Management
  • #546,083
  • Sep 3, 2020 3:24am Sep 3, 2020 3:24am
Quoting Theoak
{quote} What's your target on your buy?
3320/3330 if any momentum will target 3330 but right now it's just been your standard 30 pip LO fair but be nice if we get 50/60 pips
Not looking likely atm
Either going to hedge or buy here
Don't Leave Money on the Table
  • #546,084
  • Sep 3, 2020 3:27am Sep 3, 2020 3:27am
bulls trap
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yes yes yes
  • #546,085
  • Sep 3, 2020 3:32am Sep 3, 2020 3:32am
Quoting epzero
{quote} Buyers will never admit that market isn’t going back up rather they keep adding more buys and holding onto their believe , they can’t see what’s happening in other pairs and it’s sad
Adding buys not bad for them if they just follow the crucial support price levels I post that are good to buy at(not their BS anywhere buys!!)..as market will always bounce good pips from it before continuing downward..
Trading D/W/M Charts. https://www.cashbackforex.com/#aid_10611
  • #546,086
  • Sep 3, 2020 3:32am Sep 3, 2020 3:32am
Something make me think that dollar is ready for a bounce.

Commodities are retracing (oil, gold and silver), ftse100 (inversed releted to the pound) is far from the highs of march, when s&p500 and dax are on the highs of march 2020.

September will tell.
Twitter: Rummer_grapes
  • #546,087
  • Sep 3, 2020 3:38am Sep 3, 2020 3:38am
Quoting Georginson
Weekly range stands at 206 pips so far, last week range was 302 pips. 1.3280 is a critical area that decides 1.35 or 1.28 battle. Today's range already 83 pips, considering the last 3 days had ranges of 120+ pips, we can't rule out a possible range of 100 pips today, which opens up potential 1.3250 area or reversal to 1.3380 area which looks quite a distance away. Let's see how the events unfold.
Why do you think 3280 is critical between 1.35 and 1.28?
Compulsions can be hard to resist
  • #546,088
  • Sep 3, 2020 3:40am Sep 3, 2020 3:40am
I expect a bounce. Won't be bad to go touch 3350-60 area. Not a good idea shorting close to 3280, especially after the fall of Tuesday and Wednesday.
  • #546,089
  • Sep 3, 2020 3:46am Sep 3, 2020 3:46am
euro went back to 1,1803, all good
gbp needs to go back to 1,32 soon (100% needed)
Make money by doing the opposite of Giveachance aka loser
  • #546,090
  • Sep 3, 2020 3:49am Sep 3, 2020 3:49am
Quoting Moty
bulls trap {image} {image}
I don’t fell trap


still keep my long
  • #546,091
  • Sep 3, 2020 3:49am Sep 3, 2020 3:49am
Hello everyone.
Atm im hunting for 35 pips, good luck and have a wonderfull day.
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Consistency will bring everything...Be good.
100% Is The Target v.1 All Time Return: -95.4%
  • #546,092
  • Sep 3, 2020 3:50am Sep 3, 2020 3:50am
Quoting Moty
bulls trap {image} {image}
its eurgbp which is sucking all the blood
be patient
  • #546,093
  • Sep 3, 2020 3:51am Sep 3, 2020 3:51am
Quoting Theoak
{quote} What's your target on your buy?
Out of the market for now, had a great LO but been at this for 3 days b4 today till 2am in the morning, gonna take a break for a while....
Of course now it rises
Don't Leave Money on the Table
  • #546,094
  • Sep 3, 2020 4:04am Sep 3, 2020 4:04am
... nice little session...done for now...G/L all.
Trader with an Edge.
  • #546,095
  • Sep 3, 2020 4:08am Sep 3, 2020 4:08am
Quoting trumps
{quote} Why do you think 3280 is critical between 1.35 and 1.28?
September is expected to have a range between 500 - 650 pips. So far we already have 206 pips this month with possible 300 - 450 more pips to break the current 1.3481 - 1.3275 areas.

* After massive 1330 pips move from June Low of 1.2250 to September tentative high of 1.3481, there is bound to to be a minimum RETRACEMENT of 330 - 400 pips or another CORRECTIVE WAVE of 550 - 620 pips.

* If it's just a RETRACEMENT 1.3481 - 330 = 1.3151 OR 1.3481 - 400 = 1.3081, so either 1.3151 or 1.3081 is definite IF price can convincingly break 1.3280 area.

* If it's a CORRECTIVE WAVE 1.3481 - 550 = 1.2931 OR 1.3481 - 620 = 1.2861.

Since September Expected range is 500 - 650 pips there is a chance we will attack 1.2920/1.2870 area this month as far as the high of 1.3481 remains unbroken.

Alternate scenario is if the current low of 1.3275 remains unbroken then we will attack 1.3700 this same September (This scenario looks very unlikely yet possible).

The previous recent retracements have been limited to 186 to 217 pips, so 1.3481 minus 217 pips = 1.3264 area, which is why there is much emphasis on the need for 1.3280 area to break convincingly which will decide the price action to either 1.28 or 1.35 area this September.

Note: Please no obligation to follow.
Data + Stat + Risk/Emotions Management
  • #546,096
  • Sep 3, 2020 4:11am Sep 3, 2020 4:11am
Quoting seincard
{quote} I don’t fell trap still keep my long
it's doesn't metter .
we are at the sell zone
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yes yes yes
  • #546,097
  • Sep 3, 2020 4:15am Sep 3, 2020 4:15am
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  • #546,098
  • Sep 3, 2020 4:17am Sep 3, 2020 4:17am
Quoting Georginson
1.3400/1.3414 tops it for me before correction to 1.2870 within 13 - 25 trade days. No 1.35 before 1.28 still on. * Last time GBPUSD did 4 consecutive months of buying was 2012 January to April (1.5235 - 1.6300) 1065 pips, followed up by 1033 pips decline within 6 weeks (1.6300 - 1.5267) * Now 3 months of consecutive buying from 2020 June to August (1.2250 - 1.3350) 1105 pips * Maximum Yearly range from 2011 - 2019 (excluding 2016 brexit referendum) was 1900 pips which happened in 2018 (1.4375 - 1.2475) * Now 2020 range 1.1409 - 1.3355 = 1946 pips,...
Did exceed my projected top of 1.3414 by additional 65 pips but the lower band of 1.2870 area is still within reality as far as price stays below 1.3360 area.
Data + Stat + Risk/Emotions Management
  • #546,099
  • Sep 3, 2020 4:22am Sep 3, 2020 4:22am
Quoting danizani95
{image}
pre engulfing = inside candle
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yes yes yes
  • #546,100
  • Sep 3, 2020 4:23am Sep 3, 2020 4:23am
bears below 3287 and they will get more room to drop imo

bulls above 3318 it will be all bulls for the rest of the week
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