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Cable Update (GBPUSD)

  • #546,841
  • Sep 8, 2020 8:24am Sep 8, 2020 8:24am
Quoting MarketPatrol
{quote} My trades are still doing fine just that the market seems to be struggling to pick it self up Unless if it decide to give us 1.28
1.302 might hold , it all depends on how far away you are from currently market price , it’s almost 500pips fall so a little buy will come pretty soon.
  • #546,842
  • Sep 8, 2020 8:31am Sep 8, 2020 8:31am
I don't see this sentiment situation very often (when FF traders contradict MyFxBook and FXBlue)

I have to say, well done my fellow Cable traders.
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  • #546,843
  • Edited 11:12am Sep 8, 2020 8:33am | Edited 11:12am
Macro view with levels

Cable:

Boris Johnson talking about pulling out of the deal with Brussels
Senior civil servants resigning
Increase in infections
In October furlough finishes
Dovish BoE
Scottish independence stories
ECB Meeting ....likely to be dovish (everyone long Euro)....poor PMI's and Lane talking about high rate of the Euro recently
Strong NFP figures - last week

Minor support 1.3000
Heavier support - 1.2700
Resistance- 1.3100 & 1.1350
Look ahead, Macro=Direction, Levels & Structure = Entry
  • #546,844
  • Sep 8, 2020 8:38am Sep 8, 2020 8:38am
A 1H close above 93.38 in the USdx the market might shake..


Quoting epzero
{quote} 1.302 might hold , it all depends on how far away you are from currently market price , it’s almost 500pips fall so a little buy will come pretty soon.
BARAK
  • #546,845
  • Sep 8, 2020 8:39am Sep 8, 2020 8:39am
Quoting epzero
{quote} 1.302 might hold , it all depends on how far away you are from currently market price , it’s almost 500pips fall so a little buy will come pretty soon.

the Dollar strength could overrun any buy play. Dangerous to buy now
Keep the Lights on then you can catch the rise from the dark.
  • #546,846
  • Sep 8, 2020 8:53am Sep 8, 2020 8:53am
Decided to book my loss before it hit my stops.
BARAK
  • #546,847
  • Sep 8, 2020 8:57am Sep 8, 2020 8:57am
I'm scalping long as long as it stays above 1.30
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  • #546,848
  • Sep 8, 2020 8:58am Sep 8, 2020 8:58am
Quoting SFundamental
Macro view with levels Cable: Boris Johnson talking about pulling out of the deal with Brussels Senior civil servants resigning Increase in infections In October furlough finishes Dovish BoE Scottish independence stories ECB Meeting ....likely to be dovish (everyone long Euro)....poor PMI's and Lane talking about high rate of the Euro recently Strong NFP figures - last week Minor support 1.3000 Heavier support - 1.2700 Resistance- 1.3100
Heaviest support at ?
  • #546,849
  • Sep 8, 2020 8:59am Sep 8, 2020 8:59am
Quoting forda
{quote} From my perspective JayBag may miss it by few pips, but looking at chart i don’t see 1.28 in the nearest future. My bet is to short around 1.345 after that long around 1.3 for target above 1.37. {image}
First part of plan was correct. If second is right to we should be in the end of wave 4. We are in 61.8 of wave 3 so i’ll be looking for longs. Let’s see...
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you can't stop the waves, but you can learn to surf
  • #546,850
  • Sep 8, 2020 9:01am Sep 8, 2020 9:01am
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yes yes yes
  • #546,851
  • Sep 8, 2020 9:13am Sep 8, 2020 9:13am
took my first buy at 1.30 and it almost hit TP what a sweet trading day
  • #546,852
  • Sep 8, 2020 9:14am Sep 8, 2020 9:14am
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yes yes yes
  • #546,853
  • Sep 8, 2020 9:15am Sep 8, 2020 9:15am
Quoting HBN08
Hello guys..missed London session so many pips.. Well entered long Rest of good trades guys {image}
Finnaly
  • #546,854
  • Sep 8, 2020 9:15am Sep 8, 2020 9:15am
Quoting epzero
took my first buy at 1.30 and it almost hit TP what a sweet trading day
wow 40pips TP hit
  • #546,855
  • Sep 8, 2020 9:16am Sep 8, 2020 9:16am
Quoting MarketPatrol
{quote}
i told you to stay put, it wasn't gonna fall for long before a pullback
  • #546,856
  • Sep 8, 2020 9:24am Sep 8, 2020 9:24am
I have a theoretical question.
Why G/U is correlated to US stocks? I understand the risk-on/off concept, but it should be working on higher timeframes, and they are visibly correlated even on 1 minute chart. Is it algos that would buy "risky" assets and currencies at the same time?

I guess one explanation would be that algos determine dollar strength and buy/sell based primarily on it.
  • #546,857
  • Sep 8, 2020 9:27am Sep 8, 2020 9:27am
Quoting ricmaj
{quote} the Dollar strength could overrun any buy play. Dangerous to buy now
yes the dollar is stronger but there has to be some pullback after almost 500pips drop
  • #546,858
  • Sep 8, 2020 9:28am Sep 8, 2020 9:28am
Quoting epzero
{quote} yes the dollar is stronger but there has to be some pullback after almost 500pips drop
Up to where do you think it pulls back?

1.3188 would be a 38.2 retracement.
Observation is the path to discovery.
  • #546,859
  • Sep 8, 2020 9:39am Sep 8, 2020 9:39am
Quoting Alorente
{quote} Up to where do you think it pulls back? 1.3188 would be a 38.2 retracement.
1.310
  • #546,860
  • Sep 8, 2020 10:10am Sep 8, 2020 10:10am
What a wonderful day for closing some buys...
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Maadik Hugiis. IQ 69.
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