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Cable Update (GBPUSD)

  • #547,201
  • Edited 1:30pm Sep 9, 2020 1:18pm | Edited 1:30pm
... dly below shows where the pot sbr is and where supply has come in after the strong bounce back up from 2884 - the 1st prev 4hr/dly sw lo zone (= prev supp = pot sbr. ) It's the biggest pullback so far in the move down from 3482....I think Bones' words of caution are good advice though - it's all about context. Truth is - none of us know what will happen so we just trade what we see.

That 'main' asc t/line joining 1411 with 2252 will come through on tomorrow's daily candle circa 2860-65...with 2 x downside fibs there - 2867 & 2862. (one shown on dly chart below.)
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 51 KB
Trader with an Edge.
  • #547,202
  • Sep 9, 2020 1:25pm Sep 9, 2020 1:25pm
Quoting Headland
... dly below shows where the pot sbr is
what is pot sbr ?
in wondering about yourself, you forgot what you came here to be part of
  • #547,203
  • Sep 9, 2020 1:25pm Sep 9, 2020 1:25pm
As George was pointing out, @ 142% of the 13 week awr already travelled this week you wonder how much lower it go go this week ? But at 100% of the 3mth amr travelled so far this month there is still more 'room' for downside - in this respect - for the rest of September. Today 115% of 30 day adr so far. Anything can happen !

More locally, the 1hr chart is below.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 33 KB
Trader with an Edge.
  • #547,204
  • Sep 9, 2020 1:27pm Sep 9, 2020 1:27pm
Quoting knkie
{quote} what is pot sbr ?
it is support becomes resistance and conversely rbs is resistance becomes support.
Trader with an Edge.
  • #547,205
  • Sep 9, 2020 1:37pm Sep 9, 2020 1:37pm
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.png Size: 32 KB
Attached Image (click to enlarge)
Click to Enlarge Name: dx1.png Size: 31 KB
yes yes yes
  • #547,206
  • Sep 9, 2020 1:46pm Sep 9, 2020 1:46pm
This daily bounce with new daily lows has no volume
i don't reckon seeing no volume bounce as bottom

Another test of the lows is expected, then we'll see
COT: The precious data ignored
  • #547,207
  • Sep 9, 2020 1:57pm Sep 9, 2020 1:57pm
Quoting Headland
{quote} it is support becomes resistance and conversely rbs is resistance becomes support.
aha !
thanx i didnt know the abbreviations

and the pot thing was intriguing lol
in wondering about yourself, you forgot what you came here to be part of
  • #547,208
  • Sep 9, 2020 2:03pm Sep 9, 2020 2:03pm
Quoting knkie
{quote} aha ! thanx i didnt know the abbreviations and the pot thing was intriguing lol
lol...sorry yeh - get so used to abbreviating...as you will have worked out pot = potential, prev = previous, sw = swing (hi or lo.)
Trader with an Edge.
  • #547,209
  • Sep 9, 2020 2:06pm Sep 9, 2020 2:06pm
Quoting kuroro001
This daily bounce with new daily lows has no volume i don't reckon seeing no volume bounce as bottom Another test of the lows is expected, then we'll see
i believe it will pull back to at least 1.30529
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.png Size: 21 KB
yes yes yes
  • #547,210
  • Sep 9, 2020 2:21pm Sep 9, 2020 2:21pm
Quoting kuroro001
This daily bounce with new daily lows has no volume i don't reckon seeing no volume bounce as bottom Another test of the lows is expected, then we'll see
you have been missed..
by the way, how can you tell of the volume?
Le$$ I$ More
  • #547,211
  • Sep 9, 2020 2:44pm Sep 9, 2020 2:44pm
Quoting knkie
worth the risk i think. sharp SL and potential big jump. BUY 2994 9 pip stop M5
there it is
Attached Image
in wondering about yourself, you forgot what you came here to be part of
  • #547,212
  • Sep 9, 2020 2:45pm Sep 9, 2020 2:45pm
Quoting Headland
{quote} lol...sorry yeh - get so used to abbreviating...as you will have worked out pot = potential, prev = previous, sw = swing (hi or lo.)
excellent
thanx
in wondering about yourself, you forgot what you came here to be part of
  • #547,213
  • Sep 9, 2020 2:58pm Sep 9, 2020 2:58pm
Quoting knkie
{quote} there it is {image}
exit +13

im just gonna buy dips on M5 and M1 now
in wondering about yourself, you forgot what you came here to be part of
  • #547,214
  • Sep 9, 2020 3:29pm Sep 9, 2020 3:29pm
Quoting trumps
1.3 maybe due for a retest before more down
Just got to scratch this comment before heading off.
Fake bottom liquidity grab in play from what I can see on the 4hr.
Compulsions can be hard to resist
  • #547,215
  • Sep 9, 2020 3:30pm Sep 9, 2020 3:30pm
Quoting Bones
See if it can break first, beware bearish open after midnight gmt {image}
we will go to 1.34 and above

just the question 1.2880 was enough bottom or GU want the bottom at 1.2790 to 1.2810

thats the only confusion with me hehe but direction for sure i am bullish
  • #547,216
  • Sep 9, 2020 4:00pm Sep 9, 2020 4:00pm
Quoting msniper
{quote} we will go to 1.34 and above just the question 1.2880 was enough bottom or GU want the bottom at 1.2790 to 1.2810 thats the only confusion with me hehe but direction for sure i am bullish
if it goes anywhere near 1.34-1.35 it will tank ,but not this week anyway with that daily.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #547,217
  • Sep 9, 2020 4:04pm Sep 9, 2020 4:04pm
Night guys

any idea about tomorrow Euro Rate? ( fundamental )

I think possible strong Euro ... and up GU ?!

  • #547,218
  • Sep 9, 2020 4:09pm Sep 9, 2020 4:09pm
starting with gap. good or bad??? i will go long at around 292 bottom to Top
  • #547,219
  • Sep 9, 2020 4:10pm Sep 9, 2020 4:10pm
Quoting buddha-
starting with gap. good or bad???
Everyone can see the chart, but only a few can actually read it.
  • #547,220
  • Sep 9, 2020 5:40pm Sep 9, 2020 5:40pm
Quoting Bones
{quote} if it goes anywhere near 1.34-1.35 it will tank ,but not this week anyway with that daily.
I will make a prediction: if we see a quick rise to 1.35 sometime in the next month, it will be just before no-deal Brexit (options: negative rates announcement from BOE, big unemployment jump).
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