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Cable Update (GBPUSD)

  • #547,841
  • Sep 11, 2020 3:40pm Sep 11, 2020 3:40pm
Quoting xRedStaRx
On the road to 1.3700 {image} {quote} Get off the M1

LOL - Even Red gets it wrong....

1.37 kek
  • #547,842
  • Sep 11, 2020 4:06pm Sep 11, 2020 4:06pm
Quoting VM.
{quote} In addition to Brexit saga, there are a lot of important data releases and risk events next week. If all goes in your direction -- Brexit rhetoric calmed down, UK unemployment and inflation better than expected, Fed even more dovish than usual (it that's possible), BOE less so -- I guess G/U may go back to 1.305 area, maybe even close to 1.32 (I would be surprised, though). But unless Brexit no deal threat unexpectedly comes off the table, I can't see G/U higher than that.
Im not looking for it to sky rocket or anything, I do agree that there is a lot of obstetrical to overcome for GU to rise. All I am saying is there could be a bounce, how high that bounce is totally dependent on UK Parliament at this point.

GU closed at 1.2796 (12 pips lower than open) and it didnt close lower than yesterdays high. This could be the resistance, Monday will tell more but there is a good chance of up swing after holding 1.2780 for the last 2 days.
  • #547,843
  • Sep 11, 2020 4:07pm Sep 11, 2020 4:07pm
Just keep on grinding....
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  • #547,844
  • Sep 11, 2020 4:21pm Sep 11, 2020 4:21pm
1.25 is a tasty target..... Keep selling chaps

Follow the trend....
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  • #547,845
  • Sep 11, 2020 4:24pm Sep 11, 2020 4:24pm
W/e analysis cont...

I don't use fib extensions as a rule - unless there is nothing else I can see near-term re potential supp/res and even then I never know whether they are good for that purpose. I tend to see them after the event and so is the case below....@ 2781 the 161.8% extension of the last daily swing up ie last HL-HH in the daily uptrend namely 3049-3482..... see daily pic below. The [200% of this would be 2617,] and the next 'real' ext 261.8% is @ 2352.
Attached Image
Trader with an Edge.
  • #547,846
  • Sep 11, 2020 4:30pm Sep 11, 2020 4:30pm
Quoting OnlineAddict
{quote} Same story over and over again, people never learn it seems...not so long ago we had a strong friday bear to close below 2100...everybody was short, it opened at 2080 and everybody was laughing at bulls for even suggesting a 50 pip upmove...we went up 1400 pips...then above 3400 everyone long again...all I heard was 3700...we dropped 700 pips...now friday bear again and everybody selling the bottom. I would laugh if it wasn't so depressing to see the same shit happening every week and people doing the same mistakes! I will expect 3100-3240...
Yes but you're talking about different point in the curve ,price was low with a bullish set up 2100 the opposite now.
Its coming off a relatively high point.It can retrace like you say but thats 700 pip off a high, below last month low after failing to break up.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #547,847
  • Sep 11, 2020 4:35pm Sep 11, 2020 4:35pm
Quoting Bones
{quote} Yes but you're talking about different point in the curve ,price was low with a bullish set up 2100 the opposite now. Its coming off a relatively high point.It can retrace like you say but thats 700 pip off a high, below last month low after failing to break up.
Yes, I am not expecting it to break or even touch 3480...that thing might be done...but a healthy retrace yes...and sometimes they tend to be scary and more than expected.

All depends on monday...if it breaks above 2860 and stays there, it should go up until wednesday-thursday. How high is yet to see...
Everyone can see the chart, but only a few can actually read it.
  • #547,848
  • Edited 6:35pm Sep 11, 2020 4:36pm | Edited 6:35pm
thats 2 different things you describe ,though it sound right this is a reversal zone with a 700 drop in 2 week
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #547,849
  • Sep 11, 2020 4:40pm Sep 11, 2020 4:40pm
Quoting OnlineAddict
{quote} Yes, I am not expecting it to break or even touch 3480...that thing might be done...but a healthy retrace yes...and sometimes they tend to be scary and more than expected. All depends on monday...if it breaks above 2860 and stays there, it should go up until wednesday-thursday. How high is yet to see...
I'm not going to be shocked with the retrace you say if it wants to keep to some kind of structure ,I'm wondering if this isn't that kind of moment, like you say pivot and open matter.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #547,850
  • Edited 8:12pm Sep 11, 2020 4:47pm | Edited 8:12pm
actually I prey for that retrace because that would be 2 of 5 with the long one to come ,theres no way thats a 4 its going higher from there, looks like an impulse down to me.
If it were a 4, which I think broke the rules already going into 1 and would have to be pretty complex correction to grasp for the average, we should see impulse up pa next.

god knows how you label the straight drop idea.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #547,851
  • Sep 11, 2020 4:47pm Sep 11, 2020 4:47pm
Quoting Bones
{quote} I'm not going to be shocked with the retrace you say if it wants to keep to some kind of structure ,I'm wondering if this isn't that kind of moment, like you say pivot and open matter.
That weekly chart looks both bearish and bullish, looking from different angles...so I am really curious what next week candle will look like.

Some gap up wouldn't be a surprise either.
Everyone can see the chart, but only a few can actually read it.
  • #547,852
  • Sep 11, 2020 4:58pm Sep 11, 2020 4:58pm
Quoting Bones
good work by the 4 week chart, its not possible to call it with timed ranges or low tf {quote} {image} {image}
let me update this 4 week chart ,It's very reliable for what next in 4 weeks, just closed.Can it break off bat ?
note -long upper wick show great aggression ,that one is in a prime location ,best sell is in the wick.
Its range until proven otherwise ,this candle leads the way for tradable bias next...
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #547,853
  • Sep 11, 2020 5:52pm Sep 11, 2020 5:52pm
The lack of any consolidation before the drop and absence of virtually any bullish retrace on the way down, tells me this is a bearish retrace candle.
Compulsions can be hard to resist
  • #547,854
  • Sep 11, 2020 6:59pm Sep 11, 2020 6:59pm
Quoting shahab8b
GU, 1.2750-1.28 zone has served as a S/R and a swing level at times. {image}
I have the same zone.
Market is doing some mild consolidation at a good spot, but not ruling out a dip into the mid 1.26xx
Compulsions can be hard to resist
  • #547,855
  • Sep 11, 2020 7:08pm Sep 11, 2020 7:08pm
Further to what OA said earlier about GU and USD, it's interesting that GU has dropped over 700 pips, while USD has risen only about 150.
USD could have a little catching up to do.
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Compulsions can be hard to resist
  • #547,856
  • Sep 11, 2020 7:48pm Sep 11, 2020 7:48pm
Quoting trumps
Further to what OA said earlier about GU and USD, it's interesting that GU has dropped over 700 pips, while USD has risen only about 150. USD could have a little catching up to do. {image}
Good morning (from timezone )
From what I know, I think the DXY dollar ind main constituent is the Euro cuurency. This whole week is all about GBP and in a lesser extend is the Euro.
I do not know what next week brings. The USD may never catch up with GU, depend on the situation. My two cents.
  • #547,857
  • Sep 11, 2020 7:55pm Sep 11, 2020 7:55pm
Quoting OxyGen_FX
{quote} Good morning (from timezone ) From what I know, I think the DXY dollar ind main constituent is the Euro cuurency. This whole week is all about GBP and in a lesser extend is the Euro. I do not know what next week brings. The USD may never catch up with GU, depend on the situation. My two cents.
Yes, that's more or less what Online Addict said
Compulsions can be hard to resist
  • #547,858
  • Sep 11, 2020 7:59pm Sep 11, 2020 7:59pm
https://www.forexfactory.com/trades#...ions-details=5

For the first time since the 29th June, traders with TE's on FF are net long on this pair as of daily close.
Just going from historical data only, I doubt we will reverse from here.
Will see what next week brings.
Compulsions can be hard to resist
  • #547,859
  • Sep 11, 2020 8:05pm Sep 11, 2020 8:05pm
Quoting trumps
{quote} Yes, that's more or less what Online Addict said
Oops I must have missed out that post of his while I scroll thru the chat.
  • #547,860
  • Sep 11, 2020 8:16pm Sep 11, 2020 8:16pm
Next week plan
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