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Cable Update (GBPUSD)

  • #547,861
  • Sep 11, 2020 10:52pm Sep 11, 2020 10:52pm
Quoting Bones
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. {image} {image}
hello bro

i saw ur chart and i adjusted the counting

and about 4 overlapping with 1 its allowed in Elliott waves if the wave is leading diagonal

so i combined the classic rising wedge pattern which target 1.25 to 1.26 area

and the wave counting its WXY

i believe the real up rally for both EUR and GBP will start on 24th of september
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  • #547,862
  • Sep 12, 2020 12:21am Sep 12, 2020 12:21am
gu still bearish.
if it rise above the hourly 50 ema band, then it can consider as bullish
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yes yes yes
  • #547,863
  • Sep 12, 2020 12:47am Sep 12, 2020 12:47am
Quoting Moty
gu still bearish. if it rise above the hourly 50 ema band, then it can consider as bullish {image} {image} {image} {image}
Didn’t you have a huge cluster of buys around 1.295-1.300? Or did you book profits before the big fall?
  • #547,864
  • Sep 12, 2020 1:12am Sep 12, 2020 1:12am
Quoting kelvinftg
{quote} Didn’t you have a huge cluster of buys around 1.295-1.300? Or did you book profits before the big fall?
i booked a big lose
yes yes yes
  • #547,865
  • Sep 12, 2020 1:25am Sep 12, 2020 1:25am
Quoting Moty
{quote} i booked a big lose
I lost around 945 dollar .... so i have to start again. Im loosing my mind
Time is your friend; impulse is your enemy! - John Bogle
  • #547,866
  • Sep 12, 2020 2:18am Sep 12, 2020 2:18am
Quoting Moty
{quote} i booked a big lose
Quoting Viki84
{quote} I lost around 945 dollar .... so i have to start again. Im loosing my mind
Don't worry guys, your big glory moment will come!
Meanwhile, probably good to re-look position size in relation to your capital.
Or choose another ccy pair if this pair has bad R:R, no need to force any trade or stick to any pair.
Just my take. You guys probably more experience than me.
  • #547,867
  • Sep 12, 2020 3:25am Sep 12, 2020 3:25am
Quoting Georginson
{quote} Bull ready... As always... Any drop is a buy from 1.27/1.28 level
Hi
  • #547,868
  • Sep 12, 2020 3:28am Sep 12, 2020 3:28am
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.
What do you think about the current Boris's bill? Just a dog that barks, but doesn't bite or can he realistically get enough support for it within his party?
Everyone can see the chart, but only a few can actually read it.
  • #547,869
  • Sep 12, 2020 4:09am Sep 12, 2020 4:09am
Quoting msniper
{quote} hello bro i saw ur chart and i adjusted the counting and about 4 overlapping with 1 its allowed in Elliott waves if the wave is leading diagonal so i combined the classic rising wedge pattern which target 1.25 to 1.26 area and the wave counting its WXY i believe the real up rally for both EUR and GBP will start on 24th of september {image}
yea I thought about that but couldn't get the wedge off 1 ,I do believe the wedge
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #547,870
  • Sep 12, 2020 4:17am Sep 12, 2020 4:17am
my EW count. weekly chart..Target 1.40 buy zone 1.18/1.22

the problem is if the 5 wave is not finished or doesn’t reach my shopping zone and make the target first

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  • #547,871
  • Sep 12, 2020 4:25am Sep 12, 2020 4:25am
Traders, GBPUSD short gave us more than 400 pips last week. Now it may be slowing down as it is reaching a level where it may start to halt to reverse. We are still looking for good short opportunities but there are chances of getting long opportunities at these levels. We will wait for a entry confirmation to see where the market is going to go to. Lets see what we have on this currency pair in this top-down multiple timeframe analysis.

Previous:

https://www.tradingview.com/streams/...o_g3a-qU1r7Nq/

Now:
Inserted Video
Technical Analyst & Trader @ Vikinsa
  • #547,872
  • Edited 5:39am Sep 12, 2020 4:32am | Edited 5:39am
Right I see what you mean
If your happy thats a 5 wave triangle then how low can it go
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #547,873
  • Sep 12, 2020 4:38am Sep 12, 2020 4:38am
Quoting msniper
{quote} hello bro i saw ur chart and i adjusted the counting and about 4 overlapping with 1 its allowed in Elliott waves if the wave is leading diagonal so i combined the classic rising wedge pattern which target 1.25 to 1.26 area and the wave counting its WXY i believe the real up rally for both EUR and GBP will start on 24th of september {image}
Nice to see different starting points that take to the same outcome. Don't trade EW, but I too expect a bounce to 1.30 before this retracement comes to an end. If you're right about the timing on Sept. 24th it alligns both with the first orchid support area and the ascending trend line.
The second orchid area I think is still in play due Brexit talks spikes, but not so likely at the moment. In any case I expect a daily close above the trend line in that case.
We'll see
Green pips to all
Attached Image (click to enlarge)
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  • #547,874
  • Sep 12, 2020 4:41am Sep 12, 2020 4:41am
Quoting Bones
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. {image} {image}

Which Trading platform is that?
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 18.2%
  • #547,875
  • Sep 12, 2020 5:07am Sep 12, 2020 5:07am
Quoting OnlineAddict
{quote} What do you think about the current Boris's bill? Just a dog that barks, but doesn't bite or can he realistically get enough support for it within his party?
I think he can do whatever he likes in this regard, with that majority ,last time parliament stood in the way many lost their job
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #547,876
  • Sep 12, 2020 6:00am Sep 12, 2020 6:00am
Quoting Bones
Right I see what you mean If your happy thats a 5 wave triangle then how low can it go {image} {image}

The Daily started the down on 1 Sept, that was the entry start entry for a divergence built up over the whole month of Aug.

I do not trade such large TFs or swing trades, I built my technique on hard / fast scalping of M1 on GBPUSD , using a very good understanding of divergence.

If i use the same rules on the Daily, it looks like GU is gona fall much more. It is very close to the 200EMA, that is normally the first stop for the divergence " tension release" , here it can bounce back up just because it is a response to the 200, or it can shoot right thru the 200 without even missing a heartbeat, which one will happen here, i do not know.

If it bounces, maybe as high as 1.300?
When it falls down, me thinks 1.250, or even 1.2250
And then there's 1.140 as a very far low.

Brexit discussions might drive it down, only for US elections to make it shoot up again, thats in any case my BigPic idea for the next few months.

As I said, I do not trade big TFs
I believe in follow the direction of the migrating herd, but not on betting the field they are migrating to.
I have taught myself how to follow the hooves of the young nes in the herd, their small steps direction i can predict 100%
  • #547,877
  • Sep 12, 2020 6:12am Sep 12, 2020 6:12am
Plan hasn't changed yet

Shorting still, and i will buy for big swing up once positionning getting lighter (ideally below 2100)

Attached Image (click to enlarge)
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COT: The precious data ignored
  • #547,878
  • Sep 12, 2020 6:31am Sep 12, 2020 6:31am
Quoting kuroro001
Plan hasn't changed yet Shorting still, and i will buy for big swing up once positionning getting lighter (ideally below 2100) {image}

If you say 2100, you mean price ?

May I ask you to post the same graphs with dates <( I presume?) , at the bottom axis?

I want to see if theres any correlation between your graphs and the forces I trade , on long TFs?
( thought is here your COT strategy, and a precision entry on my forces...i can pinpoint Reversals SPOT ON, but waay to much a newbie to act on them...lol)
  • #547,879
  • Sep 12, 2020 6:53am Sep 12, 2020 6:53am
I think this wave pattern (Diagonal expanding) will perform..
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  • #547,880
  • Edited 7:17am Sep 12, 2020 7:03am | Edited 7:17am
W/e analysis cont...

Now that many participants here are convinced of a deeper pullback - it's bound to tank lol ! Speaking of that possibility - as said price closed in that prev dly/wkly sw hi zone 2813-2746-2669 - an area as Shabab8b showed has acted as supp/res 6 times on retests since it first formed a long while ago. Within this zone and not incl Monday pivots (as don't know the open yet re calc) ...I see the following;

2813-2749-2669 Prev dly then deeper wkly sw hi (=prev res = pot rbs) zone, and within this:
2778 50% 2074-3482
2776-2762 prev 1hr/4hr sw lo (=prev supp =pot supp) zone
2740 76.4% 2511-3482
2723-16 prev minor 4hr sw lo (=prev supp = pot supp) zone with: 2722 = 61.8% 2252-3482 & 2716 = 76.4% 2480-3482
2690 38.2% 1411-3482
2684-73 prev minor 4hr sw lo zone with: 2684 = Mthly S3
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