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Cable Update (GBPUSD)

  • #552,361
  • Edited 9:21am Oct 11, 2020 8:41am | Edited 9:21am
Range can cause failure of candles it's a difficult time.
It could be a trick ,as then thats how it takes the major long term falling tl it respected & leaves its box-like the bullish idea on chart.

I'm starting off to believe that large range engulf ,which I expected bear from that space, the lower wick gives ???
The really bullish candle its up against looks like the other ,that ultimately failed.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #552,362
  • Oct 11, 2020 8:48am Oct 11, 2020 8:48am
Quoting BeeTogether
{quote} you expecting a dip before the up?
I HOPE FOR A dip.
if not , i will buy the break.
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this is how a break of last weekly high looks like
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yes yes yes
  • #552,363
  • Oct 11, 2020 8:50am Oct 11, 2020 8:50am
Looking in hindsight the banks manipulated a lot of traders pretty well and looking at recent price action we can see they've been doing a lot of accumulation at the 1.27 area and around the 1.28-1.285
When you see lots of spikes and similar swings like this around certain price areas it shows they have been buying up GU and taking profits off some of their longs around 1.3 so everyone thinks its resistance, then they spike it up using the sell orders everyone's putting in at 1.295 to 1.3 area cuz lots of traders think its gonna be resistance and lower lows created again.

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Good trades for this week everyone
  • #552,364
  • Oct 11, 2020 9:25am Oct 11, 2020 9:25am
Quoting ZTrader123
Looking in hindsight the banks manipulated a lot of traders pretty well and looking at recent price action we can see they've been doing a lot of accumulation at the 1.27 area and around the 1.28-1.285 When you see lots of spikes and similar swings like this around certain price areas it shows they have been buying up GU and taking profits off some of their longs around 1.3 so everyone thinks its resistance, then they spike it up using the sell orders everyone's putting in at 1.295 to 1.3 area cuz lots of traders think its gonna be resistance and...
yes that was bullish indication ,this is the level and same thing dxy
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #552,365
  • Edited 11:02am Oct 11, 2020 10:03am | Edited 11:02am
Quoting JayBag
{quote} Hi Bones, I respect your knowledge on candle sticks and TL but this time, I am going to be constructive with my criticism. I think you are only re-drawing TL after a failed one. In my early years, I do this a lot. Every time a support fails, I re-draw another just to be hopeful and it fails yet again. I do not think we heading back down anytime soon (IMO) .. This new weekly candle is likely to be a full blown bull. Having said that, anything below weekly open will be bought. I would support your bear idea if we broke the weekly 20MA but...
You can see the thing I'm highlighting there ,it may not be free to make the weekly you suggest ,It's right on a pivot with very local consolidation above .In or Under ???
It's up against straight line fall that took that consolidation.I haven't moved any trend line from what I recall, defiantly not that one.I have had an odd guess which I say are that.
Other people are moving that one.
If you put a chart up then I can see what you see.
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  • #552,366
  • Oct 11, 2020 10:17am Oct 11, 2020 10:17am
eg has been great lately for pa being stuck in sr zone will be continuously looking for b & r or a break to the next key level defo a pair im looking at getting in pending orders on similar to gj this past week
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EU - stuck in a uptrend so far so October, would like to see a break to the upside and pass price 1.18778 area to see the support zone
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GJ - obvious uptrend as you can see, similar to GU tanked at the end of the trading week breaking the resistance area which i was able to get a sniper pending order off in the london session. i will be watching closely if we see price push back into the key consolidation zone or see if price reaches its reaction stage after tha massive fall off in September]
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GU - currently stuck in an uptrend as you can see, similar to GJ tanked at the end of the trading week. recently making higher lows and higher highs i will be hoping to see a break of the channel tothe upside however as we know monday and asia session dont always make the biggest of movements. i have pathed out probable movements depending on price attraction to zones
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EJ UJ sideline for now
  • #552,367
  • Oct 11, 2020 10:26am Oct 11, 2020 10:26am
My expectations....
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  • #552,368
  • Oct 11, 2020 10:28am Oct 11, 2020 10:28am
Quoting joesherwood
eg has been great lately for pa being stuck in sr zone will be continuously looking for b & r or a break to the next key level defo a pair im looking at getting in pending orders on similar to gj this past week {image} EU - stuck in a uptrend so far so October, would like to see a break to the upside and pass price 1.18778 area to see the support zone {image}GJ - obvious uptrend as you can see, similar to GU tanked at the end of the trading week breaking the resistance area which i was able to get a sniper pending order off in the london session....
100% Agree!
Patience and Discipline.
  • #552,369
  • Oct 11, 2020 10:39am Oct 11, 2020 10:39am
And these i like her
Inserted Video
  • #552,370
  • Oct 11, 2020 12:02pm Oct 11, 2020 12:02pm
still up to 1.3600 ????
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  • #552,371
  • Oct 11, 2020 2:16pm Oct 11, 2020 2:16pm
Quoting Bones
{quote} You can see the thing I'm highlighting there ,it may not be free to make the weekly you suggest ,It's right on a pivot with very local consolidation above .In or Under ??? It's up against straight line fall that took that consolidation.I haven't moved any trend line from what I recall, defiantly not that one.I have had an odd guess which I say are that. Other people are moving that one. If you put a chart up then I can see what you see. {image}
Hi Bones,

I just returned home hence I could not respond with a chart. Managed to put one together to further illustrate my idea on the monthly side of things.
Setup started with a Double bottom, followed by a bull doji. On the bull doji, you'll notice the bottom has been tested and formed a support at the top which drove price to close above 20MA..

Reasons for my bull idea

1. Double bottom
2. Bull Doji
3. Confirmed Close above 20MA (Break OUT)
4. 50% of BO retested and respected

It's all logic and nothing fancy.
Please have a look and understand why I think going down is not an option.

Bottom line, it's all my humble opinion.
Stay Safe B.
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  • #552,372
  • Oct 11, 2020 2:45pm Oct 11, 2020 2:45pm
Quoting JayBag
{quote} Hi Bones, I just returned home hence I could not respond with a chart. Managed to put one together to further illustrate my idea on the monthly side of things. .. {image}
Hi Jaybag,
my analysis is slightly different but the conclusion and target are just the same. This is a chart I prepared a few weeks ago for a friend of mine asking me why I thought the long term bias switched to the bull side.
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1. Base created @ 1.20
2. Pullback with break of the most recent TL (note, nothing to get excited for)
3. Downtrend resumes makes what I call an internal swing and continues
4. Base @ 1.20 confirmed
5. The pullback breaks the recent TL (noted again, still not excited) and breaks the High made with the internal swing, but fails to close above that close, so
6. The downtrend resumes, lockdown/panic selling but the price recovers 1000 pips to eventually close above the TL
7. TL gets tested twice but price doesn't break and bounces off (now I start to be very interested)
8. Pullback breaks the most recent TL and price closes above the close of both 3 and 5. That's what I was waiting for.

Of course that's not the trigger point since price needed to retrace but it's the turning point, just like for you.
  • #552,373
  • Oct 11, 2020 2:52pm Oct 11, 2020 2:52pm
I'm not smart like other member in this forum.. what i see is what i get..

My mentor teach me first only picking cherry and tomatoes.. and my account still alive ..

no break bottom or top.. keep picking your sweet cherry, lol

make sense ? off course not.. because it's so simple.
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  • #552,374
  • Oct 11, 2020 2:59pm Oct 11, 2020 2:59pm
Quoting L.m
{quote} Hi Jaybag, my analysis is slightly different but the conclusion and target are just the same. This is a chart I prepared a few weeks ago for a friend of mine asking me why I thought the long term bias switched to the bull side. {image} 1. Base created @ 1.20 2. Pullback with break of the most recent TL (note, nothing to get excited for) 3. Downtrend resumes makes what I call an internal swing and continues 4. Base @ 1.20 confirmed 5. The pullback breaks the recent TL (noted again, still not excited) and breaks the High made with the internal...

Hi L.M,

I’m glad we are arriving at the same bus-stop. There are many ways to solve a math problem I believe. Your chart confirms that.

Now, we just patiently wait and see how it all plays out. This should be interesting and highly profitable if things goes our way.

SS
  • #552,375
  • Oct 11, 2020 3:10pm Oct 11, 2020 3:10pm
Quoting JayBag
{quote} Hi Bones, I just returned home hence I could not respond with a chart. Managed to put one together to further illustrate my idea on the monthly side of things. Setup started with a Double bottom, followed by a bull doji. On the bull doji, you'll notice the bottom has been tested and formed a support at the top which drove price to close above 20MA.. Reasons for my bull idea 1. Double bottom 2. Bull Doji 3. Confirmed Close above 20MA (Break OUT) 4. 50% of BO retested and respected It's all logic and nothing fancy. Please have a look and understand...
Yes you're chart is a double bottom ,you're oct 2016 is very different to mine .I'm aware of this feed number of the flash crash
thanks for full explanation
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #552,376
  • Oct 11, 2020 3:15pm Oct 11, 2020 3:15pm
A lot of people are understandably bullish, but I still have my doubts. Markets expected US stimulus sooner rather than later, and once again talks are stalled. It looks as if both sides are incentivised to continue talks (so that not to be blamed on consequences if they fail), but have little incentive for actually agreeing on anything. It may be the case that it does not matter, and "blue wave" expectation is what is driving USD lower. But timing of the main move (late on Friday) suggests otherwise, I think it was a bet on stimulus agreement over the weekend, and markets will open lower.
  • #552,377
  • Oct 11, 2020 3:18pm Oct 11, 2020 3:18pm
I haven't looked lower than the range ,or into the wick below,
I've never seen so many charts with different numbers on the other low.Its definitely not helping and maybe thats the plan .
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #552,378
  • Oct 11, 2020 3:19pm Oct 11, 2020 3:19pm
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  • #552,379
  • Oct 11, 2020 3:22pm Oct 11, 2020 3:22pm
First, I am glad to see GU bulls are out of their hibernation and have started posting again.

Second, the weekly chart seems to be in a very healthy uptrend and I don't think we will see 1.27 anytime soon. In fact, I think + 1.35 is upon us in near future

I also looked at the monthly chart, which to be honest I don't care as I trade mostly daily and H4. And the monthly chart looks like an old school saucer pattern with 1.35 as the key level.
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  • #552,380
  • Oct 11, 2020 3:22pm Oct 11, 2020 3:22pm
Quoting Bones
A bullish longer term idea is thats a perfect double bottom ,with space and a slightly lower 2nd point. Moty pointed out this investing chart at the time we were there -which has that flash crash to the left at the same point . Any other chart I have seen has different levels as far as I knew it was an unknown low from volatility. Something I never seen before. But indeed, it did rally hard from that level. Regardless - the fact the tl lines with the pivot is a problem for now, this year maybe, especially if it makes that wave 4 down.Current impulse...
Ive looked at that feed and it's way more bullish than mine.
Still it's something that can take time and theres room to goto major support from major res
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