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Cable Update (GBPUSD)

  • #560,821
  • Nov 24, 2020 1:48pm Nov 24, 2020 1:48pm
Quoting pipfarm
{quote} i am closing with 25 pips profit will long again lower, there is another swing down coming and i can use this 25 for my stop. Maybe 3336 this time to open another long
i'm still in as i was away for the last 20min. i reckon there'll be another wave up, buying is there but not great. we'll see.
In tea leaves we trust!
  • #560,822
  • Nov 24, 2020 1:57pm Nov 24, 2020 1:57pm
Quoting pipfarm
{quote} I see , your short term trader then I have the last 100 years history for cable and the last 15 years is a correction in an uptrend and it just bounced off the 50 year sma
downtrend line from cable at 2.8176 in 1967 during the Wilson pmship still holding nicely
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twitter: @gettoefl
  • #560,823
  • Nov 24, 2020 2:13pm Nov 24, 2020 2:13pm
Quoting kuroro001
Sellers are hitting the market (price currently 3375) Buyers may face bear's wrath anytime soon now I'm off
are you still bearish or did you see that retracement happened already?
  • #560,824
  • Nov 24, 2020 2:17pm Nov 24, 2020 2:17pm
Quoting pipfarm
Gbpusd on the Verge of Massive Breakout https://www.forexfactory.com/news/10...ssive-breakout
Thats "dailypriceaction", also known as Mr. Wrong. I am glad he is bullish.
Everyone can see the chart, but only a few can actually read it.
  • #560,825
  • Nov 24, 2020 2:22pm Nov 24, 2020 2:22pm
Quoting OnlineAddict
{quote} Thats "dailypriceaction", also known as Mr. Wrong. I am glad he is bullish.
  • #560,826
  • Edited 2:55pm Nov 24, 2020 2:38pm | Edited 2:55pm
Quoting gettoefl
{quote} downtrend line from cable at 2.8176 in 1967 during the Wilson pmship still holding nicely {image}
I think this sums up why many people missed the move in feb on the indices. Traders get so absorbed by their h1/h4/D1 charts that they forget to zoom out.

If a trend has been running for a long time, it would be pretty silly to completely overlook it & really, surely to break a very long running trend, fundamentals need to be pointing in that direction.
Que Sera
  • #560,827
  • Edited 3:06pm Nov 24, 2020 2:48pm | Edited 3:06pm
Quoting genadi
{quote} are you still bearish or did you see that retracement happened already?
I'm still bearish yes, i use the rise to sell into it
COT: The precious data ignored
  • #560,828
  • Nov 24, 2020 3:16pm Nov 24, 2020 3:16pm
The actual price to break is at 1.3475 on the monthly trend line resistance.
Lost....
  • #560,829
  • Nov 24, 2020 3:19pm Nov 24, 2020 3:19pm
Quoting Catempire
{quote} Yea, rest of the week should see some movement imo. Probably nothing. {image}
it has not touched that line
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #560,830
  • Nov 24, 2020 3:19pm Nov 24, 2020 3:19pm
looks like i'll be closing my position sometime during the asian session. probably on the initial pop. we'll see.
In tea leaves we trust!
  • #560,831
  • Nov 24, 2020 3:32pm Nov 24, 2020 3:32pm
Quoting Bones
{quote} it has not touched that line
It doesn’t need to.
Que Sera
  • #560,832
  • Nov 24, 2020 3:36pm Nov 24, 2020 3:36pm
Quoting Catempire
{quote} It doesn’t need to.
Dont worry it will break it
Make money by doing the opposite of Giveachance aka loser
  • #560,833
  • Nov 24, 2020 3:39pm Nov 24, 2020 3:39pm
Very tempting to sell EU and AU at these levels, but I guess we may still have some up move in stock, PA is clearly bullish. Looks like November will finish on high to start selling in December, similar to end of August - beginning of September.
  • #560,834
  • Nov 24, 2020 3:41pm Nov 24, 2020 3:41pm
Quoting kuroro001
{quote} I'm still bearish yes, i use the rise to sell into it
did you add another sell ?
  • #560,835
  • Nov 24, 2020 3:55pm Nov 24, 2020 3:55pm
Quoting nessus94
{quote} Dont worry it will break it
No it won’t. Certainly not on any meaningful level.

Sell at the top, buy at the bottom.
Que Sera
  • #560,836
  • Nov 24, 2020 4:02pm Nov 24, 2020 4:02pm
Que Sera
  • #560,837
  • Nov 24, 2020 4:07pm Nov 24, 2020 4:07pm
Quoting Catempire
{quote} It doesn’t need to.
yea thats what I thought last time it fell from here
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #560,838
  • Edited 4:43pm Nov 24, 2020 4:32pm | Edited 4:43pm
...so, a bullish daily candle in the end after a rangy day. It sits inside the candle before it but not inside it's body....just a small range bullish candle. The two remaining dly + desc t/lines join 4376 with 3482 with 3398 and currently a few pips above it (not shown on dly chart below,) the desc t/line that joins 2.1162 with 7188. Dly below. The rising wedge on this t/f remains intact.

A break and clear of the desc t/line 2.1162 with 7188 is an effective upside break of the multi year mthly falling wedge too.

We've seen the 1st stage of this short term bullish scenario ie the upside break of prev swing hi's 3314/12, 2nd stage is an upside break and clear of this 2.1162-7188 desc t/line and 3rd stage is break and clear of that prev dly/wkly/mthly sw hi zone to 3482 then 3515. Completion of 2nd stage still looks the greater probability, but completion of 3rd stage is harder to determine re probability - this may become clearer on closure of this week's wkly candle and Nov's mthly candle assuming it hasn't happened by then.
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Trader with an Edge.
  • #560,839
  • Nov 24, 2020 4:39pm Nov 24, 2020 4:39pm
It has not hit that tl ,and came all the way back ,to be bear it has to hit it or break it for the bulls ...
15 year/ let's use a big gun for the number.

btw ig platform is even worse than mt4 ,when pro realtime is free for ig clients
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 11 GBPUSD-Quarterly.png Size: 28 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #560,840
  • Nov 24, 2020 4:44pm Nov 24, 2020 4:44pm
Quoting Bones
It has not hit that tl ,and came all the way back ,to be bear it has to hit it or break it for the bulls ... 15 year/ let's use a big gun for the number. btw ig platform is even worse than mt4 ,when pro realtime is free for ig clients {image} {image}

that's right - even 3482 swing hi didn't hit it but it was very close....
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