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Cable Update (GBPUSD)

  • #561,341
  • Nov 26, 2020 7:13am Nov 26, 2020 7:13am
waiting for the nice breakout on 5min
99.9% persistence
  • #561,342
  • Nov 26, 2020 7:16am Nov 26, 2020 7:16am
Quoting zuluremys
waiting for the nice breakout on 5min
not only 5 min... also breakout on 30M looks promising
  • #561,343
  • Nov 26, 2020 7:16am Nov 26, 2020 7:16am
1.3340 still holding, nice little retrace. Lets see what PA tells us.
  • #561,344
  • Nov 26, 2020 7:20am Nov 26, 2020 7:20am
Not even considering buying GU until it's pushed lower.

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Would even consider taking a short at 1.3372+ towards 1.3325 with partial profits at 1.3348
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  • #561,345
  • Nov 26, 2020 7:22am Nov 26, 2020 7:22am
Bearish 1h cycle on GBP are near to end.....a good are to entry long is .3290-.3305
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  • #561,346
  • Nov 26, 2020 7:29am Nov 26, 2020 7:29am
Quoting Headland
... are the bears preparing for a party ? {image}
Not quite, I think they had too much redbull
caffeine and bear don't mix
  • #561,347
  • Nov 26, 2020 7:32am Nov 26, 2020 7:32am
Quoting Headland
... are the bears preparing for a party ? {image}
I think they are
99.9% persistence
  • #561,348
  • Nov 26, 2020 7:32am Nov 26, 2020 7:32am
Quoting JayBag
{quote} Not quite, I think they had too much redbull caffeine and bear don't mix
Indeed. Plenty of levels to consider before everyone breaks out with the bear party festivities. Plenty of levels to consider on the way to 1.35, 1.38.
  • #561,349
  • Nov 26, 2020 7:35am Nov 26, 2020 7:35am
this is why it's important to wait for candle close, it's almost tempting to take long
look how the last hourly candle looks like 5 min before it close
Attached Image (click to enlarge)
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now look how it looks now
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gu is reverse correlated beautifully today
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yes yes yes
  • #561,350
  • Nov 26, 2020 7:37am Nov 26, 2020 7:37am
Quoting Headland
... are the bears preparing for a party ? {image}
Perhaps....

A drop tomorrow...

Positive news on the weekend regarding Brexit.

Bounce.

A choppy few weeks leading into the EU parliamentary meetings on the 11th / 12th (it needs to be voted for by the vast majority to get it through)

Then a slow decline into late December...

& then

Off a cliff.
Que Sera
  • #561,351
  • Nov 26, 2020 7:39am Nov 26, 2020 7:39am
Are we gonna see a long term trend change?
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  • #561,352
  • Nov 26, 2020 7:46am Nov 26, 2020 7:46am
Quoting shahab8b
Are we gonna see a long term trend change? {image} {image}
do you mean an upside break of the multi year 2.1162-7188-3482 desc t//line ? The falling wedge pattern on mthly suggest this is more likely the case, at some point. mthly below.

EDIT: Your 2nd chart posted just answered that question lol
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Trader with an Edge.
  • #561,353
  • Nov 26, 2020 7:47am Nov 26, 2020 7:47am
I joined the party bear party. I got a slice of the cake
99.9% persistence
  • #561,354
  • Nov 26, 2020 7:48am Nov 26, 2020 7:48am
Agree... "at some point"

3rd test of the lower TL first.
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Que Sera
  • #561,355
  • Nov 26, 2020 7:49am Nov 26, 2020 7:49am
Quoting Headland
{quote} do you mean an upside break of the multi year 2.1162-7188-3482 desc t//line ? The falling wedge pattern on mthly suggest this is more likely the case, at some point. mthly below. {image}
Yes, I had pointed out the wedge pattern long time ago. I think a break above 1.35 will complete that saucer pattern as well. There are 3 technical reasons to think GU might be starting a long term bull cycle.
  • #561,356
  • Nov 26, 2020 7:49am Nov 26, 2020 7:49am
Quoting Catempire
{quote} Perhaps.... A drop tomorrow... Positive news on the weekend regarding Brexit. Bounce. A choppy few weeks leading into the EU parliamentary meetings on the 11th / 12th (it needs to be voted for by the vast majority to get it through) Then a slow decline into late December... & then Off a cliff.

...it's a plausible scenario.

Quoting shahab8b
{quote} Yes, I had pointed out the wedge pattern long time ago. I think a break above 1.35 will complete that saucer pattern as well. There are 3 technical reasons to think GU might be starting a long term bull cycle.

yeh, there are the 2 you mention, ie falling wedge and the saucer pattern and also the bullish regular divergence on mthly @ 1411. Fundamentally though the weak $ scenario is compelling at the moment but right now everything is muddied by the 'will they - won't they' do a brexit deal.
Trader with an Edge.
  • #561,357
  • Nov 26, 2020 7:58am Nov 26, 2020 7:58am
Quoting Maximumheigh
{quote} Offloaded some shorts. We are still going down. Buyers brace up! {image}
Offloaded some shorts again. Another target area is 1.3300. Let see market reaction. I am still bearish.
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  • #561,358
  • Nov 26, 2020 7:58am Nov 26, 2020 7:58am
Quoting Moty
this is why it's important to wait for candle close, it's almost tempting to take long look how the last hourly candle looks like 5 min before it close {image} now look how it looks now{image} gu is reverse correlated beautifully today {image}
Your short trades looking good Moty. I have the same tp @ 1.33. Let's see if it can break that TL.
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  • #561,359
  • Nov 26, 2020 8:05am Nov 26, 2020 8:05am
target is 1.33000-1.33100
this is not a drop , this is leaking
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yes yes yes
  • #561,360
  • Nov 26, 2020 8:05am Nov 26, 2020 8:05am
Quoting Headland
{quote} yeh, there are the 2 you mention, ie falling wedge and the saucer pattern and also the bullish regular divergence on mthly @ 1411. Fundamentally though the weak $ scenario is compelling at the moment but right now everything is muddied by the 'will they - won't they' do a brexit deal.
Yea, you're right. I read this the other day. Some may find it interesting.
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