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Cable Update (GBPUSD)

  • #561,801
  • Nov 28, 2020 6:40am Nov 28, 2020 6:40am
... The Uk's Guardian newspaper is reporting that face to face negotiations have begun again this Saturday morning re Brexit deal and that Barnier has intimated he will give it 4 more days, so if no deal reached by Wednesday next week then that's about it. We could see some big moves this coming trading week ?
Trader with an Edge.
  • #561,802
  • Nov 28, 2020 7:00am Nov 28, 2020 7:00am
I don’t trade these patterns but it sure does look convincing.
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  • #561,803
  • Nov 28, 2020 7:21am Nov 28, 2020 7:21am
Quoting Headland
... The Uk's Guardian newspaper is reporting that face to face negotiations have begun again this Saturday morning re Brexit deal and that Barnier has intimated he will give it 4 more days, so if no deal reached by Wednesday next week then that's about it. We could see some big moves this coming trading week ?
Since they are miles apart on an agreement, there are 2 options, no deal or a bad deal for the UK. Either way, bulls will have a tough time. If a deal is reached, we might see one last spike up, mid week, before a dump. So bears might have another opportunity to short higher.
Everyone can see the chart, but only a few can actually read it.
  • #561,804
  • Nov 28, 2020 7:42am Nov 28, 2020 7:42am
Quoting OnlineAddict
{quote} Since they are miles apart on an agreement, there are 2 options, no deal or a bad deal for the UK. Either way, bulls will have a tough time. If a deal is reached, we might see one last spike up, mid week, before a dump. So bears might have another opportunity to short higher.
I'll wait for that last spike to close my trades next week before it goes down. I had a tough week a margin call occurred but managed to recover most of my capital.
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Set GOAL, REACH and REPEAT.
  • #561,805
  • Nov 28, 2020 7:51am Nov 28, 2020 7:51am
Quoting OnlineAddict
{quote} Since they are miles apart on an agreement, there are 2 options, no deal or a bad deal for the UK. Either way, bulls will have a tough time. If a deal is reached, we might see one last spike up, mid week, before a dump. So bears might have another opportunity to short higher.
It's a plausible scenario yeh, but I think the real variable in it is what the upside spike or longer up move may be on a deal being reached. As you, catempire and v.m. have rightly said even a deal won't be as good as the Uk has now, and if it is a bad deal it could well result in a longer term general £ selling after an initial 'relief' spike. Certainly last week's PA was reflective of uncertainty and the negative change in the chances of a deal at that major resistance, and perhaps the beginning of a sustained move down? Whatever happens though, we should trade what we see - not what we think, as academically stimulating as it is.
Trader with an Edge.
  • #561,806
  • Nov 28, 2020 8:05am Nov 28, 2020 8:05am
Quoting Arief-
damn! I love this tool {image} have a nice weekend every one

have a look at "harmonic pattern plus" (MT4 and 5), its designed to look for future pending gartelys. can be useful during the asian session in my experience.
In tea leaves we trust!
  • #561,807
  • Nov 28, 2020 8:17am Nov 28, 2020 8:17am
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i've seen this pattern before, i calls it the "porcupine". its an exhaustion play. i'm not sure of its predicted outcome, for Monday likely a move back up to resistance 3327 ish and drop from there to 3265. from there it depends.

i still believe that the bulls are in charge here, if the bears where in charge they would have let it drift north of 1.34, get the bulls offside and then drop the hammer. instead they are trying to exhaust the bulls and then take it up. all imo.
In tea leaves we trust!
  • #561,808
  • Nov 28, 2020 8:43am Nov 28, 2020 8:43am
Quoting MarunCable
{quote} I'll wait for that last spike to close my trades next week before it goes down. I had a tough week a margin call occurred but managed to recover most of my capital. {image}
We were in a small(for the pound) range all week, so if you were margin called during that, don't you think your leverage is way too high?
Everyone can see the chart, but only a few can actually read it.
  • #561,809
  • Edited 1:32pm Nov 28, 2020 9:56am | Edited 1:32pm
...I have fibs drawn across the dly and wkly t/f's from prev swing lo's 1411, 3074, 2252, and 2480 to 3482 prev swing hi, and on dly/4hr/1hr from prev sw lo's 2675, 2854, 3107, 3195, and 3263 to the 3398 prev sw hi, and the next 3 fib cluster to the downside is 3218-12 being 3218=88.6% 3195-3397/3217=61.8% 3107-3397/3212=38.2% 2913-3397. May be an area to watch out for if tested by price.

Dly below shows that prev sw hi x 2 zone = prev res = pot (potential) rbs that friday's lo landed in, right on that 38.2% 3107-3398.
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Trader with an Edge.
  • #561,810
  • Nov 28, 2020 10:24am Nov 28, 2020 10:24am
Quoting Headland
... The Uk's Guardian newspaper is reporting that face to face negotiations have begun again this Saturday morning re Brexit deal and that Barnier has intimated he will give it 4 more days, so if no deal reached by Wednesday next week then that's about it. We could see some big moves this coming trading week ?
I am starting to think even with a deal this wont be going over 13400 ... Not convinced there are enough buyers to take it there given the repercussions from 1st jan.
Que Sera
  • #561,811
  • Nov 28, 2020 12:11pm Nov 28, 2020 12:11pm
We have some great traders here.. God's eye
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Le$$ I$ More
  • #561,812
  • Nov 28, 2020 12:20pm Nov 28, 2020 12:20pm
Anyone trade Crypto?

Ripple will consolidate in the 50's this week imo before moving higher. To soon to break fresh highs after the recent pump from the lows and BTC will struggle (for now) to break new highs... hysteria needs to calm down a bit and re boot itself.

I trade psychology more than I do charts, appreciate it doesn't work for everyone, but makes sense to me from my stock market experience...

Big gains to be had on the crypto market. worth paying attention to for 2021 as is IoT and Ai... smarter, harder, more efficient and lower margins will be the investments of 2021.
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Que Sera
  • #561,813
  • Nov 28, 2020 1:02pm Nov 28, 2020 1:02pm
Quoting Catempire
{quote} I am starting to think even with a deal this wont be going over 13400 ... Not convinced there are enough buyers to take it there given the repercussions from 1st jan.
GBPUSD may get to the ranges of 1.3500 before making a trend reversal.
FXOpen - International True ECN Broker
  • #561,814
  • Nov 28, 2020 1:30pm Nov 28, 2020 1:30pm
Quoting Catempire
{quote} I am starting to think even with a deal this wont be going over 13400 ... Not convinced there are enough buyers to take it there given the repercussions from 1st jan.

who knows, ....but in the 'spike' scenario do you think the market can resist the temptation to take out the stops above 3398 ? lol
Trader with an Edge.
  • #561,815
  • Nov 28, 2020 1:33pm Nov 28, 2020 1:33pm
Quoting Catempire
Anyone trade Crypto? Ripple will consolidate in the 50's this week imo before moving higher. To soon to break fresh highs after the recent pump from the lows and BTC will struggle (for now) to break new highs... hysteria needs to calm down a bit and re boot itself. I trade psychology more than I do charts, appreciate it doesn't work for everyone, but makes sense to me from my stock market experience... Big gains to be had on the crypto market. worth paying attention to for 2021 as is IoT and Ai... smarter, harder, more efficient and lower margins...
Some context as to why I believe the market will consolidate before making new highs...

Chinese Authorities Have Seized a Massive $4 Billion in Crypto From PlusToken Scam - CoinDesk

Investors arn't going to buy into the market to push it higher until the market has understood the Chinese authorities arnt just going to unload into it... Why would you on the possibility the market gets flooded ?

In the same context think there is a highly strong possibility that the recent highs on Cable will be a very tough nut to crack, there wont be a deal and if there is the deal won't be as good... if the majority of the market understand this what would happen to push it higher. Why would people buy it up and not offload their wealth into it knowing that a deal is so unlikely ?

Unless there is a rabbit pulled out of a hat in the near term & even then, to push it to new highs when what we have already is better ??

Recent statements from Rishi would (imo) suggest that there won't be a deal.. the narrative has changed from "I'm sure we can do a deal" to "the Uk is prepared for a no deal"

Europe have always been stuck between a rock and a hard place on the negotiating table, in that they have to keep 28 countries happy and the Uk has never intended on doing a deal unless the deal is as good as what we already have.

Boris and chums will be fine, they wont starve & there won't imo be a deal.
Que Sera
  • #561,816
  • Nov 28, 2020 1:39pm Nov 28, 2020 1:39pm
Quoting Headland
{quote} who knows, ....but in the 'spike' scenario do you think the market can resist the temptation to take out the stops above 3398 ? lol
On this occasion dude I think there is FAR too much money waiting to ditch it

Can you imagine being a hedge fund buying it up attacking every rich man with pounds only get it wrong needing to offload into a sellers market...?? OUCH.

Personally think this week was the telling sign, far to much on the line and the market can see it coming.

No such thing as a coincidence on the market & that is one hell of a TL.
Que Sera
  • #561,817
  • Nov 28, 2020 1:40pm Nov 28, 2020 1:40pm
Hello to everyone. I would like to ask if someone knows a site like trading view for example that you can see 15 minute charts for the past year or two. I do not know if there is a specific thread in the forum about this kind of things but because i trade Cable that is why i ask the question here. Sorry if i am out of topic. Personal opinion on Cable is that is going down probably to 1.28 level. Trade safe my friends...
  • #561,818
  • Nov 28, 2020 1:55pm Nov 28, 2020 1:55pm
Quoting Supermarios
Hello to everyone. I would like to ask if someone knows a site like trading view for example that you can see 15 minute charts for the past year or two. I do not know if there is a specific thread in the forum about this kind of things but because i trade Cable that is why i ask the question here. Sorry if i am out of topic. Personal opinion on Cable is that is going down probably to 1.28 level. Trade safe my friends...
Idk, why 15 min for 2 YEARS?
1.31 is next. EUR/GBP finally had a swing in price higher. A big warning to GBP/USD longs.
Be humble or be humbled.
  • #561,819
  • Edited 2:28pm Nov 28, 2020 2:13pm | Edited 2:28pm
Last-ditch Brexit trade talks resume amid growing EU scepticism (msn.com)

Anyone be surprised if Boris and chums never had any intentions of doing a deal and their outright arrogance and disregard for anyone but themselves ... all of this was just a ruse ??



I certainly wouldn't.
Que Sera
  • #561,820
  • Nov 28, 2020 2:42pm Nov 28, 2020 2:42pm
Quoting Catempire
Last-ditch Brexit trade talks resume amid growing EU scepticism (msn.com) Anyone be surprised if Boris and chums never had any intentions of doing a deal and their outright arrogance and disregard for anyone but themselves ... all of this was just a ruse ?? I certainly wouldn't.
Do you think Boris is wealthy compared to Jeremy Corbyn or Keir Starmer ?
You live in a coastal fishing town and you would sign over Uk waters ?
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