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Cable Update (GBPUSD)

  • #562,961
  • Dec 2, 2020 8:18am Dec 2, 2020 8:18am
Quoting Bones
this could be reliable engulf ,failed to break monthly , + tweezer top ,on support tho see close {image}
A clear daily break below 1.33155 could make it more reliable B.. However, I doubt bulls are willing to let that happen.

Lets give it more time
SS
  • #562,962
  • Dec 2, 2020 8:18am Dec 2, 2020 8:18am
Quoting Bones
{quote} easy =stimulus
yes but the dollar has been support for decades despite being massively over extended. now they seem to be not willing to support it. is part of this new economic reset they are putting forward? is related to some new global currency based off the sdr? tin hat theories welcome.
In tea leaves we trust!
  • #562,963
  • Dec 2, 2020 8:19am Dec 2, 2020 8:19am
Quoting pipfarm
If it breaks the 3287 support and daily closes below , then will start to look for shorts tomorrow, otherwise its long again above 3400

So the plan is , if it breaks and closes below 2387 support with daily close , retests 3400 and then short


3287 is a very important support as it confirms a major structural change to the daily uptrend and we could see a run down to 3094 support after the retest
Follow The Markets Structure - Patience and Discipline
  • #562,964
  • Dec 2, 2020 8:22am Dec 2, 2020 8:22am
gu - looks like they got it under the recent lows here. stop hunting.

dec contract isn't playable for me. oddly mar contract is giving some structural longs (though low volumes). hmmm
In tea leaves we trust!
  • #562,965
  • Dec 2, 2020 8:26am Dec 2, 2020 8:26am
Quoting pipfarm
{quote} So the plan is , if it breaks and closes below 2387 support with daily close , retests 3400 and then short 3287 is a very important support as it confirms a major structural change to the daily uptrend and we could see a run down to 3094 support after the retest
There is some serious momentum divergence between the tops , falling momentum rising swings


Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 33 KB
Follow The Markets Structure - Patience and Discipline
  • #562,966
  • Dec 2, 2020 8:26am Dec 2, 2020 8:26am
Quoting Ehsank78
anyone expecting GU to cross 1.34 today?
Ehsank78, what is your method of trading/investing if I may ask?
Always trade your own plan...I don't provide trading signals.
  • #562,967
  • Dec 2, 2020 8:32am Dec 2, 2020 8:32am
Quoting pipfarm
{quote} So the plan is , if it breaks and closes below 2387 support with daily close , retests 3400 and then short 3287 is a very important support as it confirms a major structural change to the daily uptrend and we could see a run down to 3094 support after the retest
I don't think there would be a retest, break today or not. I want to see it, but GU moved in the range for more than a week. A new trend should start with an unrecoverable impulse I think.
  • #562,968
  • Dec 2, 2020 8:38am Dec 2, 2020 8:38am
Quoting VM.
{quote} I don't think there would be a retest, break today or not. I want to see it, but GU moved in the range for more than a week. A new trend should start with an unrecoverable impulse I think.

Usually if price breaks support with a single swing as it is now on H4 then normally it will test the old support from the top which now becomes resistance , however if price swing trends down through the lower support then only the lower support usually gets tested from my observations over the years but its not a 100% only usually.


Point is that a swing trend down and break support will already contain the retest of the top side supp that became resistance whereas a single swing break down has not retested yet.

It is definite pre requisite for me that daily close must be below 3287 which is the structural daily support
Follow The Markets Structure - Patience and Discipline
  • #562,969
  • Dec 2, 2020 8:38am Dec 2, 2020 8:38am
Quoting Georginson
More sell added at 1.3404 ... Now we take it down to 1.3180
Manually closed at 1.3294... 110 pips locked in.

Second sell at 1.3376 to be left till 1.3180.
Data + Stat + Risk/Emotions Management
  • #562,970
  • Dec 2, 2020 8:43am Dec 2, 2020 8:43am
Hope 1.3280 strong. buying mode
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #562,971
  • Dec 2, 2020 8:43am Dec 2, 2020 8:43am
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.png Size: 22 KB
Attached Image (click to enlarge)
Click to Enlarge Name: gu2.png Size: 33 KB
yes yes yes
  • #562,972
  • Dec 2, 2020 8:46am Dec 2, 2020 8:46am
Quoting pipfarm
{quote} Usually if price breaks support with a single swing as it is now on H4 then normally it will test the old support from the top which now becomes resistance , however if price swing trends down through the lower support then only the lower support usually gets tested from my observations over the years but its not a 100% only usually. Point is that a swing trend down and break support will already contain the retest of the top side supp that became resistance whereas a single swing break down has not retested yet. It is definite pre requisite...
Ok I see, thanks for explaining.
  • #562,973
  • Dec 2, 2020 8:54am Dec 2, 2020 8:54am
Quoting Headland
{quote} really? it's entirely brexit deal rumour/update led at the moment - reacting to that -but- it seems unwilling to drop too far in case of an uptick in the mood music/updates or a deal itself...it fell to bottom of last week's 4hr range and found support there. Powell is speaking @ 3pm gmt - may give it a tickle, but really there is only one show in town at the moment.
Well see i guess.
Attached Image (click to enlarge)
Click to Enlarge Name: 4a39fdc21d1e8da36a39046495b65f96.png Size: 430 KB
  • #562,974
  • Dec 2, 2020 9:00am Dec 2, 2020 9:00am
Quoting pipfarm
{quote} Usually if price breaks support with a single swing as it is now on H4 then normally it will test the old support from the top which now becomes resistance , however if price swing trends down through the lower support then only the lower support usually gets tested from my observations over the years but its not a 100% only usually. Point is that a swing trend down and break support will already contain the retest of the top side supp that became resistance whereas a single swing break down has not retested yet. It is definite pre requisite...
For me, there is also a question of timing. Market showed it is willing to react to negative Brexit news (note this was not really the case on the way up). Tomorrow will likely see more negative news as Frost/Barnier will update on the status of talks (the "differences" clearly won't be resolved). On Friday, maybe one of the sides will signal it is ready to stop the talks. So a retest really has to happen between now and tomorrow evening at the latest.
  • #562,975
  • Dec 2, 2020 9:01am Dec 2, 2020 9:01am
loads of impulse in ES and eu moving up nicely. gu meanwhile a dog.
In tea leaves we trust!
  • #562,976
  • Dec 2, 2020 9:06am Dec 2, 2020 9:06am
Imho , highly unusual for a correction to retrace 100% of its previous move after a break out
Follow The Markets Structure - Patience and Discipline
  • #562,977
  • Dec 2, 2020 9:07am Dec 2, 2020 9:07am
Quoting Mcbeaners
loads of impulse in ES and eu moving up nicely. gu meanwhile a dog.
GU requires a reasonable amount of patience due to whipsaw tendencies.. EU is more sustainable pair when it moves in either direction..

Id like to think that’s why it’s the most traded pair..
Anyway, GU remains our Range Rover Velar
  • #562,978
  • Dec 2, 2020 9:08am Dec 2, 2020 9:08am
Quoting Ksth
Looks good to buy some @1.3307.. Buy some for fun.. Sl 100 tp 1.351. Hehe {image}
Close gold short. Gu Gj gold looks good now. Good luck n green pips .
  • #562,979
  • Dec 2, 2020 9:10am Dec 2, 2020 9:10am
Quoting navk
for a retrace back up above 3330/40 imo
...or 3350?
Always trade your own plan...I don't provide trading signals.
  • #562,980
  • Dec 2, 2020 9:16am Dec 2, 2020 9:16am
Quoting JayBag
{quote} GU requires a reasonable amount of patience due to whipsaw tendencies.. EU is more sustainable pair when it moves in either direction.. Id like to think that’s why it’s the most traded pair.. Anyway, GU remains our Range Rover Velar
i'm all for it giving up good trading ops. i just need more structure. GU is moving up on impulse, which for me could be hot air. until i sees something i'm not going in.
In tea leaves we trust!
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