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Cable Update (GBPUSD)

  • #566,541
  • Dec 17, 2020 2:29pm Dec 17, 2020 2:29pm
For all the self-congratulation, in the final analysis bulls advanced just a few pips since the Asian session. Looks like tomorrow we will see a red day. Brexit news are not great + almost 500 pips from Friday low to Thursday high is a bit too fast for GU.
  • #566,542
  • Dec 17, 2020 2:34pm Dec 17, 2020 2:34pm
Here we are...
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  • #566,543
  • Dec 17, 2020 2:36pm Dec 17, 2020 2:36pm
Quoting MidnightRun
Moty, MA candles: MA1 - 5, MA2 - 20? Thanks.
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yes yes yes
  • #566,544
  • Dec 17, 2020 2:40pm Dec 17, 2020 2:40pm
The "latest Brexit updates" have all the validity and value of recycled garbage.

Correction: A few gems can be found in other people's garbage.

Follow your chart and may the pips be with you...

Inserted Video
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Compulsions can be hard to resist
  • #566,545
  • Dec 17, 2020 2:40pm Dec 17, 2020 2:40pm
Quoting pipfarm
Considering this swing started around 3133 how many rotations of trend /correction would you expect? you can cycle down through the timeframes and trade all the rotations until eventually as i have said many times the swing will end eventually and the next larger fractal rotation down if its corrective will give bulls the next chance to take it to new highs.
I understand your reasoning TBH.. However, we have a larger degree from the bigger TF together with TIMING.
By the books, we should retrace back to 1.3400 area but I am struggling to see that happening due to timing being OFF .. If this was the plan, we would have had it since the first or second hit of 100% of the weekly range. This did not happen..

For me, I will like to think MM is trying to bring in last batch of invisible sellers before extending the middle finger ..
I could be horribly wrong by default but this is my reasoning.

Lastly, to confirm if this bear retrace is true or false, 1.35963 should send it right back if/when it retests it ... but if it close above, then it's a false move.
keeping an eye on the mentioned handle

PA remains KING of KINGS
  • #566,546
  • Dec 17, 2020 2:50pm Dec 17, 2020 2:50pm
Quoting maheeee
gbpusd will go below today's opening price within few minutes....and candle will end as bear...........
Nice call friend, it may be taking more than few minutes but rolling with promise.
  • #566,547
  • Dec 17, 2020 2:50pm Dec 17, 2020 2:50pm
I see a possible double top formation on H1. Levels to watch for a possible long trade on the chart.

The setup for the short trade @ 1.2625 was posted here https://www.forexfactory.com/thread/...4#post13317644
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  • #566,548
  • Dec 17, 2020 2:51pm Dec 17, 2020 2:51pm
that's all folks
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yes yes yes
  • #566,549
  • Dec 17, 2020 2:54pm Dec 17, 2020 2:54pm
GBPUSD hurry up..

come below today's open price and end a candle as bear

only few minutes left...............
  • #566,550
  • Dec 17, 2020 2:55pm Dec 17, 2020 2:55pm
Quoting trumps
The "latest Brexit updates" have all the validity and value of recycled garbage. Correction: A few gems can be found in other people's garbage. Follow your chart and may the pips be with you... https://youtu.be/f4Mc-NYPHaQ {image}
and I see the USD is in a spot of bother
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Compulsions can be hard to resist
  • #566,551
  • Dec 17, 2020 2:59pm Dec 17, 2020 2:59pm
Quoting JayBag
{quote} I understand your reasoning TBH.. However, we have a larger degree from the bigger TF together with TIMING. By the books, we should retrace back to 1.3400 area but I am struggling to see that happening due to timing being OFF .. If this was the plan, we would have had it since the first or second hit of 100% of the weekly range. This did not happen.. For me, I will like to think MM is trying to bring in last batch of invisible sellers before extending the middle finger .. I could be horribly wrong by default but this is my reasoning. Lastly,...

True it is very unusual the way price climbed the whole range without looking back , i know of only one situation where that happens and it is called a market blow off top.

Here is the official definition

"A blow off top is a reference in the financial markets. A blow off top is typically associated with a chart pattern which shows a sharp and a rapid increase in a security's price as well as trading volumes. A blow off top is usually driven by speculation or it can also be driven by actual fundamentals.

The blow off top is usually seen as an exhaustion move. In terms of technical analysis, blow off top is usually associated with the fifth wave of the Elliott wave form of analysis. An important point to note is that a blow off top can only be determined in hindsight. Therefore, just because you see the price of a security making a sharp parabolic move does not necessarily mean that it is a blow off top in the making."

We are in a wave 5 as i see it , of course volumes we do not know about.

I think the answer is to carry on treating every move down as a correction and go long when PA is in agreement so yes PA REMAINS KING OF THE CASTLE UNTIL THE BEAR INVADERS ARRIVE
Follow The Markets Structure - Patience and Discipline
  • #566,552
  • Dec 17, 2020 3:01pm Dec 17, 2020 3:01pm
gu , i will not leave you alone
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yes yes yes
  • #566,553
  • Dec 17, 2020 3:05pm Dec 17, 2020 3:05pm
1.3555 is critical, if it holds Bears can go home!
  • #566,554
  • Dec 17, 2020 3:06pm Dec 17, 2020 3:06pm
could see some downside here as uk side has mentioned negative comments earlier over fishing vessels as well negotiator frost saying things are serious now.
Master your mind. Master Trading.
  • #566,555
  • Dec 17, 2020 3:14pm Dec 17, 2020 3:14pm
Quoting pipfarm
{quote} True it is very unusual the way price climbed the whole range without looking back , i know of only one situation where that happens and it is called a market blow off top. Here is the official definition "A blow off top is a reference in the financial markets. A blow off top is typically associated with a chart pattern which shows a sharp and a rapid increase in a security's price as well as trading volumes. A blow off top is usually driven by speculation or it can also be driven by actual fundamentals. The blow off top is usually seen...
The explanation makes sense considering the move so far. Maybe we should start treating as such.. This bull does look like it..

im curious to see today’s close.. Anything above 1.35830, I may be wishing for too much, but I’d expect 1.37 tomorrow ... a close below could change my mind about it and wait for retrace before lifting again..

Let’s see how it goes..
it’s been a long day for me, will be going to bed after daily close which would be 12am here..

take care bud, let’s continue tomorrow
  • #566,556
  • Dec 17, 2020 3:18pm Dec 17, 2020 3:18pm
Quoting Moty
gu , i will not leave you alone {image}
Good job Moty, you have a day! Thank for your share!
  • #566,557
  • Dec 17, 2020 3:28pm Dec 17, 2020 3:28pm
Quoting JayBag
{quote} The explanation makes sense considering the move so far. Maybe we should start treating as such.. This bull does look like it.. im curious to see today’s close.. Anything above 1.35830, I may be wishing for too much, but I’d expect 1.37 tomorrow ... a close below could change my mind about it and wait for retrace before lifting again.. Let’s see how it goes.. it’s been a long day for me, will be going to bed after daily close which would be 12am here.. take care bud, let’s continue tomorrow

I would not worry about it too much , on cable the last upswing was a part of the swing from 3447 which is why it was so short(it was actually a 15 min swing) , so nothing has changed its not even a double top as some are suggesting , this is another opportunity to go long given the right confirmation.

The minor and larger degree supports are fully intact , nothing to worry about so far, this Brexit saga is annoying with the constant release of good and then bad news and i must admit it is clouding my judgement slightly as its always niggling at me but what the heck , stops are there for that very purpose.

Anyway tired here myself, will close for the day

Good luck all
Follow The Markets Structure - Patience and Discipline
  • #566,558
  • Dec 17, 2020 3:59pm Dec 17, 2020 3:59pm
Test message... Check

"Apparently",
I cannot "Like" any thread, or give thumbs up to people.
Am i in Forex Factory (Jail)... ?
Somebody know why this occurs?

Just curious gang,

Jeff
I will work to Objectively Identify my Edges
  • #566,559
  • Dec 17, 2020 4:06pm Dec 17, 2020 4:06pm
Quoting pipfarm
{quote} I would not worry about it too much , on cable the last upswing was a part of the swing from 3447 which is why it was so short(it was actually a 15 min swing) , so nothing has changed its not even a double top as some are suggesting , this is another opportunity to go long given the right confirmation. The minor and larger degree supports are fully intact , nothing to worry about so far, this Brexit saga is annoying with the constant release of good and then bad news and i must admit it is clouding my judgement slightly as its always...
I am wondering why you think that's not a double top. There are a few things. Firstly, I look at the line chart (close price) to identify patterns as they are more clear that way. Based on that, that double top already made its target at 1.3550. Secondly, I suggested possible levels for long trades on the chart, the first one being 1.3550. Meaning, I did not suggest a trend change based on larger TFs. For now, it looks like an abc correction. I'll wait to see how this plays out. But I will keep an open mind as reversals can be spotted first on smaller TFs.
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  • #566,560
  • Dec 17, 2020 4:13pm Dec 17, 2020 4:13pm
Quoting maheeee
GBPUSD hurry up.. come below today's open price and end a candle as bear only few minutes left...............

How old are you?
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