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Is it just me or is cable acting random? 44 replies

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Attachments: Cable Update (GBPUSD)
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Cable Update (GBPUSD)

Quoting OnlineAddict
{quote} No, there will still be talks, possible extensions...EU won't let this go easy...they are desperate and broke.

im still short hopefully I get more than 1 day of happiness
Did anyone really expect a deal to be reached over the weekend?
Good Vibes - In charts we trust
Pulchra All Time Return: -88.4%
Quoting cmk
I came here to make money Not read posts the size of Russian realism books I smell Gap to the downside. T.S

You see my fellow traders, it's not only indicators, patterns, price action ... one must use his sense of smell to predict where price is going.

May the Joke be with you...

Trade Safe..
Quoting cmk
{quote} You see my fellow traders, it's not only indicators, patterns, price action ... one must use his sense of smell to predict where price is going. May the Joke be with you... Trade Safe..

correct sometimes events like these wake people up ... disregard fundamentals at your peril ...

personally I think u need everything technicals / understanding drivers / sentiments / fundamentals

because yea maybe fundamentals 95% of the time don’t do much but that 5% can rip you apart

E.g covid / brexit / etc etc
Quoting cmk
{quote} You see my fellow traders, it's not only indicators, patterns, price action ... one must use his sense of smell to predict where price is going. May the Joke be with you... Trade Safe..
oh "trade safe". i thought you were quoting TS Eliot
In tea leaves we trust!
Here's my take on the GBPUSD, from the technical perspective of a swing trader. Although the GBPUSD market is positively toed, price action on the daily time frame is presently sideways. The candlesticks printed last week Wednesday and Thursday showed a reduction in bullish momentum, while the bearish print on Friday was constrained by bullish pressure. It should be noted that price action is within the 1.34600/1.36100 horizontal resistance zone (magenta), which has held as resistance since May 2018. We should await what price action does in the area in the early part of this week.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
Very interesting situation for Cable at the moment.

Technicals: Somewhat invalidated if this gaps down by over 100 pips as per pre-market rates. The only thing that one can surmise base on technicals is if last Monday's opening gap will be filled.

Fundamentals:
1. Covid news. Lockdown definitely is bad for Cable.
2. Brexit deal. Currently, it seems like there is no deal. However, I believe that eventually a deal will be struck and the fact that it has been mentioned that they are looking to finalize other aspects bar the fishing is a sign that both sides are gunning for a deal. Both UK and EU are not exactly in their best shape and only a mutually beneficial deal will be good for them.

I don't think bears should be overly happy. Maybe I am expecting too much, but last week, Cable gapped up 100 pips. Now we are looking at potentially a gap down of around the same magnitude but there are a lot more adverse news-lockdown + Brexit deal not done. If we were to compare, this gap down is relatively of a smaller magnitude. Of course, I am basing this on premarket.

It will be very interesting to see what happens.
... my broker just opened and price gapped to the 23.6% 2675-3624 / 61.8% downside extension of friday's pip range/dly candle - @ 3400, bottom of a prev 1hr sw lo zone = prev supp = pot supp, pretty much a 120+ pip gap - reflecting the shit show that is going on in Uk right now re new covid problems, border closings, and the ongoing stalemate with brexit trade deal talks/another missed deadline etc etc...

Next downside fib is 3379 which is 50% 3134-3624. 1hr is below. Back during London session.
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Intraday (mainly) swing scalper (+,) via a Supp/Res & PA based edge.
i'll wait until the futures open - this is a classic long flush.
In tea leaves we trust!
Right on.

Gongrats to bold ones who managed to hold their shorts at 3500 and not get stopped out at 40pip stop hunt during Friday close.

Last gap was up during the day, this one started down. So lets see how the day pans out @ LO.

Quoting Headland
... my broker just opened and price gapped to the 23.6% 2675-3624 / 61.8% downside extension of friday's pip range/dly candle - @ 3400, bottom of a prev 1hr sw lo zone = prev supp = pot supp, pretty much a 120+ pip gap - reflecting the shit show that is going on in Uk right now re new covid problems, border closings, and the ongoing stalemate with brexit trade deal talks/another missed deadline etc etc... Next downside fib is 3379 which is 50% 3134-3624. 1hr is below. Back during London session. {image}
  •  Rgkc
  • | Joined Dec 2010 | Status: Never stop learning about forex! | 419 Posts
If it close below 3406, 3286 its my way ...
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Studing..............
Quoting KiwiTrada
{quote} yep, just minor supports im more interested in the usd appreciation, across the board au cable nu eu cad, swissy still laboring, my problem with my geppy trade is usd is kicking yen which is causing geppy to flutter about going nowhere :-(
USD kicked some ass over the weekend :-)
If you are new to Forex? Say Goodbye to your account!!
Bears rejoiced at the end of the week before last just to be caught by 100+ pips gap up.

Last week, bulls here were ecstatic with plans of 1.4 in a few days, just to be hit with 100+ pips gap down.

Market makers certainly have a sense of humour. The way I see it, the gap will be partially closed (with help of US stimilus bill) before we sell heavily in European session.
Quoting LeBollinger
The 1.272/1.618 confluence on the 5/15m chart only yielded a 38.2 retracement, signaling strong bearish momentum. On the 4H I'm still eyeing 1.343 and 1.332 as partial TP's for my shorts. {image} {image}
I took partial profit at the 38.2 and will keep the other half running for the 61.8, and the remainder if it crosses that. It might not fill the gap here, since it opened below the 38.2. However, in the long run it's more profitable to follow a system and take profit at predefined levels, hence why I closed partially. (Chart: H4)
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Quoting ZTrader123
{quote} Thanks for the input! How does low liquidity mean nice moves for scalping? i am a scalper and i presume more liquidity means markets move faster? Maybe i got it switched around
No, not necessarily. I focus on trading in thin liquidity zones where price hits zero liquidity and therefore has to reverse. I would say patchy liquidity is good as price is always forced back to regions where high density of orders exists. Therefore in January, we will be dished up some beautiful spikes to trade against where low volume prevents high expansion / meaning the draw down should be low for traders who like to fade the market.

Cheers
Trading thin liquidity at the boundary of the charts
Quoting RickM
{quote} No, not necessarily. I focus on trading in thin liquidity zones where price hits zero liquidity and therefore has to reverse. I would say patchy liquidity is good as price is always forced back to regions where high density of orders exists. Therefore in January, we will be dished up some beautiful spikes to trade against where low volume prevents high expansion / meaning the draw down should be low for traders who like to fade the market. Cheers

Amazing response, thanks my friend

Good luck and good trades
Hey guys I'm new to this, ive only been trading for 3 months on a demo account. I trade technical but I'm trying to learn and incorporate fundamentals into it. Can anyone explain why "cable" opened today at such a lower price? I had a trade open before the weekend expecting it to go long and opened my charts to see that i've been stopped out.

Any help would be appreciated thanks!!
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Quoting ScottEPippen
Hey guys I'm new to this, ive only been trading for 3 months on a demo account. I trade technical but I'm trying to learn and incorporate fundamentals into it. Can anyone explain why "cable" opened today at such a lower price? I had a trade open before the weekend expecting it to go long and opened my charts to see that i've been stopped out. Any help would be appreciated thanks!!
reason would be fundamentals, still no progress towards a brexit deal over the weekend, I would also advice to not hold gbp trades over the weekend right now as long as there is no certainty about brexit

also it´s kinda useless to put a stop loss on a trade you hold over the weekend, if it gaps against you, no matter how many pips, you always get stopped out at the open price if your stop loss is between close and opening price, so might as well wait what happens at the opening and close manually, there are a few sites that let you see opening prices one hour earlier so you can prepare in advance
i need to see cable get over 1.3441 ish spot and stay there in the next hr or so. otherwise i'll close.

1.3454 is even better.
In tea leaves we trust!
buy at bottam green fibo with lower b/b with both div daily uptrend open gap at ema support
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my 40 stop loss hit because my interpretation is wrong
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