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Cable Update (GBPUSD)

  • #569,021
  • Dec 28, 2020 2:00pm Dec 28, 2020 2:00pm
Quoting MrGrapes
Today is an excellent lesson for both bulls and bears. Bears were thinking of at least 100 pips gap down, which not only didn't materialize, GBP pairs actually push upwards. Just when bulls were getting complacent, bears hit them for over 100 pips. It's the holiday season everyone, we should be helping each other. If you are on an opposing side, state why and help each other. No one is always right, unless you can prove it. Help each other watch out for blind spots or factors we might have neglected. NY session is looming, let's see what happens....
It's more than 130 pips. You must to wait. this is the lesson.
  • #569,022
  • Dec 28, 2020 2:03pm Dec 28, 2020 2:03pm
Market without volume, maybe a fake breakout.

Attached Image (click to enlarge)
Click to Enlarge Name: palpite1.png Size: 19 KB
Together we can be strongest
Vantage Return This Month: na
  • #569,023
  • Dec 28, 2020 2:05pm Dec 28, 2020 2:05pm
Quoting Coreg2004
{quote} hasib, if you spend 20+ years studying it might click in...I already understand half of Prechter's book: Elliott Wave Principle......just kidding no offense. If you concentrate on and master ABC and AB=CD patterns you will be fine. Stick to one TF (mine is 30M for day trading and daily for longer analysis). The most important thing IMO when trading based on EW is to keep it simple. How can you recognize on the fly 26 corrective patterns? ...Harmonic patterns are very helpful. If you recognize when they are forming...
On what page you find AB=CD on Preccher's book???
  • #569,024
  • Dec 28, 2020 2:20pm Dec 28, 2020 2:20pm
Attached Image (click to enlarge)
Click to Enlarge Name: ff97e5f44450233d09a84c8d22239067.png Size: 156 KB
  • #569,025
  • Dec 28, 2020 2:22pm Dec 28, 2020 2:22pm
Quoting Tim_isoara
{quote} On what page you find AB=CD on Preccher's book???
he's talking AB = CD in a harmonic pattern, it's clearly written " I already understand half of Prechter's book: Elliott Wave Principle"
I think you're proving to people here that your insight are broader
  • #569,026
  • Dec 28, 2020 2:24pm Dec 28, 2020 2:24pm
Quoting Tim_isoara
{quote} On what page you find AB=CD on Preccher's book???
Tim_isoara, look for some stuff about AB=CD in these 2 pdf. files...Prechter's book doesn't have it (only ABC pattern).
Attached File(s)
File Type: pdf Harmonic Trader.pdf   3.0 MB | 601 downloads
File Type: pdf Naked Trade.pdf   5.2 MB | 3,732 downloads
Always trade your own plan...I don't provide trading signals.
  • #569,027
  • Dec 28, 2020 2:31pm Dec 28, 2020 2:31pm
Quoting nessus94
Short 1,3455
I took +20 here

and i still hold short 1,3520
Make money by doing the opposite of Giveachance aka loser
  • #569,028
  • Dec 28, 2020 2:38pm Dec 28, 2020 2:38pm
At this point, looks to me like continuation for another 100 pips or so.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 28 KB
Click to Enlarge Name: GBPUSDH1.png Size: 27 KB
Compulsions can be hard to resist
  • #569,029
  • Dec 28, 2020 2:43pm Dec 28, 2020 2:43pm
Finally, I understand FA...because President Donald J.Trump signed a $2.3T spending bill the dollar goes up...
Attached Image (click to enlarge)
Click to Enlarge Name: DX 12.128.daily.png Size: 97 KB
Always trade your own plan...I don't provide trading signals.
  • #569,030
  • Dec 28, 2020 2:54pm Dec 28, 2020 2:54pm
Quoting Coreg2004
Finally, I understand FA...because President Donald J.Trump signed a $2.3T spending bill the dollar goes up... {image}
I'm not a fundamental/event trader, but PA usually reflects "expected" fundy outcomes.
It is unusual for PA to react to the event itself, beyond a spike etc. It is nearly always priced in.

A classic example is how the USD in recent years continued to rise on the "expected" rate rise.
When the rate rise occurred, the dollar then dropped.

The Brexit deal more or less done, is another example.

You only have to visit the news threads to see traders scratching their heads, screaming things like, "why is $ dropping on this news" etc...
Compulsions can be hard to resist
  • #569,031
  • Dec 28, 2020 2:58pm Dec 28, 2020 2:58pm
Quoting KiwiTrada
{quote} swissy is @ very important resistance 4hr zoom out 8918 -20ish possibly nearing the end of a scallop shell bottom??? if not should be this week
8918 to the pip, still in play it will be very tough for bulls to get through, when it does and it will, she will fly quickly inverse eu will plummet :-) patience required,,,
If you are new to Forex? Say Goodbye to your account!!
  • #569,032
  • Dec 28, 2020 2:59pm Dec 28, 2020 2:59pm
I find major events such as $ printing, need to be looked at with longer term weekly and monthly charts.
The DOW has reached new all time highs on the back of this.
This does not bode well for the $ when looked at from a longer term perspective.
Compulsions can be hard to resist
  • #569,033
  • Dec 28, 2020 3:09pm Dec 28, 2020 3:09pm
Quoting MartinPi
I agree with the long as a correction back to around 1.3500 ... fibo was today a nice help but also the market is playing with the pivot right now {image}
does your indicator give pretty little arrows before the move or only after it happen??
If you are new to Forex? Say Goodbye to your account!!
  • #569,034
  • Dec 28, 2020 3:11pm Dec 28, 2020 3:11pm
Quoting trumps
At this point, looks to me like continuation for another 100 pips or so. {image} {image}
If we close the month below 3370 we will be back below the long term trend line...
Que Sera
  • #569,035
  • Dec 28, 2020 3:13pm Dec 28, 2020 3:13pm
Quoting palpite
{quote} Is ok Moty. I'm waiting for to sell again. For me, not is time for to buy.
u r right .
i switched to short with a little loss .
if it drop from here to my tp , i will gain 120 $
if he decide to make me angry again , i will take it from the 50 % retracement and gain 160 $
Attached Image (click to enlarge)
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yes yes yes
  • #569,036
  • Dec 28, 2020 3:28pm Dec 28, 2020 3:28pm
Quoting Catempire
{quote} If we close the month below 3370 we will be back below the long term trend line...
Yes, good observation .
Also good confluence with close of August and open of September in the recent monthly swing high.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDMonthly.png Size: 24 KB
Click to Enlarge Name: GBPUSDMonthly1.png Size: 24 KB
Compulsions can be hard to resist
  • #569,037
  • Dec 28, 2020 3:35pm Dec 28, 2020 3:35pm
Quoting trumps
{quote} Yes, good observation . Also good confluence with close of August and open of September in the recent monthly swing high. {image} {image}
Pretty much all I've been looking at the longer timeframe... Certainly looks like it could happen.
Que Sera
  • #569,038
  • Dec 28, 2020 3:36pm Dec 28, 2020 3:36pm
Quoting Moty
{quote} u r right . i switched to short with a little loss . if it drop from here to my tp , i will gain 120 $ if he decide to make me angry again , i will take it from the 50 % retracement and gain 160 $ {image}
Few minutes for to start a new day, in the most of the times, the price not go for any side.
Together we can be strongest
Vantage Return This Month: na
  • #569,039
  • Dec 28, 2020 3:48pm Dec 28, 2020 3:48pm
Look at it going,I think this is a range - can long for 20-30 pips
  • #569,040
  • Dec 28, 2020 3:49pm Dec 28, 2020 3:49pm
Quoting Catempire
{quote} Pretty much all I've been looking at the longer timeframe... Certainly looks like it could happen.
Longer term time frame is my reference also.
At this point, I see it going north.

However, a deep move south could see 2630 area for a buy.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly.png Size: 30 KB
Click to Enlarge Name: GBPUSDMonthly.png Size: 26 KB
Compulsions can be hard to resist
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