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Cable Update (GBPUSD)

  • #571,101
  • Jan 8, 2021 3:59pm Jan 8, 2021 3:59pm
price and all its mysteries
Attached Image
99.9% persistence
  • #571,102
  • Jan 8, 2021 5:43pm Jan 8, 2021 5:43pm
Quoting trumps
A road block above for bulls A road block below for the bears But I see a breakout {image}
I think we might need to punch up a little higher, make a brief new high and hit above resistance before a major retrace.
Compulsions can be hard to resist
  • #571,103
  • Edited 6:55pm Jan 8, 2021 6:09pm | Edited 6:55pm
A subdued trading week just closed re pip range with just a 171pip range which is just 66% of the 13week awr (256pips.) Price stayed in the 3704-3531 range with the majority of the price action occurring in the 3633-3545 area. 3701 @/around the wkly hi is the 127.2% fib extension of the last mthly swing hi-lo namely 3482-2675. 3534 @/around the wkly lo is 61.8% 3429-3704. Price closed the week nearer the bottom of the range than the top.

Wkly candle closes bearishly. The t/f remains in a general fractal uptrend with the ascending t/line joining 3298 (sept 2018,) with 3381 (march 2019,) and 3514 (dec 2019) being hit @ the wkly 3704 hi. 3188 is the last HL on this t/f, (ie the 6th of 6 consecutive HL's on this t/f.)
Dly candle closes as an inverted pinbar/dragonfly doji (gmt+2 broker time.) The t/f remains in a general fractal uptrend with 3704 being a H after the LH @ 3619, and 3531, this week's lo, being the last and 4th consecutive HL in that uptrend.
4Hr Last candle closes as a bearish bodied hammer having found support in the prev 1hr/4hr/dly sw lo leading down to said 3531, after a downside breech of the ascending 4hr/dly t/line joining 3188 with 3531. The t/f, and 1hr for that matter, are in a range consolidation as described in the opening remarks of this post, above.

The 20/50/100 ema crosses close the week as below. The wkly and 4hr chart are also below.
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Attached Image
Trader with an Edge.
  • #571,104
  • Jan 8, 2021 6:22pm Jan 8, 2021 6:22pm
Hi all,

next week I expect on weekly a long bearish candle. See u on monday and good weekend to everyone.
Wish u a lot of pipes!
Multiple Position Trader
  • #571,105
  • Jan 8, 2021 6:53pm Jan 8, 2021 6:53pm
Quoting MoneyZilla
Aquaman's Pentadent: {image} {image}

Nice pattern - what conclusion do you draw from it if any? ie does it indicate to you that price has a greater probability of going one way over the other in the near term or is it just a pretty pattern ? Serious question...no doubt that price has on 4hr chart made 4 fractal swings in the zone going down to 3531 and possibly a 5th depending on close of next candle on that t/f, as shown on 4hr in my post above.
Trader with an Edge.
  • #571,106
  • Jan 8, 2021 6:58pm Jan 8, 2021 6:58pm
Quoting Lenart80
Hi all, next week I expect on weekly a long bearish candle. See u on monday and good weekend to everyone. Wish u a lot of pipes!
i second that. perhaps we see 1.3450
  • #571,107
  • Jan 8, 2021 7:23pm Jan 8, 2021 7:23pm
Attached Image (click to enlarge)
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  • #571,108
  • Edited 8:55pm Jan 8, 2021 8:43pm | Edited 8:55pm
... Is the 4hr a descending triangle ? and the t/f's to 1hr that show the 20/50/100 ema's crossed down an indication that there will most likely be a break of it to the downside ? 4hr below. Or is that prev 1hr/4hr/dly swing lo zone down to 3531 strong enough to support price to move higher?
Attached Image (click to enlarge)
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Trader with an Edge.
  • #571,109
  • Jan 8, 2021 9:15pm Jan 8, 2021 9:15pm
Daily Bearish Pattern
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  • #571,110
  • Jan 8, 2021 9:18pm Jan 8, 2021 9:18pm
I accidently left a buy limit order open.. I'm worry about the opening gap will be low hence trigger my order and ignore my tight stop loss. Any suggestions?

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  • #571,111
  • Jan 8, 2021 9:45pm Jan 8, 2021 9:45pm
Quoting Headland
... Is the 4hr a descending triangle ? and the t/f's to 1hr that show the 20/50/100 ema's crossed down an indication that there will most likely be a break of it to the downside ? 4hr below. Or is that prev 1hr/4hr/dly swing lo zone down to 3531 strong enough to support price to move higher? {image}
Attached Image (click to enlarge)
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  • #571,112
  • Jan 8, 2021 9:53pm Jan 8, 2021 9:53pm
Looking at the market volume over the last few weeks, the week preceding Christmas was the second busiest week of December, the first week of January was only just less than normal.
Trading through the Christmas period is actually not bad.
Better than most traders think it should be.
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Trading thin liquidity at the boundary of the charts
  • #571,113
  • Edited Jan 9, 2021 12:16am Jan 8, 2021 9:55pm | Edited Jan 9, 2021 12:16am
Quoting Tim_isoara
{quote} Why?
That is a joke, forget it.
Stop loss hurt you, make you loss money, but protect you from lossing more and blowing the account
Free the stress of loss trades, give you some hours for a walk & thinking, good for you health
Be a spectator, not a player
  • #571,114
  • Jan 8, 2021 11:20pm Jan 8, 2021 11:20pm
Quoting zuluremys
price and all its mysteries {image}
What pair is this picture? and what timeframe?
Thankyou

I think GBPUSD will bullish for 1 day for the next week
Be grateful
  • #571,115
  • Jan 9, 2021 3:47am Jan 9, 2021 3:47am
Quoting Jinnieve
I accidently left a buy limit order open.. I'm worry about the opening gap will be low hence trigger my order and ignore my tight stop loss. Any suggestions? {image}
yes it is possible
im not tryna be a dick but your position can easily run past stop loss
due to slippage
  • #571,116
  • Jan 9, 2021 3:52am Jan 9, 2021 3:52am
Quoting joesherwood
{quote} yes it is possible im not tryna be a dick but your position can easily run past stop loss due to slippage
I think its ok now, I transferred my fund into another account and the account balance is 0 now. This should solve it since the order should not be trigger if I don’t have enough margin. What do you think?
  • #571,117
  • Jan 9, 2021 4:05am Jan 9, 2021 4:05am
Quoting L.m
Hi everybody, after hitting the 1.37 tgt and before getting to 1.40 area I expect some minor retracement. I think 1.34 will be hit and maybe 1.33 too, hard to say for me whether it will go lower, but at the moment it seems unlikely. On the chart are what I consider tha main supports. {image}
Not something fo scalpers. Quarterly and Yearly charts.

As said I expect a retracement to 1.34 or 1.33 before another leg up to 1.40. In this charts I also put some more far targets (1.50 is the reference) that come from the monthly analysis and I think are supported by these longer tf charts.

Quarters

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Years

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  • #571,118
  • Jan 9, 2021 4:22am Jan 9, 2021 4:22am
Quoting L.m
{quote} Not something fo scalpers. Quarterly and Yearly charts. As said I expect a retracement to 1.34 or 1.33 before another leg up to 1.40. In this charts I also put some more far targets (1.50 is the reference) that come from the monthly analysis and I think are supported by these longer tf charts. Quarters {image} Years {image}
Compulsions can be hard to resist
  • #571,119
  • Jan 9, 2021 4:29am Jan 9, 2021 4:29am
Quoting joesherwood
{quote} yes it is possible im not tryna be a dick but your position can easily run past stop loss due to slippage
As I know forex 's SL is not guarant to execute: stop loss will be excuted at the gap price not the sl price. Am I right?
Be a spectator, not a player
  • #571,120
  • Jan 9, 2021 5:53am Jan 9, 2021 5:53am
Preparing for next week lol
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