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Cable Update (GBPUSD)

  • #576,661
  • Feb 7, 2021 1:27am Feb 7, 2021 1:27am
Quoting trumps
{quote} That looks like the zone Roszey
Yes indeed Trumps. Those zone have so much impact on the market and it is so easy to read(spot the pattern out)
Le$$ I$ More
  • #576,662
  • Feb 7, 2021 2:27am Feb 7, 2021 2:27am
Quoting navk
i just passed today all objectives of second stage from FTMO to have 100 k funding. {image}
Congrats. Tells us how much you got paid on that thread.
Know what you trade
  • #576,663
  • Feb 7, 2021 4:27am Feb 7, 2021 4:27am
I have observed that cable has behaved illogically sometimes in the last 2 months. Sometimes the fundamentals got failed as desired and sometimes the technicals. It has been difficult to trade (at least for me as a beginner).
I also see that the price is unable to break above or below on 2 levels - 1.375 and 1.356 respectively. Therefore they can be strong supply and demand zones.
However if price goes below 1.3560 then there is highly chances that it will touch 1.344 area which then becomes the strong supply zones.
If the price can break above 1.377 without correction downside, then I see that it will have strength to go until 1.3830.

This is my weekly view for next week and I will look how it goes and try to find opportunities at the supply and demand areas.
Wish you all goodluck!
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My observation may be wrong but intent correct. Stay calm!
  • #576,664
  • Feb 7, 2021 4:32am Feb 7, 2021 4:32am
I just leave this here. When looking enough left the GU is pushing into neckline of 2018 Feb levels in an upward compressing wedge. Traditionally this means a correction down.

3755 is a level to watch for PA reaction.

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  • #576,665
  • Feb 7, 2021 7:21am Feb 7, 2021 7:21am
Some more thoughts for Mondays opening:

1) Was the breakout on 4.Feb false from upward wedge and price continues to attack 3750 level?
2) Price has reversed more than 78.6 fib from last high, which seems to confirm potential further bull move
3) 3700 acted as a bounce, remains to be seen if its becoming nearest strong S. If yes then reaction at 3750 is to be watched.

To be honest GU is in the place at the moment where comfortably trading it is becoming complicated. Upward wedge is near to max compression levels and a lot of S/R levels nearby within 50 pips.

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Take care out there,
I
  • #576,666
  • Edited 8:59am Feb 7, 2021 7:41am | Edited 8:59am
Quoting BWilliam
{quote} Congrats. Tells us how much you got paid on that thread.
william,

The challenge is difficult, but not impossible.

One must work on daily max loss 5 %, if that is done, no failure, one day or other passing is certain.

Passing challenge process is really challenge compared to verification process.

Do some 10 trial accounts and learn to keep DD within limits, do it like funded account.
Intraday only.
  • #576,667
  • Feb 7, 2021 12:01pm Feb 7, 2021 12:01pm
Quoting parshal
I have observed that cable has behaved illogically sometimes in the last 2 months. Sometimes the fundamentals got failed as desired and sometimes the technicals. It has been difficult to trade (at least for me as a beginner). I also see that the price is unable to break above or below on 2 levels - 1.375 and 1.356 respectively. Therefore they can be strong supply and demand zones. However if price goes below 1.3560 then there is highly chances that it will touch 1.344 area which then becomes the strong supply zones. If the price can break above...
bro, your analysis is great.
it will be a predictable sign of changes in supply and demand.
there is currently no sign of change.
  • #576,668
  • Edited 1:00pm Feb 7, 2021 12:30pm | Edited 1:00pm
if look my chart monthly before any big correction down gu goes min to 1.40(about).maximum to 1.42.after trend down big or correction.correction on h4 possible.but big move down not.1..33250 hold well monthly.1.34 possible.but 1.33250 will hold.chart montly bullish can be big correction monthly.but this chat is bullish.weekly need correction,daily not ready drop.
  • #576,669
  • Feb 7, 2021 1:07pm Feb 7, 2021 1:07pm
Quoting viktoriaxz
if look my chart monthly before any big correction down gu goes min to 1.40(about).maximum to 1.42.after trend down big or correction.correction on h4 possible.but big move down not.1..33250 hold well monthly.1.34 possible.but 1.33250 will hold.chart montly bullish can be big correction monthly.but this chat is bullish.weekly need correction,daily not ready drop.
if 4h correct down, daily stays at the same price and wait for it?
  • #576,670
  • Feb 7, 2021 1:09pm Feb 7, 2021 1:09pm
Quoting tiborf71
{quote} bro, your analysis is great. it will be a predictable sign of changes in supply and demand. there is currently no sign of change.
Thanks.
What do you mean by predictable signs?
My observation may be wrong but intent correct. Stay calm!
  • #576,671
  • Feb 7, 2021 1:11pm Feb 7, 2021 1:11pm
What if....gap down, then new highs to take out stops around 1.1.3775 - 1.380.....then DOWN?
We'll see the PA and levels around London open tomorrow.
Lost....
  • #576,672
  • Feb 7, 2021 1:14pm Feb 7, 2021 1:14pm
While page is loading it shows -17.4, but then -7.1. who knows...
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Air force
  • #576,673
  • Edited 1:31pm Feb 7, 2021 1:15pm | Edited 1:31pm
i think now down 1.36.this candle i think they close this candle and after i dont know.usually such big candles show direction of future trend.big candle was up candle.
  • #576,674
  • Feb 7, 2021 1:28pm Feb 7, 2021 1:28pm
Saxo 1.37189 - 1.37218
Spread 2.9
A fool and his money are easily parted
  • #576,675
  • Feb 7, 2021 1:40pm Feb 7, 2021 1:40pm
GBP/USD seems to have found a price balance. That's why it is staying within an uptrending price range!
Unless something fundamentally changes (inflation, employment etc) this will stay within 1.35 - 1.38 or little wider range!
So for now the strategy for this market is fade! Fade every extreme spikes and take profit until a true trend emerges.
  • #576,676
  • Feb 7, 2021 1:41pm Feb 7, 2021 1:41pm
  • #576,677
  • Feb 7, 2021 3:34pm Feb 7, 2021 3:34pm
One of the very few times the market favors my order with a gap open as seems will be soon..

Sell order executed in Friday at 1.3738, betting on a retrace to 1.37 and 1.3620-60s stays the crucial turning zone.
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #576,678
  • Feb 7, 2021 3:58pm Feb 7, 2021 3:58pm
There is increased bearish pressure on GBPUSD market operation. Price action on the daily time frame is presently choppy, consolidating around the horizontal resistance trendline of the rising wedge (blue) seen on the weekly time frame. It is also a few pips below the 1.37860 horizontal resistance area (magenta), and the sideways of price action is apparently a struggle to tackle this area. Failure of bulls to break above the area in the early part of this week may incentivize bears to attempt a southward turnaround.

I may be wrong. Trade safe and prosper.

KP

Attachment g
Do your homework, follow the footprints of smart money
  • #576,679
  • Feb 7, 2021 4:16pm Feb 7, 2021 4:16pm
Gap closed...now time to go down.. targeting 1.3620 first.
  • #576,680
  • Edited 5:06pm Feb 7, 2021 4:43pm | Edited 5:06pm
Quoting Georginson
{quote} Great work you also put together here .......
Mate, I also respect the effort you put into your analysis, and your willingness to post here. Thanks, and good luck with those shorts.
-------------------------------------------------------

Hello. Friday's hi was into that prev 30min sw hi to 3743 , now a prev 1hr sw hi= prev res = pot res too, and had just found sellers on a retest of the latter at Friday close and now the gap down (part or all of which was broker spread widening @ open) and immediate support found @ the top of the prev 1hr sw hi/lo zone beneath it.....see also the desc t/line joining 3759 with friday's hi. @ that Fri hi price just crept into the dly part of the prev 1hr/4hr/dly sw hi to that 3759 current uptrend hi...1hr/4hr parts of it begin circa 3747. Back during the London session.

1hr below.
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