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Cable Update (GBPUSD)

  • #579,521
  • Feb 21, 2021 8:00am Feb 21, 2021 8:00am
GU is going to be my fav trading pair for a while, recent moves were really big.
  • #579,522
  • Feb 21, 2021 8:16am Feb 21, 2021 8:16am
Quoting abconqq7
what I hope is GU rise to 1.45 or even 1.50 asap to wipe out all you guys. Let market teach what is trading for you guys
Shame on you!!!
Multiple Position Trader
  • #579,523
  • Feb 21, 2021 8:33am Feb 21, 2021 8:33am
Quoting abconqq7
what I hope is GU rise to 1.45 or even 1.50 asap to wipe out all you guys. Let market teach what is trading for you guys
and i wish the double that you wish for me.
,
If you don't know how to earn money, don't loose it.
  • #579,524
  • Feb 21, 2021 8:47am Feb 21, 2021 8:47am
'Noon fellas,
Bias still bullish, however a retrace might not be so out of the cards.
If a retrace is about to happen this is my expectation.
i'm not saying it will happen, but the possibility is there.
let's see what's coming up.
Reminder, i'm a VSPA (Volume Strength Price Action)* trader, (something i just came up with...LOL), this means i switch sentiment bull/bear with a blink of an eye.
My bias in long but i'm looking to short...
Stay cool.
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If you don't know how to earn money, don't loose it.
  • #579,525
  • Feb 21, 2021 10:02am Feb 21, 2021 10:02am
Future 6BH21, Volume Increased
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  • #579,526
  • Feb 21, 2021 11:01am Feb 21, 2021 11:01am
Something to ponder for Monday: 3 coiled moves and a potential bounce from 3990?

PS, sorry for ugly sketch.

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  • #579,527
  • Feb 21, 2021 11:38am Feb 21, 2021 11:38am
The Gbpusd long term bias is still upwards, and will turn at 1.43600 on the monthly.
  • #579,528
  • Feb 21, 2021 11:41am Feb 21, 2021 11:41am
Quoting Georginson
INFORMATIONAL UPDATE *Monthly RSI now reads 63, previous time this happened was January to July 2014 where price traded at 1.7190 followed by low of 1.5485 in December 2014 (1700 pips decline) *Weekly RSI now reads 71 previous time this happened was March/April 2018 (RSI 74) where price traded at 1.4375 followed by low of 1.2475 in December 2018 (1900 pips decline) *Daily RSI now reads 72 previous time this happened was June 2020 where price traded at 1.2812 followed by low of 1.2250 same June 2020 (562 pips decline) IMMEDIATE BIAS Possible top...
G, Nice observations again. Last weekend you posted that weekly RSI was @ 67 ('... weekly RSI already reading 67 which rarely happens. Previous times weekly RSI read 67 were December 2019, September 2018 and September 2017 and the price crashed by 600 - 800 pips on each occasion...') and we are now 190pips higher than where price was @ last week's close.

My point is that the old saying that ' an instrument can stay (so-called) overbought/oversold longer than traders' have money in their account' may be pertinent on this occasion - who knows? On my own 2 oscillators; price is overbought on dly and wkly, but not mthly yet, and on the histogram there is no regular bearish divergence on dly or mthly but there is on wkly. (Wkly is below.)

If Uk Pm Johnson's 'way out of lockdown' statement is more dovish than expected tomorrow (Mon 22nd) it could well see some £ selling, but if it is more hawkish than expected we could see some renewed £ buying after it. I think the former is more probable but none of us know. Should be an interesting week ahead. G/L with your trades.

The prev mthly swing hi @ 4376 (from April 2018) is probably a target for longer term bulls?
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Trader with an Edge.
  • #579,529
  • Feb 21, 2021 11:46am Feb 21, 2021 11:46am
Quoting Ilvez
Something to ponder for Monday: 3 coiled moves and a potential bounce from 3990? PS, sorry for ugly sketch. {image}
Ilvez, still valid setup by EW standards ...check the link http://forex-indicators.net/cycle-in...ott-waves/plan so you will fully understand my charts, maybe even you incorporate some ideas into your trading plan?... Drop below 1.3980 before W_5 is reached will invalidate the setup. The next link I use to establish potential zones for 12345 impulse waves and ABC corrective ... http://www.tradingfives.com/articles...wave-guide.htm
Of course, my approach isn't the only way to trade.
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Always trade your own plan...I don't provide trading signals.
  • #579,530
  • Feb 21, 2021 12:01pm Feb 21, 2021 12:01pm
Thanks, you are really inspirational guy!

Quoting Coreg2004
{quote} Ilvez, still valid setup by EW standards ...check the link http://forex-indicators.net/cycle-in...ott-waves/plan so you will fully understand my charts, maybe even you incorporate some ideas into your trading plan?... Drop below 1.3980 before W_5 is reached will invalidate the setup. The next link I use to establish potential zones for 12345 impulse waves and ABC corrective ... http://www.tradingfives.com/articles...wave-guide.htm Of course, my approach isn't the only way to trade. {image}
  • #579,531
  • Feb 21, 2021 12:20pm Feb 21, 2021 12:20pm
Quoting abconqq7
what I hope is GU rise to 1.45 or even 1.50 asap to wipe out all you guys. Let market teach what is trading for you guys
What an idiotic thing so say......shows your intelligence and maturity.
Then the same goes for you.
Lost....
  • #579,532
  • Feb 21, 2021 12:43pm Feb 21, 2021 12:43pm
Even though Cable is overbought but it can be ignored for the moment as it seems very bullish. One could assume its insane like Bitcoin for the moment.

Fundamentals : US Stimulus, UK covid vaccinations, possibility of ease in lockdown.

However there are still positive news in the US. The US economy is recovering and mostly on its path. The UK has still challenges which might be overlooked at the moment. Also everyone knows the US stimulus will be approved and somehow it might already be priced in. That could be same as 'Buy the fact, sell the rumour' as during the Brexit deal.

Psychological factor favours cable to hit 1.42 or atleast 1.41 in the last week of the month to keep the monthly close at high. If that happens then there are high chances that cable will start the downward correction in March.

So it has to be a careful week at critical trendline and S/Rs.
Goodluck to everyone.
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My observation may be wrong but intent correct. Stay calm!
  • #579,533
  • Feb 21, 2021 12:45pm Feb 21, 2021 12:45pm
Quoting Tradefx786
GU is going to be my fav trading pair for a while, recent moves were really big.
This is my fav pair too! I was shorting this pair the night of the Brexit vote (2016) and it dropped like 2000 pips in one second. Largest move I've ever seen like that.
  • #579,534
  • Feb 21, 2021 1:17pm Feb 21, 2021 1:17pm
Any thoughts on this chart pattern? The Monthly chart is showing a "double bottom," and it could also be a "cup with handle" pattern. These patterns on the monthly chart are some of the most powerful indicators you will see. Bullish indication is severe with these signals.
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  • #579,535
  • Feb 21, 2021 2:05pm Feb 21, 2021 2:05pm
Also there is an announcement from BoJo tomorrow about easing lockdown that should help the cable stay up a bit more. The effects of lockdown and Brexit will be more apparent in March April which should start to see a decent drop towards the 136 area
Insane in the Brain..
  • #579,536
  • Edited 2:32pm Feb 21, 2021 2:21pm | Edited 2:32pm
Another Sunday evening scribble.

Too bad I missed the short on GA on Friday but perhaps this pair has something to offer in coming week?

GA has broken up 200MA on 4H TF and is now in 200pips consolidating box. If the 1.7800 bottom holds, then it could be a nice rocket during coming days perhaps?

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Take care and trade well!
  • #579,537
  • Feb 21, 2021 2:32pm Feb 21, 2021 2:32pm
for now in the pre market , there is a little gap up
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yes yes yes
  • #579,538
  • Feb 21, 2021 3:55pm Feb 21, 2021 3:55pm
FPA technical analysis: GBP is coming to important weekly target, where we expect some response in a way of pullback. The depth of pullback should tell us whether cable follows to 1.47 then or it turns to major downside reversal.

Inserted Video
  • #579,539
  • Feb 21, 2021 3:58pm Feb 21, 2021 3:58pm
Technically, one of two scenarios is likely to occur on the GBPUSD market in the early part of this week. Consider the technical details here. On the daily time frame, price action is operating in a bullish channel (blue) having broken above a rising trendline (red) traceable to June 2020. Presently, price action is near the channel resistance trendline. The bullish print of Friday entered the 1.40400 multi-year horizontal resistance area (red) before it experienced a brief pullback. Any further bullish drive may see it target the channel resistance area or the horizontal resistance extension around 1.42100. However, a significant bearish pressure may see a retest of the minor horizontal support around 1.38400 (sandybrown) or the channel support trendline.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #579,540
  • Feb 21, 2021 4:15pm Feb 21, 2021 4:15pm
Quoting parshal
Even though Cable is overbought but it can be ignored for the moment as it seems very bullish. One could assume its insane like Bitcoin for the moment. Fundamentals : US Stimulus, UK covid vaccinations, possibility of ease in lockdown. However there are still positive news in the US. The US economy is recovering and mostly on its path. The UK has still challenges which might be overlooked at the moment. Also everyone knows the US stimulus will be approved and somehow it might already be priced in. That could be same as 'Buy the fact, sell the rumour'...
Totally agreed!!! I believe for the DXY to start rising we need some fundamentals like the tax rates, and likely to happen on March, in the mean time i will keep buying the pullbacks, unless we have a major news on the UK the trending keep going up !!!
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