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Cable Update (GBPUSD)

  • #580,881
  • Feb 26, 2021 7:29am Feb 26, 2021 7:29am
DXY compressing into a triangle.. should breakout soon, too early to tell which way. Don't get too attached to cable longs, this could go either way at this point.

This is a good spot to re-enter long but like I say, it could go either way at this point so it's risky. I personally have one more long going with my stop at BE

EDIT- looks like dxy breaking out south which should mean north for cable
  • #580,882
  • Feb 26, 2021 7:30am Feb 26, 2021 7:30am
Quoting gespiri
{quote} {image}Salamat?
Not yet monday its too early.
Ret
  • #580,883
  • Feb 26, 2021 7:36am Feb 26, 2021 7:36am
Short in at 1.3912 target 1.3924 target 10 pips or so
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Don't trade what you think. Just what you see!!!
  • #580,884
  • Feb 26, 2021 7:42am Feb 26, 2021 7:42am
I'm seeing what looks like a cup w handle on the weekly and monthly charts. In addition to a possible double/triple top. Staring at the charts and saw this. Any thoughts? This is a bullish signal.
  • #580,885
  • Feb 26, 2021 7:46am Feb 26, 2021 7:46am
Quoting TaoTrader
I'm seeing what looks like a cup w handle on the weekly and monthly charts. In addition to a possible double/triple top. Staring at the charts and saw this. Any thoughts? This is a bullish signal.
You'd need a stop loss probably in the thousands of pips to trade a chart pattern on that TF, just IMO. Plus they can fail, on those kinds of TFs anything can happen in the world that could change the direction of things. Like that pre-brexit wedge on monthly, first it was a false break, then it came back, etc. It was dependent on the outcome of world events
  • #580,886
  • Feb 26, 2021 7:47am Feb 26, 2021 7:47am
Quoting mysterio
{quote} You'd need a stop loss probably in the thousands of pips to trade a chart pattern on that TF, just IMO. Plus they can fail, on those kinds of TFs anything can happen in the world that could change the direction of things. Like that pre-brexit wedge on monthly, first it was a false break, then it came back, etc. It was dependent on the outcome of world events
Oh I know just sharing some info....
  • #580,887
  • Feb 26, 2021 7:50am Feb 26, 2021 7:50am
Cool, sorry thought you were asking opinions on taking it as a trading signal
  • #580,888
  • Feb 26, 2021 7:53am Feb 26, 2021 7:53am
Quoting mysterio
Cool, sorry thought you were asking opinions on taking it as a trading signal
Heck no . I use the monthly to see the full trend but nah I'm not a position trader LOL.
  • #580,889
  • Feb 26, 2021 7:59am Feb 26, 2021 7:59am
...updating charts. Dip down to current dly lo 3887 after supply encountered @ the wide prev 1hr sw lo zone =prev supp=pot sbr then a recovery and another attempt and same thing a bit higher up. 3rd attempt now ? last 2 x 4hr candles (gmt+2 candles) as below, 2nd just about to close. 4hr bullish hidden div still intact.

1hr then 4hr below.
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Attached Image
Trader with an Edge.
  • #580,890
  • Feb 26, 2021 8:03am Feb 26, 2021 8:03am
Long it is but id wait 30 mins more
Ret
  • #580,891
  • Feb 26, 2021 8:04am Feb 26, 2021 8:04am
Up to 1.4 or will it reach 1.40350?
WT
  • #580,892
  • Feb 26, 2021 8:05am Feb 26, 2021 8:05am
Just closed for another +65

Great day

I guess first target for bulls is that new 1h supply 1.4000-4020ish, not gonna be greedy though
  • #580,893
  • Feb 26, 2021 8:06am Feb 26, 2021 8:06am
...nice...updated1hr below.
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Trader with an Edge.
  • #580,894
  • Feb 26, 2021 8:28am Feb 26, 2021 8:28am
Quoting W0lfram
{quote} Some cow is hidding somewhere. TP when blue line > 0, around 1.4/1.402 I hope{image}
Out @ 1.3973. Not sure if there is fuel left for a fly today.
Attached Image (click to enlarge)
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Air force
  • #580,895
  • Feb 26, 2021 8:31am Feb 26, 2021 8:31am
Quoting Dr.Zain
{quote} The pair could see 1.3850 as it cracked the strong support of 1.4020. cracked of support indicates that the positive phase in GBP come to an abrupt END, the corrective pullback is likly to test 1.3850 and on the North side 1.4110 acting as a strong resistance !!!!
The Pair visited 1.3887 instead of 1.3850 !!!
  • #580,896
  • Feb 26, 2021 8:41am Feb 26, 2021 8:41am
Quoting W0lfram
{quote} Out @ 1.3973. Not sure if there is fuel left for a fly today.{image}
It looks Running out of Fuel !!!
  • #580,897
  • Feb 26, 2021 8:47am Feb 26, 2021 8:47am
after all it is Friday D1 bearish candle
GU will try go up and settle just below 1.4 or around that
And resume back north on Monday
  • #580,898
  • Feb 26, 2021 8:54am Feb 26, 2021 8:54am
GU to try to fight back up after yesterday and today asian and london
  • #580,899
  • Feb 26, 2021 8:55am Feb 26, 2021 8:55am
Quoting SteadyAsItGo
after all it is Friday D1 bearish candle GU will try go up and settle just below 1.4 or around that And resume back north on Monday
A very deep correction of 360 PIPS done which was due. Might stay around 1.3980.
  • #580,900
  • Feb 26, 2021 9:00am Feb 26, 2021 9:00am
Anyone watching Gold?
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Marbas