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Cable Update (GBPUSD)

  • #586,681
  • Mar 29, 2021 4:32am Mar 29, 2021 4:32am
Quoting Benton
{quote} you are correct. DXY is the dollar index. In most cases. DXY and GU go different direction. When dxy goes down, pound goes up. But today pound does not behave this way. There is always exception in forex market. Today dxy goes up, eurusd goes down. Usually GU goes down as well. But it does not today!
I don't use it Bud. I know a lot on this tread do. I know Mysterio and Moty use it.

You got in that short a little bit early. If this 4 Hr candle can hold then the Bulls will feast on the bones of the bears!!!!!
Don't trade what you think. Just what you see!!!
  • #586,682
  • Mar 29, 2021 4:33am Mar 29, 2021 4:33am
Quoting mysterio
{quote} I reckon in the 1.3500s is a good weekly target for bears I have 1.3130-3290 as the next daily demand after the one we just broke down at 1.37. Possible if the dollar strength story rumbles on, I think it has a ways to go yet
Is there not a lot of demand from around the 4th/5th Feb when we had the BOE rates decision?? Huge candle there

1.365 and 1.356 from memory
  • #586,683
  • Mar 29, 2021 4:41am Mar 29, 2021 4:41am
Quoting mysterio
Got my short in from 1.3828 Stop Loss to BE already, TP open God speed If its stopped I wait for higher up
Got taken out BE

Waiting to see what happens next

Re-short at 3830. Stop to BE already
  • #586,684
  • Edited 5:03am Mar 29, 2021 4:41am | Edited 5:03am
Quoting mysterio
{quote} I reckon in the 1.3500s is a good weekly target for bears I have 1.3130-3290 as the next daily demand after the one we just broke down at 1.37. Possible if the dollar strength story rumbles on, I think it has a ways to go yet
yeh, I think if it does go lower some demand on the dly could emerge ahead of 3290-3130.

---------------------------------------------------------------

It was the 3min bullish hidden div in the end (re my post about potential 5min bullish hidden div on the pullback.) Both times now at a prev 1hr then prev 1hr/4hr sw hi zone = prev res = potential rbs...see red arrows on 1hr below.

EDIT: solid 1hr bullish close right in the prev 30min sw hi zone to current dly hi. Suggestive of a break higher? But of course any break higher is effectively deeper into this 4hr/deep dly sw lo zone =prev supp = potential sbr.
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Trader with an Edge.
  • #586,685
  • Mar 29, 2021 5:05am Mar 29, 2021 5:05am
I closed my sell position with just 4 pips profit. I take lesson now. It may still be too soon for short! Wait until NY session starts.
  • #586,686
  • Mar 29, 2021 5:06am Mar 29, 2021 5:06am
Quoting Benton
I closed my sell position with just 4 pips profit. I take lesson now. It may still be too soon for short! Wait until NY session starts.
now it'll drop lol!
Trader with an Edge.
  • #586,687
  • Mar 29, 2021 5:12am Mar 29, 2021 5:12am
I don't like the PA for short right now, although in theory there should be some supply. Session sweetspot has passed as well, will check back for NY open.

GL with your trade!

Quoting mysterio
{quote} Got taken out BE Waiting to see what happens next Re-short at 3830. Stop to BE already
  • #586,688
  • Mar 29, 2021 5:17am Mar 29, 2021 5:17am
Quoting Ilvez
I don't like the PA for short right now, although in theory there should be some supply. Session sweetspot has passed as well, will check back for NY open. GL with your trade! {quote}
Out-also waiting.
  • #586,689
  • Mar 29, 2021 5:20am Mar 29, 2021 5:20am
FYI, next monthly high-volume price zones are 3840 and 3860 area to watch out for S/R.

Attached Image


Quoting mysterio
{quote} Out-also waiting.
  • #586,690
  • Mar 29, 2021 5:20am Mar 29, 2021 5:20am
Quoting mysterio
{quote} Out-also waiting.
short is still the right play for me. MMs loading up shorts
  • #586,691
  • Mar 29, 2021 5:21am Mar 29, 2021 5:21am
Quoting iluvyomumma
{quote} short is still the right play for me. MMs loading up shorts
Agree, just waiting for the best spot
  • #586,692
  • Mar 29, 2021 5:23am Mar 29, 2021 5:23am
Quoting mysterio
{quote} Agree, just waiting for the best spot
i'm back in. 38409
  • #586,693
  • Mar 29, 2021 5:24am Mar 29, 2021 5:24am
longs only for me to previous highs and we see from there
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offering my system to copy trade. check my link
  • #586,694
  • Mar 29, 2021 5:24am Mar 29, 2021 5:24am
Climax
GBP is going in good areas to sell, it will soon begin to weaken on almost any pair

EUR/GBP can get 0.8480 and lower before buy signal
GBP/JPY may re-test 151.80
  • #586,695
  • Mar 29, 2021 5:25am Mar 29, 2021 5:25am
GU is at .3840 50% retrace.... .3880 61% ..... if bearish sentiment is true, Bears will work into this area
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  • #586,696
  • Mar 29, 2021 5:25am Mar 29, 2021 5:25am
'Morning.
Testing shorts here.
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If you don't know how to earn money, don't loose it.
  • #586,697
  • Mar 29, 2021 5:26am Mar 29, 2021 5:26am
... 2 x fibs of the major swing hi's down to 3670 @ 3846/49...deeper in the dly part of the prev sw lo zone = prev supp=pot sbr zone to circa 3884. 3861 is Dly R2, 3875 another fib. On today's dly candle the desc t/line joining 4242 with 4002 and the underside of the prev asc t/line joining 3188 with 3809 are just above that prev dly sw lo zone.

Price @ current dly hi @ 81% 30day adr, past 23.6% upside extension of Friday's dly candle and beyond Dly R1. Wkly R1 up @ 3888.
Trader with an Edge.
  • #586,698
  • Mar 29, 2021 5:28am Mar 29, 2021 5:28am
Quoting Theoak
{quote} I don't use it Bud. I know a lot on this tread do. I know Mysterio and Moty use it. You got in that short a little bit early. If this 4 Hr candle can hold then the Bulls will feast on the bones of the bears!!!!!
I do feel that I entered the short too soon. This is the price I paid to learn the lesson. Thank all those in this thread who help me!
I am here to test my strategy. Making mistakes is not a surprise.

I do feel that DXY is a very useful tool to predict GU direction. It is not always correct. But most of times the correlation is true!
  • #586,699
  • Mar 29, 2021 5:35am Mar 29, 2021 5:35am
Maybe 1.387 and then ~ 1.3616
Air force
  • #586,700
  • Mar 29, 2021 5:36am Mar 29, 2021 5:36am
Quoting iluvyomumma
{quote} i'm back in. 38409
I ended up taking 1.3835 short

Not the best entry

Will lock in as soon as I can
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