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Cable Update (GBPUSD)

  • #589,981
  • Apr 18, 2021 2:34pm Apr 18, 2021 2:34pm
Was monitoring the market closely to sell the pair on Friday with one single order at last moment that's high price, to then come here and see folks with decorated sell lines all over the chart from 1.3720 to 1.3820
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #589,982
  • Apr 18, 2021 2:35pm Apr 18, 2021 2:35pm
investing present a little gap down
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yes yes yes
  • #589,983
  • Apr 18, 2021 3:53pm Apr 18, 2021 3:53pm
Here's my technical perspective on the GBPUSD as a swing trader. On the daily time frame, recent price action made a bullish rejection of the 1.36860 horizontal support (light green). This was followed on Friday by the printing of a contextually, relatively strong bullish continuation candlestick. Technically, we can expect bulls to keep the momentum going in the early part of this week. This may see the completion of a ‘W’ pattern around the 1.39270/1.40070 area (purple).

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #589,984
  • Apr 18, 2021 3:58pm Apr 18, 2021 3:58pm
Quoting Moty
investing present a little gap down {image}
What you targeting?
Insane in the Brain..
  • #589,985
  • Apr 18, 2021 3:59pm Apr 18, 2021 3:59pm
WPP around 1.3780 & DPP around 1.3795
???
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dolce vita
  • #589,986
  • Apr 18, 2021 4:00pm Apr 18, 2021 4:00pm
Quoting Bainbrito
{image}Although the drop in volume is most likely the result of it being a Friday afternoon, I'm a little suspicious that the price was able to climb so high without sustained effort. I would usually expect to see strong volume on the breakout of a congestion zone and RISING volume for the trend to hold. It doesn't look like the market was really participating in the move, so it is either a trap or simply a lack of interest given it was the end of the week. Another explanation could be that the dollar is moving elsewhere, nearly all of the major...
Question is - is it tick or real volume?
Tick volume is irrelevant.
If real - we will have a quick drop on Monday...
WT
  • #589,987
  • Edited 5:15pm Apr 18, 2021 4:36pm | Edited 5:15pm
[quote=Bartosz77;13500474]{quote} Question is - is it tick or real volume? Tick volume is irrelevant. If real - we will have a quick drop on Monday...]

There’s no central exchange in forex so it is tick volume and not reported, but I don’t think it’s irrelevant.
Tick volume still reflects activity and can help clarify cause and effect. Just one part of the puzzle, not enough to generate an entry but plenty enough to reveal traps and potential weakness - for example it kept me from selling on Friday as the drop lower was on very low volume, effect without cause, a classic test. It didn’t look right.

There could be a drop on Monday, at least I don’t think it is GBP strength that drove the price up but dollar weakness, but that may well continue as the VIX cruises lower and investors appear risk on. Will see what happens when the insiders show their hand.
  • #589,988
  • Apr 18, 2021 5:24pm Apr 18, 2021 5:24pm
Quoting KeenPips
Here's my technical perspective on the GBPUSD as a swing trader. On the daily time frame, recent price action made a bullish rejection of the 1.36860 horizontal support (light green). This was followed on Friday by the printing of a contextually, relatively strong bullish continuation candlestick. Technically, we can expect bulls to keep the momentum going in the early part of this week. This may see the completion of a ‘W’ pattern around the 1.39270/1.40070 area (purple). I may be wrong. Trade safe and prosper. KP {image}
very nice clean pa chart, and analysis, a possible counter argument (swing) for bears daily , fridays candle had no support from anywhere, swing wise, she is in the process of ll lh,s presently possible lh, a hh would negate that scenario, but right now it is valid bear action, weekly is in the process of thw W pattern approaching resistance again valid bear action, Im not saying pa will go down, Im just saying bears should not be disregarded!!!
If you are new to Forex? Say Goodbye to your account!!
  • #589,989
  • Apr 18, 2021 5:41pm Apr 18, 2021 5:41pm
Quoting KiwiTrada
{quote} very nice clean pa chart, and analysis, a possible counter argument (swing) for bears daily , fridays candle had no support from anywhere, swing wise, she is in the process of ll lh,s presently possible lh, a hh would negate that scenario, but right now it is valid bear action, weekly is in the process of thw W pattern approaching resistance again valid bear action, Im not saying pa will go down, Im just saying bears should not be disregarded!!!
geppy will be my focus this week, daily she is still grinding the ltl of rising channel (aka bear flag) a new low of fridays low could see some major pips on offer, this is medium to long term trade with very good potential, waiting!!!!
If you are new to Forex? Say Goodbye to your account!!
  • #589,990
  • Apr 18, 2021 6:38pm Apr 18, 2021 6:38pm
Quoting navk
bit of retrace and then UP to R1.... on Monday. Closing is bull close.
Below 3840, possible targets, 3800 first, and then 3760
Intraday only.
  • #589,991
  • Apr 18, 2021 7:13pm Apr 18, 2021 7:13pm
Will look to buy around 1.3787 seeing as 1.3802 resistance was broken last week.

MACD 4HR is also above 0 level and Daily is crossing 0 level indicating strong possibility of a BUY week ahead but need this retracement first.

Happens to also be near the 200 EMA on the 4HR.
You can lead a horse to water, but you can't make it drink
  • #589,992
  • Apr 18, 2021 7:51pm Apr 18, 2021 7:51pm
Hi all !

is here! You poor lads ! and here is my mess (NEED YOUR CHARTS TO FOLLOW MAYBE, IF YOU DAREEEE) :

If this momentum can keep up and push the price above this important resistance area 1.382, bulls have a much better chance of retesting 1.4s, where I will probably take some profits or stay in.

1st Important thing for me now is that 1.3795 stays untested. (Moved some SLs to 1.3789)

1.3790s, very important level for the strategies I am using at the present.

That level might look great to buy at, a nice several times tested resistance that has surely become support ?

Well, maybe not

Price has been ranging long enough to need more than just one move above it to confirm its really done, no matter how strong the move is.
Today could very well cancel out friday.

For now, if 1.3790s are reached before any more significant up moves happen, it is just as probable that we are going back down further to the bottom of a new range, that can last just as long as the last.

UNLESS

this momentum stays intact beyond the reach of last weeks HIGh.


As I stated already in many posts, I am still mainly going for minimum 1.4 with my compounded longs, and will maybe soon have the privilege to watch out for how price acts around the very important .3860s

If this is the end of a beautiful pullback on the daily, this could go much much higher from here. But for that, it needs to break .3860s clean, or the bears will probably bring it down further, much further down .



Worked to get good longs in at bottom of established ranges all of last week. Entering systematically, applying the rules according to the strategies used and TF.

I will redo it all this week if I have to. As long as price is above the .36s.

And scalping both sides and going for the occasional range and countertrend trade when the conditions are right.



I wish you all an amazing week with the discipline of STEEL ! !

IF you read till here, I send you my bitcoins !
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #589,993
  • Apr 18, 2021 8:29pm Apr 18, 2021 8:29pm
M30 is clear...1.3800 1st in my chart
  • #589,994
  • Apr 18, 2021 8:32pm Apr 18, 2021 8:32pm
Quoting BeeTogether
{quote} What you targeting?
1.38100
will take a loss of 150 $ after being ina floating 240 $ loss
i want to be long
and will look for a set up after i will get out
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yes yes yes
  • #589,995
  • Apr 18, 2021 8:45pm Apr 18, 2021 8:45pm
switched to long
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yes yes yes
  • #589,996
  • Edited 9:18pm Apr 18, 2021 9:00pm | Edited 9:18pm
hopefully useful .... regards green profit
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The Average Discount Everything
  • #589,997
  • Apr 18, 2021 9:45pm Apr 18, 2021 9:45pm
GU went back to weekly support 1.3810 that was resistance, and now it's at 1.3850s. If the first get based below again, will open for 1.3730. Above the latter is bullish.
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #589,998
  • Apr 18, 2021 9:47pm Apr 18, 2021 9:47pm
au gap closed kiwi 1 pip to go, eu hrly support bo with retest right now 1953 now what??
If you are new to Forex? Say Goodbye to your account!!
  • #589,999
  • Apr 18, 2021 10:48pm Apr 18, 2021 10:48pm
Quoting Moty
switched to long {image}
to me retrace in progress below 3840.

Break of 3840 will make price to test R1 today, 3880
Intraday only.
  • #590,000
  • Apr 18, 2021 10:53pm Apr 18, 2021 10:53pm
Nice bullish ingulfing candle on the 1.38100 level
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yes yes yes
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