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Cable Update (GBPUSD)

  • #593,681
  • May 8, 2021 3:12pm May 8, 2021 3:12pm
Quoting mysterio
{quote} Was thinking broadly the same thing man. 1.40 supply has been tested a lot and it is surely time to have a rummage up there for some buy stops. Then we can have a bear party. Maybe we head down to the new 4h demand created below the mid 1.39xx before up Or like you say, 1.40 just rejects again... but I favour the up to 1.41xx first, I think it is time. Short from 1.4150 is almost too perfect. This would create something of a weekly double top and is a strong weekly supply area from a while back. {image}
Yea,when I see all those touches, it looks like the market says at Bears: come on, sell and put your stops here...and that's the trap

Day by day the market structure will tell us if 1.4150 is a good area
  • #593,682
  • May 8, 2021 4:52pm May 8, 2021 4:52pm
so ,
This is the market actual expectation V the biased Fed chat....

TECHNICALLY
You're not get the cost of copper back to its original average value of the last 10Y easy ,You have to doubt what you're being told.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #593,683
  • Edited 5:20pm May 8, 2021 5:06pm | Edited 5:20pm
This is by far one of the most interesting views I’ve seen. It’s not mine. Just found it and I think it’s worth paying attention to it. All I’m saying is the sone around 1.4000 is where anything can happen.

https://www.tradingview.com/chart/GB...R-SMALL-GAINS/

BTW I can see confirmed bearish RSI divergences on M5, M15, M30 and H1 TFs.
On the other hand MACD just turned bullish on H4 TF.

GBPUSD is a complicated pair to trade. I usually avoid to trade this pair but I just got stuck with some short hedges and I have to find a way to solve them.

Not trading advice. Just mine and other’s view.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #593,684
  • Edited 6:03pm May 8, 2021 5:19pm | Edited 6:03pm
Quoting Vincent1
{quote} Timing is not my best, I still need to study a lot to improve... Anyway the two plans are still on the table. This why we all know that Big Boys and locals like false breakouts to place their orders. So, there are a lot of Stop Losses and Buy orders above 1.40 now, and for sure they are looking for break the area and place Sell orders. Usually the high importante of the breakout says that a strong move in the opposite direction is going to happen I still prefer Plan A, since the last area of fight before the down under 1.37 was between 1.4090/1.4175....
last defend for bear @ 4060/80, coz that the truning point for bear abcd pattern pointing to 3400.

as you pointed out, bull might take all the bear stop just above 4000 before switch to bears.. big boys like retail trader to think break 4000 price will shoot up, but they will push the price down..

rsi H4 at overbought area but there is room go further up on H8.. h4 rsi point 4080 H8 pointing 4181..

For me, i will be watching at 3940/50 and 4060/80 level for possible entry...
Peace Yo!
  • #593,685
  • Edited May 9, 2021 2:29am May 8, 2021 5:37pm | Edited May 9, 2021 2:29am
Quoting Bones
so , This is the market actual expectation V the biased Fed chat.... TECHNICALLY You're not get the cost of copper back to its original average value of the last 10Y easy ,You have to doubt what you're being told. {image} {image} {image}
An important question to ask, is why has the price increased so dramatically?

I know with lumber, they almost shut down production in anticipation of demand shrinking significantly due to the pandemic. But housing continued and they couldn't meet demand.

I would Imagine a similar situation with other raw materials.
Compulsions can be hard to resist
  • #593,686
  • May 8, 2021 7:18pm May 8, 2021 7:18pm
Quoting NotAtrader
GBPUSD is the best pair to trade.
Fixed your quote
  • #593,687
  • May 8, 2021 11:37pm May 8, 2021 11:37pm
Quoting mysterio
{quote} Fixed your quote
Manipulating others’ posts is not a smart way of showing your own preferences. It shows rather a narrow minded and biased person with lack of respect to fellows.

My post stands as it is. Make your own if you want to share something useful with this community.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #593,688
  • May 9, 2021 12:01am May 9, 2021 12:01am
Quoting mysterio
{quote} Was thinking broadly the same thing man. 1.40 supply has been tested a lot and it is surely time to have a rummage up there for some buy stops. Then we can have a bear party. Maybe we head down to the new 4h demand created below the mid 1.39xx before up Or like you say, 1.40 just rejects again... but I favour the up to 1.41xx first, I think it is time. Short from 1.4150 is almost too perfect. This would create something of a weekly double top and is a strong weekly supply area from a while back. So dream scenario for Monday, some retrace...
From what I see here somehow I can’t get the feeling that GBPUSD is the best pair to trade for you. Your post is full of uncertainty, confusion and wishing scenarios. I don’t see the determination of a confident trader who stands by his decisions and who loves what he is doing. So I take your quoting and manipulating my previous post as pure trolling.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #593,689
  • May 9, 2021 4:59am May 9, 2021 4:59am
Anyone have indi which allows to close all trades at the same time? Like close all button
Thanks in andvance!
  • #593,690
  • Edited 5:43am May 9, 2021 5:28am | Edited 5:43am
Quoting Ziemowit
Anyone have indi which allows to close all trades at the same time? Like close all button Thanks in andvance!
Hi. You cannot use indicator for this purpose as indicator programming environment does not allow implementing of trade operations. It should be either script or an EA. The disadvantage of using EA on MT4 is that you are allowed to use only one EA per chart. Anyway you can visit the MQL community and search for the free EA called One Click Close or something like that. This EA will do exactly what you are looking for.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #593,691
  • May 9, 2021 6:18am May 9, 2021 6:18am
Quoting Ziemowit
Anyone have indi which allows to close all trades at the same time? Like close all button Thanks in andvance!
Market > Trade manager 4 lite, but you have to execute it from same to be able to close it all. hope it helps.

Cheers
Precise Execution!
  • #593,692
  • Edited 2:50pm May 9, 2021 7:19am | Edited 2:50pm
Quoting mysterio
{quote} Was thinking broadly the same thing man. 1.40 supply has been tested a lot and it is surely time to have a rummage up there for some buy stops. Then we can have a bear party. Maybe we head down to the new 4h demand created below the mid 1.39xx before up Or like you say, 1.40 just rejects again... but I favour the up to 1.41xx first, I think it is time. Short from 1.4150 is almost too perfect. This would create something of a weekly double top and is a strong weekly supply area from a while back. So dream scenario for Monday, some retrace...
Intraday perspective, for me the first area to watch for any bullish patterns 1.3919-43

DXY has broken a big daily/weekly TL which seems significant, we might see some initial retracement to test the TL, so expectation is for things to start off bearish. 89.68-90.13 is strong daily demand so is worth keeping an eye on for any turnaround on dxy. Obviously, 1.40 is a significant area so blindly buying into here is maybe not the smartest, I prefer to wait for lower for buying.

Going to be watching gilt yields on Monday morning to see how the market is reacting to the election results, this will give a clue as to cable direction (imo, not much has changed fundamentally here, results broadly as expected). The appetite for Scottish independence here is low whilst we're still mired in Covid so it's not on the immediate horizon. Trading plan I posted last weekend was basically buy from 1.38 so congrats if you got in on this action. Will post some trades if I feel confident about what's happening. I gotta come clean though, I was scalp buying into that area I marked as distribution back on the 29th, very luckily got out unscathed. I managed to convince myself that we were cooking up a big bullish move from here, and unfortunately missed that drop (actually managed to profit scalping a buy from 1.39 though on the way down). This is the pitfall of trading what you expect rather than what you see. I think I mentioned that first drop from 1.3930 though on Monday evening.

Any opinions/criticism welcome, I like hearing the other side. I am maybe going against the grain a bit as I know shorting from 1.40 makes sense too and that strategy definitely served me well over the past months. Lets see how things look tomorrow, I'll switch to bearish bias if that's what price is telling me. Possibly 1.4150 is a reach too far but it would be very neat for the channel/ABCD.

I'm also eyeing up a sell on GBPAUD when we get a bit higher up, a nice double top forming. By the looks of it a big move is cooking.

DXY: https://www.tradingview.com/x/2gZ3znXn/

Don't underestimate the daily demand area on dxy as it created an extremely big move with a gap before (end of Feb), and is coming in for its first test. So I think a reaction here is very likely.
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  • #593,693
  • May 9, 2021 7:23am May 9, 2021 7:23am
Quoting Ziemowit
Anyone have indi which allows to close all trades at the same time? Like close all button Thanks in andvance!
I made a script to close all trading at once.. you can check in the attachment..

in the attachments are two types of scripts. The CloseAllActive is to Close All Active Order while CloseProfitOnly is to close All Order which is profit or floating Positive.

Please Test it out first by using Demo Account.

DISCLAIMER: USE THIS SCRIPT AT YOUR OWN RISK, I WILL NOT HELD ACCOUNTABLE FOR ANY PROFIT OR LOSS RESULTED FROM USING THIS SCRIPT.
Attached File(s)
File Type: mq4 CloseAllActive.mq4   2 KB | 299 downloads
File Type: mq4 CloseProfitOnly.mq4   2 KB | 300 downloads
  • #593,694
  • Edited 2:18pm May 9, 2021 7:53am | Edited 2:18pm
Quoting trumps
{quote} An important question to ask, is why has the price increased so dramatically? I know with lumber, they almost shut down production in anticipation of demand shrinking significantly due to the pandemic. But housing continued and they couldn't meet demand. I would Imagine a similar situation with other raw materials.
Yea this is a factor. What about adding 40% more cash into the economy in 1 year ? Thats what Powell is saying we may have to un-learn.
also
If Joe gets the other 4Trillion ? packages, thats the same thing.They have to print it into existence as debt then spend it into the real economy.This is new money in circulation not digital in the banking system.
Not to forget the psychology of it all, price of copper just doubled better buy more than I need.

Looking at the chart I'm saying that won't be going back anytime soon that means it has to feed through to the consumer .
Copper, a beautiful momentum trade- just broke its all time high.

If any data next week shows inflation interest rates will jump.

https://www.zerohedge.com/markets/do...-commodity-put
"Looking forward, we see upside risks developing for oil prices as we approach the high demand summer months in conjunction with the re-opening of key cities and regions. We expect this year’s strong investor interest in commodities to be more persistent in nature and related to an ongoing strategic rotation across asset classes."
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #593,695
  • May 9, 2021 8:02am May 9, 2021 8:02am
Quoting Bones
{quote} Yea this is a factor. What about adding 40% more cash into the economy in 1 year ? Thats what Powell is saying we may have to un-learn. also If Joe gets the other 4Trillion ? packages, thats the same thing.They have to print it into existence as debt then spend it into the real economy.This is new money in circulation not digital in the banking system. Not to forget the psychology of it all, price of copper just doubled better buy more than I need. Looking at the chart I'm saying that won't be going back anytime soon that means it has to...
What's your plan on cable? I assume bearish at more hints of higher US inflation
  • #593,696
  • May 9, 2021 8:22am May 9, 2021 8:22am
Quoting Sywa
{quote} I made a script to close all trading at once.. you can check in the attachment.. in the attachments are two types of scripts. The CloseAllActive is to Close All Active Order while CloseProfitOnly is to close All Order which is profit or floating Positive. Please Test it out first by using Demo Account. DISCLAIMER: USE THIS SCRIPT AT YOUR OWN RISK, I WILL NOT HELD ACCOUNTABLE FOR ANY PROFIT OR LOSS RESULTED FROM USING THIS SCRIPT. {file} {file}

how about for mt5?
  • #593,697
  • May 9, 2021 8:40am May 9, 2021 8:40am
Option situation on Jun21 expiration
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  • #593,698
  • May 9, 2021 8:41am May 9, 2021 8:41am
Quoting mysterio
{quote} What's your plan on cable? I assume bearish at more hints of higher US inflation
eu is the easier read
The tl that held is $ related ,I've seen a Q fail outright and thats not good US news.
Thats a major level ,
It's not clear to me exactly what's occurring, that Q open bothers me in the first month
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #593,699
  • May 9, 2021 12:52pm May 9, 2021 12:52pm
Quoting Bones
{quote} eu is the easier read The tl that held is $ related ,I've seen a Q fail outright and thats not good US news. Thats a major level , It's not clear to me exactly what's occurring, that Q open bothers me in the first month {image} {image} {image}

amazing charting as always
I feel like giving you an award they look so good lol
  • #593,700
  • May 9, 2021 1:18pm May 9, 2021 1:18pm
Quoting dylan369
Greetings experienced traders With SNP winning the Scottish election today, who seek Independence, how will this effect GBPUSD this coming week?
I think it will depreciate before stabilizing & appreciating
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