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Cable Update (GBPUSD)

  • #594,881
  • May 13, 2021 2:11pm May 13, 2021 2:11pm
Quoting windows1087
i'm still in the negative € since last friday xD damn i want to break out of this
1.39750-- is a must.Accumulation just above, in the 1.40-1.40250 area and a hit and run accelerated in the 1.39750 -- area .The market has weaknesses too
I'm The Real Deal Quant-XR ,The Financial Hacker
  • #594,882
  • Edited 2:34pm May 13, 2021 2:22pm | Edited 2:34pm
Quoting mysterio
{quote} Are you still in? I was watching 1.404x for a rejection but it's not forthcoming. Not trading it tonight.
Yes, added one more position. It's again in my sell zone 1.40500. So will wait and see what happens on 1MTF.
For now the up movement is acceptable.
  • #594,883
  • May 13, 2021 2:39pm May 13, 2021 2:39pm
Quoting Headland
Is the Daily candle shaping up into something to worry the longer term bears? Will be interesting to see how it closes. Conversely though - anymore downside and the Weekly could close as a bearish bodied hammer ? Wkly below. Just speculating/shooting the breeze. {image}
Got a similar outlook.
Tomorrow will be interesting I think, with retail numbers/Fed battling it out, could produce strong moves each way
Attached Image(s) (click to enlarge)
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Compulsions can be hard to resist
  • #594,884
  • May 13, 2021 3:06pm May 13, 2021 3:06pm
Wow its going back up...
Trade with prediction = witch with her visions lol
  • #594,885
  • May 13, 2021 3:14pm May 13, 2021 3:14pm
Quoting dimitricss
Wow its going back up...
It's bouncing off a previous 1.4 resistance level, that is now a kind of support.
Tomorrow will be like a grenade going off in all directions I think
Compulsions can be hard to resist
  • #594,886
  • May 13, 2021 3:17pm May 13, 2021 3:17pm
I'm very curious why tomorrows retail sales forecasts are so low relative to previous outcome.

It will be another huge miss...
Compulsions can be hard to resist
  • #594,887
  • May 13, 2021 3:27pm May 13, 2021 3:27pm
Quoting trumps
I'm very curious why tomorrows retail sales forecasts are so low relative to previous outcome. It will be another huge miss...
So they can beat the expectations by a lot...and make USDx go above 91.
Everyone can see the chart, but only a few can actually read it.
  • #594,888
  • May 13, 2021 3:31pm May 13, 2021 3:31pm
Wave 3 of wave 3 (possibly 5 of 3 ), on daily, pure gold if we break 4078 with the current uptrend forming on H1 , expect a very fast and strong move to the north


Attached Image (click to enlarge)
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Follow The Markets Structure - Patience and Discipline
  • #594,889
  • May 13, 2021 3:34pm May 13, 2021 3:34pm
Quoting OnlineAddict
{quote} So they can beat the expectations by a lot...and make USDx go above 91.
Thats what I think too, but I see it as a trap move that won't be sustained.
Compulsions can be hard to resist
  • #594,890
  • May 13, 2021 3:45pm May 13, 2021 3:45pm
Quoting trumps
{quote} Thats what I think too, but I see it as a trap move that won't be sustained.
The drop towards 90 was a trap move, I think. Many people got caught with shorts there...dumb money(hedge funds) is short there, so I think banks will take it to 93.xx minimum and fuck with them a little.
Everyone can see the chart, but only a few can actually read it.
  • #594,891
  • Edited 4:00pm May 13, 2021 3:46pm | Edited 4:00pm
Quoting trumps
I'm very curious why tomorrows retail sales forecasts are so low relative to previous outcome. It will be another huge miss...
In fact they are very high to be missed again like NFP...Retail Sales is for month over month (MoM) comparing one month versus the previous, so after a month with +6% growth if another one is +5% growth then the growth for last 2 months is +11.3% (1.06 * 1.05=1.113) which is unrealistic...
I am who I am
  • #594,892
  • May 13, 2021 3:55pm May 13, 2021 3:55pm
Quoting Theoak
{quote} The thing that might cock this up is if a double bottom is formed on this hour timeframe. Might be worth seeing how the 4 hr completes {image}
Well there was rejection from the resistance line on the 4 Hr. In no mans land! Will keep out until its makes its mind up.
Attached Image (click to enlarge)
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Don't trade what you think. Just what you see!!!
  • #594,893
  • May 13, 2021 3:57pm May 13, 2021 3:57pm
Quoting OnlineAddict
{quote} The drop towards 90 was a trap move, I think. Many people got caught with shorts there...dumb money(hedge funds) is short there, so I think banks will take it to 93.xx minimum and fuck with them a little.
Completely on board with that, holding a short from 14130 until I see 1.38 at least.
  • #594,894
  • May 13, 2021 4:24pm May 13, 2021 4:24pm
Quoting Scotteyy
{quote} Completely on board with that, holding a short from 14130 until I see 1.38 at least.
My target is 13530-13550
  • #594,895
  • May 13, 2021 4:53pm May 13, 2021 4:53pm
Quoting SamiFX
{quote} My target is 13530-13550
Even better, I have my exit strategy so whatever that number is when my plan tells me to exit so be it. Until then I keep adding shorts at given opportunities.
  • #594,896
  • May 13, 2021 4:55pm May 13, 2021 4:55pm
Like i said before, this looks like a pullback for now. Of course, it can form a down trend if FED raises the interest rates but i don't think they will in my humble opinion. Because inflation is a measure which is calculated every month. Numbers may be high this month, but it can slow down in the coming months.

So USD still have not gotten any advantages against GBP yet. Market only bought it for an "if" scenario, which is FED raising the interest rates. However, if FED doesn't raise the rates, then this movement will only stay as a pullback and GBP/USD will continue to move higher and higher.
You have to have an IQ higher than 90 to interact with this user.
  • #594,897
  • May 13, 2021 5:04pm May 13, 2021 5:04pm
4hr chart, 16hours of ping pong between 4054 - 4015, new candle just opened previous bar was inside bar would seem sell top of range buy bottom is still the order of pa until either is broken :-) no rocket science required !!!!
If you are new to Forex? Say Goodbye to your account!!
  • #594,898
  • May 13, 2021 5:06pm May 13, 2021 5:06pm
Quoting Nordling00
Like i said before, this looks like a pullback for now. Of course, it can form a down trend if FED raises the interest rates but i don't think they will in my humble opinion. Because inflation is a measure which is calculated every month. Numbers may be high this month, but it can slow down in the coming months. So USD still have not gotten any advantages against GBP yet. Market only bought it for an "if" scenario, which is FED raising the interest rates. However, if FED doesn't raise the rates, then this movement will only stay as a pullback and...
Too many “ifs” mate.
When it comes to technicals anything can happen from here.
If we look at the fundamentals many things suggest a stronger dollar in the near to medium future.
1. Inevitable inflation.
2. inevitable rebate hike.
3. Geopolitical troubles a) China, Australia, Philippines, Taiwan. b) Isearel, Palestine. c) Russia, Ukraine.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #594,899
  • May 13, 2021 5:08pm May 13, 2021 5:08pm
Quoting Nordling00
Like i said before, this looks like a pullback for now. Of course, it can form a down trend if FED raises the interest rates but i don't think they will in my humble opinion. Because inflation is a measure which is calculated every month. Numbers may be high this month, but it can slow down in the coming months. So USD still have not gotten any advantages against GBP yet. Market only bought it for an "if" scenario, which is FED raising the interest rates. However, if FED doesn't raise the rates, then this movement will only stay as a pullback and...
yea but the Fed don't control interest rates
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #594,900
  • May 13, 2021 5:15pm May 13, 2021 5:15pm
Quoting parshal
{quote} If you see the DXY last week candle, then this week has a chance to close bearish or atleast a doji. This gives a chance for the cable bulls to test the high. (also based on last week's bull candle). I hope that hint is enough to take that pinch of risk.
Hello Mysterio,
So DXY closes the day with a doji, and cable too.
So there is still a chance for DXY to drop lower tomorrow and also a probability of cable testing the high of 1.42. Perhaps the fundamentals tomorrow can drive the action.

Nonetheless I had closed my position bought at 1.4049 when it went lower than 1.4034 in the afternoon. It's funny that it closes the day exactly at the same price.
On the other side DXY failed to climb 91.40 and above.
How are you taking the situation currently? Despite how it turns up tomorrow, it would be nice to see your views as well.
My observation may be wrong but intent correct. Stay calm!
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