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Cable Update (GBPUSD)

  • #596,161
  • May 19, 2021 9:38pm May 19, 2021 9:38pm
i waited until 4 hours before fo , that all i can do , i am the entry man
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yes yes yes
  • #596,162
  • May 19, 2021 9:58pm May 19, 2021 9:58pm
Messy chart but quite the clean arrow. To make a long story short looking for this bearish move to continue and clear a couple open FVG with my eye on the .4045 area for a reversal because of there being a key confluence there of an intstitutional retracement level, the end of an open daily FVG and just past the 1.0 extension for this predicted retracement.

-Prophet

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  • #596,163
  • May 19, 2021 10:37pm May 19, 2021 10:37pm
Quoting Moty
i waited until 4 hours before fo , that all i can do , i am the entry man {image} {image}
i agree with this 15 mon chart. Any spike in Frankfurt session /London is to be sole for S1 target minimum.
Intraday only.
  • #596,164
  • May 19, 2021 10:48pm May 19, 2021 10:48pm
interesting chart , Dollar on Triangle , GU on Triangle also
i smell a good big move here . patient and wait the signal
"Buy Cheap and Sell Expensive , Its Market Anyways where People Get profit"
  • #596,165
  • May 19, 2021 10:56pm May 19, 2021 10:56pm
...that zone down to y/day's lo tested twice so far and held as support now, and the zone to the current pullback hi off that lo tested once so far and held as resistance. 1hr below.
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Trader with an Edge.
  • #596,166
  • May 19, 2021 11:15pm May 19, 2021 11:15pm
Quoting Moty
i waited until 4 hours before fo , that all i can do , i am the entry man {image} {image}
You are right IMO. Yesterday’s daily candle closed almost at the bottom of the range at 0000 GMT. This means that we shall see a further drop of another 80-100 points towards 1.40 by Friday pm even with the news tomorrow. I’m ready to sell again. Green pips to all of you.
Did you place your stop loss order? Why not?!? Story of my life...
  • #596,167
  • May 19, 2021 11:21pm May 19, 2021 11:21pm
... re fractal swing analysis - whilst the 1hr is now in a general downtrend, 4hr/dly/wkly are still in uptrends. It's either a correction in those or the start of something,? take your pick.
Trader with an Edge.
  • #596,168
  • May 19, 2021 11:30pm May 19, 2021 11:30pm
Quoting Headland
... re fractal swing analysis - whilst the 1hr is now in a general downtrend, 4hr/dly/wkly are still in uptrends. It's either a correction in those or the start of something,? take your pick.
My idea of GBPUSD is that we are not going back above 1.42 and this is the beginning of a drop towards 1.37 – 1.36 area if not lower towards 1.33, by 15-20 of June.
Did you place your stop loss order? Why not?!? Story of my life...
  • #596,169
  • May 19, 2021 11:37pm May 19, 2021 11:37pm
Quoting coyoteuglyxxx
{quote} My idea of GBPUSD is that we are not going back above 1.42 and this is the beginning of a drop towards 1.37 – 1.36 area if not lower towards 1.33, by 15-20 of June.
If price can close below 1.41 this week is game over for bulls. The weird thing now is why it stalled at 1.4220 instead of retesting 1.4242 or breaking it marginally to 1.4270 area, as that is classical GBPUSD behaviour...

Key level is closure below 1.41 for bears to finally take over for attack of 1.3750.

Remaining part of this week will see either 1.4050 or 1.4247...
Data + Stat + Risk/Emotions Management
  • #596,170
  • May 19, 2021 11:40pm May 19, 2021 11:40pm
Quoting coyoteuglyxxx
{quote} My idea of GBPUSD is that we are not going back above 1.42 and this is the beginning of a drop towards 1.37 – 1.36 area if not lower towards 1.33, by 15-20 of June.
Thanks, what gives you this idea though is it analysis (technical, fundamental or other,) or just gut feeling?

Quoting Georginson
{quote} If price can close below 1.41 this week is game over for bulls. The weird thing now is why it stalled at 1.4220 instead of retesting 1.4242 or breaking it marginally to 1.4270 area, as that is classical GBPUSD behaviour... Key level is closure below 1.41 for bears to finally take over for attack of 1.3750. Remaining part of this week will see either 1.4050 or 1.4247...
Hi mate, certainly a close there or below would produce a weekly pinbar candle, or lower - a bearish bodied hammer.
Trader with an Edge.
  • #596,171
  • May 20, 2021 12:06am May 20, 2021 12:06am
Quoting coyoteuglyxxx
{quote} My idea of GBPUSD is that we are not going back above 1.42 and this is the beginning of a drop towards 1.37 – 1.36 area if not lower towards 1.33, by 15-20 of June.
Thanks, what gives you this idea though is it analysis (technical, fundamental or other,) or just gut feeling?

Price: 1.42 is a strong resistance and a double top as per the chart, so selling here is a must targeting the bottom of the range. Time: the second part of June is always significant for change in trend, hence why I said a drop lasting until 15-20 June. On the other hand I expect the USD to get stronger after some of the terrible data this month so far. Put two and two together and this is my idea for the drop. Timing is the most difficult part of this game IMO.
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Did you place your stop loss order? Why not?!? Story of my life...
  • #596,172
  • May 20, 2021 12:31am May 20, 2021 12:31am
Quoting ChiForex
Now, last defense for bears at 1.4120s, above there it will go to around 1.4210s, on downside 1.4040s support, followed by 1.3950-60s
My fat finger doing its job all the way from 1.4210sSlide down MF
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #596,173
  • May 20, 2021 12:42am May 20, 2021 12:42am
Quoting coyoteuglyxxx
.... 1.42 is a strong resistance and a double top as per the chart, so selling here is a must targeting the bottom of the range. Time: the second part of June is always significant for change in trend, hence why I said a drop lasting until 15-20 June. On the other hand I expect the USD to get stronger after some of the terrible data this month so far. Put two and two together and this is my idea for the drop. Timing is the most difficult part of this game IMO. {image}
Thanks, it's a plausible scenario.
----------------------------------------

... 2nd 1hr attempt on the prev 1hr sw hi x 2 zone up to y/day's 4125 p/back hi...1hr below.

London forex desks beginning to kick in around now.
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Trader with an Edge.
  • #596,174
  • May 20, 2021 12:43am May 20, 2021 12:43am
Good morning all. Maybe a small down trend for cable and gold started. Today carrefully will be on short side

first target for gold 1845

and for cable 1.4059
  • #596,175
  • May 20, 2021 12:48am May 20, 2021 12:48am
Quoting ChiForex
{quote} My fat finger doing its job all the way from 1.4210sSlide down MF
3rd May opportunity to sell didn't work out for you then, where have you been since then? back to trading school PS been short from 2.1150 nov 2007
  • #596,176
  • May 20, 2021 1:01am May 20, 2021 1:01am
Quoting Headland
... re fractal swing analysis - whilst the 1hr is now in a general downtrend, 4hr/dly/wkly are still in uptrends. It's either a correction in those or the start of something,? take your pick.
Quite a few here convinced of more downside to come...they could well be right (I have no idea,) if y/day's daily candle is anything to go by. I refer them to the analysis I posted earlier and that is quoted above. No real scheduled market-moving data event risks today so unlikely to get any help there but anything can happen. G/L to all today whichever way they are trading.
Trader with an Edge.
  • #596,177
  • May 20, 2021 1:11am May 20, 2021 1:11am
Nice reversal confluence to the upside (institutional retracement level & end of open FVG) which would mean a further continuation in this retracement on GU. Looking at the 90.55-.75 area, particularly the 90.75-65 area for it turn around and continue its meltdown
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-Prophet
  • #596,178
  • Edited 3:58am May 20, 2021 1:11am | Edited 3:58am
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Ride the Beast it's a feast !
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  • #596,179
  • May 20, 2021 1:14am May 20, 2021 1:14am
Quoting Pip-Prophet
Nice reversal confluence to the upside (institutional retracement level & end of open FVG) which would mean a further continuation in this retracement on GU. Looking at the 90.55-.75 area, particularly the 90.75-65 area for it turn around and continue its meltdown {image} -Prophet
Forgive me, what is an FVG? Thanks.
Trader with an Edge.
  • #596,180
  • May 20, 2021 1:18am May 20, 2021 1:18am
Quoting Headland
{quote} Forgive me, what is an FVG? Thanks.
Fair Value Gap
"Buy Cheap and Sell Expensive , Its Market Anyways where People Get profit"
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