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Cable Update (GBPUSD)

  • #596,781
  • Edited 1:51am May 22, 2021 1:35am | Edited 1:51am
Quoting mrluckystar
{quote} i see no reason for GU to drop below 4000.. all core data for UK release this month are green.. where else for US 3/5 data are red (gdp, employment and retail sales).. this drop only for profit taking for push price higher..
On technical perspective, the only pattern that show it can break 4000 are daily cypher pattern..

bull have to defend 080/050 otherwise break that level 3871 is the target..

enough mumbling this weekend..
Peace Yo!
  • #596,782
  • May 22, 2021 2:07am May 22, 2021 2:07am
Quoting mrluckystar
{quote} On technical perspective, the only pattern that show it can break 4000 are daily cypher pattern.. bull have to defend 080/050 otherwise break that level 3871 is the target.. enough mumbling this weekend..
are you using point C or D for entry?
  • #596,783
  • May 22, 2021 2:24am May 22, 2021 2:24am
COT report profit taking started , and also shorting started
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  • #596,784
  • May 22, 2021 2:50am May 22, 2021 2:50am
Quoting Jgcole83
Looks bullish on all tf's to me. {image} {image} {image}
"looks" bullish or bearish. The beauty of the the price advertising.The market use a rotational cycle,when looks bullish on charts the bullish cycle just ended for that particular instrument ,or is about to end.What you see on charts "happened already". ... That's why i stay away of charts, i try to avoid the influence of the "market price advertising system" on my decision taking process.
I'm The Real Deal Quant-XR ,The Financial Hacker
  • #596,785
  • May 22, 2021 3:03am May 22, 2021 3:03am
I see 1.43500
  • #596,786
  • May 22, 2021 3:04am May 22, 2021 3:04am
Attached Image (click to enlarge)
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On GBP very little changing position....so outlook is stable
  • #596,787
  • Edited 4:00am May 22, 2021 3:26am | Edited 4:00am
Quoting gatenio
{quote} are you using point C or D for entry?
Surely point D

refer to possible H4 cypher pic below

bull need to defend this area or more drop... therefore an opportunity for entry with tight stop..
Peace Yo!
  • #596,788
  • May 22, 2021 5:30am May 22, 2021 5:30am
Quoting mrluckystar
{quote} i see no reason for GU to drop below 4000.. all core data for UK release this month are green.. where else for US 3/5 data are red (gdp, employment and retail sales).. this drop only for profit taking for push price higher..
Well, here's the data sheet that i created for those news and how i ranked currencies based on them: (Up to date)
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  • #596,789
  • May 22, 2021 5:34am May 22, 2021 5:34am
Quoting Nordling00
{quote} Well, here's the data sheet that i created for those news and how i ranked currencies based on them: (Up to date) {image}
As you can see i don't have AUD, CAD, NZD in this table. Because they are commodity currencies. I only trade no commodity related, floating currencies. Cause they are easier to trade for now, as i have not enough knowledge for commodities yet.
You have to have an IQ higher than 90 to interact with this user.
  • #596,790
  • May 22, 2021 6:40am May 22, 2021 6:40am
Quoting cloggie
{quote} There are a lot more currencies in the basket with GBP and yes GBPUSD can happily rise while EURUSD is falling. Don't put all your focus on USDX, that is not giving you the wole picture. EURGBP has been dropping steadily all day, couple that with the drop in EURUSD and you can see why GBPUSD is being kept up, alternatively GBPUSD is being kept up because the EURGBP is falling, irrelevant of the USDX, now look at EC,UC and GC, all three are falling, does this mean that the euro, pound and dollar is weakening or that the CHF is strengthening?...
Noted
  • #596,791
  • May 22, 2021 8:37am May 22, 2021 8:37am
Quoting navk
{quote} Daily close is bearish. I expect a test of S1 without doubt. For me only though. Entry based on PA on Monday. Either breakout trade ( at low ) or high around 4190/80
Hi, 2 Plausible scenarios in your post reply above to Moty. On Thursday though a lot here were expecting the downside follow thru (after what started as a pullback) following Weds's bearish daily candle....again this was in the context of an overall bullish picture. I dare say too that the 2 x wkly hammer candles a few weeks back (that produced the wkly t/f LH @ 4009) will have seen many expecting the downside follow thru, but again these were in the context of an overall bullish picture. There are more than 2 possible scenarios, and particularly as each of yours only accommodate either an immediate downside follow thru or after a pullback. Whatever though, G/L.
Trader with an Edge.
  • #596,792
  • May 22, 2021 10:41am May 22, 2021 10:41am
Quoting Jgcole83
Get a bounce off support around 1.4149. Rsi is super bullish and holding 50ish. {image}
To me this looks like a shooting star and a triple rsi bearish divergence. Could you please show where exactly does the rsi look super bullish?
Whatever it is we have to follow it but I jus what to see what you see.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #596,793
  • Edited 11:15am May 22, 2021 10:48am | Edited 11:15am
Quoting NotAtrader
{quote} To me this looks like a shooting star and a triple rsi bearish divergence. Could you please show where exactly does the rsi look super bullish? Whatever it is we have to follow it but I jus what to see what you see.
What you typically see in bullish markets is rsi bouncing around 50 capping downside momentum.

Its vice versa for bearish markets.

It's very useful for trending markets.

Rsi isn't just used as an overbought or oversold indicator.

Indicators and charts aside. Dollar futures just recently had breakdown. The fed isn't tapering probably until after Jackson Hole which isn't until August. Rates on the 10 year are still low.

There really isn't anything to be bullish about when it comes to usd.
"A true speculator tries the market small." - Jesse Livermore
  • #596,794
  • May 22, 2021 10:58am May 22, 2021 10:58am
Quoting Pipa1
{quote} "looks" bullish or bearish. The beauty of the the price advertising.The market use a rotational cycle,when looks bullish on charts the bullish cycle just ended for that particular instrument ,or is about to end.What you see on charts "happened already". ... That's why i stay away of charts, i try to avoid the influence of the "market price advertising system" on my decision taking process.
Did your algo (fractal volume) come from a specific broker? I tried creating one in excel a long time ago but didn't really work.....
Thanks.
Lost....
  • #596,795
  • May 22, 2021 11:02am May 22, 2021 11:02am
24-may-2021 monday, GBPUSD daily candle probability of closing bull..
  • #596,796
  • May 22, 2021 11:11am May 22, 2021 11:11am
Quoting Jgcole83
{quote} What you typically see in bullish markets is rsi bouncing around 50 capping downside momentum. Its vice versa for berish markets. It's very useful for trending markets. Rsi isn't just used as an overbought or oversold indicator.
Actually I never mentioned the word overbought but since you mentioned it I can tell you as you surely know -using rsi for indicating overbought and oversold market is one of the worse way to use the rsi indicator.
What I see here is the price printing higher high while the rsi printing lower high which happens three times in succession. This is a strong bearish setup. However this divergence is not confirmed yet and the price needs close below 1.4130-40 to do so.

My conclusion at this point is that anything can happen from here.
1. RSI is on the ‘50’ level and can bounce from here as a result of a bullish arket.
2. Price can close below 1.4130-40 area and confirm the bearish divergence.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #596,797
  • May 22, 2021 11:29am May 22, 2021 11:29am
Quoting maheeee
24-may-2021 monday, GBPUSD daily candle probability of closing bull..
So maheeee how did your website go selling your signals?, must have worked well for you to be touting on here for business again
  • #596,798
  • May 22, 2021 11:31am May 22, 2021 11:31am
Quoting Jgcole83
{quote} What you typically see in bullish markets is rsi bouncing around 50 capping downside momentum. Its vice versa for bearish markets. It's very useful for trending markets. Rsi isn't just used as an overbought or oversold indicator. Indicators and charts aside. Dollar futures just recently had breakdown. The fed isn't tapering probably until after Jackson Hole which isn't until August. Rates on the 10 year are still low. There really isn't anything to be bullish about when it comes to usd.
Ok I see you have edited your post adding some fundamental explanations to your technical analysis which is kind of funny. GBPUSD migh go up as your fundamental view might be right but it doesn’t add more technical bullish outlook to your chart.
My point is that the H4 chart with a RSI on it does not look super bullish at all and it does not look particularly bearish either at the moment although the bearish moment is stronger.

As I said, if the price closes below 4130-40 area, this could be a bearish confirmation. Otherwise we may see a 1.42 test again.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #596,799
  • Edited 12:54pm May 22, 2021 12:27pm | Edited 12:54pm
Quoting gespiri
{quote} Did your algo (fractal volume) come from a specific broker? I tried creating one in excel a long time ago but didn't really work..... Thanks.
...broker, nice word.When you win ,he loose.He'll never give you tools to beat him.Am a programmer, everything is from scratch, i don't know about what fractal volume are you asking.What might seem "volume" on my screenshots it's built from other data accumulation..
I'm The Real Deal Quant-XR ,The Financial Hacker
  • #596,800
  • May 22, 2021 1:41pm May 22, 2021 1:41pm
Bearish Volume Divergence
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