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Cable Update (GBPUSD)

  • #606,421
  • Jul 1, 2021 2:17pm Jul 1, 2021 2:17pm
Quoting Georginson
{quote} Hi Bones, it's been a while. Nice chat you have got there, it actually rhymes with the 1.3720 area I marked out days back. I have adjusted my trade pattern to scalp and intraday to align with the swing direction I anticipate with various confirmation from price action. There has been 30 - 50 pips bounce anytime it makes a new low and I see another 30 - 50 pips bounce due from 1.3750 area to 1.3800 area before fall resumption. Weekly distance also stands at 186 pips so far (1.3939 - 1.3755) which means that 80% of the bearish move is already...
Well I'm thinking
open a short pretty much anywhere ,$ data is good or inflation is a problem , before the FED is ready ,
I would say it's a risky trade because conditions are so bearish when you took it.
Heres my daily closed before most as bearish ,and pivot broke.
Im expecting price to close right on my green arrow on the hourly I posted ,maybe lower
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #606,422
  • Jul 1, 2021 2:20pm Jul 1, 2021 2:20pm
Quoting Pat Chiko
{quote} It's Indy. In the selection. ACTIVE : False so your chart will not be crowded with S&D lines. I don't use the SND line. I drew manual
thank you
I will try it
dolce vita
  • #606,423
  • Jul 1, 2021 2:22pm Jul 1, 2021 2:22pm
Quoting Bones
{quote} Well I'm thinking open a short pretty much anywhere ,$ data is good or inflation is a problem , before the FED is ready , I would say it's a risky trade because conditions are so bearish when you took it. Heres my daily closed before most as bearish ,and pivot broke. Im expecting price to close right on my green arrow on the hourly I posted ,maybe lower {image}
My stops are in place and have taken quite some pips selling to 1.3780 area... Thanks for the valid advise mate.
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Data + Stat + Risk/Emotions Management
  • #606,424
  • Edited 3:47pm Jul 1, 2021 2:34pm | Edited 3:47pm
Looking at a test of 1.37 with confluence from 200ema on Daily and support.
Bounces to be expected and perhaps a retest of 1.38 - but happy to hold short and short retracements.
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On the Weekly Heiken Ashi chart the price is crossing the 20ema which for me is a powerful sign to keep selling.
Unless the setup is extremely low risk I am reluctant to buy below the ema or sell above it - on any timeframe but especially 4H+
Staying out of bad trades is just as important, if not even more so, than identifying good trades.
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  • #606,425
  • Jul 1, 2021 2:39pm Jul 1, 2021 2:39pm
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Insane in the Brain..
  • #606,426
  • Jul 1, 2021 2:42pm Jul 1, 2021 2:42pm
...just updating my charts.

Price @ today's current lo (3753) has reached the top of that prev 4hr/dly sw lo zone down to 3715 and 85.4% fib 3669-4249. 23.6% of the longer term 2074-4249 is lower in this zone @ circa 3733. (Today's Dly S3 @/around 3721.) Below here and the prev dly/wkly/minor mthly sw lo zone to 3669 awaits with 3689 being 50% of the 3133-3249 move and Wkly S2 @/around 3673. Of course there will likely be one or more of tomorrow's Dly pivots somewhere between what results as the actual daily lo today and there too. Mthly S1 is just below that prev sw lo to 3669 @/around 3663.

Needless to say all 20/50/100 ema's 5min - dly t/f's are currently crossed down.

Dly below.
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Trader with an Edge.
  • #606,427
  • Jul 1, 2021 3:49pm Jul 1, 2021 3:49pm
Quoting raskar
Is this heading down to 1.3670? or beyond? {image}
Almost certainly
Compulsions can be hard to resist
  • #606,428
  • Jul 1, 2021 4:04pm Jul 1, 2021 4:04pm
Quoting trumps
{quote} Almost certainly
Guess your bullish view is off now. It hasn't in my eyes though. Very close
  • #606,429
  • Jul 1, 2021 4:04pm Jul 1, 2021 4:04pm
Next support 1.36600
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Like me, cuts losses quickly. But has more patience and lets his winn
  • #606,430
  • Edited 6:28pm Jul 1, 2021 5:30pm | Edited 6:28pm
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support and resistance maybe a drop to 13720
Insane in the Brain..
  • #606,431
  • Jul 1, 2021 5:51pm Jul 1, 2021 5:51pm
Quoting elbert3
{image}I know it’s cable thread but have anyone been trading gbj if so take a look at its monthly going back to 2016 if it’s in conjunction with cable then it could show the way also
I trade gj some days..,
and if we are talking about cable & gj it's a little bit tricky now
if you trade cable & gj and pay attention to pivot points, you will notice that cable has all missing pivot at upper levels, instead gj has all at lower...

paradox..?
briefly.., gj needs "correction" ( imo was staying too much time at 155th )
channel on 4H is already broken.., then to break 153.., 152.50.., and to come to bottom level of monthly inside bar 151.30th.., probably to go through
( to say the true I see 145-143 )

cable can do all the opposite.., or they can move in one direction but with huge difference of points..,
for example DOWN cable 40 and gj 90.., then UP cable 100 pips and gj only 50.., it happens all the time..,

but you are definitely right about "showing direction".., I am absolutely agree with you
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dolce vita
  • #606,432
  • Jul 1, 2021 6:04pm Jul 1, 2021 6:04pm
Quoting babayaga
{quote} I trade gj some days.., and if we are talking about cable & gj it's a little bit tricky now if you trade cable & gj and pay attention to pivot points, you will notice that cable has all missing pivot at upper levels, instead gj has all at lower... paradox..? briefly.., gj needs "correction" ( imo was staying too much time at 155th ) channel on 4H is already broken.., then to break 153.., 152.50.., and to come to bottom level of monthly inside bar 151.30th.., probably to go through ( to say the true I see 145-143 ) cable can...
hi great explanation and thank you for your input, all is noted an i now bid you good night as its bed time and look forwards to seeing what happens...
regards E
  • #606,433
  • Jul 1, 2021 6:20pm Jul 1, 2021 6:20pm
Quoting elbert3
{quote} hi great explanation and thank you for your input, all is noted an i now bid you good night as its bed time and look forwards to seeing what happens... regards E
thank you
it's nice to exchange views...

cheers
dolce vita
  • #606,434
  • Jul 1, 2021 6:25pm Jul 1, 2021 6:25pm
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enjoy
or
good night
dolce vita
  • #606,435
  • Jul 1, 2021 6:52pm Jul 1, 2021 6:52pm
Cable - Interesting PA, I give value to high and low levels all timeframes above 4hr, presently last 4 hr printed bullish doji @ minor psych level 1 3750, I see no shorts until she gets below, potential bull rally.
However there are no previous lows printed, monthly, weekly or daily other than last 4hr and yesterdays 1 3751
Considering the bigger bull trend (since 1 1409ish - 1 4250ish - 15 months) reversal took 20days of tight ranging and/or 2 monthly candles (double top) last month bearish encompassing) fib 23.6 is @ 1 3573, until this level is taken out, Bulls a still alive and kicking albeit wounded, but dont forget Bears took a pounding for 15 months,
My trade plan sadly sees no shorts for now, and buy rallies effectively "scalping"? 1 & 4hr only eg long 1 3750 sl no more than 13 - 17 pips each time, until it breaks, then look to sell a decent retest of 3750, until next psych 1 3700 there is a daily low prior 1 3715 which I will be wary off and most likely partial or close
NFP tonight, I dont trade it or anywhere near it, so I am scrooge, and don't see enough R/R to encourage much trading at all :-)

My condolences to all those muppets who refused to acknowledge the huge reversal pattern, and still are, I accept buying rallies, but relying on "trend is you friend" will save me in this situation is stupid
If you are new to Forex? Say Goodbye to your account!!
  • #606,436
  • Jul 1, 2021 6:52pm Jul 1, 2021 6:52pm
Good morning all!

Entered Long, TP 1,3800
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  • #606,437
  • Jul 1, 2021 6:55pm Jul 1, 2021 6:55pm
Quoting Nd10
{quote} Guess your bullish view is off now. It hasn't in my eyes though. Very close
Yes, off for now.
Longer term I see bull, but need to wait more.
In the mean time, selling GU.

USD approaching a turning point soon
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Compulsions can be hard to resist
  • #606,438
  • Jul 1, 2021 7:22pm Jul 1, 2021 7:22pm
1.36800-1.37000 will be my eyes to take buy scalping to 1.38000 .
Maybe we can see continue RT on weekly next week on 1.38000 to sell.
For today sell may be come again

Just opinion , any idea will be helped
"Buy Cheap and Sell Expensive , Its Market Anyways where People Get profit"
  • #606,439
  • Jul 1, 2021 7:25pm Jul 1, 2021 7:25pm
buy - 1.3762
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  • #606,440
  • Jul 1, 2021 8:00pm Jul 1, 2021 8:00pm
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yes yes yes
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