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Cable Update (GBPUSD)

  • #615,061
  • Aug 7, 2021 11:36am Aug 7, 2021 11:36am
also would like to put a colorful image

I am not trying to predict.., I think there is no need to...
the numbers speak for themselves.., just look at...
my charting with help of investing.com
5H chart
P.S. let's have fun ( with Fib Speed Res Fan and few TL )
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dolce vita
  • #615,062
  • Aug 7, 2021 12:00pm Aug 7, 2021 12:00pm
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Intraday Trading is an Art _ hoda
  • #615,063
  • Aug 7, 2021 12:15pm Aug 7, 2021 12:15pm
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  • #615,064
  • Aug 7, 2021 12:17pm Aug 7, 2021 12:17pm
Hi Yvestrxz,
Just realized I missed your quote. Sorry for that.
[quote=yvestrcz;13656028]{quote}
Quote
Do you believe bulls will prevail with the news?
No, I never know what the news outcome will be, but I do believe that price sets up in a certain way that goes in my favor most of the time, to be honest I don't believe in news trading, The market prices in beyond our understanding, and therefore I follow price only. Unless there is a catastrohopic event of course. If we complicate things, trading becomes very difficult.
Quote
Or does it simply represent uncertainty, effect of which you would like to eliminate for safety reasons?
Of course there is uncetainty in any market conditions, hence I lock in my trades very quickly.
Opening shorts was the right decision.
Have a great weekend,
Cheers
Trade to trade another day
  • #615,065
  • Edited 7:56pm Aug 7, 2021 7:45pm | Edited 7:56pm
I have one short position opened @1.38814 on Friday!
After careful examination; I saw that prices are meant to pull back to 1.39020 before continuation to the downside but with the STRONG BEAR pressure I doubt if the bulls would be able to pull the price back to this position..

Hey! This week is going to be very profitable

SELL SELL SELL STOP LOSS 1.39100
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My telegram: https://t.me/avidforex
  • #615,066
  • Aug 7, 2021 9:27pm Aug 7, 2021 9:27pm
Quoting elbert3
{image}4300- 2450 is £185,000 gets you this . I have bought one before out of fx but please this is only my opinion trade your own trade .. I might set up my own trading house
Lol,, that seems rather cheap , hardly pay for the fuel it took to get these thru wheat harvest tho let alone the asses in the seats and the employee s insurance and their families etc etc ,,,the trucks it takes to keep em moving , this that the other thing ,,,,,the list is endless,,, ya should have your wheels by the end of the year if ya get them sleeves rolled up
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  • #615,067
  • Aug 8, 2021 1:37am Aug 8, 2021 1:37am
Morning some are looking set to go long as per the charts above details the whole picture we are or with all probability armed set and ready to hopefully go with the market . https://www.fxstreet.com/analysis/gb...s-202108061509 https://www.dailyfx.com/forex/techni...ays-Grind.html
  • #615,068
  • Aug 8, 2021 1:50am Aug 8, 2021 1:50am
Crypto currency. I am not upto thinking about it but reading the rise of them and looking at the drop From 2000 gold prices this could see a further drop to 1550 . This could be in conjunction with Gu . But not a expert in this field so a trip to other threads might be on the cards it does have support at 1760 down to 1735 where I had a wuick look and I can get that lower number on a 61.8 fib ext . So we note that in conjunction with Gu
  • #615,069
  • Aug 8, 2021 2:16am Aug 8, 2021 2:16am
Elbert and digger which time frames do you both mostly trade from in terms of reliability?
  • #615,070
  • Aug 8, 2021 2:45am Aug 8, 2021 2:45am
Quoting Houtbay
Elbert and digger which time frames do you both mostly trade from in terms of reliability?
Morning I day trade so I look at all times hence the posts above as you see the analysis Regards
  • #615,071
  • Aug 8, 2021 2:59am Aug 8, 2021 2:59am
Quoting elbert3
Crypto currency. I am not upto thinking about it but reading the rise of them and looking at the drop From 2000 gold prices this could see a further drop to 1550 . This could be in conjunction with Gu . But not a expert in this field so a trip to other threads might be on the cards it does have support at 1760 down to 1735 where I had a wuick look and I can get that lower number on a 61.8 fib ext . So we note that in conjunction with Gu
Gold is headed for 1900 or atleast 1850 imo
  • #615,072
  • Aug 8, 2021 5:41am Aug 8, 2021 5:41am
Quoting Nd10
{quote} Gold is headed for 1900 or atleast 1850 imo
yes your probably right ,,i did not mean it will go this week ,,regards
  • #615,073
  • Edited 6:05am Aug 8, 2021 5:43am | Edited 6:05am
Quoting W0lfram
{quote} This is either fresh demand or gaining positions before the next leg down Since I bought gold, and it correlates positively with GBP most of the time, the scenario with support is preferable now. Don't want to lock (hedge) positions on gold as well.{image}
Took another look.
That bottom looks kind of absorption, but very weak one: Bid imbalance at LOD, then price bounced a little (tp or passive buys that hold the price)
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Probably 1.38 could be the next stop/consolidation, if 1.386 - 1.385 doesn't hold. Otherwise up to 1.393+. But it's better to react rather than predict
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Air force
  • #615,074
  • Edited 8:57am Aug 8, 2021 7:19am | Edited 8:57am
Quoting W0lfram
{quote} Took another look. That bottom looks kind of absorption, but very weak one: Bid imbalance at LOD, then price bounced a little (tp or passive buys that hold the price) {image} Probably 1.38 could be the next stop/consolidation, if 1.386 - 1.385 doesn't hold. Otherwise up to 1.393+. But it's better to react rather than predict{image}
I have the same zone down just above 1.38.. I expect this to be tested after some retrace then looking to go long down there

The selling seems reluctant, for the amount the Dollar rallied on Friday it didn't cause much of a sell off on GU comparatively, we're back in weekly supply on DXY which I think will continue to hold after pushing a little higher. So still seeing this as a correction before continuing bullish. I'd like to see 1.40 in the next week or two

Also, I'm not really into head and shoulders patterns but you could say the H4 is forming the last shoulder of an inverted HnS which would project up to 1.42. One of those patterns that fails as often as it works, is sometimes indicative of a big move being cooked. Honestly with chart patterns I think you just see what you want to see. Also this looks very much like a bull flag on H4 which we're at the bottom at now.. so again like Wolfram says theres a chance that mid 1.38s holds too. From my limited experience a bull flag is a pretty reliable pattern on GU. If it holds bulls will be very happy if we can push up to the high 1.39s next week for a breakout
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  • #615,075
  • Aug 8, 2021 7:55am Aug 8, 2021 7:55am
Quoting Jolita
{quote} Thanks a lot Elbert. I will look in to my charts later on and will read yours on Mac. By the way, thanks for the 10 Ema tip, helps me a lot and can be used on all time frames, especially on short entries. Have a great weekend!
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Lets look at this 5 year monthly ,,look at the left big moves up and down ,,we are trading inside ,,but we have that breakout and the fibs are showing long ,,,you can see the past ,,,,so 1,, it will need a big news event to change that look and we have a big news last week and this week,,,2,,will the market react to that news this week,,,3,,look at the bottom lt .its been tested a few time, and if you look and the up and down it breaks a smaller inside tl and confirms to the low ,,4 will it do the same down tp the 2450 area and then back up,,,price would not want to go below that ,,5,, price to the long side comes back from last week ,,depending on the support it may find ,and try to take out that high,that we can see has been tested a number of times and we could see 1.500 , THISIS A LONG TERM OUT LOOK ,,not next week but it gives us a bigger overall plan depending on the daily movements though S/R positions ,,,If i have board the pants off you all ,,,,tough ,,just here trying to help other new traders that do not do as much due diligence as this ,, E
  • #615,076
  • Aug 8, 2021 8:27am Aug 8, 2021 8:27am
A week ago I posted a completely opposite view to what I am going to say below and I based my expectations on the weekly doji, which was formed during w/c 18.July.21. That doji looked to me as if it was a clue for a bottom at 1.35718, expecting to take the pair towards 1.4229. That did not happen and she was stuck in a small range, unable to even touch 1.40. The question is why? Was it because of the summer trading and the lack of liquidity, was it the wait for NFP or the Dollar fortunes started changing and it’s going to get stronger, or the GBP will get weaker? Was she consolidating a whole week, getting ready to break out to the south? Friday’s NFP was better than expected and she went down a bit, respecting the downtrend channel on the daily. Still no sign of any rush towards 1.40 though, which appears to be a strong resistance. I can not decipher any macro economic fundamental clues at the moment apart from the fact that US economy is adding jobs and perhaps is getting stronger, which could lead to a stronger dollar I guess, so I’m looking for technicals. According to Gann, 10 years period of time is a good reference for cyclical repetition of the same event, so if you go back 10 years on the weekly GU, you’ll see that w/c 14.Aug.11, i.e mid Aug’11 GU made a top and a steep decline of 1346 pts followed, lasting nearly a month till a final bottom was made during w/c 2.Oct.11. So, in plain language, she is giving us a clue to expect a drop IMO. The drop could last 30-45 calendar days, bringing her down towards 1.3250. Monday could be an excellent selling point for a swing trade and if Monday makes a LH and a LL on the daily, to me this would be a very good sign for shorts and the start of a GU downtrend, proving the above view. If that happens, I would expect Tuesday to follow and Wednesday next week to form LH and LL as well. I have no positions open during the weekend, but tomorrow I’ll watch the downtrend channel on the daily as well as what the PA does after 9 am London time. But, if the daily channel gets broken to the upper side, forget about the shorts this coming week, IMO. Looking at some of the previous posts above, my opinion is very contradictive to most of the views. Only time will tell. Good luck and a profitable week to all of you cool traders!
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Did you place your stop loss order? Why not?!? Story of my life...
  • #615,077
  • Aug 8, 2021 8:39am Aug 8, 2021 8:39am
Quoting coyoteuglyxxx
A week ago I posted a completely opposite view to what I am going to say below and I based my expectations on the weekly doji, which was formed during w/c 18.July.21. That doji looked to me as if it was a clue for a bottom at 1.35718, expecting to take the pair towards 1.4229. That did not happen and she was stuck in a small range, unable to even touch 1.40. The question is why? Was it because of the summer trading and the lack of liquidity, was it the wait for NFP or the Dollar fortunes started changing and it’s going to get stronger, or the GBP...
Hi C very good case put forwards,And the above opinions from Misterio,,we could be wrong as the longer chart outlook i posted ,,ideal would be short first but we are trading against the trade with the short opinions ,,but i said above it would take big new to change it,,even the pro trades FX street and Daily ,links above have different opinions ,so we are not alone in our thinking ,this week might show the way,,,I have posted a gold chart in Mr Scotts thread there if nobody has been before you will find a trader Squawk who trades a lot of pairs and very very knowledgeable ,i did post there at one time but Scott stopped posting again a very good trader ,,regards E
  • #615,078
  • Aug 8, 2021 8:59am Aug 8, 2021 8:59am
Quoting elbert3
{quote} Hi C very good case put forwards,And the above opinions from Misterio,,we could be wrong as the longer chart outlook i posted ,,ideal would be short first but we are trading against the trade with the short opinions ,,but i said above it would take big new to change it,,even the pro trades FX street and Daily ,links above have different opinions ,so we are not alone in our thinking ,this week might show the way,,,I have posted a gold chart in Mr Scotts thread there if nobody has been before you will find a trader Squawk who trades a lot...
Thanks elbert3!! Next week we shall find out if the time to short GU has come. It’s forex mate, and it’s never too late for her to make you look like a fool as you well know it.
Did you place your stop loss order? Why not?!? Story of my life...
  • #615,079
  • Aug 8, 2021 9:08am Aug 8, 2021 9:08am
Quoting coyoteuglyxxx
{quote} Thanks elbert3!! Next week we shall find out if the time to short GU has come. It’s forex mate, and it’s never too late for her to make you look like a fool as you well know it.
we have done enough not to get caught out ,just play it as we see it on the lower charts now we have the big picture GL
  • #615,080
  • Aug 8, 2021 10:39am Aug 8, 2021 10:39am
Quoting elbert3
{quote} {image}Lets look at this 5 year monthly ,,look at the left big moves up and down ,,we are trading inside ,,but we have that breakout and the fibs are showing long ,,,you can see the past ,,,,so 1,, it will need a big news event to change that look and we have a big news last week and this week,,,2,,will the market react to that news this week,,,3,,look at the bottom lt .its been tested a few time, and if you look and the up and down it breaks a smaller inside tl and confirms to the low ,,4 will it do the same down to the 2450 area and then...
Hi Elbert, good analysis again. Thank you for your time. This has confirmed I was in the correct direction. I don't excercise much in technical analysis, and consider my self as instinctive trader. Always find it interesting to read prof. traders opinion.
I was reading quite a few opinions about the pair and most of them are shorting to 1.3820 level or lower. This is what I tend to go against. This short break out could be a bear trap.
If 13860 will hold, we might go back up. For some reason Friday shorts were weak. Lets see how the week will unfold.
I will stick to my longs any ways, and continue buying dips if it goes in the opposite direction. I am more leaning towards 1.5.

Note: tonight / tomorrow Japan has a bank holiday.

Good trades to all. Cheers, J
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