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Cable Update (GBPUSD)

  • #673,841
  • Aug 7, 2022 2:20am Aug 7, 2022 2:20am
And I saw resistance on 1 st August at 2290 in D1, H4 and H1 too.

Since then, I saw resistance of H4 at 2210, 2175

H1 resistance at 2278,2240, 2210,2175, 2170.

Now, I see D1, H4, H1 support at 2000.

i am just posting what I saw in chart last week.
Intraday only.
  • #673,842
  • Aug 7, 2022 2:38am Aug 7, 2022 2:38am
According to my analysis, unlike on Thursday, on Friday markets failed to break maximal Fibo 61.8 which is not good sign for the bull on Monday. But the down move could be not too big since we found a valid down trendline. So I think markets could retrace back to 1.200 to create double bottoms and then quickly back to 1.21200-1.21500 to rebalance the the market before its continuation of down move to 1.19. DYOR
With courage, patience, and discipline, success is a matter of time.
  • #673,843
  • Aug 7, 2022 3:24am Aug 7, 2022 3:24am
Quoting Georginson
{quote} Today is Friday Mate and usually produces erratic price action. 1.2060 is still holding and that's enough clue the bulls are in control until it breaks down before the bears can take control again. Keeping an open mind as regards to price movement will do traders a world of good. Today's range likely between 100 - 150 pips which means either 1.2000 or 1.2280 will be visited today. Above 1.2060 exposes 1.2280, below 1.2060 exposes 1.2000 simple. Just sharing my idea. Cheers, George.
Last Friday was quite a game changing Price Action, as 1.2060 was broken convincingly which was followed by retracement of less than 100 pips.

As it stands the bears are now back in control and this is going to easily expose 1.1890 area this week or next week as far as 1.2192 remains unbroken.

I will be exiting my buy trade from 1.2018 immediately market opens for this week.

Trade with caution.
Cheers,
George.
Data + Stat + Risk/Emotions Management
  • #673,844
  • Aug 7, 2022 3:52am Aug 7, 2022 3:52am
GBPUSD-H1 is showing a movement ABC. Target of the wave B around 1.2162 , and the wave C around 1.1925. Let's see.

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Together we can be strongest
Vantage Return This Month: na
  • #673,845
  • Edited 4:42am Aug 7, 2022 4:27am | Edited 4:42am
Quoting BrainBucks
About 30mins before market close I opted for a quick in and out BUY order for 0.5 lot size but mistakenly inserted 5.0 Ran into huge losses immediately. Waited to break even and exit but my broker had disabled orders when I finally ran into a tiny profit. Couldn't even place a SL. Final minutes volatility sent me straight back to loss of over 10 pips! If market opens with any mildly significant gap down, I'm done. Please does anybody know where to get live weekend rates, or pre-market open rates later tomorrow?
Assuming you are trading £/$ IG do a Weekend GBP/USD . Though as to be generally accepted , typically it doesn't move much . Also if you are not aware of the fact that spreads go out of whack at close and open .Give it awhile after open ,maybe 30 minutes , and hopefully you'll be in the money . Some brokers do have the annoying practice of not allowing trading out of hours which includes orders . Personally with todays technology if a broker doesn't offer split second transaction capability then they will be pulling the wool . Another thing , if you are not aware of , is price delay . Compare the Open of say a minute bar with your PC clock . Some brokers provide 1 click transaction . OK but if they are giving you price at a delay of say 10 seconds its not the live price . LOL . All the Best .
P.S. To be fair the delay can be due to proximity of the server and or download time of your location .
  • #673,846
  • Aug 7, 2022 4:50am Aug 7, 2022 4:50am
GBPUSD W1 & D1
W1: Downtrend but ...
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D1: Down trend but ...
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MQL4, Amibroker
  • #673,847
  • Aug 7, 2022 5:18am Aug 7, 2022 5:18am
Quoting BrainBucks
About 30mins before market close I opted for a quick in and out BUY order for 0.5 lot size but mistakenly inserted 5.0 Ran into huge losses immediately. Waited to break even and exit but my broker had disabled orders when I finally ran into a tiny profit. Couldn't even place a SL. Final minutes volatility sent me straight back to loss of over 10 pips! If market opens with any mildly significant gap down, I'm done. Please does anybody know where to get live weekend rates, or pre-market open rates later tomorrow?

https://www.bloomberg.com/quote/GBPUSD:CUR

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Click to Enlarge Name: palpite.png Size: 6 KB
Together we can be strongest
Vantage Return This Month: na
  • #673,848
  • Edited 5:35am Aug 7, 2022 5:22am | Edited 5:35am
Quoting Chancy
{quote} Assuming you are trading £/$ IG do a Weekend GBP/USD . Though as to be generally accepted , typically it doesn't move much . Also if you are not aware of the fact that spreads go out of whack at close and open .Give it awhile after open ,maybe 30 minutes , and hopefully you'll be in the money . Some brokers do have the annoying practice of not allowing trading out of hours which includes orders . Personally with todays technology if a broker doesn't offer split second transaction capability then they will be pulling the wool . Another thing...
Aww man at this point I don't even mind an exit at breakeven, or just no further loss from as is.
Problem is I'm worried sick out of my mind that there'll be a gap down at open. Any gap downward that clocks 2 digits is literally damnation.
But yea I think it's a pattern with my broker where markets are disabled 5mins from close and also after open. Other than that, I've really no complaints as per execution with my broker.
  • #673,849
  • Aug 7, 2022 5:24am Aug 7, 2022 5:24am
Quoting palpite
{quote} https://www.bloomberg.com/quote/GBPUSD:CUR {image}
Right on!
Thanks
  • #673,850
  • Aug 7, 2022 5:55am Aug 7, 2022 5:55am
Quoting BrainBucks
{quote} Aww man at this point I don't even mind an exit at breakeven, or just no further loss from as is. Problem is I'm worried sick out of my mind that there'll be a gap down at open. Any gap downward that clocks 2 digits is literally damnation. But yea I think it's a pattern with my broker where markets are disabled 5mins from close and also after open. Other than that, I've really no complaints as per execution with my broker.
I hope it works out for you bud. Keep my fingers crossed for you.
Don't trade what you think. Just what you see!!!
  • #673,851
  • Edited 6:41am Aug 7, 2022 6:25am | Edited 6:41am
Quoting Georginson
{quote} Last Friday was quite a game changing Price Action, as 1.2060 was broken convincingly which was followed by retracement of less than 100 pips. As it stands the bears are now back in control and this is going to easily expose 1.1890 area this week or next week as far as 1.2192 remains unbroken. I will be exiting my buy trade from 1.2018 immediately market opens for this week. Trade with caution. Cheers, George.
George,

H4 and H1 frame almost on support.
2000 is round number.

Monday and Tuesday, I expect corrective action.

Then, the price may try retest lows.

Anything can happen.

Analysis always proven to be wrong.

I remember, 2060 if not broken...it would be bullish.

What I am trying to say..there is always if and but in this game.

The earlier week closed bearish. Agreed.

Always, there will be correction.

IMO, in immediate scenario, 2000 may hold.

To be specific, the price can retest 2030/40 and bounce.

Tokyo open will answer.

New trades to be opened after tokyo open.

Of cource, as usual, i see the PA and trade, As analysis always proven to be wrong.
Intraday only.
  • #673,852
  • Aug 7, 2022 7:40am Aug 7, 2022 7:40am
Quoting navk
{quote} George, H4 and H1 frame almost on support. 2000 is round number. Monday and Tuesday, I expect corrective action. Then, the price may try retest lows. Anything can happen. Analysis always proven to be wrong. I remember, 2060 if not broken...it would be bullish. What I am trying to say..there is always if and but in this game. The earlier week closed bearish. Agreed. Always, there will be correction. IMO, in immediate scenario, 2000 may hold. To be specific, the price can retest 2030/40 and bounce. Tokyo open will answer. New trades to be...
You are right Navk, Analysis can go wrong and always leads to directional bias which isn't healthy. I started becoming more profitable when I switched to reactionary from anticipatory. I can outline two prices (high or low) and what for either level to be attained then I pull my trigger for counter trend which has proven safer and more consistent.
Data + Stat + Risk/Emotions Management
  • #673,853
  • Aug 7, 2022 7:56am Aug 7, 2022 7:56am
4hr support/resistance zones marked for last week.

The momentum arrows against the resistance / support zones are to be ignored while reading the chart.

They are retrace.
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Intraday only.
  • #673,854
  • Aug 7, 2022 8:09am Aug 7, 2022 8:09am
Quoting navk
{quote} George, H4 and H1 frame almost on support. 2000 is round number. Monday and Tuesday, I expect corrective action. Then, the price may try retest lows. Anything can happen. Analysis always proven to be wrong. I remember, 2060 if not broken...it would be bullish. What I am trying to say..there is always if and but in this game. The earlier week closed bearish. Agreed. Always, there will be correction. IMO, in immediate scenario, 2000 may hold. To be specific, the price can retest 2030/40 and bounce. Tokyo open will answer. New trades to be...
Even if price ever has to get to 1.1890, there will still be a bounce to 1.2100 - 1.2150 area, which may happen between Monday Tuesday. I do agree with Monday Tuesday providing some corrections before any other thing.
Data + Stat + Risk/Emotions Management
  • #673,855
  • Aug 7, 2022 8:10am Aug 7, 2022 8:10am
Brainbucks
Next time don’t enter so close to closing time.
Dont enter with money you can’t afford to lose.
Its only money, not as important as your health.
You have learnt a valuable lesson
Better not to hold longs over the weekend, since one is consumed with the position.
  • #673,856
  • Aug 7, 2022 8:17am Aug 7, 2022 8:17am
Georginson if price bounces to the levels that you stipulate then we have the continuation of a movement upwards.
  • #673,857
  • Aug 7, 2022 8:41am Aug 7, 2022 8:41am
Quoting Georginson
{quote} Even if price ever has to get to 1.1890, there will still be a bounce to 1.2100 - 1.2150 area, which may happen between Monday Tuesday. I do agree with Monday Tuesday providing some corrections before any other thing.
Anything is Buy or sell once the price moved outside of ATR band.

Last week, as I see, the whole week is short trend, but buyers too got if they buy outside of band.
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Intraday only.
  • #673,858
  • Aug 7, 2022 8:56am Aug 7, 2022 8:56am
sitting idle so looking some charts in higher tf ( yearly candlestick ) marked earlier ! actually not hit to the disaster / firing point yet ,if so then greatest disaster still ahead !that is previous low or trying a test double bottom matter !! very risky of tanking further ! who know what is going to happen soon !!
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #673,859
  • Aug 7, 2022 9:08am Aug 7, 2022 9:08am
GU:30M
Monday Trading Plan>( Depends on Chart Condition, After London Open).
Sell From High.
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Intraday Trading is an Art _ hoda
  • #673,860
  • Aug 7, 2022 9:47am Aug 7, 2022 9:47am
i hopefully not going lower, add more long
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