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Cable Update (GBPUSD)

  • #676,801
  • Aug 19, 2022 12:47am Aug 19, 2022 12:47am
G/M,

Asian session just ending, London forex desks opening. The Asian session has kept price deeper into the prev 1hr/4hr/dly sw lo zone (= prev supp = pot supp,) that extends down to 1888/89 and has encountered support again near the bottom of it. Uk retail sales due @ 0700am London time.

1hr below
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Trader with an Edge.
  • #676,802
  • Aug 19, 2022 12:51am Aug 19, 2022 12:51am
Bulls gaining some power I'm in at 1.1915 with a 10 pip target, bur be careful . I think there is still downward pressure!!!
Don't trade what you think. Just what you see!!!
  • #676,803
  • Aug 19, 2022 1:04am Aug 19, 2022 1:04am
Quoting Theoak
Bulls gaining some power I'm in at 1.1915 with a 10 pip target, bur be careful . I think there is still downward pressure!!!
Hit target, but not worth it at all too dangerous.. Too many big boy bears. Going to short soon!
Don't trade what you think. Just what you see!!!
  • #676,804
  • Aug 19, 2022 1:04am Aug 19, 2022 1:04am
...better than expected retail sales....spikes up on the knee-jerk react, but hits it's head on that prev 1hr sw lo then hi zone.

1hr below
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Trader with an Edge.
  • #676,805
  • Aug 19, 2022 1:05am Aug 19, 2022 1:05am
Quoting MIKKI
{quote} The trend is down and eventually it will hit 14.10
1.141?
OK.
  • #676,806
  • Aug 19, 2022 1:05am Aug 19, 2022 1:05am
Price broken long term pivot then did a V shaped recovery back into the pivot range, I risked a Long on this.

Entry 1.19179, SL 1.18924, TP 1.19562
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  • #676,807
  • Aug 19, 2022 1:14am Aug 19, 2022 1:14am
Quoting Mitiblotch
I just saw this chart from fxstreet a minute ago. And it agrees with my sentiments that 1830 might get hit. So far the chart worked. {image}
Yes I agree that 1.1830 looms actually but may not necessarily be this week. Last month's range was 485 pips, which triggered the low of 1.1760.

This month's range is already 400 pips, so additional 50 to 80 pips may still occur which is tilted to the downside and trigger 1.1830.

This week's range is already 253 pips, last 3 week's ranges were 230, 285 and 290 pips. So we may have additional 30 - 35 more pips to break the Current low of 1.1894, which means 1.1860 - 1.1878 cannot be ruled out.

A bounce to 1.1994 will happen in any scenario.
Data + Stat + Risk/Emotions Management
  • #676,808
  • Aug 19, 2022 1:15am Aug 19, 2022 1:15am
Any idea, green news turn bad on GBP?
10000% Wannabe . -$3000 & -$4000
Gold Recovery All Time Profit: -$3,961
  • #676,809
  • Edited 2:50am Aug 19, 2022 1:16am | Edited 2:50am
Quoting Theoak
{quote} Hit target, but not worth it at all too dangerous.. Too many big boy bears. Going to short soon!
Short 1.1910 target 2o pips sl 1.1930
Don't trade what you think. Just what you see!!!
  • #676,810
  • Aug 19, 2022 1:17am Aug 19, 2022 1:17am
Scala I am joining you. I usually would buy 1-3 lots but no. I am layering buys from 1904 all the way down to 1800 just 0.1lot each. Hehe... targeting 50% of yesterday's move. Let's see if the retail sales will help.
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  • #676,811
  • Aug 19, 2022 1:20am Aug 19, 2022 1:20am
Quoting Mitiblotch
Scala I am joining you. I usually would buy 1-3 lots but no. I am layering buys from 1904 all the way down to 1800 just 0.1lot each. Hehe... targeting 50% of yesterday's move. Let's see if the retail sales will help. {image}
Green retail sales data but just a spike in price, then continued down again =')
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  • #676,812
  • Aug 19, 2022 1:23am Aug 19, 2022 1:23am
Quoting Reverso
Price broken long term pivot then did a V shaped recovery back into the pivot range, I risked a Long on this. Entry 1.19179, SL 1.18924, TP 1.19562 {image}
In 1.1906
10000% Wannabe . -$3000 & -$4000
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  • #676,813
  • Aug 19, 2022 1:25am Aug 19, 2022 1:25am
Quoting Reverso
{quote} Green retail sales data but just a spike in price, then continued down again =')
The "real London" (referring to the banks) should be online at 8.00am so price is doing nothing now. Daily pivot is at 1978 and those Asians (all they do is buy high and sell low) didn't retrace even one pip. They just sold the lows. So maybe somehow we will get a spike to 1978 at least. If London dumps then NY might correct upwards for good measure.

In any case, today is Friday, a usual sell day so we ought to he wary.
  • #676,814
  • Aug 19, 2022 1:37am Aug 19, 2022 1:37am
Quoting Mitiblotch
Scala I am joining you. I usually would buy 1-3 lots but no. I am layering buys from 1904 all the way down to 1800 just 0.1lot each. Hehe... targeting 50% of yesterday's move. Let's see if the retail sales will help. {image}
Out at 1914. +10. Pending still waiting below. Will remove if price shoots up.
  • #676,815
  • Aug 19, 2022 1:42am Aug 19, 2022 1:42am
In again at 1906. TP 1956.
  • #676,816
  • Aug 19, 2022 1:49am Aug 19, 2022 1:49am
Quoting JereMi256
{quote} I will looking into it, thank you very much!
Do what you want bud. Just be open minded. I'm not saying they are magic, but I do think they have some value. Watch the video on phil nel
4 Hour Strategy (MACD) (its on this web site)... Did not work for me, but its nice to see some guy coming up with this... When moving averages merge the market is ranging, but when they spread out, it is now trending and trending is when any fool like me can make buggs bunny. Except if your looking at a rsi indicator that's oversold, so you get out or worse short. And yes I have seen some strategies that make sense to me using a rsi indicator (again did not work for me).I believe that you can not ignore the fundamentals, I may be wrong!! but you have got to use your loaf. You can't just sit there and watch your stops get hit, because some indicators telling you to do something, but the news has changed the dynamics! Its not magic!!!
Don't trade what you think. Just what you see!!!
  • #676,817
  • Aug 19, 2022 1:55am Aug 19, 2022 1:55am
Quoting Mitiblotch
In again at 1906. TP 1956.

True but you are being induced to buy now. Wait a bit.

Kind regards,

RD
  • #676,818
  • Aug 19, 2022 1:57am Aug 19, 2022 1:57am
Quoting thatRichDude
{quote} True but you are being induced to buy now. Wait a bit. Kind regards, RD
You are correct. I have closed at 1908. +2 pips. I'll wait. Thanks a lot.
  • #676,819
  • Aug 19, 2022 1:58am Aug 19, 2022 1:58am
Quoting Theoak
{quote} Do what you want bud. Just be open minded. I'm not saying they are magic, but I do think they have some value. Watch the video on phil nel 4 Hour Strategy (MACD) (its on this web site)... Did not work for me, but its nice to see some guy coming up with this... When moving averages merge the market is ranging, but when they spread out, it is now trending and trending is when any fool like me can make buggs bunny. Except if your looking at a rsi indicator that's oversold, so you get out or worse short. And yes I have seen some strategies that...
Great post. We all know that the 'mother' indicator is price itself, but price alone cannot tell you everything, which is where indies come in. All indies lag beacuse they are derived and calculated from price, but divergence in oscillators for example can be a leading indie if used at potential supp or res ,and PA agrees. You have to know what indies may be telling you, and use in conjunction with price.
-----------------------------------------------

Bulls are trying. from this potential supp zone that extends first to 1894 current dly lo then 188/89. Should 1894 hold as current dly lo, next fib cluster is 1984-89 - a 4 fib cluster. I don't fancy it's chances though - at the moment at least.
Trader with an Edge.
  • #676,820
  • Aug 19, 2022 2:04am Aug 19, 2022 2:04am
Quoting Headland
{quote} Great post. We all know that the 'mother' indicator is price itself, but price alone cannot tell you everything, which is where indies come in. All indies lag beacuse they are derived and calculated from price, but divergence in oscillators for example can be a leading indie if used at potential supp or res ,and PA agrees. You have to know what indies may be telling you, and use in conjunction with price. ----------------------------------------------- Bulls are trying. from this potential supp zone that extends first to 1894 current dly...
Cheers mate.

The most important indicator of them all is the "loaf"... Use your loaf!
Don't trade what you think. Just what you see!!!
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