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Cable Update (GBPUSD)

  • #677,641
  • Aug 23, 2022 3:33am Aug 23, 2022 3:33am
Quoting BeeTogether
Data is poor.. getting ready for a dump
yeh manuf into recessionary reads - big drop to 46, below the 50 level, but services hold up @ 52.5 - which is the biggest part of uk economy.
Trader with an Edge.
  • #677,642
  • Aug 23, 2022 3:34am Aug 23, 2022 3:34am
Quoting Reverso
Plan is crystal clear, Long term and daily pivot above price, down it is, potential entries: 1. Short - Rejected off upper key level 1.17596, SL recent high. 2. Short - Rejected off daily pivot area 1.17741 - 1.17892, SL 1.17892. 3. Short - Closed below lower key level 1.17153, SL 1.17473. 4. Long - Closed above daily pivot upper end 1.17892, SL 1.17741. Consistent is key, remember, no one knows where the price goes, ask 100 traders about direction, 50 of them will say up, 50 of them will say down, which one to believe? {image}
Entered Short, the candle that triggered the entry is the candle close right before the red news just now for GBP.
Entry 1.17535, SL 1.17892, TP 1.16999
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  • #677,643
  • Aug 23, 2022 3:36am Aug 23, 2022 3:36am
On my Gbpusd chart,price movement this morning has been illogical
  • #677,644
  • Aug 23, 2022 3:37am Aug 23, 2022 3:37am
Quoting BeeTogether
Data is poor.. getting ready for a dump
There are 2 red news for GBP, 1 green and 1 red result, so how do you define the result is "net poor"?
Teach me your fundamental insights =)
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  • #677,645
  • Aug 23, 2022 3:37am Aug 23, 2022 3:37am
when will i get rid of my bad habit of using 0.01 lot for trading
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  • #677,646
  • Aug 23, 2022 3:39am Aug 23, 2022 3:39am
Quoting PatienceFx
when will i get rid of my bad habit of using 0.01 lot for trading {image}
until Lord Ata told you so
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  • #677,647
  • Aug 23, 2022 3:39am Aug 23, 2022 3:39am
Maybe the markets was waiting for data before the big dump
  • #677,648
  • Aug 23, 2022 3:40am Aug 23, 2022 3:40am
GU Short
Mixed data with more worst data
Wait for close. If under resistance zone short, above then trade opposite on retest!
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More time in the market, does not mean you trade better!
  • #677,649
  • Aug 23, 2022 3:43am Aug 23, 2022 3:43am
...services are 80%+ of the Uk economy.
Trader with an Edge.
  • #677,650
  • Aug 23, 2022 3:43am Aug 23, 2022 3:43am
Quoting Fardeen1209
GU Short Mixed data with more worst data Wait for close. If under resistance zone short, above then trade opposite on retest!{image}
h4 macd
  • #677,651
  • Aug 23, 2022 3:46am Aug 23, 2022 3:46am
It may soon be time to go get that 50% at 2000.
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  • #677,652
  • Aug 23, 2022 3:46am Aug 23, 2022 3:46am
Quoting Fardeen1209
GU Short Mixed data with more worst data Wait for close. If under resistance zone short, above then trade opposite on retest!{image}
i will sell 1822 , if it gets there
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  • #677,653
  • Aug 23, 2022 3:49am Aug 23, 2022 3:49am
Short in at 1.1769
Don't trade what you think. Just what you see!!!
  • #677,654
  • Aug 23, 2022 3:50am Aug 23, 2022 3:50am
lets see what NY cooks
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  • #677,655
  • Aug 23, 2022 3:50am Aug 23, 2022 3:50am
Quoting GODofMC
Beware today may be retracement from previous week, monday and tuesday
Unless US PMI services above 50 DXY may be at top(down)
Dxy about to forming double top, or might break if US data above 50. below 50 might be ranging or down even it is green
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  • #677,656
  • Aug 23, 2022 3:55am Aug 23, 2022 3:55am
Quoting Reverso
{quote} Yes my lord, it shall be done. Currently price rejected off daily pivot, unable to break it, now I am just waiting for a close below 1.17596 to enter Short, SL upper end of daily pivot.

How are you Reverso?

Hope you're good?

Now, look at it like this;

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If you look closely at the monthly chart for British Pounds index, you will see that the low formed on March 20 couldn't achieve its job. Why you ask? Well, the job of a strong low is to break a weak high and vice versa and then retrace before any upward movement if bullish. But in this case the low didn't really do much in the monthly chart, it couldn't even take out a range's high which was formed April 2018, so there's a reason for the low to get wiped and cleaned.

Imagine I showed you the same chart and noted it as 1 Minute timeframe, what will you think? That the low will be taken right? Exactly! Price is fractal. Don't expect price to act differently because it's forming on a Monthly timeframe. Price is fractal and will always be.

I know it may sound scary for GBP but this the only logical thing I see happening to GBP in the coming weeks.

Remember where the big eyes icon is located. An interesting question is whose eyes is targeting that low formed during covid?

Now after the low is taken what happens? Well, until the macro economy of Great Britian and it's neighbouring european nations stabilizes we won't see a long-term bullish market. Besides, the Dollar seems to be the world reserve currency, hence the continuous rise in the value of the dollar. (Although this currency is argued to be overvalued)

Remember, while doing technicals, factor in value, price and time. Not just price or price and time.

Kind regards

  • #677,657
  • Aug 23, 2022 4:00am Aug 23, 2022 4:00am
Seems like we have a new SBR level at 11780
Insane in the Brain..
  • #677,658
  • Aug 23, 2022 4:01am Aug 23, 2022 4:01am
This Fakey pattern in H4 guides me to buy in lower time frames.
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Persian Gulf forever
  • #677,659
  • Aug 23, 2022 4:02am Aug 23, 2022 4:02am
4hr (gmt+3) just closed...1hr below shows where spike down to was after data and up ever since...now testing top of a prev 30min sw hi zone and into that prev 1hr/4hr sw lo then prev 1hr sw hi zone...also the prev 4hr/dly/wkly sw lo zone that started @ 1759, that may act as sbr.

4hr, then 1hr, below.
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Trader with an Edge.
  • #677,660
  • Aug 23, 2022 4:03am Aug 23, 2022 4:03am
Quoting BeeTogether
Data is poor.. getting ready for a dump
Where the hell did Bulls come from off that data. Hope it drops now! Still fighting!
Don't trade what you think. Just what you see!!!
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