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Cable Update (GBPUSD)

  • #724,601
  • Jan 30, 2023 11:09am Jan 30, 2023 11:09am
Tops and bottoms matching up perfectly

The bottom is breaking

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Follow The Markets Structure - Patience and Discipline
  • #724,602
  • Jan 30, 2023 11:10am Jan 30, 2023 11:10am
Nearly at todays low. This breaks and stays in the lower area we could be in the 12330 area tomorrow.
Insane in the Brain..
  • #724,603
  • Jan 30, 2023 11:12am Jan 30, 2023 11:12am
Quoting BeeTogether
Nearly at todays low. This breaks and stays in the lower area we could be in the 12330 area tomorrow.
Maybe 2100 by the end the week with all the news
Follow The Markets Structure - Patience and Discipline
  • #724,604
  • Jan 30, 2023 11:14am Jan 30, 2023 11:14am
Another leg up before the big down move, i cant see it failed to make it.
  • #724,605
  • Jan 30, 2023 11:16am Jan 30, 2023 11:16am
Quoting pipfarm
{quote} Maybe 2100 by the end the week with all the news
I’m a bit worried about the news. Yes .25 is priced in from FOMC I sense a big spike up though

BoE looking at ending its rate rises after this week. However the article I posted earlier that the UK recession might not be as bad could send the pair towards 127
Insane in the Brain..
  • #724,606
  • Jan 30, 2023 11:19am Jan 30, 2023 11:19am
But could fly before.

of course im not a good trader. I can be wrong. We
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  • #724,607
  • Jan 30, 2023 11:23am Jan 30, 2023 11:23am
15M candles look hideous.. the best strategy now is to basically flip a coin and go with it and take 5 pips every time you toss.. what a nightmare. It was good to trade until WS opened, worked for an hour and went to sleep. So much from the wolves..
  • #724,608
  • Jan 30, 2023 11:23am Jan 30, 2023 11:23am
Quoting BeeTogether
{quote} I’m a bit worried about the news. Yes .25 is priced in from FOMC I sense a big spike up though BoE looking at ending its rate rises after this week. However the article I posted earlier that the UK recession might not be as bad could send the pair towards 127
Could be , that triangle does not look right, i searched all the patterns and the only one that would be valid would be a contacting triangle, so one more leg up maybe up to 2400, it can not break the high of the last leg up to be valid
Follow The Markets Structure - Patience and Discipline
  • #724,609
  • Edited 12:02pm Jan 30, 2023 11:27am | Edited 12:02pm
Quoting pipfarm
Tops and bottoms matching up perfectly The bottom is breaking {image}
On reflection that triangle is not right this is the more likely pattern a five wave contracting triangle ,, the last leg up should (edit , i meant should not) breach the old resistance

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Follow The Markets Structure - Patience and Discipline
  • #724,610
  • Jan 30, 2023 11:30am Jan 30, 2023 11:30am
Quoting Whale
But could fly before. of course im not a good trader. I can be wrong. We {image}
perfect scenario
  • #724,611
  • Jan 30, 2023 11:40am Jan 30, 2023 11:40am
Quoting BeeTogether
{quote} I’m a bit worried about the news. Yes .25 is priced in from FOMC I sense a big spike up though BoE looking at ending its rate rises after this week. However the article I posted earlier that the UK recession might not be as bad could send the pair towards 127
It's really interesting..

Daily Support sits at exactly today's low, ~1.236.

Lower TF's suggest that Pound will fall to about 1.227. Will the price bounce from 1.227 up, hard to tell.

On my charts, all of the USD pairs reached yellow line (R and S depending on the pair) on MN TF, except for the Pound whose R lie at 1.27 according to the MN Chart.
If we exclude the Pound, retracements are done already and rally is over. We did have 2 legs up on a Daily chart..

I don't know, it's very very hard to suggest anything because this week has a shit ton of news that are all insanely important.
Beginning from Wednesday it's a mine field..

Fed should follow up with 25bps as some sectors, well some.. sectors started to crack. There is no chance Fed will raise 50bps. They will all raise as is predicted in my opinion. I would have bet BOE will be more important but then again, don't want to disregard the Fed, luckily for us they have 3 hours before the markets close haha.
  • #724,612
  • Jan 30, 2023 11:41am Jan 30, 2023 11:41am
Quoting pipfarm
{quote} On reflection that triangle is not right this is the more likely pattern a five wave contracting triangle ,, the last leg up should breach the old resistance {image}
the last leg up should breach the old resistance
I see the H1 as building an H8 down swing. Therefore, I don't expect that the next H1 swing up will close above the horizonatal line across the prior high.

But, whether it does or does not is of little consequence for me, because I wait for price to move and then follow it.
To free Gazans of Hamas, use whatever it takes.
  • #724,613
  • Jan 30, 2023 11:47am Jan 30, 2023 11:47am
Its going down, so is gbpjpy current rte 161.18 compressing to 160.02
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  • #724,614
  • Jan 30, 2023 11:47am Jan 30, 2023 11:47am
Quoting montygoldy
{quote} great idea… my idea is to go big like 50k or 100k… according to my logs i have achieved 2k-55k twice….. aiming to achieve 100k this year …
This year I thought of trying it myself. This week I won't trade much cause of travelling but from next week i should start the challenge. Reaching for 50-100k aswell. Good luck!
How to succeed in zero sum game?
  • #724,615
  • Jan 30, 2023 11:50am Jan 30, 2023 11:50am
Quoting pipfarm
Tops and bottoms matching up perfectly The bottom is breaking {image}
oh dear, that sounds just like in real life.
  • #724,616
  • Jan 30, 2023 12:01pm Jan 30, 2023 12:01pm
Quoting DrDave
{quote} the last leg up should breach the old resistance I see the H1 as building an H8 down swing. Therefore, I don't expect that the next H1 swing up will close above the horizonatal line across the prior high. But, whether it does or does not is of little consequence for me, because I wait for price to move and then follow it.
Sorry i meant it should not breach it
Follow The Markets Structure - Patience and Discipline
  • #724,617
  • Jan 30, 2023 12:11pm Jan 30, 2023 12:11pm
Quoting Pat Chiko
UJ Scalp long for short later. Give it a try.{image}
UJ

Scalping partial TP @ BSZ
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #724,618
  • Jan 30, 2023 12:21pm Jan 30, 2023 12:21pm
Trying a buy here for 20pips.. dxy come on time to retrace a bit…
Extreme gut feeling trader
  • #724,619
  • Jan 30, 2023 12:31pm Jan 30, 2023 12:31pm
Quoting Waveskierrob
{quote} No need to be sorry..., as for prediction I never know what the market will do, you can see how I trade on my thread, yes I start off scalping but they end up as investments...
What do you call an alligator who "invest" ?
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #724,620
  • Jan 30, 2023 12:49pm Jan 30, 2023 12:49pm
Quoting Pat Chiko
{quote} What do you call an alligator who "invest" ?
An "Investigater"...
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