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Cable Update (GBPUSD)

  • #726,481
  • Feb 6, 2023 4:40am Feb 6, 2023 4:40am
bulls may take control from here
possible long entries for me..
a 60-70 pips pullback for this pair is necessary at this point..
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  • #726,482
  • Edited 5:05am Feb 6, 2023 4:46am | Edited 5:05am
Quoting Pat Chiko
{quote} I'm asking,," just in case", not a slightest doubt on SnailFX signal.... I am still in the process of mastering the art of profitable trading, hoping one day becoming sucessful like you. But knowing SnailFX, I m confidence you've given a very good signal. Here's my target. Do you recommend me for full TP at target 1 or let it shoot up to target 2 ?. {image}
"I am still in the process of mastering the art of profitable trading, hoping one day becoming sucessful like you."

Please, don't make me laugh.. hahahah .

Look, here is the philosophy behind it:

If I have 15M, 30M and Hourly confirming Long and price goes the other way, then I'm not interested in trading that day.
I am not interested in Shorting today, as well since adding short when price has already fell this far, it's not advisable in my opinion.

Even though I believe the rally is over, price still owes us 1.22 according to the Weekly chart.
Also, the gap on Yen pairs has to be closed, meaning USD weak short term until the gap is filled.

GBP/USD pip chng% = 0 pips from market open.

EUR/GBP is still suspiciously signalling Short on Hourly, but not moving much.

Sorry the signal didn't work out today. It happens and it's on us to act accordingly if such a thing happens.

See you tommorow perhaps!
  • #726,483
  • Edited 5:33am Feb 6, 2023 4:46am | Edited 5:33am
Nice bear run on the daily but I need additional confirmation on either H4 H1 or M45 to enter.

let’s look for short and target 1.18830.
I will enter short once I get nice bear run on these lower time frames.


Price is at discount rate and entry at discount is very risky.. you can throw in a small lot and short then other entry at full confirmation.
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  • #726,484
  • Feb 6, 2023 4:50am Feb 6, 2023 4:50am
Quoting Guy1969
{quote} You are trading against the trend, good luck. Guy
I’m not a trend following trader… I’m a Liquidity kind of trader. I am constantly looking for where the money is residing with on chart.

Thank you
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  • #726,485
  • Feb 6, 2023 4:54am Feb 6, 2023 4:54am
Quoting MrFanciful
At this point, after Thursday and Friday, if you're bearish on GU, wouldn't you want to allow the bulls to take over so you can sell at a premium?
The classic sell the pullback. Not so much sell @ a premium, as @ a discount. Perhaps the move up of 2029-2069/70 was the pullback? For me I thought the close of the bearish engulf thrust on 4hr, and 1hr bearish thrust @ 1000am uk time was a good signal to get short again, ...(I had been short earlier from that prev sw hi zone up to said 2269/70,) Even though those 4hr and 1hr candles closed in that prev 1hr/minor 4hr sw lo zone, the thrust nature of them suggested a breach to the downside was more probable.)

1hr and 4hr below
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Trader with an Edge.
  • #726,486
  • Feb 6, 2023 4:55am Feb 6, 2023 4:55am
Quoting Waveskierrob
{quote} Still have 8 running BE 1.2030......180 banked on GU so far
Starting to cion it in ...patience patience patience...
  • #726,487
  • Feb 6, 2023 4:57am Feb 6, 2023 4:57am
The lob candle strategy
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yes yes yes
  • #726,488
  • Feb 6, 2023 5:02am Feb 6, 2023 5:02am
A run that occur above the daily level was what I used for the entry- this is discount low lot entry.
price may pull back and make a run below the daily level which is the actual confirmation.
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  • #726,489
  • Feb 6, 2023 5:04am Feb 6, 2023 5:04am
How many people who know!! Does anyone know where these people stop (support)? Because all the supports are eating them!! I heard that the blonde liked parties! Go hangover these people have! I want to press the BUY, BUY, BUY!! all morning on sell, it's getting boring!!
  • #726,490
  • Feb 6, 2023 5:16am Feb 6, 2023 5:16am
I posted the stuff below @ the w/e:

Looking at the main potential supp/rbs factors below last wk's lo, and to the immediate downside:

Fibs (always fibs lol!) List below.

a. 1956 Mthly S1
b. The next potentially most significant fib to the downside is:
1949 23.6% 0327-2448
c. Prev 1hr/minor 4hr sw hi zone that starts circa 1934-1919 = prev res = pot rbs...incl 1927 = Wkly S1
d. Prev 4hr/dly/minor wkly sw lo zone=prev supp=pot supp that extends on;
Wkly - is very wide
Dly - circa 1888-1840
4Hr - circa 1855-1840

Obviously there will likely be Dly Pivots too.

Immediate near-term Downside fibs below.
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Trader with an Edge.
  • #726,491
  • Feb 6, 2023 5:36am Feb 6, 2023 5:36am
GU H4 - Lets's see. I've interpreted this as a flip point, with entry based on engulf last bar
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always learning
  • #726,492
  • Feb 6, 2023 5:37am Feb 6, 2023 5:37am
Hello Guys, do note that since September all time low of 1.03, the maximum monthly open to low distance is 318 pips. So far this month already has open to low distance of 293 pips (1.2314 - 1.2021).

Simulated open to low distance of February is given below...

✓1.2314 minus 318 pips = 1.1996...

Average expected range for this February is 600 pips, see simulation below...

✓1.1996 + 600 pips = 1.2600 (approximated)

From above equation, above 1.1990 points at 1.2600 this February.

A research excerpt with no obligation.
Cheers,
George.
Data + Stat + Risk/Emotions Management
  • #726,493
  • Feb 6, 2023 5:43am Feb 6, 2023 5:43am
...there can't be many long positions stops below the asian lo, can there?
Trader with an Edge.
  • #726,494
  • Feb 6, 2023 5:47am Feb 6, 2023 5:47am
Quoting Headland
...there can't be many long positions stops below the asian lo, can there?
They have swept them several times, progressively lower each time.
  • #726,495
  • Feb 6, 2023 5:50am Feb 6, 2023 5:50am
IG Markets is reporting a bias towards retail of 60% (minimum level for the bias to exist). This is probably the biggest boat anchor on price right now.
  • #726,496
  • Feb 6, 2023 5:50am Feb 6, 2023 5:50am
Quoting dantpm
{quote} They have swept them several times, progressively lower each time.
Yeh, and the momentum has reduced on the 2nd and 3rd sweep to a new current dly lo each time - on 5min, and in fact there is bullish regular div up to 1hr @ new current dly lo.

5min below
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Trader with an Edge.
  • #726,497
  • Feb 6, 2023 5:52am Feb 6, 2023 5:52am
Just wait the right time bull to strike back. anytime soon. Baby what a big surprise
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #726,498
  • Feb 6, 2023 5:52am Feb 6, 2023 5:52am
Quoting Headland
...there can't be many long positions stops below the asian lo, can there?
Today is Monday, many traders was up to trade Monday Asia, i guess there are significant SL below Asian Low
More time in the market, does not mean you trade better!
  • #726,499
  • Feb 6, 2023 5:55am Feb 6, 2023 5:55am
Quoting Fardeen1209
{quote} Today is Monday, many traders was up to trade Monday Asia, i guess there are significant SL below Asian Low
Interesting, but I ask myself why would there be? Surely the so-called 'smart money' is holding short? with stops probably above 2401, retail above fri hi? Or do they want a big retrace to add? Anyways gotta trade what we see.
Trader with an Edge.
  • #726,500
  • Feb 6, 2023 6:00am Feb 6, 2023 6:00am
Quoting Pat Chiko
{quote} GU N3 @ H1 demand zone.{image}
GU

add @ LQ sweep.
First position drawdown 16.4 pips.
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P/S Add long, to support price from falling.....
I come from the future.
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