Cable Update (GBPUSD)

Change tp to +3

Hi C2004. Does this chart make any sense as for Elliott waves? It is bouncing perfectly from an EMA on a 5 min tf. I could not get the whole chart in so i have displayed a 15 min tf. Just curious. Cheers

A weekly close above 1.2049 is good for bulls if 1.22 is still in play.

Happy weekend!
+256

LONG tp hit +3

Buy signal just dropped on GU but the day is far spent. We ride it on Monday!

Happy Weekend to y’all

Something has changed forever but why did It take so long

There were a total of 10 trades in the London session
6 wins times 15 pips gives 90 pips
4 losses times 10 pips gives 40 pips

overall profit for today is +50 pips

Considering this Friday was a trash, horrible day to trade, anything above 0 is great. Good job!

Shorting Pound vs JPY will be a great thing to do next Week in my opinion. So far, on GBP/USD, only H4 (I think) and Weekly are still suggesting Buy. Probably no play on Monday, I'll play CHF due to CPI report coming out. We're all waiting for Tuesday of course, this time we could witness higher inflation due to China reopening.

Future data according to Powell should start showing some "pain". We'll see about that also. He's probably right.

Now, I have that Daily chart that signalled Short a few days ago.
However looking somewhat more deeply, even on Daily Chart this looks like some kind of a Range of 600 pips give or take. Weekly still suggesting Long shouldn't be dismissed and honestly I think now, it's still perhaps a little bit too early to suggest some significant drop is coming. I see more chances of 1.26 becoming a reality.
Why?

China reopening, war slowed down, Fed seems like it's slowing down (we'll see about that when CPI data comes out), and recession still not here meaning USD, CHF and JPY still not rallying.

I think this is the time when big players are slowly taking their positions on tops and bottoms and pumping it to dump it.

Great place to short gbpusd next week!!!

I hope we will see higher inflation then forecasted next Week. Fed should stop wasting time and get on with that rate hikes.

Fed should have raised quicker and higher when hiking cycle began. This slow down will only make things worse. If you want to slay inflation then get on with it and stop raising by 25bps..

Get to damn 7% if it's necessary. There will be no time perhaps to keep interest rates this high for this long and what then? You destroyed growth and caused spike in unemployment and you'll get inflation spiking up back again? Then what? Wave white flag to inflation?

I don't believe at all anymore that CB's are capable of dealing with anything. If I were Fed Chair rate hikes would have come sooner and with larger hikes. 1 or 2 percent won't make as much of a difference, but it will in fighting inflation in my opinion. Seeing inflation at 2% or lower, then only would I start cutting rates little by little and make sure inflation stays down and not pausing now or not continuing to hike aggressively while inflation is still FAR away from 2%.

Markets are correct, Powell isn't serious at all. He says he is, but actions don't follow up on that. Of course, even though there could be a recession coming, markets will adjust to that in time, meanwhile they're pumping and why not?

I think time will come from behind Feds back and screw Fed.

Price stability and low unemployment right?

Well, why 25bps rate hikes then if you have unemployment not only not rising, rather falling?
Don't fight the Fed yeah. Problem is, Fed doesn't know what it's fighting in the first place.

Whatever.. at least we'll have some easy decisions in the future as putting most of the balance on Yen once BOJ raises rates.

Love this view

Fantastic I've have a SHORT on already, what day do you think it will drop ànd to what price...

1.20629 ~ 1.20600 is the level that will determine the direction. Watch out

BTCUSD SHORT

Daily View BTCUSD

CPI Report, Tuesday

Scenario: Higher CPI Than Forecasted

Trader isn't Short on Monday (GBP/USD), because price has to retrace before CPI Report on Tuesday.
Trader isn't about to witness big sell until Tuesday, because banks always make sure they have good positions.

Trader is Short couple of minutes before CPI report if the two scenarios noted above play out.

Higher Actual than Forecasted, 95% sure.

Fundamental: China Reopening
Technical: Chart Below

*If scenario proves to be wrong, I'll refrain from making another one.

Please excuse my poor english.
I would like to answer to your remarks because it definitely deals with something I had to ponder by myself.
Just to put things in perspective, while I consider myself actually kind of a newbie.

I did much more psychology in my life than trading, although I am sure they are very much related.
Why I am saying it?

Because, in many self-discovery techniques it is highly recommended to write the stuff down.

When we are putting anything on the paper, very often, if not always, we are reframing and reorganizing our own thought processes.
I did it with many other areas in my life, and the results are amazing.
It is not the place to discuss how much you can benefit from, for example, rewriting the story of your life, or just an attempt to write down your ultimate wish, that I did, too.

The overall rule is: in the process of putting into the structured form anything, you are making the major discoveries, first of all for yourself.
To put it shortly, we will discover many things about our self and will definitely enrich whatever we do, if we will try to look at it through the attempt to share with others.

Although, it may take much longer than we thought it would.
And, as I said before, I am really-really waiting for your post Snail....... Even in unfinished form.!

Getting it wronged is not permission to stop posting. I prohibit that....

this week formed a Doji candle... means that they can be waiting for new data. so maybe the trade of the next week it is CPI!

Buenos dias.
From my insider information, eurcad closed at 1.4218. Will pay attention monday to go in long for an uptrend pattern. I am not really sure whether what i call reversals are swings or a specific temporary pattern that repeats over and over which is still fine. Need more time to see how these patterns develope. Going through an excited period that has opened up to me.