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Cable Update (GBPUSD)

  • #741,281
  • Apr 16, 2023 1:41am Apr 16, 2023 1:41am
I still believe that we are correcting the fourth wave, which may extend to the following levels:
1.2323
1.2260
1.2198
And waiting for the start of the fifth wave, with buying targets at levels
1.2660
1.2730

I hope I'm right
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Look at the moon with your eyes, not with your ears from the mouths of othe
  • #741,282
  • Apr 16, 2023 3:18am Apr 16, 2023 3:18am
My View GBPUSD H4
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  • #741,283
  • Apr 16, 2023 3:50am Apr 16, 2023 3:50am
Quoting MadMoon
I still believe that we are correcting the fourth wave, which may extend to the following levels: 1.2323 1.2260 1.2198 And waiting for the start of the fifth wave, with buying targets at levels 1.2660 1.2730 I hope I'm right {image}
Hi MadMoon,
Just scrolling the charts and saw your post. I know two friends who were dedicated Elliot Wavers and they could never agree which wave was current etc etc--now the area I did observe from your charts was the Yellow and the Purple wave labelling.

I tried Elliot wave structure--perhaps I had lousy teachers---however I was taught that WAVE3 CAN NEVER BE THE SHORTEST--

In both your YELLOW and PURPLE labelling I see that Wave 3's appear to be the shortest.

Other comments relate to the 4th wave retracements Don't want to rain on your parade mate, but think you might seek some further clarification, but then I may have it all wrong

Good luck with your targets.
  • #741,284
  • Apr 16, 2023 6:01am Apr 16, 2023 6:01am
[quote=LifeRider;14396025]How is it, that according to this website, when the price goes down long positions increase, and when it goes up, shorts increase? Is everyone here a counter trend trader? It appears to be very similar on OANDA, where I trade too. {image} {image}[/quote

Many sell the resistance because the price must retrace
Many buy at support because price must retrace
  • #741,285
  • Apr 16, 2023 6:05am Apr 16, 2023 6:05am
Quoting btrfx1
{quote} Hi MadMoon, Just scrolling the charts and saw your post. I know two friends who were dedicated Elliot Wavers and they could never agree which wave was current etc etc--now the area I did observe from your charts was the Yellow and the Purple wave labelling. I tried Elliot wave structure--perhaps I had lousy teachers---however I was taught that WAVE3 CAN NEVER BE THE SHORTEST-- In both your YELLOW and PURPLE labelling I see that Wave 3's appear to be the shortest. Other comments relate to the 4th wave retracements Don't want to rain on your...
btrfx1, you are a gentleman, scholar, and diplomat by my standards. I admire these traits.
Always trade your own plan...I don't provide trading signals.
  • #741,286
  • Apr 16, 2023 6:12am Apr 16, 2023 6:12am
[quote=Jolita;14396205]
Quoting LifeRider
How is it, that according to this website, when the price goes down long positions increase, and when it goes up, shorts increase? Is everyone here a counter trend trader? It appears to be very similar on OANDA, where I trade too. {image} {image}[/quote Many sell the resistance because the price must retrace Many buy at support because price must retrace
and in reality , all must compromise /flxible to push each other and ultimately both will win at the cost of many involved in the war ! stay safe
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #741,287
  • Apr 16, 2023 6:20am Apr 16, 2023 6:20am
Quoting MadMoon
I still believe that we are correcting the fourth wave, which may extend to the following levels: 1.2323 1.2260 1.2198 And waiting for the start of the fifth wave, with buying targets at levels 1.2660 1.2730 I hope I'm right {image}
MadMoon, I don't want to hurt your feelings, but I'm a straight shooter. You and the people who gave you thumb-ups have no clue about EW's basics. I posted the link here numerous times to stop this nonsense- talking about something because it fits your narrative of what the market might do in the near future. Unsolicited advice. Don't force the EW count where it doesn't exist. The basic info about EW counts you can find in this
link. https://forex-indicators.net/cycle-i...tt-waves/rules
Don't you think that as technical analysts our ethics should prevent us from misleading others? Good luck with your journey.
Always trade your own plan...I don't provide trading signals.
  • #741,288
  • Apr 16, 2023 6:31am Apr 16, 2023 6:31am
[quote=fontu;14396211][quote=Jolita;14396205]{quote} and in reality , all must compromise /flxible to push each other and ultimately both will win at the cost of many involved in the war ! stay safe[/quote

Thanks fontu
We should not forget this is also areas where trade continuation and stop hunt happens, and should be careful trading big moves thinking may reverse. Always a risk.
  • #741,289
  • Apr 16, 2023 9:39am Apr 16, 2023 9:39am
Quoting MadMoon
I still believe that we are correcting the fourth wave, which may extend to the following levels: 1.2323 1.2260 1.2198 And waiting for the start of the fifth wave, with buying targets at levels 1.2660 1.2730 I hope I'm right {image}
I'm interested in correcting you a bit and giving my view, here's counting Elliott Wave based on Awesome Oscillator
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https://breakpullback.com
  • #741,290
  • Apr 16, 2023 1:01pm Apr 16, 2023 1:01pm
GBPUSD price action on the daily tie frame is struggling to significantly break above the 1.24060 horizontal resistance area (purple) seen on the weekly time frame as a bearish engulfing print on Friday neutralized the bullish charge of the previous two days to retest the 1.24060 line. The area aligns with the 61.8 Fib retracement of the 1.36380/1.11550 bearish swing. Further bearish move in the early part of this week cannot be ruled out.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #741,291
  • Apr 16, 2023 2:25pm Apr 16, 2023 2:25pm
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Liked a few posts. . Long or short???
  • #741,292
  • Apr 16, 2023 3:11pm Apr 16, 2023 3:11pm
i am not a rocket scientist but i understand that same thing happens time After time so i Am on A long sell 1.2415 sl 1.2445 TP 1.2100
  • #741,293
  • Apr 16, 2023 4:30pm Apr 16, 2023 4:30pm
Quoting Georginson
Hello guys, I expect 260 - 350 pips range for this week... And it will likely be a battle between 1.2146 Versus 1.2663... ✓Daily close below 1.2340 invalidates 1.2663 ✓Daily close above 1.2475 invalidates 1.2156 Bias is now BULLISH for a possible touch of 1.2663 this week as far as 1.2340 remains unbroken. Subtle clue: minimum first 15 trade days of the month range in the last 10 months is 390 - 480 pips, so far we have only seen (1.2273 - 1.2546) 273 pips, which means there is still at least 120 more pips to break either 1.2273 or...
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Targets.

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Cheers.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #741,294
  • Apr 16, 2023 6:49pm Apr 16, 2023 6:49pm
Quoting Georginson
Hello guys, I expect 260 - 350 pips range for this week... And it will likely be a battle between 1.2146 Versus 1.2663... ✓Daily close below 1.2340 invalidates 1.2663 ✓Daily close above 1.2475 invalidates 1.2156 Bias is now BULLISH for a possible touch of 1.2663 this week as far as 1.2340 remains unbroken. Subtle clue: minimum first 15 trade days of the month range in the last 10 months is 390 - 480 pips, so far we have only seen (1.2273 - 1.2546) 273 pips, which means there is still at least 120 more pips to break either 1.2273 or...
Bro thanks a lot for your research
  • #741,295
  • Apr 16, 2023 6:54pm Apr 16, 2023 6:54pm
My Personal Opinion

Although the General Outlook of GBPUSD is Bullish, The Fundamentals will play a role for the Bulls to continue the ride. Red News coming up on Tue & Wed will largely determine the trend of GBPUSD. GU is currently at area of Resistance on the weekly timeframe. I will like to see a retest in the BOS in the 4H time frame together with a Negative GBP Data before going with the Bears.
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  • #741,296
  • Apr 16, 2023 7:15pm Apr 16, 2023 7:15pm
today will be a long day
  • #741,297
  • Edited 8:42pm Apr 16, 2023 8:20pm | Edited 8:42pm
I’m long CHFJPY. Assuming the low of the day is already out in at Asia open, TP set at 5D ADR high, 150.614, a couple pips outside the high put in on October 2022.

A backup trade I’m willing to take is a short against the prevailing trend of last week, if price breaks last week’s high (149.816) and closes back below it. Could be a RR on a larger timeframe, COW, evening star, etc.

Here's a chart for added context...
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Discouragement is the language of the devil. Results over hype.
  • #741,298
  • Edited 10:10pm Apr 16, 2023 9:26pm | Edited 10:10pm
Expect the price to retrace back up...when London opens.

2520 is the break out price.

2500/2520 or NYO is where I intend to short.
Intraday only.
  • #741,299
  • Apr 16, 2023 10:16pm Apr 16, 2023 10:16pm
GBPUSD

Sellers ought to be at 1.2412 and maybe 1.2438

Target 1.2375 then maybe 1.2358

From the buy region (1.2375 - 1.2358) we should have buyers step in and take us all the way up until we complete the ADR.

First short positions after I cover them, I will buy and hold for the rest of the day.

Trade safely everyone!
  • #741,300
  • Apr 16, 2023 10:19pm Apr 16, 2023 10:19pm
Quoting pipcenturion
GBPUSD Sellers ought to be at 1.2412 and maybe 1.2438 Target 1.2375 then maybe 1.2358 From the buy region (1.2375 - 1.2358) we should have buyers step in and take us all the way up until we complete the ADR. First short positions after I cover them, I will buy and hold for the rest of the day. Trade safely everyone!
After thought: can they try to go for 1.23022 in one breath?
This is possible but with low probability.
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