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Cable Update (GBPUSD)

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 1.2546.

Simulations below ..
1.2273 + 390 pips = 1.2663 (60% chance)
1.2546 - 390 pips = 1.2156 (30% chance)
(10% chance of neither happening)

This is a research excerpt with no obligation to follow.
Quoting firsttimer
too risky to short now. i will wait for pullback to long. 1.27 TP. {image}
scenario still valid on the weekly basis. (longer time frames)

of course, counter trend trades still work at lower time frames.
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Better pairs to trade than usd pairs right now until there are more clarification
we have to ask ourselves the question??? What is the governing pattern..the triple top or the double bottom!!! I dont think it clear at this point !!
However , the weekly has abit of a expanding triangle going on so itis looking abit heavy and i could make a case to go short down to the 1.18 area....so i may put it on the short list......is this clear to everyone!!!
Structure still looks bullish to me
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Compulsions can be hard to resist
Pulchra All Time Return: -88.4%
Quoting LifeRider
{quote} Could this be the reflection of the statistic that the overwhelming number of traders are consistent losers, and these aggregate positions are proof?
That is the long held view
Compulsions can be hard to resist
Pulchra All Time Return: -88.4%
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
My View GBPUSD H4
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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.
[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
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.
[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 ++
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.
[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.
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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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
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Liked a few posts. . Long or short???
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
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.
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