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Cable Update (GBPUSD)

  • #747,861
  • May 26, 2023 7:56am May 26, 2023 7:56am
Quoting Elysion
{quote} In recent months. GU is inversely proportional to GJ GU rise GJ drops most of the time. Otherwise one range one trends.
After looking at D1 chart sure it was inverse, thanks for the info, this is new for me
News look like not to good, my try high again, but i still hold while likely price close above my position
10000% Wannabe . -$3000 & -$4000
Gold Recovery All Time Profit: -$3,961
  • #747,862
  • May 26, 2023 7:57am May 26, 2023 7:57am
DOwntrend again for GU
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  • #747,863
  • May 26, 2023 7:57am May 26, 2023 7:57am
Quoting Elysion
{quote} Been there done that. Trading reversal too early during news is dangerous. But I was short just now hah. Not gonna trade anymore for today. If I'm gonna buy I'll wait for my system to show divergences.

Long 0.01 lot for fun and giggles.
Exhausted
  • #747,864
  • May 26, 2023 7:58am May 26, 2023 7:58am
went long at 1.236, stop under 1.23, target 1.245+

could be a fake bear on the 1 hour chart
don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #747,865
  • May 26, 2023 7:58am May 26, 2023 7:58am
Quoting GODofMC
{quote} After looking at D1 chart sure it was inverse, thanks for the info, this is new for me
You're welcomed.
I think it was due to the weightage of Yen.
GJ used to move along with GU.
Recent months it's been traded inversely.
Exhausted
  • #747,866
  • May 26, 2023 7:59am May 26, 2023 7:59am
Quoting Elysion
{quote} Been there done that. Trading reversal too early during news is dangerous. But I was short just now hah. Not gonna trade anymore for today. If I'm gonna buy I'll wait for my system to show divergences.
Some TF up, some down, I like to see all in the same direction and with a strong price action, 2381 a resistance? wait the next report?
  • #747,867
  • May 26, 2023 8:02am May 26, 2023 8:02am
The price may take support around 2350 for a rise.

But i do not want to take any more risk.

What do you say guys ?

Protect the profit made is important for me.
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Intraday only.
  • #747,868
  • May 26, 2023 8:09am May 26, 2023 8:09am
Hmmm... I was wondering why USD got stronger. Here my interpretation of the numbers. The only reason for long in fundis I can see that durable good orders dropped to -0.2% so future like it is a good sign but the production is way too high.
Personal spending is also a big problem I would say but low impact only as seen on FF calendar.
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Yesterday we had the same reaction on similar datas. I think we are still away from a trend change in USA so rate hites still likely.
  • #747,869
  • May 26, 2023 8:09am May 26, 2023 8:09am
no trade, a coffee pause
  • #747,870
  • May 26, 2023 8:12am May 26, 2023 8:12am
Quoting navk
The price may take support around 2350 for a rise. But i do not want to take any more risk. What do you say guys ? Protect the profit made is important for me. {image} {image}
Haha, same here. I unconscious reduced my entry positions to 33% lol. I don't trust the silence currently. Can drop fast too old lows or get to new highs (I think more likely but news interpretation seems difficult currently, market has another opinion like me)
  • #747,871
  • May 26, 2023 8:14am May 26, 2023 8:14am
Quoting JackintheBox
Hmmm... I was wondering why USD got stronger. Here my interpretation of the numbers. The only reason for long in fundis I can see that durable good orders dropped to -0.2% so future like it is a good sign but the production is way too high. Personal spending is also a big problem I would say but low impact only as seen on FF calendar. {image} Yesterday we had the same reaction on similar datas. I think we are still away from a trend change in USA so rate hites still likely.
Are you trading after numbers ?, I m trading after the chart
  • #747,872
  • May 26, 2023 8:15am May 26, 2023 8:15am
Quoting JackintheBox
Hmmm... I was wondering why USD got stronger. Here my interpretation of the numbers. The only reason for long in fundis I can see that durable good orders dropped to -0.2% so future like it is a good sign but the production is way too high. Personal spending is also a big problem I would say but low impact only as seen on FF calendar. {image} Yesterday we had the same reaction on similar datas. I think we are still away from a trend change in USA so rake hites still likely.
PCE rising faster that expected is bullish for the USD as it suggests that inflation is above the 2% annual target so more rate increases.
Personsal spending up could also be a sign of higher prices which would warrant further rate increases. The rest of the numbers don't talk about price.
The FED is also supposed to be 'allowing' the previous rate hikes to permeate the market which suggests more of a wait and see attitude.
  • #747,873
  • May 26, 2023 8:18am May 26, 2023 8:18am
From chart perspektive we should get one more down leg to at least 1.23000, preferrebly to 1.2250 around and than up to new highs > 1.27.
Small downtrend broken today. But has not to say so much. I wonder if people have enough already today, Vola is quite low now and mid of Day Range. I think I should quit for the week but i'm weak... cheers.
  • #747,874
  • May 26, 2023 8:22am May 26, 2023 8:22am
holding - for 45 pips, while for taking +10 pips was that hard.
Need to deposit 80 % of my last WD
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Ok im moving to 5 pips let see how this trap handle it.
Or maybe moved later to BE
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10000% Wannabe . -$3000 & -$4000
Gold Recovery All Time Profit: -$3,961
  • #747,875
  • May 26, 2023 8:24am May 26, 2023 8:24am
Quoting busifx
Strong dollar news makes case for another rate hike before pause. Yields reacting positively. short GU @ 2381 to hold till DXY retests 104.30 high. SL already moved to BE
Out @ 2355 to observe.
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  • #747,876
  • May 26, 2023 8:24am May 26, 2023 8:24am
Quoting dantpm
{quote} PCE rising faster that expected is bullish for the USD as it suggests that inflation is above the 2% annual target so more rate increases. Personsal spending up could also be a sign of higher prices which would warrant further rate increases. The rest of the numbers don't talk about price. The FED is also supposed to be 'allowing' the previous rate hikes to permeate the market which suggests more of a wait and see attitude.
Your interpretation is new... before 8th of May dollar dropped on news like that. Since than it gets stronger. I'm not sure why so seen from 8th of may you are correct but before it was always bad for dollar because the inflation was not over (and is not yet as it seems). So more rate hikes, more pain for all. But now it interpretation is positive. I think market hopes that inflation next 2 months stops so may be that is the reason for another interpretation.

Btw I trade after chart, yes - But I like to see reaction of market on news and if they are in line with my analysis. Unfortunately not currently.
  • #747,877
  • May 26, 2023 8:25am May 26, 2023 8:25am
Possible target at completion of AB=CD pattern (1.2342)
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Always trade your own plan...I don't provide trading signals.
  • #747,878
  • May 26, 2023 8:31am May 26, 2023 8:31am
Attachment gAttachment gAttachment g
Quoting Moty
{quote} I am scalping only for 10 pips
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yes yes yes
  • #747,879
  • May 26, 2023 8:32am May 26, 2023 8:32am
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yes yes yes
  • #747,880
  • May 26, 2023 8:33am May 26, 2023 8:33am
Quoting JackintheBox
{quote} Your interpretation is new... before 8th of May dollar dropped on news like that. Since than it gets stronger. I'm not sure why so seen from 8th of may you are correct but before it was always bad for dollar because the inflation was not over (and is not yet as it seems). So more rate hikes, more pain for all. But now it interpretation is positive. I think market hopes that inflation next 2 months stops so may be that is the reason for another interpretation. Btw I trade after chart, yes - But I like to see reaction of market on news...
I believe that you are identifying the difference between what the data says and how the market reacts. In the short term these are often inconsistent. The MM's move price where they have to move it to so they can execute trades! This often has nothing to do with the data. It makes the job of trading all that much harder. In the long term the open orders are supposed to reflect the news so that eventually price is supposed to realign itself.
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