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Cable Update (GBPUSD)

  • #748,361
  • May 30, 2023 12:44pm May 30, 2023 12:44pm
Quoting Fardeen1209
{quote} Price didn't even touched the 4hr Demand at 1.2309, could it be a magnet to attract price to sweep all the LQ been accumulating for past these days then the major uptrend resumes A "spring"?
Fardeen1209, on May 25th GU made a low at 1.2307
Attached Image (click to enlarge)
Click to Enlarge Name: GU 05.30 daily.png Size: 55 KB
Always trade your own plan...I don't provide trading signals.
  • #748,362
  • May 30, 2023 12:48pm May 30, 2023 12:48pm
Quoting Coreg2004
{quote} Fardeen1209, on May 25th GU made a low at 1.2307 {image}
Thanks sir, Your June 02,June 12 bias could unfold with higher probability, since there is no HH in 4hr external structure which would otherwise confirm a new bullish swing move.
The today push im not sure it will held, looks like bull trap, then take them all underwater.
More time in the market, does not mean you trade better!
  • #748,363
  • May 30, 2023 12:50pm May 30, 2023 12:50pm
DXY divergence
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  • #748,364
  • May 30, 2023 12:53pm May 30, 2023 12:53pm
Quoting donfriday
{quote} yeah very challenging we learn to earn by following strict rules
I prefer my rules..
but if you find it beneficial, excellent
  • #748,365
  • May 30, 2023 1:02pm May 30, 2023 1:02pm
Quoting Fardeen1209
{quote} Price didn't even touched the 4hr Demand at 1.2309, could it be a magnet to attract price to sweep all the LQ been accumulating for past these days then the major uptrend resumes A "spring"?
GU

The set up.
Please also refer to Coreg chart ( very informative) to understnad set up play in GU.
Attached Image (click to enlarge)
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In finding LQ, MM use order block is an inducement level, where retail traders get induced into the market and always place their buy or sell orders in it to get taken into the market
With this MM can take out both seller /buyer.
Markets are about liquidity.
Smart and dumb people are going to buy and sell all of the time.



NOTE on Data release this week.
Consumer Confidence data - Tuesday
JOLTs jobs data - Wednesday
ISM Manufacturing data- Thursday
May Jobs Report - Friday
Total of 4 Fed members speak
Debt ceiling deal market reaction
(Nothing of this matters, it's all about liquidity that is pushing stocks up.)

Last point, Markets don't care about anything right now except AI.
Russia could nuke Ukraine tomorrow, and the market would best higher thinking that meant the war was officially over.
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #748,366
  • Edited 1:50pm May 30, 2023 1:10pm | Edited 1:50pm
Quoting Fardeen1209
{quote} Thanks sir, Your June 02,June 12 bias could unfold with higher probability, since there is no HH in 4hr external structure which would otherwise confirm a new bullish swing move. The today push im not sure it will held, looks like bull trap, then take them all underwater.
Fardeen1209, I'm on the same page with @donfriday. If what I labeled on the daily chart is indeed completed wave 5 [move (I)-(v)] then min time for retracement is June 2nd and 50% retracement in price @1.2242. The funny thing is that on this day we have an NFP announcement for May, and even the best analysis can go down the drain quickly.
Always trade your own plan...I don't provide trading signals.
  • #748,367
  • May 30, 2023 1:19pm May 30, 2023 1:19pm
Quoting Pat Chiko
{quote} Russia could nuke Ukraine tomorrow, and the market would best higher thinking that meant the war was officially over.
Russia will never nuke Ukraine, neither will it nuke the west. Let's get that straight. You are using sensitive stuff to get your point across!!!
Trade to trade another day
  • #748,368
  • May 30, 2023 1:22pm May 30, 2023 1:22pm
pitch forks...
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  • #748,369
  • May 30, 2023 1:38pm May 30, 2023 1:38pm
Quoting Pat Chiko
{quote} GU The set up. Please also refer to Coreg chart ( very informative) to understnad set up play in GU.{image} In finding LQ, MM use order block is an inducement level, where retail traders get induced into the market and always place their buy or sell orders in it to get taken into the market With this MM can take out both seller /buyer. Markets are about liquidity. Smart and dumb people are going to buy and sell all of the time. NOTE on Data release this week. Consumer Confidence data - Tuesday JOLTs jobs data - Wednesday ISM Manufacturing...
Pat, the move 2-3 (green) should have 5 fractals, how do you label it on the 4H chart?
Always trade your own plan...I don't provide trading signals.
  • #748,370
  • Edited 2:15pm May 30, 2023 1:41pm | Edited 2:15pm
Attached Image (click to enlarge)
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time line up... noticed... candles...lol works for me...
https://www.forexfactory.com/thread/...6#post14443166
what if nothing was charted ... don't get 60 minutes off...noswet details NPO
  • #748,371
  • May 30, 2023 2:21pm May 30, 2023 2:21pm
Nice
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yes yes yes
  • #748,372
  • May 30, 2023 2:48pm May 30, 2023 2:48pm
exercise caution, potential wave 4 is outside the channel
Attached Image (click to enlarge)
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https://forex-indicators.net/cycle-i...ott-waves/plan
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Always trade your own plan...I don't provide trading signals.
  • #748,373
  • May 30, 2023 3:10pm May 30, 2023 3:10pm
Looks like someone's got their knickers in a twist again...
  • #748,374
  • May 30, 2023 4:03pm May 30, 2023 4:03pm
The spread on GU jumped to 240 points at the market rollover. What a scam!
  • #748,375
  • May 30, 2023 4:11pm May 30, 2023 4:11pm
10 minutes into the trading day and the spread has dropped to a much more reasonable 80 points or 8 pips.
  • #748,376
  • May 30, 2023 4:37pm May 30, 2023 4:37pm
I just gotback from a walk and coffee with my workout buddy!!!
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  • #748,377
  • May 30, 2023 5:13pm May 30, 2023 5:13pm
I left out a detail, the 240 point spike was 230 points down to erase the gains from the last 4(?) hrs of trading and eat any tight stop losses.
  • #748,378
  • May 30, 2023 5:21pm May 30, 2023 5:21pm
Quoting dantpm
I left out a detail, the 240 point spike was 230 points down to erase the gains from the last 4(?) hrs of trading and eat any tight stop losses.
It is not advisable to to set stop loss at NY close.
Intraday only.
  • #748,379
  • May 30, 2023 5:36pm May 30, 2023 5:36pm
Quoting navk
{quote} It is not advisable to to set stop loss at NY close.
Do you anticipate a short on GU?
  • #748,380
  • May 30, 2023 5:42pm May 30, 2023 5:42pm
There is resistance at NY high.

Break is needed.
Intraday only.
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