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Cable Update (GBPUSD)

  • #749,561
  • Jun 5, 2023 6:09am Jun 5, 2023 6:09am
Quoting Robinhood1
Eurjpy long. Prlce now 148.75 Target beyond. 155.00
Actual target: 156.55
POSTMASTER
  • #749,562
  • Jun 5, 2023 6:20am Jun 5, 2023 6:20am
Quoting MrFanciful
I feel like I should be able to get a refund on these last 4 hours of my life. This entire day is going to turn out to be one massive bull trap.
well if we are confused, there is a chance alot of other people are confused too, thus the prophecy will come true.
You have an IQ lower than 90 if you interact with this user.
  • #749,563
  • Jun 5, 2023 6:26am Jun 5, 2023 6:26am
Oh boy, back down we go. This is very much post-NFP movement. Time to switch off from the market and come back when it's moving with a bit more regularity.
  • #749,564
  • Jun 5, 2023 6:30am Jun 5, 2023 6:30am
Quoting Scotteyy
{quote} It's telling me we are in a downtrend, 15m 200MA currently sits at 12485. Hence, we could pullback up to that level. If we continue down, then by tomorrow it will be much lower and going back up to that level would require a trend reversal. I use pivots and price action to make entries, 200ma to determine trend.
It's telling me we are in a downtrend, 15m 200MA currently sits at 12485. Hence, we could pullback up to that level.
That is essentially what D1 price action shows.

If we continue down, then by tomorrow it will be much lower and going back up to that level would require a trend reversal.
If D1 closes anywhere above 1.2308, THEN it can be considered a LIKELY failure to make the down continuation and a reversal to an up trend has LIKELY already begun by then. However, it is also possible that price will simply range between the D1 prior swing high and swing low before breaking one or the other and confirming what it is doing. This is why it is crucial to follow the price ation on ALL of the TFs below D1 to see what they support and what they negate.

Currently, not even M15 has been able to get into an up trend today. So if M15 can't get into an up trend, chances are slim at making much headway on long postitions. But price is still 80 pips above that D1 cut-off level, so unless there is a strong push down in the NY session, it is more likely that the D1 will indeed close above the cut-off level.
To free Gazans of Hamas, use whatever it takes.
  • #749,565
  • Jun 5, 2023 6:31am Jun 5, 2023 6:31am
Quoting mysterio
Oh boy, back down we go. This is very much post-NFP movement. Time to switch off from the market and come back when it's moving with a bit more regularity.
yeah good idea.
You have an IQ lower than 90 if you interact with this user.
  • #749,566
  • Jun 5, 2023 6:34am Jun 5, 2023 6:34am
Quoting DrDave
{quote} It's telling me we are in a downtrend, 15m 200MA currently sits at 12485. Hence, we could pullback up to that level. That is essentially what D1 price action shows. If we continue down, then by tomorrow it will be much lower and going back up to that level would require a trend reversal. If D1 closes anywhere above 1.2308, THEN it can be considered a LIKELY failure to make the down continuation and a reversal to an up trend has LIKELY already begun by then. However, it is also possible that price will simply range between the D1 prior swing...
tell us the IMT language for the coming hour.
You have an IQ lower than 90 if you interact with this user.
  • #749,567
  • Jun 5, 2023 6:38am Jun 5, 2023 6:38am
long 1.2380
tp 1.25
MY OPINION NOT FINANCIAL ADVISE
  • #749,568
  • Jun 5, 2023 6:42am Jun 5, 2023 6:42am
£1028 > £398 so far today but that is mostly due to me thinking that gold is worth more than a promise.
  • #749,569
  • Jun 5, 2023 6:50am Jun 5, 2023 6:50am
Quoting DrDave
{quote} It's telling me we are in a downtrend, 15m 200MA currently sits at 12485. Hence, we could pullback up to that level. That is essentially what D1 price action shows. If we continue down, then by tomorrow it will be much lower and going back up to that level would require a trend reversal. If D1 closes anywhere above 1.2308, THEN it can be considered a LIKELY failure to make the down continuation and a reversal to an up trend has LIKELY already begun by then. However, it is also possible that price will simply range between the D1 prior swing...
My 15 min , 200 EMA shows 2450.

To me potentially, the price can pull back to that price in NY session.
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Intraday only.
  • #749,570
  • Jun 5, 2023 6:52am Jun 5, 2023 6:52am
closed all shorts, longs open.
You have an IQ lower than 90 if you interact with this user.
  • #749,571
  • Jun 5, 2023 6:53am Jun 5, 2023 6:53am
Quoting Scotteyy
I'd like to see pullback to weekly pivot of 12440 for a potential short down to weekly s1 12336.
You,Me and a bunch more on this forum....all I can do is play the waiting game.,
average dude treading water
  • #749,572
  • Jun 5, 2023 6:57am Jun 5, 2023 6:57am
Quoting navk
{quote} My 15 min , 200 EMA shows 2450. To me potentially, the price can pull back to that price in NY session. {image}
this ties in with my forecast, retest of daily open. hope you're right.
  • #749,573
  • Jun 5, 2023 7:01am Jun 5, 2023 7:01am
Quoting mysterio
{quote} this ties in with my forecast, retest of daily open. hope you're right.
Also, Doc' s analysis could be right too... for tuesday. That is the level one could start searching short ( Tuesday Asia/ LO )
Intraday only.
  • #749,574
  • Jun 5, 2023 7:02am Jun 5, 2023 7:02am
Quoting DrDave
{quote} It's telling me we are in a downtrend, 15m 200MA currently sits at 12485. Hence, we could pullback up to that level. That is essentially what D1 price action shows. If we continue down, then by tomorrow it will be much lower and going back up to that level would require a trend reversal. If D1 closes anywhere above 1.2308, THEN it can be considered a LIKELY failure to make the down continuation and a reversal to an up trend has LIKELY already begun by then. However, it is also possible that price will simply range between the D1 prior swing...
Thanks for the response, always appreciate advice from long time members. I simply use the 15m 200MA for trend as it stops me from having my own bias. Whilst price action may be able to provide the same information, I try to create rules that make me less reliant on price action. Price action and market structure is highly dependant on timeframe and can show contrasting information from one timeframe to the next. Thus, it's always going to be open to human error or wrong interpretation. This is one reason why I'd like to build an algo, unfortunately I don't have the coding know-how nor the time to learn. I do have 15m, 4h and 1D open at all times, however the latter two are mainly to view weekly and monthly pivots, respectively. I have stated in the past that my strategy struggles in ranging periods, so lets hope it can trend one way or the other.

Again, thanks for the input. I have a lot to learn!
  • #749,575
  • Jun 5, 2023 7:05am Jun 5, 2023 7:05am
Quoting Pat Chiko
{quote} GU Take out some , need money to buy lunch. Haven't eaten anything, whole morning... Hope this will continue going lower as market need liquidity, as I am hopiing to see more traders coming in at LO and give more liquid by going LONG. {image}
GU
End of scalping.

Going into another room to take care of S&P500, Gold, GJ, EA and UJ trades.

GU going to take a break for few hours. Will come back to have a peek.
Trade Safe and be patience with ranging market.

Attached Image (click to enlarge)
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #749,576
  • Jun 5, 2023 7:09am Jun 5, 2023 7:09am
A General tip :

Trade only NY session on Fridays and Monday.

Most of times, I have seen, friday NY trend continues in monday asia and London open.

That continuation level could be s1 to s2

or

r1 to r2
Intraday only.
  • #749,577
  • Jun 5, 2023 7:14am Jun 5, 2023 7:14am
Quoting navk
A General tip : Trade only NY session on Fridays and Monday. Most of times, I have seen, friday NY trend continues in monday asia and London open. That continuation level could be s1 to s2 or r1 to r2

Have you done any stats on it? how often is that? How effective is it to do so
Because it is very interesting
  • #749,578
  • Jun 5, 2023 7:15am Jun 5, 2023 7:15am
Quoting navk
{quote} Also, Doc' s analysis could be right too... for tuesday. That is the level one could start searching short ( Tuesday Asia/ LO )
yes, If it follows my plan i'm looking for sell around 9.15-9:30 am ( when settlement finishes) on Tues. Big IF at this point it comes down to PMI. With sellside liquidity taken, (thursday swing low) I think the chances of a pullback are better than evens. Thanks for the view.
1.2487 and 1.2498 are good sell levels imo if the market can recover that much
  • #749,579
  • Jun 5, 2023 7:16am Jun 5, 2023 7:16am
Quoting navk
A General tip : Trade only NY session on Fridays and Monday. Most of times, I have seen, friday NY trend continues in monday asia and London open. That continuation level could be s1 to s2 or r1 to r2
thanks for the tip.
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  • #749,580
  • Jun 5, 2023 7:18am Jun 5, 2023 7:18am
Quoting mateusz2351
{quote} Have you done any stats on it? how often is that? How effective is it to do so Because it is very interesting
Session trading itself is a strtegy, combined with daily support/resistance elevels.

Look for tokyo open, London open and NY open.

Especially if LO level breaks, that is confirmed trend direction for that session.

NY open level too... if NY open level breaks... the trend could continue too combined with 4 hr support/resistance
Intraday only.
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