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Cable Update (GBPUSD)

  • #763,441
  • Aug 2, 2023 10:32am Aug 2, 2023 10:32am
I wouldnt say that the problems are over for bulls but i see some relief in sight.
DXY was expected to face strong resistance around 102.8 and it seems it worked.

I do not expect it to retrace to 102.2 but if it reaches arong 102.5 it will be good.
If we see GBPUSD above 1.2680 - 1.2700 it should be enough until the GBP news events tomorrow.
Cross fingers and pray for retace.

P.S: NFP in friday should be independent of the movements during the week.
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  • #763,442
  • Aug 2, 2023 10:35am Aug 2, 2023 10:35am
Quoting greed
{quote} i think you are the first here on FF who is using a weekly chart and the word "scalping" together but i like the trade. if the BOE wouldnt meet tomorrow i could imagine copying this trade good luck
if the BOEF aka ...
  • #763,443
  • Aug 2, 2023 10:35am Aug 2, 2023 10:35am
Quoting dantpm
{quote} The US$ / debt was degraded and the employment news was in theory positive, it appears that the flight is towards the US$ not away from it, so how is that a flight to safety?
Stockholm syndrome.
You have an IQ lower than 90 if you interact with this user.
  • #763,444
  • Edited 1:32pm Aug 2, 2023 10:38am | Edited 1:32pm
Quoting PeterCaleb
{quote}Of course "traders" react to news. They may classify themself as a trader but they're not. Why? Econ news and announcements are not THE news that relates to movements. Nobody bothered to pay attention to the full picture to note when the "news" does NOT align with "cool moves" ?????
Was that last example too hard to figure out, Peter? Try this one: the US ADP figure came out very strong this morning. The G$ traded at 1.2762 just before the announcement, and within 20 minutes, fell to 1.2731 (-31 pips), and within 2.5 hours fell to 1.2682 (-80 pips). The rise in the $$, and the PA in the G$, directly relates to the ADP news, yet you say it is not news that relates to movement. Again, please explain this "cool move", to something other than the ADP FA. Please explain the "full picture". And, still waiting for your thoughts on the RBA announcement. Are you sure you know what you are talking about, Peter?
  • #763,445
  • Aug 2, 2023 10:38am Aug 2, 2023 10:38am
Quoting purevenom
I might look for quick long around that area. But i'm going out soon. So i might not take it. {image}
Entrada
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Don't mind me.. i'm crazy
  • #763,446
  • Aug 2, 2023 10:41am Aug 2, 2023 10:41am
Quoting tradexyz
{quote} if the BOEF aka ...
i dont get it sorry
  • #763,447
  • Aug 2, 2023 10:43am Aug 2, 2023 10:43am
Quoting Erkat
{quote} Hello my dear friend Thank you for your good analysis According to this analysis, do you expect the price to bounce back and correct from the 1.2666 range? What is the target range of this correction?
Hi Erkat,
With every extended move there will be a retrace. So if anything I am looking at 1.275000 for a retrace worth 50 pips where I will look for more short entries. Only if we have new daily highs especially in a bearish move with momentum as we had today it could spell trapping moves for sellers. Right now a daily close above 1.28000 will change my bearish stance. If all goes well a target of 1.26500 by tomorrow,
Cheers.
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Trade to trade another day
  • #763,448
  • Edited 10:57am Aug 2, 2023 10:45am | Edited 10:57am
Quoting greed
{quote} i dont get it sorry
by hook or by crook BTU's keep on smokin call BIBAssociation...fwiw....Boeing got issues... GREED...fire an atlas missile no rookies here....
  • #763,449
  • Aug 2, 2023 10:51am Aug 2, 2023 10:51am
Quoting GEfx
{quote} That last example too hard to figure out, Peter? Try this one: the US ADP figure came out very strong this morning. The G$ traded at 1.2762 just before the announcement, and within 20 minutes, fell to 1.2731 (-31 pips), and within 2.5 hours fell to 1.2682 (-80 pips). The rise in the $$, and the PA in the G$, directly relates to the ADP news, yet you say it is not news that relates to movement. Again, please explain this "cool move", to something other than the ADP FA. Please explain the "full picture". And, still waiting for your thoughts...
Hi, If I may say, as I responded to one of PeterCaleb's posts recently. perhaps a little more pointedly than your reply; That post above you refer to was as cryptic, disjointed, and badly argued as most of his posts. You and I know that of course there is a very high likelihood that the market responded to the ADP report (not a forecast of the official U.s Bureau of labor statistics NFP report, [or reports to be more accurate,] but a stand-alone independent report.) It did so by buying $ and although it knows that there can be variance between the ADP and official NFP reports (to say the least,) they still figured that it at least points to a strong official NFP # on Friday. Good luck with trying to get an intelligible reply without any bile coming your way.
Trader with an Edge.
  • #763,450
  • Aug 2, 2023 10:54am Aug 2, 2023 10:54am
Quoting tradexyz
{quote} by hook or by crook BTU's keep on smokin call BIBAssociation...fwiw....Boeing got issues... GREED...fire an atlas missile
this is even more confusing but i believe you
  • #763,451
  • Aug 2, 2023 11:01am Aug 2, 2023 11:01am
Quoting Headland
{quote} Hi, If I may say, as I responded to one of PeterCaleb's posts recently. perhaps a little more pointedly than your reply; That post above you refer to was as cryptic, disjointed, and badly argued as most of his posts. You and I know that of course there is a very high likelihood that the market responded to the ADP report (not a forecast of the official U.s Bureau of labor statistics NFP report, [or reports to be more accurate,] but a stand-alone independent report.) It did so by buying $ and although it knows that there can be variance between...
Completely agree with you re: ADP/NFP and Peter. I am on Peter's ignore list, but he tends to respond to my posts. He will not provide answers to the questions posted, and instead will deflect and obfuscate. He is completely predictable. Good trading!
  • #763,452
  • Aug 2, 2023 11:03am Aug 2, 2023 11:03am
Quoting Georginson
{quote} Failure to trade above 1.2790 is invitation of 1.2705 tomorrow. Current August is still shaping up as price hasn't bought above the monthly open by 30 pips or more, 80% of times this happens the trend eventually turn bullish. Expected range this August is 430 - 530 pips. Still 100 more pips needed to complete this quarter which means 1.32 versus 1.25, still 8 more weeks left to decide which of the two.
As stated yesterday, below 1.2790 has gladly accepted 1.2705 which terminated currently at 1.2680. I now expect a mini swing bounce to 1.2880 in few days ahead.
Data + Stat + Risk/Emotions Management
  • #763,453
  • Aug 2, 2023 11:06am Aug 2, 2023 11:06am
Quoting Wavegarrick
{quote} Hi Erkat, With every extended move there will be a retrace. So if anything I am looking at 1.275000 for a retrace worth 50 pips where I will look for more short entries. Only if we have new daily highs especially in a bearish move with momentum as we had today it could spell trapping moves for sellers. Right now a daily close above 1.28000 will change my bearish stance. If all goes well a target of 1.26500 by tomorrow, Cheers. {image}
Thank you so much, my friend, for your attention and good analysis
Half of the time, the market is building resistance and support levels, and
  • #763,454
  • Aug 2, 2023 11:07am Aug 2, 2023 11:07am
Monthly R is still not being hit at 1.33. We're obviously going down to 1.26 or slightly under judging where price is now. Maybe then we will have that Buy. Let's see how this Weekly will close first however.
  • #763,455
  • Edited 11:20am Aug 2, 2023 11:08am | Edited 11:20am
Quoting GODofMC
{quote} preparing for cutloss
------CUTLOSS.-----
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May go above my open position again, but im happy just to survive this wave by adding some $100 capital there

--- Bulls Preview
either it will goes up to 1.2730-50 or shoot up to daily opening.

---- Bear Preview
If it continue down i think it will be on asian morning tomorow.

Not betting anymore for today as the account (back2basic) got surplus from 1 month opening time
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10000% Wannabe . -$3000 & -$4000
Gold Recovery All Time Profit: -$3,961
  • #763,456
  • Aug 2, 2023 11:09am Aug 2, 2023 11:09am
FTMO Passed today
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Intraday only.
  • #763,457
  • Edited 11:22am Aug 2, 2023 11:09am | Edited 11:22am
Quoting Wavegarrick
{quote} Just sitting back and enjoying the ride Levels I will watch is my 78.6% fib retrace at 1.27081 of the June low to July high and below at 1.22640 - 88.6% retrace for some sort of pullback. Cheers. Edit: Just realized typo. 1.26640 not 1.22640 {image}
Me too Leon, aren't we just the best...
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  • #763,458
  • Aug 2, 2023 11:09am Aug 2, 2023 11:09am
Bad Trader App Launches Alternative Trader Network | Business Wire
Trade at your own risk.
  • #763,459
  • Aug 2, 2023 11:16am Aug 2, 2023 11:16am
Quoting voeltoez
Long taken..expect bounce from here..lower bands daily. {image}
my target for long just 2740-60...tomorrow asian will be interesting..more low coming
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  • #763,460
  • Aug 2, 2023 11:17am Aug 2, 2023 11:17am
oh boy. Jake mate
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