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Cable Update (GBPUSD)

  • #777,001
  • Sep 21, 2023 3:45am Sep 21, 2023 3:45am
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MY OPINION NOT FINANCIAL ADVISE
  • #777,002
  • Sep 21, 2023 3:52am Sep 21, 2023 3:52am
There is a gap around 1.23950- 1.24050 during fed news. Anyone else seeing that gap?
  • #777,003
  • Sep 21, 2023 3:55am Sep 21, 2023 3:55am
Quoting Pranjal
There is a gap around 1.23950- 1.24050 during fed news. Anyone else seeing that gap?
Yes, a clear gap between 2 big bearish candles.
Secret to the Price Action is Liquidity.
  • #777,004
  • Edited 4:14am Sep 21, 2023 3:56am | Edited 4:14am
G/M, a further leg down in Asian session, - follow thru on y/day's bearish dly candle, before a bounce and then early London sells it down to a new current dly lo after that in the top half prev dly/4hr sw lo zone that extends down to 2274, = prev supp = pot supp. Could be a big bay out for cable re the upcoming Uk Boe Mpc's will they or won't they game?

1hr below
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Trader with an Edge.
  • #777,005
  • Sep 21, 2023 3:58am Sep 21, 2023 3:58am
Quoting iusman23
Sell Limit 1.23275, SL 1.23200. TP 1.22690.
your SL is below your entry on a short?
in wondering about yourself, you forgot what you came here to be part of
  • #777,006
  • Sep 21, 2023 3:59am Sep 21, 2023 3:59am
If BOE does what SNB just did, GBP/USD will drop to 1.215 today!

Also, watch out for votings, because they changed! 7 0 2 prior 8 0 1.

Also, there is astounding 70% of retail volume going Long.
  • #777,007
  • Sep 21, 2023 4:00am Sep 21, 2023 4:00am
Overall UK economy is weak, the news may sink the GBP/USD. Later there is an unemployment news from USD. It may or may not pull back the GBP, if it does pull it back. It won't pull it enough, later it will start bearish movement after USD news.
Secret to the Price Action is Liquidity.
  • #777,008
  • Sep 21, 2023 4:02am Sep 21, 2023 4:02am
Quoting knkie
{quote} your SL is below your entry on a short?
it's 100 point above my Sell hit, typing mistake.
Secret to the Price Action is Liquidity.
  • #777,009
  • Sep 21, 2023 4:04am Sep 21, 2023 4:04am
Quoting TheWraith
If BOE does what SNB just did, GBP/USD will drop to 1.215 today! Also, watch out for votings, because they changed! 7 0 2 prior 8 0 1. Also, there is astounding 70% of retail volume going Long.
We are going to ride down to 1.215 for sure, UK is facing inflation and Birmingham is bankrupt, the dollar remains stable. Today the USD news can only give a little pull back to make another sell entry. We will hit 1.215 anyway.
Secret to the Price Action is Liquidity.
  • #777,010
  • Sep 21, 2023 4:05am Sep 21, 2023 4:05am
SNB'S JORDAN: WE ARE READY TO SELL FX
  • #777,011
  • Sep 21, 2023 4:09am Sep 21, 2023 4:09am
Quoting JereMi256
{quote} Added longs @1.2310
Setup failed!

All positions closed at BE
Face 'ur fears & tame 'ur greed
  • #777,012
  • Sep 21, 2023 4:10am Sep 21, 2023 4:10am
The spread between the pound and the dollar is smaller than that of the pound yen, and the price movements are more straightforward, but the volatility is also small and it is difficult to get into it now.
Is the new short of the pound yen going to be around this low? Make a profit once
I'll wait for it to come up again.
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  • #777,013
  • Sep 21, 2023 4:11am Sep 21, 2023 4:11am
Quoting TheWraith
SNB'S JORDAN: WE ARE READY TO SELL FX
GBP: I wore my helmet, tightened my belts, and parachute bag on. I'm about to fall.
Secret to the Price Action is Liquidity.
  • #777,014
  • Sep 21, 2023 4:13am Sep 21, 2023 4:13am
...bulls certainly under pressure right now. Dly below shows that the aforementioned prev sw lo zone that extends down to 2274 where the current dly lo is, = prev supp = pot supp.

dly below
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Trader with an Edge.
  • #777,015
  • Sep 21, 2023 4:21am Sep 21, 2023 4:21am
Quoting Moty
Eu is 20 pips above significant support And crooky gu is still stuck at the support line {image}
The mf is crooky
This is pure squeeze
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yes yes yes
  • #777,016
  • Sep 21, 2023 4:29am Sep 21, 2023 4:29am
Quoting TheWraith
If BOE does what SNB just did, GBP/USD will drop to 1.215 today! Also, watch out for votings, because they changed! 7 0 2 prior 8 0 1. Also, there is astounding 70% of retail volume going Long.
I really hope the raise the rates, else GBP will drop for sure. But you are right, especially the price inflation were below expectations so I would say at least 30% chance they will leave rates unchanged. So after that analysis you should go short...

I tell that since 1.2370 yesterday, that was where the selling started (PA was obvious). Unfortunately I don't trade like that, it's the complete opposite of my trading style.

And even now, me as a counter trend trader, say chance are still higher for a drop now , so no long for me. And also the retailers are 70% long...invitation for the institutionals. Really, there so many factors which don't prefer long, that's seldom. Also daily average is not even half full, perfect timing on Eurozone at least.
  • #777,017
  • Sep 21, 2023 4:37am Sep 21, 2023 4:37am
...10/20/40 ema crosses across the t/f's currently as below. Best advice re upcoming data - trade what you see - not what you think should be happening, -or- stand aside till the dust settles.
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Trader with an Edge.
  • #777,018
  • Sep 21, 2023 4:43am Sep 21, 2023 4:43am
Quoting JackintheBox
{quote} I really hope the raise the rates, else GBP will drop for sure. But you are right, especially the price inflation were below expectations so I would say at least 30% chance they will leave rates unchanged. So after that analysis you should go short... I tell that since 1.2370 yesterday, that was where the selling started (PA was obvious). Unfortunately I don't trade like that, it's the complete opposite of my trading style. And even now, me as a counter trend trader, say chance are still higher for a drop now ,...
Actually the market probability is divided 50-50 between Hike or pause.

If they pause, Pound falls for sure.

If they hike, i would still say Pound would fall but it would spike up first, then close as a red candle.

For me too, Long before news is out of question

Of course, I can be wrong for the possible market reaction.

Trade safe
More time in the market, does not mean you trade better!
  • #777,019
  • Sep 21, 2023 4:44am Sep 21, 2023 4:44am
am i too late to join the train.. hhhmm
  • #777,020
  • Sep 21, 2023 4:46am Sep 21, 2023 4:46am
Quoting Georginson
Are we having a repeat of July to December 2014 or another repeat of September 2022? Price keeps making lower lows and expected range for September is 500 pips, which means 1.2213... Money management will always be the saviour no matter how one trades.
Hi Georginson, I see your point. From PA Perspective it will not be the same. What we saw in Sept. 22 was a sell off at a new low and Paritiy was also a huge scaring factor. Today it is driven by fundamentals, not only fear. The drop is also much more smooth. From my statistics it shows that a pullback chance is quite low compared to sept. 22. I would not start yet to build up a huge position from here. May be after BOE today we have a clearer picture but I think not.
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