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Cable Update (GBPUSD)

  • #799,561
  • Dec 28, 2023 8:51am Dec 28, 2023 8:51am
This feels like it’s going to turn back up, back to 1.28?
  • #799,562
  • Dec 28, 2023 9:09am Dec 28, 2023 9:09am
about liquidity sweeps.... Bill Lipschutz tells of a story .......there is this trader ...

"He had been trading a market that had gone into a narrow range, and trading activity had dried up. During this period, a lot of stops had built up right above this trading range. One day, this trader’s clerk on the floor calls and says, “Listen, the talk is that tomorrow [a day on which the liquidity was expected to be substantially below normal because of a holiday affecting the cash market] they’re going to gun for the stops above the market.”

At that point, the stops were relatively close—about 40 or 50 ticks higher.

The next day, this trader’s plan is to sell the market heavily once the stops are hit, because he believes such a rally would be artificial and that the market would be vulnerable to a subsequent sell-off.

During the morning, the market trades sideways and nothing happens.

Then around 1 P.M., prices start to move—down.

You did say that the stops were above the market?

That’s right. Anyway, the market moves down 50 points, 100 points, and within a few minutes the market is down over 200 points. What happened was that the floor traders went for the stops below the market, which were 200 points away, instead of the stops above the market, which were only 50 points away. The reason was that everybody was ready for the rally to take out the stops on the upside. Therefore, everyone was long, and the direction of greatest price vulnerability was on the downside."
Personal Journal...https://www.forexfactory.com/thread/1260265-the-journal
  • #799,563
  • Dec 28, 2023 9:26am Dec 28, 2023 9:26am
Quoting MarcoJnr
This feels like it’s going to turn back up, back to 1.28?
it might just do that. Well done to those who took shorts at the top and swung at the bottom
Insane in the Brain..
  • #799,564
  • Dec 28, 2023 9:33am Dec 28, 2023 9:33am
Quoting BeeTogether
{quote} it might just do that. Well done to those who took shorts at the top and swung at the bottom
it may just drop but it seems it’s finding some support now and it seems that it could retest that high especially as it’s just before year end
  • #799,565
  • Dec 28, 2023 9:35am Dec 28, 2023 9:35am
Quoting suhas316
{image}
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!! Radha Radha !!
  • #799,566
  • Dec 28, 2023 9:36am Dec 28, 2023 9:36am
Quoting _BBKing_
I try long 2745 sl 30 to 50
I move SL @2730.
i don’t want to hold a long below that so no reasons to let my sl lower.
90% of traders use TA, indicators and prediction
  • #799,567
  • Dec 28, 2023 9:36am Dec 28, 2023 9:36am
Quoting MarcoJnr
{quote} it may just drop but it seems it’s finding some support now and it seems that it could retest that high especially as it’s just before year end

what timeframe?


5 min charts find support every hour LOL

no support on hourly or 4H till falls to 2650
short trump and go long the deepstate
  • #799,568
  • Dec 28, 2023 9:44am Dec 28, 2023 9:44am
2733 important place between bulls and bears.

It is breakout level yesterday
Intraday only.
  • #799,569
  • Dec 28, 2023 9:45am Dec 28, 2023 9:45am
this will prolly make me seem foolish cause i definitely feel foolish pointing this out in a room full of such great minds but since theres just one more trading day left in the year might be a good time looking at quarterly and yearly charts

quarterly GU is on a sell signal...the only way that gets nullified is a close over 2848 tomoro

yearly bearish too but since its close to its lows will prolly range all of next year with a bearish tilt

take your noses out of the intraday crap and look at the bigger picture gentlemen

oh and the dollar haters gona hate me but dollar is bottoming on hier timecharts so my currency will continue kicking the worlds ass some more next year

and means a democrat will be president again LOL
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short trump and go long the deepstate
  • #799,570
  • Dec 28, 2023 9:49am Dec 28, 2023 9:49am
Quoting Zebi
this will prolly make me seem foolish cause i definitely feel foolish pointing this out in a room full of such great minds but since theres just one more trading day left in the year might be a good time looking at quarterly and yearly charts quarterly GU is on a sell signal...the only way that gets nullified is a close over 2848 tomoro yearly bearish too but since its close to its lows will prolly range all of next year with a bearish tilt take your noses out of the intraday crap and look at the bigger picture gentlemen oh and the dollar...
ok so probably 2848 good target then
90% of traders use TA, indicators and prediction
  • #799,571
  • Dec 28, 2023 9:51am Dec 28, 2023 9:51am
What I see is simply attempt to hold support previous resistance.
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not saying it’s gonna fly up.
i just show where and why I bought it.

2730 shall remain intact atm for further up.
just opinion of course
90% of traders use TA, indicators and prediction
  • #799,572
  • Dec 28, 2023 9:52am Dec 28, 2023 9:52am
Quoting _BBKing_
{quote} ok so probably 2848 good target then

ill meet you there and will start shorting
short trump and go long the deepstate
  • #799,573
  • Dec 28, 2023 10:04am Dec 28, 2023 10:04am
Quoting Zebi
{quote} what timeframe? 5 min charts find support every hour LOL no support on hourly or 4H till falls to 2650
Between the 5 and 15 to see where it’s establishing but confirming on the 30.

like Navk said 1.273 area is key for direction it’s establishing support in that ‘Zone’ and even a small break isn’t confirmation, you can try and find the bottom but looking at different time frames to assist
  • #799,574
  • Dec 28, 2023 10:07am Dec 28, 2023 10:07am
i am long with 2740 stop.

edit : stop 1.2744
Intraday only.
  • #799,575
  • Dec 28, 2023 10:18am Dec 28, 2023 10:18am
Stopped out it going in long again
  • #799,576
  • Dec 28, 2023 10:21am Dec 28, 2023 10:21am
Spike down but if the market keeps pricing in the rate cuts it’s going up
  • #799,577
  • Dec 28, 2023 10:21am Dec 28, 2023 10:21am
short eu gu until tomorrow LO
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  • #799,578
  • Dec 28, 2023 10:25am Dec 28, 2023 10:25am
if it breaks I’m switching or stepping out until tomorrow
  • #799,579
  • Dec 28, 2023 10:28am Dec 28, 2023 10:28am
Quoting MarcoJnr
if it breaks I’m switching or stepping out until tomorrow
the wall is 2726 middle bb h4 need to close below it ..if before LO tomorrow fail..pullback to 2900 is possible
  • #799,580
  • Dec 28, 2023 10:30am Dec 28, 2023 10:30am
been a good week. hope next year brings more pips
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Personal Journal...https://www.forexfactory.com/thread/1260265-the-journal
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