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Cable Update (GBPUSD)

  • #807,981
  • Feb 7, 2024 2:37am Feb 7, 2024 2:37am
Quoting woody70
UK 100 Reenter same area.
SL @ BE +5
  • #807,982
  • Feb 7, 2024 2:41am Feb 7, 2024 2:41am
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yes yes yes
  • #807,983
  • Feb 7, 2024 2:53am Feb 7, 2024 2:53am
Quoting Whale
{quote} 6815 daily ob? can you show me how you draw it on daily?
this one according to current down swing
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Read the chart... Fundies are catalyst...
  • #807,984
  • Feb 7, 2024 2:53am Feb 7, 2024 2:53am
...thing is, there is no dly downtrend right now, - just a 'break of structure'/2828-2610 multi-week range and pullback inside it, on that t/f. Current dly hi is just above the last LH of the 4hr general downtrend. So the question is, is this just a pullback to the range before a 3rd downside break? There may be fundie resaons to expect more $ strength as advocated by Zebi etc, ...but technically, this is the picture on these 2 t/f's.

dly below
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Trader with an Edge.
  • #807,985
  • Feb 7, 2024 2:53am Feb 7, 2024 2:53am
Quoting Moty
{image} {image}
keep drawing every possibility down bro,, good work..it might calming down sellers
dont teach me how to buy. im sellers!!
  • #807,986
  • Feb 7, 2024 2:57am Feb 7, 2024 2:57am
Quoting Headland
{quote} ..Hi. I agree. Predictions are futile and the ironic thing is you don't need to make them if you just play your edge. Also, they are at worst potentially counter-productive because they can cause our sub-conscious mind to get fixed on an idea of what 'should' be happening and make it difficult to act on a counter signal from our edge. As we all know, but some of us can't/won't accept, you don't need to know what will happen next to make money, you just play the probabilities and optimize your risk, money, and trade management to them. This...
I strongly agree with you. Trying to predict the market is something we shouldn’t do. Trading is the game of probability. Nothing can be predictable in this game. This is why a wise man once said ”Trade what you see, not what you think”
With courage, patience, and discipline, success is a matter of time.
  • #807,987
  • Feb 7, 2024 3:08am Feb 7, 2024 3:08am
Quoting woody70
{quote} SL @ BE +5
Out +22
  • #807,988
  • Feb 7, 2024 3:14am Feb 7, 2024 3:14am
Want to go short, but just need a strong confirmation. Otherwise, wait NYO
With courage, patience, and discipline, success is a matter of time.
  • #807,989
  • Feb 7, 2024 3:24am Feb 7, 2024 3:24am
GU H1
trendline

we could see 1.2650
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Trendlines H1,H4, SMC
  • #807,990
  • Feb 7, 2024 3:37am Feb 7, 2024 3:37am
1st short 2633
  • #807,991
  • Feb 7, 2024 3:37am Feb 7, 2024 3:37am
...the last dip was bought - off some 5min bullish hidden div, now price deeper into this prev 4hr sw lo zone = prev supp = pot sbr that extends to circa 2655. Price @ current dly hi above last LH on 4hr now.

4hr below
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Trader with an Edge.
  • #807,992
  • Feb 7, 2024 3:40am Feb 7, 2024 3:40am
Quoting JameRomeo168
Want to go short, but just need a strong confirmation. Otherwise, wait NYO
im thinking similar, the current bullish run needs to slow down.. nearly jumped in when we saw a drop from 12630 to 12617 but it just bounced up.
Insane in the Brain..
  • #807,993
  • Feb 7, 2024 3:43am Feb 7, 2024 3:43am
already 3 order loss today...lucky im not averaging it..
last trade short 2633 sl 2663 tp open..
dont teach me how to buy. im sellers!!
  • #807,994
  • Feb 7, 2024 3:43am Feb 7, 2024 3:43am
Quoting BeeTogether
{quote} im thinking similar, the current bullish run needs to slow down.. nearly jumped in when we saw a drop from 12630 to 12617 but it just bounced up.
Hi. I'm sure the '$ strength' types will be seeing this as a pullback to that 2828-2610 range, but the size of it may have taken some of them by surprise,? - if that is what it is.
--------------------------------

....
1hr below
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Trader with an Edge.
  • #807,995
  • Feb 7, 2024 3:48am Feb 7, 2024 3:48am
Quoting josip
GU H1 trendline we could see 1.2650 {image}
update1

and maybe 1st stop line (yellow)....but DXY can't stay below 103.850 if we want to go lower with gbp..
+DXY H1 chart
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Trendlines H1,H4, SMC
  • #807,996
  • Feb 7, 2024 3:51am Feb 7, 2024 3:51am
Quoting Headland
{quote} Hi. I'm sure the '$ strength' types will be seeing this as a pullback to that 2828-2610 range, but the size of it may have taken some of them by surprise,? - if that is what it is. -------------------------------- .... 1hr below {image}
thing is whilst we have seen a decent drop below 12610 we have not seen anything over 12770. Maybe the range area is moving to 12770-12530?
Insane in the Brain..
  • #807,997
  • Feb 7, 2024 3:54am Feb 7, 2024 3:54am
Quoting BeeTogether
{quote} thing is whilst we have seen a decent drop below 12610 we have not seen anything over 12770. Maybe the range area is moving to 12770-12530?
Yeh, it could well do. When you look @ the dly and wkly, perhaps it is now 2500-2828,? particularly wkly.
Trader with an Edge.
  • #807,998
  • Feb 7, 2024 3:58am Feb 7, 2024 3:58am
Quoting Headland
{quote} Yeh, it could well do. When you look @ the dly and wkly, perhaps it is now 2500-2828,? particularly wkly.
125 once again back on my radar too. Although we might have seen the weeks low already as there isn’t too much in data this week to make waves.
Insane in the Brain..
  • #807,999
  • Feb 7, 2024 4:04am Feb 7, 2024 4:04am
failure of 1.2750 by tomorrow price should revisit 1.25 and lower by next week
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MY OPINION NOT FINANCIAL ADVISE
  • #808,000
  • Feb 7, 2024 4:06am Feb 7, 2024 4:06am
...so 50% 2772-2519 move is @ 2645, 61.8% is @ 2675, 76.4% is @ 2712, and the midpoint of the 2828-2610 range that has now had 2 x false downside breaks, (1st to 2596, 2nd to 2519,) is @ 2719. Perhaps any upside break above that midpoint will encourage more buyers?
Trader with an Edge.
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