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Cable Update (GBPUSD)

  • #829,681
  • Jun 14, 2024 11:02am Jun 14, 2024 11:02am
Bought at 1.26653

TP at: 1.27150

SL open

Expecting to TP on Monday or Tuesday.
  • #829,682
  • Jun 14, 2024 11:45am Jun 14, 2024 11:45am
...you can see on dly chart below where the pullback from 2658 current dly/wkly lo has run into supply - the prev 1hr/4hr/minor dly sw lo zone = prev supp = pot sbr that begins @ 2688, and on dly t/f extends to circa 2718. A decisive downside breach of the ascending t/line on this t/f that joined 2300~said 2688 during the steep drop down today. Very likely a bearish dly candle will result today on it's close.

Re wkly, again very likely a bearish close in a few hours. Current dly/wkly lo is in that prev sw hi zone on this t/f that begins @ 2709, = prev res = pot rbs.

Next downside 3 fib clusters are 2652-43 -then- 2603-2592.

Dly, then wkly, then fibs below
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Trader with an Edge.
  • #829,683
  • Jun 14, 2024 12:26pm Jun 14, 2024 12:26pm
Quoting Headland
...you can see on dly chart below where the pullback from 2658 current dly/wkly lo has run into supply - the prev 1hr/4hr/minor dly sw lo zone = prev supp = pot sbr that begins @ 2688, and on dly t/f extends to circa 2718. A decisive downside breach of the ascending t/line on this t/f that joined 2300~said 2688 during the steep drop down today. Very likely a bearish dly candle will result today on it's close. Re wkly, again very likely a bearish close in a few hours. Current dly/wkly lo is in that prev sw hi zone on this t/f that begins @ 2709,...
next week will be interesting
I think this drop is down to rumblings in the BoE about rate cuts. Which in a way has the votes already priced in. Dangerous if the vote to cut remains at 7-2 as that could be seen as hawkish and a spike upwards.

Monday we may see a move up towards 12720 as a slight correction. If PA remains bearish though 126 maybe before BoE on Thursday
Insane in the Brain..
  • #829,684
  • Jun 14, 2024 12:31pm Jun 14, 2024 12:31pm
Though may not any move today , though 20 pips cay be logical , might have long back to a bottoming to bounce more up ! Anyway earliest signal for up undone so far , bounce at this low neglible, so bottom play or bear remain intact !
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #829,685
  • Jun 14, 2024 2:29pm Jun 14, 2024 2:29pm
Quoting Vincent1
Waiting for the forecast...but 5% can be possible... 0-2-7 last time {image}
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  • #829,686
  • Jun 14, 2024 7:32pm Jun 14, 2024 7:32pm
Quoting Whale
GU has more room to fall immediately, at least 1.26
230 in July.
  • #829,687
  • Jun 14, 2024 7:45pm Jun 14, 2024 7:45pm
Quoting Zebi
{quote} think ill rent this on the race track for fathers day ..pretty cheap for instruction and driving https://www.thextremexperience.com/s...an-gt-r-nismo/
Nah, steering wheels on the wrong side.
  • #829,688
  • Jun 14, 2024 9:12pm Jun 14, 2024 9:12pm
Quoting Zebi
{quote} I posted this yesterday and looks like ill get my weekly dollar buy signal so ill stay short GU for the rest of the month in my real account unless I have a brain fart and come up with an alternate count LOL corgi2000 likes demeaning jesse livermore but since jesse made and lost 3 fortunes of a 100 million dollars in the early 20th century while ralph elliott didn't make a dime trading his ewave theory just from writing books on it I know who id rather trade like LOL edit: I messed up trying to quote my pot {quote}
I know it's a green bar, but at R & BRN. Still bullish?
  • #829,689
  • Jun 14, 2024 11:17pm Jun 14, 2024 11:17pm
Quoting Vincent1
{quote} {image}
interesting.. i can’t see less than 2-7 voting for a cut, not sure what the impact of 2-7 and no cut would be thus staying with the status quo. If Thursday prints 3-6 then we will tank a bit. Due to the election I can’t see a cut taking place before it.
Insane in the Brain..
  • #829,690
  • Jun 15, 2024 12:17am Jun 15, 2024 12:17am
Quoting BeeTogether
{quote} interesting.. i can’t see less than 2-7 voting for a cut, not sure what the impact of 2-7 and no cut would be thus staying with the status quo. If Thursday prints 3-6 then we will tank a bit. Due to the election I can’t see a cut taking place before it.
To me, however, it seems very strange. The CPI is already at 2.3%, the next one is a forecast of 2%...so it's time for a change. Probably they are already late. Or maybe they're taking other things in consideration that I don't understand. I'm hoping for a cut, I don't know the vote, maybe 5-4 or something like that...looking at the past it wouldn't be strange if there are unexpected changes in the vote.
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Actually I didn't take your idea into consideration, that they don't want to cut before the elections. I believed the BOE was unconstrained by politics. If you live in the UK, maybe you know these things better than me
  • #829,691
  • Jun 15, 2024 12:58am Jun 15, 2024 12:58am
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t.me/mrt141184
  • #829,692
  • Edited 1:15am Jun 15, 2024 1:01am | Edited 1:15am
a northward correction is very possible.
as I predicted earlier, the price has reached a certain level. SL placed in the right place can count for a lot now.

H4.

the price cannot fall further without a correction.
  • #829,693
  • Jun 15, 2024 1:31am Jun 15, 2024 1:31am
just checking pa , nothing any new though ! bear confirmation may confirm at market open 2642 breaks !a bottom formation may start at this level , even if not hold before a last leg down below confirmation . lets see , how works
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #829,694
  • Jun 15, 2024 1:48am Jun 15, 2024 1:48am
Quoting Vincent1
{quote} To me, however, it seems very strange. The CPI is already at 2.3%, the next one is a forecast of 2%...so it's time for a change. Probably they are already late. Or maybe they're taking other things in consideration that I don't understand. I'm hoping for a cut, I don't know the vote, maybe 5-4 or something like that...looking at the past it wouldn't be strange if there are unexpected changes in the vote. {image} {image} Actually I didn't take your idea into consideration, that they don't want to cut before the elections. I believed the BOE...
although BoE is independent of political parties a cut now would be propaganda for the current government saying we got rates reduced. However I do feel there could be a lean on to do something
Insane in the Brain..
  • #829,695
  • Jun 15, 2024 2:40am Jun 15, 2024 2:40am
many people may not even understand mandatory correction, but it exists. it comes in when the balance is upset. if this happens, it can go in any direction again. this movement is almost a forced movement.
this is not a random or trend movement.
  • #829,696
  • Jun 15, 2024 3:29am Jun 15, 2024 3:29am
Quoting tiborf71
many people may not even understand mandatory correction, but it exists. it comes in when the balance is upset. if this happens, it can go in any direction again. this movement is almost a forced movement. this is not a random or trend movement.
this forced movement can be well filtered with moving averages+s/r levels.
  • #829,697
  • Jun 15, 2024 3:46am Jun 15, 2024 3:46am
Quoting tiborf71
many people may not even understand mandatory correction, but it exists. it comes in when the balance is upset. if this happens, it can go in any direction again. this movement is almost a forced movement. this is not a random or trend movement.
" it can go in any direction" but its not a random move...
  • #829,698
  • Jun 15, 2024 3:55am Jun 15, 2024 3:55am
Quoting Waveskierrob
{quote} " it can go in any direction" but its not a random move...
after the correction, yes, it can go in any direction, they cannot know that, but in which direction the correction will take place, yes, and that is enough.
and a position can only be opened for the correction.

of course, if only 20-30 pips is enough for someone.
  • #829,699
  • Jun 15, 2024 5:20am Jun 15, 2024 5:20am
Quoting NextElliott
{quote} GU Short TP @ 1.2590
Waiting for GU TP to hit 1.2590..
I'm not always right.. I'm not always wrong neither
  • #829,700
  • Jun 15, 2024 5:28am Jun 15, 2024 5:28am
Quoting Vincent1
{quote} To me, however, it seems very strange. The CPI is already at 2.3%, the next one is a forecast of 2%...so it's time for a change. Probably they are already late. Or maybe they're taking other things in consideration that I don't understand. I'm hoping for a cut, I don't know the vote, maybe 5-4 or something like that...looking at the past it wouldn't be strange if there are unexpected changes in the vote. {image} {image} Actually I didn't take your idea into consideration, that they don't want to cut before the elections. I believed the BOE...
if it goes to 2% it's still hot because the fall comes from data falling out, if it continues at the current rate it will go back up
also, they're not going to drop on the eve of an election

1.2% fell out last month, and 0.7% falls out this month, a 0.32% MoM read is double target annualised
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