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Cable Update (GBPUSD)

  • #835,861
  • Aug 21, 2024 10:16am Aug 21, 2024 10:16am
Quoting BeeTogether
{quote} following the rules of zig zag movements you could be right. I don’t think it will be a deep down
well its not that difficult to predict a reaction to 1.3099 as thats a historical Weekly close level
in wondering about yourself, you forgot what you came here to be part of
  • #835,862
  • Aug 21, 2024 10:21am Aug 21, 2024 10:21am
Quoting BeeTogether
{quote} following the rules of zig zag movements you could be right. I don’t think it will be a deep down
You are right brother, Looks like we may not see 1.26 for awhile from now unless huge fundamental kick in.
With courage, patience, and discipline, success is a matter of time.
  • #835,863
  • Aug 21, 2024 10:21am Aug 21, 2024 10:21am
Quoting Georginson
{quote} Gu range for last month is 430 pips, this month so far is 415 pips... A reversal is imminent for at least 200 pips correction to 1.2850 area.
Hey brother is mind. Thanks for support of your knowledge. I see it also. It is always weird to go against that trend but you are right. My stats show the same,- not 1.2850 but the overheat is big.
  • #835,864
  • Aug 21, 2024 10:22am Aug 21, 2024 10:22am
Quoting navk
{quote} ok. But this vertical move is too much to handle. As you see in this thread too many stalwarts failed
January to August range is usually around 800 pips ... Which means 1.2300 + 800 pips = 1.31... meanwhile there is a resistance at 1.3140 which will space the range to 840 pips... For swing trade no problem building shorts from 1.30 - 1.31 for a target of 1.28. scalpers selling have many accounts burned already with this relentless bull run but the fall will also be very quick and aggressive.
Data + Stat + Risk/Emotions Management
  • #835,865
  • Aug 21, 2024 10:29am Aug 21, 2024 10:29am
Quoting Georginson
{quote} January to August range is usually around 800 pips ... Which means 1.2300 + 800 pips = 1.31... meanwhile there is a resistance at 1.3140 which will space the range to 840 pips... For swing trade no problem building shorts from 1.30 - 1.31 for a target of 1.28. scalpers selling have many accounts burned already with this relentless bull run but the fall will also be very quick and aggressive.
I can see strong overheat in last 40 pips upmove, lots of small gaps left. I think someone is pushing it due to FOMC this evening hoping for weak hands before selling the big long position for a bigger retrace. Right now we got a correction , a small one. It could be one more aggressive act of bullishness before FOMC. Let's see how far the power will take it before breakdown.
  • #835,866
  • Edited 10:45am Aug 21, 2024 10:33am | Edited 10:45am
Will be interesting to see reaction of break of 1.3096. Currently rejected. Now they have to hold 1.3091. I shorted more 1.3093. A bit dangerous but they have problems.

xx:43: Stop taken out above 1.3096 but flip back. Seems they have problems, as I said. 17 Minutes left till FOMC. Do they really dare to keep all longs before FOMC after the numbers today? Quite dangerous. USD still weak all over the board execept USD/JPY small rejection but that doesn't really count.
  • #835,867
  • Aug 21, 2024 10:45am Aug 21, 2024 10:45am
~1.3110 Monthly and the last Resistance on all of my charts. Above that 1.40 we're coming and if not... it'll be a very good Short.
  • #835,868
  • Aug 21, 2024 10:46am Aug 21, 2024 10:46am
Quoting W0lfram
{quote} Ah du Scheiße +1.308.. {image}
GBP???
Always trade your own plan...I don't provide trading signals.
  • #835,869
  • Aug 21, 2024 10:48am Aug 21, 2024 10:48am
...well yeh!
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Trader with an Edge.
  • #835,870
  • Aug 21, 2024 10:50am Aug 21, 2024 10:50am
...just back for Fomc minutes. The bulls are on one again today! 121% of 30day adr traveled so far and Wkly R2 and Mthly R1 breached to upside as well as being @/around Dly R2 @ current dly hi. Wkly R3 is @/around 3210.

1hr below
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Trader with an Edge.
  • #835,871
  • Aug 21, 2024 10:51am Aug 21, 2024 10:51am
Quoting JackintheBox
Will be interesting to see reaction of break of 1.3096. Currently rejected. Now they have to hold 1.3091. I shorted more 1.3093. A bit dangerous but they have problems. xx:43: Stop taken out above 1.3096 but flip back. Seems they have problems, as I said. 17 Minutes left till FOMC. Do they really dare to keep all longs before FOMC after the numbers today? Quite dangerous. USD still weak all over the board execept USD/JPY small rejection but that doesn't really count.
you got balls of steel
the cautious seldom err....C
  • #835,872
  • Aug 21, 2024 10:52am Aug 21, 2024 10:52am
Red hot fomc min coming in im in profit for my long golds but moving SL to BE just now who knows how the market reacts better no risk!
Master your mind. Master Trading.
  • #835,873
  • Aug 21, 2024 10:56am Aug 21, 2024 10:56am
wow, they really push it. Some retrace on JPY against USD but that's it. They really want to know it today. I'm ready haha.
  • #835,874
  • Aug 21, 2024 10:58am Aug 21, 2024 10:58am
Quoting Moty
{quote}yes yes yes yes yes I will aiming for 5-10 pips I am planning to take short on gu at the fomc event {image}
Ok
Took half position out
Sl below recent low
Go up mf
Give me 2550 please
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yes yes yes
  • #835,875
  • Aug 21, 2024 11:01am Aug 21, 2024 11:01am
Tomorrow I still search for long opportunity. Looks like bull don't want to stop very soon.
With courage, patience, and discipline, success is a matter of time.
  • #835,876
  • Aug 21, 2024 11:04am Aug 21, 2024 11:04am
...do you remember back not so long again in this thread there were at least a couple of 'eternal $ strength' advocates, one very vocal, prophecising the imminent drop of this pairing to parity, and seeing every move up as a selling opportunity, trying to time their entries on 1hr or 4hr or less into that misjudged over-riring fundie narrative. It was like watching blindfolded monkeys flinging their own excrement at a revolving dartboard trying to hit a treble 20. And look where we are now, lol! In trading you have to be right at the right time, because being right at the wrong time is the same as being wrong.
Trader with an Edge.
  • #835,877
  • Aug 21, 2024 11:06am Aug 21, 2024 11:06am
Quoting Silver-King
~1.3110 Monthly and the last Resistance on all of my charts. Above that 1.40 we're coming and if not... it'll be a very good Short.
Added Shorts above 1.31. Nice!
  • #835,878
  • Aug 21, 2024 11:08am Aug 21, 2024 11:08am
This would drop soon, its a metter time and $ start some correction
People don't plan to lose. They lose because they don't plan.
  • #835,879
  • Aug 21, 2024 11:08am Aug 21, 2024 11:08am
Gold
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Master your mind. Master Trading.
  • #835,880
  • Aug 21, 2024 11:10am Aug 21, 2024 11:10am
Quoting Headland
...do you remember back not so long again in this thread there were at least a couple of '$ strength' advocates, one very vocal, prophecising the imminent drop of this pairing to parity and seeing every move up as a selling opportunity, trying to time their entries on 1hr or 4hr or less into that misjudged over-riring fundie narrative. it was like watching blindfolded monkeys flinging their own excrement at a revolving dartboard trying to hit a treble 20. And look where we are now, lol! In trading you have to be right at the right time, because...
I still remember, that was around mid 2022 to until September when BOE decided to interevent. At that time I though GU was about to collapse already. Every up move was only the opportunity for seller to short this pair. Just cannot forget.
With courage, patience, and discipline, success is a matter of time.
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