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Cable Update (GBPUSD)

  • #836,001
  • Aug 22, 2024 6:59am Aug 22, 2024 6:59am
Took short gj
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yes yes yes
  • #836,002
  • Aug 22, 2024 7:06am Aug 22, 2024 7:06am
Quoting pipfarm
{quote} Certainly a break below 3080 negates any more upside for now, however i am looking for a break to the long side after this down side movement so long as it does not break your level.
I hate trading the news, as its a pure guessing game, however if (big if) the data is green we could see a slight move low, although remember last week when green US data saw a drop and then boom up to the current zone.

I will be watching 1308X area like a hawk, first set of US data in 25 mins lets see where it takes us.
Insane in the Brain..
  • #836,003
  • Aug 22, 2024 7:10am Aug 22, 2024 7:10am
Quoting BeeTogether
{quote} I hate trading the news, as its a pure guessing game, however if (big if) the data is green we could see a slight move low, although remember last week when green US data saw a drop and then boom up to the current zone. I will be watching 1308X area like a hawk, first set of US data in 25 mins lets see where it takes us.

Sometimes it can be , what i am thinking is this current pattern down is corrective so why not when it breaks the top that means continuation to the upside.
Follow The Markets Structure - Patience and Discipline
  • #836,004
  • Aug 22, 2024 7:11am Aug 22, 2024 7:11am
Quoting BeeTogether
{quote} its a crazy game but hey its so much fun
Okay let's wait and see how much fun we will have
With courage, patience, and discipline, success is a matter of time.
  • #836,005
  • Aug 22, 2024 7:27am Aug 22, 2024 7:27am
Finally below 131 could be a false down before data and go back up
Insane in the Brain..
  • #836,006
  • Aug 22, 2024 7:34am Aug 22, 2024 7:34am
Anti climax lol. Oh well back to the drawing board will add to short at 13130
Insane in the Brain..
  • #836,007
  • Aug 22, 2024 7:46am Aug 22, 2024 7:46am
Quoting Pat Chiko
{quote} GU {image} Scalping SHORT Hope got luck for this trades.{image}
Hi. Wow! That's ambition Pat re targets! Good for you.
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Trader with an Edge.
  • #836,008
  • Aug 22, 2024 7:49am Aug 22, 2024 7:49am
...that last pullback lo (of the day's current main uopmove) was still in the 4hr part of the prev 1hr/4hr sw hi zone that starts @ y/day's hi, = pot rbs, and in the prev 1hr sw hi zone = pot rbs around the Asian hi.

I don't know why this site red flags the weekly 'initial claims' re U.s data - it never moves things that much, - never did! More U.s data later, may move it more?

4hr/1hr below
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Trader with an Edge.
  • #836,009
  • Aug 22, 2024 7:50am Aug 22, 2024 7:50am
Quoting Headland
...that last lo was still in the 4hr part of the prev 1hr/4hr sw hi zone that starts @ y/day's hi, = pot rbs, and in the prev 1hr sw hi zone = pot rbs around the Asian hi. I don't know why this site red flags the weekly 'initial claims' re U.s data - it never moves things that much, - never did! More U.s data later, may move it more? 4hr/1hr below {image}
Also the data later will help decide on the rate cuts too
Insane in the Brain..
  • #836,010
  • Aug 22, 2024 7:52am Aug 22, 2024 7:52am
Profit on short side now lets see how the long goes

Two huge wicks rejection of old resistance

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Follow The Markets Structure - Patience and Discipline
  • #836,011
  • Aug 22, 2024 7:54am Aug 22, 2024 7:54am
if i were you i will not buy Pound its alreadt at 1.31 high was last 1.3140
so no sense buying to be honest,
and rememmer sep cut is already priced in with most pairs at their peak,
market now expect 35% chance of 50BPS rate cut that is not logical if you look closely at inflation and other readings,
so in case powel said they will move slowly chances are USD will get strong and weekend is also coming so Profit taking will be also there,
and looking at Gold i love it most of the time,
looks like it is ready to for the down move so if i were you,
i will wait for the gold high and sell,
2510-2515 will not a bad idea for 2490-80
just my 2 cents.
about GBPUSD i actually sold looking for 1.3000 to be honest it may take few days maybe next week but it will get there,
its already showing Overbought Heavily at 4H and daily doesn't look to be over bought but hey sometimes even a guy like me like the old high charts like Double top levels are not bad for 50-80 pips move,
just a thought,
Good luck Guys

good luck
Don't compare your Trades with Others
  • #836,012
  • Aug 22, 2024 7:59am Aug 22, 2024 7:59am
@ current dly hi I have bearish regular div in my 2 x osc's from 30min-4hr, with my 2nd dly osc now just showing overbought today.
Trader with an Edge.
  • #836,013
  • Aug 22, 2024 8:02am Aug 22, 2024 8:02am
Quoting Moty
Took short gj {image}
The drop is coming
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yes yes yes
  • #836,014
  • Aug 22, 2024 8:04am Aug 22, 2024 8:04am
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Trader with an Edge.
  • #836,015
  • Aug 22, 2024 8:05am Aug 22, 2024 8:05am
go to the market ................turn on your computer

Plan your trade ....................negotiate

wait for setup ......................take side time

execute a trade........................ buy or sell

wait for trade results....................... profit or loss

manage your position......................... lock-in or take profit


Thats Traders Job
MY OPINION NOT FINANCIAL ADVISE
  • #836,016
  • Aug 22, 2024 8:06am Aug 22, 2024 8:06am
Sold GU based dxy weekly chart
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  • #836,017
  • Aug 22, 2024 8:26am Aug 22, 2024 8:26am
still holding eurusd shorts that 3 am news almost took me out! I’m still confident we at the top
Master your mind. Master Trading.
  • #836,018
  • Aug 22, 2024 8:39am Aug 22, 2024 8:39am
...a notional new current yrly hi but supply again kicks in slightly deeper/higher in that multi t/f prev sw hi zone = pot res that extends up to last year's 3142 hi.
U.s data due in 5mins.
Trader with an Edge.
  • #836,019
  • Aug 22, 2024 8:42am Aug 22, 2024 8:42am
For 29 pips
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yes yes yes
  • #836,020
  • Aug 22, 2024 8:46am Aug 22, 2024 8:46am
Mixed.. one green one red we stay in zone
Insane in the Brain..
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