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Cable Update (GBPUSD)

  • #837,161
  • Sep 5, 2024 3:39am Sep 5, 2024 3:39am
So UK data wasn’t too hot but it didn’t move the GU pair too much maybe a drop of 5 pips. Let’s see if we can break the elusive 13170 for the next resistance area of 13190
Insane in the Brain..
  • #837,162
  • Sep 5, 2024 3:53am Sep 5, 2024 3:53am
Long short term. We might reach 1.32250 today.
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  • #837,163
  • Sep 5, 2024 3:53am Sep 5, 2024 3:53am
Quoting BeeTogether
So UK data wasn’t too hot but it didn’t move the GU pair too much maybe a drop of 5 pips. Let’s see if we can break the elusive 13170 for the next resistance area of 13190

A bullish day is a bullish day after poor US data yesterday.
Euro data up in 6 minutes
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Don't Leave Money on the Table
  • #837,164
  • Sep 5, 2024 4:04am Sep 5, 2024 4:04am
Quoting HaLBot
{quote} A bullish day is a bullish day after poor US data yesterday. Euro data up in 6 minutes {image}
again poor data and no real movement. At this rate we should see a break above 13170 and look for 13190-13210 areas before any reversal
Insane in the Brain..
  • #837,165
  • Sep 5, 2024 4:21am Sep 5, 2024 4:21am
G/M, < 30day adr bullish engulf dly candle y/day, and a new 3087 fractal L print on that t/f now - under the last HL @ last week's 3109 lo. So, the 1st downside b/o of last week's lo proved false. Dly general (now) uptrend remains intact. 4hr rangy with 1hr rangy - general uptrend? 50% of the entire 3266-3087 (last week's current yrly hi - current wkly lo) drop is just above y/day's 3175 hi @ 3177.

dly below
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Trader with an Edge.
  • #837,166
  • Sep 5, 2024 4:26am Sep 5, 2024 4:26am
.. 2 upside b/o's of the Asian hi so far today now - the most recent of which challenged the prev 1hr/minor 4hr sw hi zone = pot res up to y/day's 3175 hi/current wkly hi.

4hr then 1hr below
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Trader with an Edge.
  • #837,167
  • Sep 5, 2024 4:31am Sep 5, 2024 4:31am
If GPUUSD H4 move down is a complete correction in the daily then it would need to swing trend up on H4 for D1 to continue up.

If the current H4 swing down is an incomplete correction ie going against D1 then the current move up is be the B swing of abc we would need to see H1 start to swing trade down.
Follow The Markets Structure - Patience and Discipline
  • #837,168
  • Sep 5, 2024 4:54am Sep 5, 2024 4:54am
Ty nister goldi for 10 pts
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yes yes yes
  • #837,169
  • Sep 5, 2024 5:00am Sep 5, 2024 5:00am
Look at the chart to the left , that is the last time we had a correction in the daily, now look at today to the right


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Follow The Markets Structure - Patience and Discipline
  • #837,170
  • Sep 5, 2024 5:20am Sep 5, 2024 5:20am
Quoting pipfarm
Look at the chart to the left , that is the last time we had a correction in the daily, now look at today to the right {image}
that looks quite bearish . We didn’t break 13170 either despite spending a good period of time trying to..
Insane in the Brain..
  • #837,171
  • Sep 5, 2024 5:25am Sep 5, 2024 5:25am
Quoting BeeTogether
{quote} that looks quite bearish . We didn’t break 13170 either despite spending a good period of time trying to..

Yep , not sure whether i will trade GU today, even though it could be swing C of the correction which in theory should be a nice move down, GU is notorious for these moves being extremely erratic in nature.
Follow The Markets Structure - Patience and Discipline
  • #837,172
  • Sep 5, 2024 5:32am Sep 5, 2024 5:32am
Quoting pipfarm
{quote} Yep , not sure whether i will trade GU today, even though it could be swing C of the correction which in theory should be a nice move down, GU is notorious for these moves being extremely erratic in nature.
yeah I hear you. We have plenty of data in the next 24 hours which can mess up all PA’s.
the other thing is if US data is really bad instead of going up we may crash down as a risk to a recession increases
Insane in the Brain..
  • #837,173
  • Sep 5, 2024 5:33am Sep 5, 2024 5:33am
Will attempt another short on this audnzd


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Follow The Markets Structure - Patience and Discipline
  • #837,174
  • Sep 5, 2024 5:36am Sep 5, 2024 5:36am
Quoting BeeTogether
{quote} yeah I hear you. We have plenty of data in the next 24 hours which can mess up all PA’s. the other thing is if US data is really bad instead of going up we may crash down as a risk to a recession increases
I do not pay any attention to data , let the markets decipher it, the trick is what came before and what it does after, so no point in guessing but i hear you.

2969 would be a good place to target for shorts, just into the range of the prior H4 upswing
Follow The Markets Structure - Patience and Discipline
  • #837,175
  • Sep 5, 2024 6:09am Sep 5, 2024 6:09am
...p/back from current dly hi tested that prev 1hr sw hi x 2 zone = pot rbs @ 23.6% of the current wkly lo - current dly hi move....buyers encountered there. (Was a hi probability.) A 1st attempt on that current dly hi zone = pot res now then, in that wider pot res zone that leads to y/day's hi, with 2 x upside fibs around there. 50% of the total 3266-3087 recent fall just above there @ 3177. Dly R1 @/around 3182, and 61.8% of that move @ 3198. 45% of 30day adr traveled so far today.

1hr below
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Trader with an Edge.
  • #837,176
  • Sep 5, 2024 6:10am Sep 5, 2024 6:10am
Quoting pipfarm
{quote} I do not pay any attention to data , let the markets decipher it, the trick is what came before and what it does after, so no point in guessing but i hear you. 2969 would be a good place to target for shorts, just into the range of the prior H4 upswing
Having said that , just to make it clear i have no bias atm , depends on what happens with PA during the course of the day, i do not look at a chart and decide 100% this is what will happen, up or down depends on how PA unfolds .
Follow The Markets Structure - Patience and Discipline
  • #837,177
  • Edited 6:41am Sep 5, 2024 6:28am | Edited 6:41am
Quoting pipfarm
Look at the chart to the left , that is the last time we had a correction in the daily, now look at today to the right {image}

Hi, interesting but the 2 instances are not the same. The one on the left was where price respected that prev swing lo as potential sbr and sold down from it after testing it from the underside. The one on the right did not and in fact disrespected the prev swing lo twice to form prev swing hi's (as circled on my 4hr chart below,) as it rose above it from the underside to form those swing hi's. Ie it did not act as sbr twice - will it do so if tested again? Well a lot of that re probability depends on when in the future but the fact it hasn't twice already means it's lower in probability of doing so, ie < 50% chance. Anything can happen though!

4Hr below
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Trader with an Edge.
  • #837,178
  • Sep 5, 2024 6:32am Sep 5, 2024 6:32am
Quoting Moty
I am improving the strategy I determining the trend at the hourly chart And entering at the 5m chart {image} {image}
I can go for mini trade with 1/1.5 or 1/2 r/r ratio trades
Here i could grab 26.5 pips allready
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yes yes yes
  • #837,179
  • Sep 5, 2024 6:46am Sep 5, 2024 6:46am
Quoting Moty
{quote} I can go for mini trade with 1/1.5 or 1/2 r/r ratio trades Here i could grab 26.5 pips allready {image}
well spotted.. it did move down to the area you mentioned too. Question is will it continue to move down esp as US data is meant to be green
Insane in the Brain..
  • #837,180
  • Sep 5, 2024 6:48am Sep 5, 2024 6:48am
Quoting ScalaFX
after good yesterdays profits Im risking shorts GU 3158 to 65 with SL yesterdays high plus+3 pips
widen my SL to 3220 for news, target will be 3050
hope for 100 pip move down, if not
People don't plan to lose. They lose because they don't plan.
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