Cable Update (GBPUSD)

yup when it goes well it zooms… other times it sucks

Letz hope this is it , turn around time , usually 4 GMT but we are on BST (british summer time is plus 1) 5 pm so about now

Can wait for it to trend or be an idiot like me and get in too early

Markets will cycle through double correctives and single correctives on H1 whose origin is D1

It's messy to you because of your style of trading. There is something called zones, monthly and weekly pivots, session flows, etc If you master these things you can foretell the market with accuracy many times. Navk is a good example. I am also a good example.

Now EU looking bearish not gonna sell as I’m holding EURAUD buys right now could push higher thanks to this possible EU drop

Yes, you are perfectly correct.

Swing traders are to stand aside today because the session flow is against the actual Swing direction. Session flow is Buy while Swing is to Short.

Until, there is a perfect alignment with session flow, no way for swing. Session flow is more likened to an Intraday active price movement...

Waiting for a 2hr. candle close below 1.3118 to go short GU. Gap up is my stoploss.

Have a great weekend folks see ya on the other side

Looks a doji after so bullish yesterday ! So all fake bull leg apparently , nothing worked continue a little bull here , at this odd level. Let's see what next , should bear continue after this bull stop allegedly !

update :
usdx test last demand top , may may need further support at more lows before a last correction up before bear continue possible . yesterday also pull back and rejected with double top , so previous bottom to low restart bounce again.

eurusd , still in channel up , better a little down to restart new bull leg to target bounce still.
gbpusd , minimum correction down and may restart bull as of yesterday .
so gbp doji may not work this time or gbp may not follow eurusd or usdx or usdx continue bounce possible as well , as on demand already ! lets see what final outcome may come next week !

Hoping for a drop for EU as stocks peak back from their highs should be profit taking and hoping this translates to USD strength

Gu setting up for a major buy trade from 1.31000 from a 4 hr perspective.
Cheers.

... Just back @ desk updating charts/seeing what I missed - Interestingly 4Hr has a pt. 4 of an exp tri (intermediate or full unknown yet.) playing out from current dly hi (after a full exp tri,) whilst 1Hr has a pt. 5 of a full exp tri playing out from same hi with bearish regular div between pts 1 and 5. If they are true - The 4Hr's target is either a fib retrace of it's move 3-4 for an intermediate exp tri, or an extension of it for a full exp tri. The 1Hr's target is a fib extension of it's move 4-5. (I have a pdf re these patterns in the files section on my profile, for anyone that doesn't know them and is interested.)

4hr/1hr below

Bitcoin hit my Be, good, better price to sell, opened 59732, SL 60600 target still 50k

I still expect one more leg up................

Have a safe weekend all, crew.

Next week... could be sell in the biginning atleast.

I just see the close price if NY. Interesting.

Pretty simple really.
Need to be aware of trader sentiment, this is very important when a negative piece of data comes out yet Cable is flying. Whys that, what is on traders minds? Like right now, there isn't much selling happening because the consensus in the trading community is the US will cut rates by 50bps next week.
A countires interest rate is a big deal in the trading community and people should understand this and why.....
Keep an eye on USDX
Keep an eye on Euro/Usd
Keep an eye on Euro/Gbp
Keep an eye on larger time frames as well as the lower ones. Being a day trader and sometimes holding for a few days I time my entries going right down to the one minute chart after seeing what price is doing on 1hr/30/15/5 charts.
A lot of times it's confusing to traders why Cable is doing what it's doing when usdx is falling and Euro is rising, in that case money flows are going into EG and not Cable. Once EG has had it's feast then Cable will rebound and vise versa for selling Cable.
Another thing to take into account is having a sixth sense, it's why great traders are great, they know where the markets heading....

I'm sure other traders will use different pairs to gauge when to enter a trade on Cable but that's pretty much what I do.
The other thing I do is use BBMA which is a trading system developed by Omar Ally, I find very useful and don't have to use a lot of the TA other traders use. BBMA is posted on youtube, it's quite complex to understand it fully and I don't but what I take from it can easily make me 400 bucks a day now. I've only just now started to make that per day but before it was more like 200 bucks. These are in Kangeroos and not US dollars lol
Coming from a Pommie background I've always traded Cable, just seems like a natural thing to do LOL


And above all just bloody well enjoy trading and it's a journey of discovery tackling the areas of Gambling, Greed and a lack of patience, once overcome a land of milk and honey awaits that most will never aquire

You caught some last-minute tea before the market closed

The alternative scenario - seeing as price reached a prev 1hr sw lo zone = pot supp, is that the 1hr bullish inter or full exp tri will play out as per chart below, which would mean the bearish 1hr exp tri fails to see a target of of an ext of move 4-5, but that the 4hr bullish inter exp tri reaches a target of an ext of it's move 4-5. Take your pick!

1hr below

...closing state of play across the important t/f's;

So far this month 60% of 6mth amr has been traveled by price.

* Wkly This t/f ends the week still in a general uptrend with price encountering 'buy the dip' buyers @ a prev sw hi zone = pot rbs that started @ 3045. The wkly candle closes as a pinbar and these are known to be suggestive of more upside @ some point? 92% of 13wk awr traveled in the week just closed.
* Dly This t/f closes the week in a general uptrend after a LL @ the week's 3001 lo, the upmove busting thru the 1st upside hurdle on this t/f, the prev sw lo zone = pot sbr that started @ 3087. Fri's candle close somewhat opposes the wkly and is pretty much the same as it. Only 51% of 30day adr traveled on Friday.
* 4Hr This t/f closes the week rangy more than anything, and with a potential point 5 in the making @ some point, of a developing bullish exp tri pattern. It's last candle close was bearish.
* 1Hr This t/f closes the week in a general uptrend with late buyers emerging @ a prev 1hr sw lo zone = pot supp, extending down to the day's lo, after a consolidative day, reflected on the t/f.

The initial question going into the beginning of next week is - is the pullback from 3226 current yrly hi over? I guess this may be answered, or be influenced by, the fundie data releases/announcements due this coming week?

Wkly, Dly, 4Hr, and 1Hr below.