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Cable Update (GBPUSD)

  • #838,701
  • Sep 19, 2024 2:05am Sep 19, 2024 2:05am
Quoting pipfarm
That up move was not sustainable - upside B of ABC and now the impulse down for C , then i will consider taking a long for a big move up but well done to anyone who go something out of the move up. 3150 -60 is the area to start looking for a long trade


Price hit 3153 , close enough , correction ended with the 5 wave impulse, and up she went although im not sure what kind of correction it was , at first i thought it was an exp flat but the swing down last night only had 3 waves so maybe that was the correction and the up move was part of the previous wave, anyway it hit the area i mentioned and ended with a 5 wave impulse so maybe a zigzag then it started to trend up which is what we are looking for to confirm the continuation

PS my open trades are on 40K this morning , overnight they hit maybe 50-60k
Follow The Markets Structure - Patience and Discipline
  • #838,702
  • Sep 19, 2024 2:11am Sep 19, 2024 2:11am
Tokyo dollar/yen is coming and going! It dropped after just confirming 143 yen. Is the pound/dollar also fluctuating? London is also likely to drop the dollar/yen, but since we have confirmed Peak 2, we will settle our short positions for now.
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  • #838,703
  • Sep 19, 2024 2:15am Sep 19, 2024 2:15am
Quoting pipfarm
{quote} Price hit 3153 , close enough , correction ended with the 5 wave impulse, and up she went although im not sure what kind of correction it was , at first i thought it was an exp flat but the swing down last night only had 3 waves so maybe that was the correction and the up move was part of the previous wave, anyway it hit the area i mentioned and ended with a 5 wave impulse so maybe a zigzag then it started to trend up which is what we are looking for to confirm the continuation PS my open trades are on 40K this morning , overnight they hit...
A very nice call from you mate.

What time frame did you use for your Elliott wave count ?
Market Structure is the King.....
  • #838,704
  • Sep 19, 2024 2:20am Sep 19, 2024 2:20am
Out of overnight long at 13245 I see a few mins of drops which could take us back towards the daily pivot
Insane in the Brain..
  • #838,705
  • Sep 19, 2024 2:22am Sep 19, 2024 2:22am
...speaking of pivots, (which I was in a post above,) Above Wkly R3 @/around 3342 is Mthly R1 @/around 3376, but before them both is Yrly R1 @/around 3314, and may even have been hit for some?
-------------------------------------

1hr below
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Trader with an Edge.
  • #838,706
  • Sep 19, 2024 2:24am Sep 19, 2024 2:24am
Quoting BeeTogether
Out of overnight long at 13245 I see a few mins of drops which could take us back towards the daily pivot
secured?
  • #838,707
  • Sep 19, 2024 2:26am Sep 19, 2024 2:26am
Quoting Headland
...speaking of pivots, (which I was in a post above,) Above Wkly R3 @/around 3342 is Mthly R1 @/around 3376, but before them both is Yrly R1 @/around 3314, and may even have been hit for some?
We might see weekly R3 today depending on how the market reacts to the BoE keeping rates same stance.

I’m looking to re-enter long if we break below 13220 towards 132 giving a clearer path for a move up.
Insane in the Brain..
  • #838,708
  • Sep 19, 2024 2:27am Sep 19, 2024 2:27am
Quoting elude
{quote} secured?
didn’t want to risk losing a lot so made 45 pips
Insane in the Brain..
  • #838,709
  • Sep 19, 2024 2:30am Sep 19, 2024 2:30am
Quoting BeeTogether
{quote} didn’t want to risk losing a lot so made 45 pips
  • #838,710
  • Sep 19, 2024 2:39am Sep 19, 2024 2:39am
Itchy fingers lol…
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Insane in the Brain..
  • #838,711
  • Sep 19, 2024 2:46am Sep 19, 2024 2:46am
...small p/backs (visible most on 5min and below,) characterise this move up from Asian lo/current dly, (which was a 1st test on the pot supp zone down to y/day's lo.) Price @ the current dly hi is now battling to get north of y/day's hi, but the prev 1hr/4hr sw hi zone = pot res that leads to it is wide, and may contain more supply?
So, current dly lo is above y/day's lo, which in turn is above the current wkly lo and last wk's hi, and there has been a 1st upside b/o of the Asian hi. A bullish scenario right now then.
Trader with an Edge.
  • #838,712
  • Sep 19, 2024 2:52am Sep 19, 2024 2:52am
Looks like the long move may continue… however all this before BoE could be a bit too unpredictable.
Insane in the Brain..
  • #838,713
  • Edited 3:54am Sep 19, 2024 3:00am | Edited 3:54am
Quoting Abeylyn
{quote} I am out. .
You chickened out of your buy. I'm banking heavy profits this morning from my 5 lots buy.
  • #838,714
  • Sep 19, 2024 3:00am Sep 19, 2024 3:00am
Quoting BeeTogether
Looks like the long move may continue… however all this before BoE could be a bit too unpredictable.
I said yesterday that it was nigh impossible for the weekly to change to red. That was the basis of my confidence for the buy.
  • #838,715
  • Sep 19, 2024 3:05am Sep 19, 2024 3:05am
Quoting BeeTogether
{quote} didn’t want to risk losing a lot so made 45 pips
Quoting elude
Bought 1.31895 / SL 0.0 / TP 0.0
Exited at 1.32533, 63.8 pips
  • #838,716
  • Sep 19, 2024 3:06am Sep 19, 2024 3:06am
Quoting BeeTogether
{quote} yup nearly 100 pips range today already
It's 100 pip right now. Hadn't seen this long time ago. Market produce 100 pips at early London session. New York session gonna be fun to watch.
With courage, patience, and discipline, success is a matter of time.
  • #838,717
  • Sep 19, 2024 3:17am Sep 19, 2024 3:17am
...other than calculated pivots we are running blind a bit on 4hr and below re potential res/sbr factors to the upside, above y/day's hi...you gotta go back to March 2022 and into late 2021 to see these on the dly + charts. Next upside fib (above y/day's hi) of a longer-term swing hi move down to 0327 is @/around 3328, (plotted on mthly chart so may not be exactly accurate,) then 3673.

Dly below
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Trader with an Edge.
  • #838,718
  • Sep 19, 2024 3:24am Sep 19, 2024 3:24am
Quoting JameRomeo168
{quote} It's 100 pip right now. Hadn't seen this long time ago. Market produce 100 pips at early London session. New York session gonna be fun to watch.
possibly. A lot depends on how the markets react to BoE in a few hours. Like we saw yesterday we dipped before the news and boom shot through before retreating. Not saying we could have similar as there is no movement in rates however if the reports are hawkish it could mean 133-13350 today
Insane in the Brain..
  • #838,719
  • Sep 19, 2024 3:29am Sep 19, 2024 3:29am
Quoting Abeylyn
{quote} A very nice call from you mate. What time frame did you use for your Elliott wave count ?
Although it may seem like it , i am not actually doing elliott wave counts, what i look for is a correction on one timeframe which is moving against the larger degree wave ( not to be confused with timeframe) , then i look to see if i can recognise the corrective pattern as described in elliott wave ie flats, zigzags etc then to enter i wait for the price to trend out of the correction.


The answer to your question is H1 minor correction moving against the larger degree ( not timeframe) wave, with M15 to view the internal structure and in this case enter from M15 because the next swing up would be an impulse
Follow The Markets Structure - Patience and Discipline
  • #838,720
  • Edited 3:49am Sep 19, 2024 3:36am | Edited 3:49am
...so, on the wkly, above that prev sw hi zone = pot res to 3298, (y/day's hi @ top of it) you can see 2 x prev sw lo zones = pot sbr that have already been disrespected as pot sbr (hence hollow zones) beginning @ 3353 and 3359. On dly below I've had to scroll back so can't see the hard right edge, but you can see potential res/sbr factors up to 3749. That prev sw hi zone = pot res to 3298 is circled in red.

wkly then dly below
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