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Cable Update (GBPUSD)

  • #840,001
  • Sep 30, 2024 1:27pm Sep 30, 2024 1:27pm
Quoting BeeTogether
{quote} Powell looking hawkish
That was why I gave up on my long trade. Complete triangle should breakout of high.

And now, a break below 1.3372. Opening floor for 1.3313.
Market Structure is the King.....
  • #840,002
  • Sep 30, 2024 1:29pm Sep 30, 2024 1:29pm
Quoting Abeylyn
{quote} That was why I gave up on my long trade. Complete triangle should breakout of high. And now, a break below 1.3372. Opening floor for 1.3313.
let’s see where today closes it could go silly tomorrow
Insane in the Brain..
  • #840,003
  • Sep 30, 2024 1:33pm Sep 30, 2024 1:33pm
Quoting navk
{quote} There are two guys.. I like the chart. Fontu. The chart is little complicated, but he too often goes wrong. Then Coreg . Nice chart, easy to understand. He has lots of patience though. I am now writing so much..because, i am done today in my fx trading as well as futures trading. Time constraint too. I need time to sleep also.
You flatter yourself , i doubt anyone here would follow someone else's trading blindly, most here have their own style and are looking to improve their skills by watching what others do.

Anyway your detracting from the original post , i have no interest in who you follow and who's chart you like , creating value in our posts is surely a better alternative to just posting your pip count daily , are we supposed to be impressed.

I post here because it passes the time while working and it might help others.

By the way

Here is the chart of the USDCAD with a trade i entered while writing this post

Market makers pattern which is a corrective pattern comprised of a high, a low, a higher high and a lower low, basically a liquidity sweep both sides of the market before continuing in the intended direction.
The pattern does have an internal structure which is useful for understanding when the correction is over.

By the way i rarely ever use those two indicators on the chart , they are there to make my charts narrower and prettier because people like pretty charts.



Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH1.png Size: 20 KB
Follow The Markets Structure - Patience and Discipline
  • #840,004
  • Sep 30, 2024 1:33pm Sep 30, 2024 1:33pm
Quoting KareemAliFx
{quote} bearish as hell I say in my opinion just going to wait for this pull back to finish and buy
if support holds then boom it’s a buy for a moderate amount
Insane in the Brain..
  • #840,005
  • Sep 30, 2024 1:39pm Sep 30, 2024 1:39pm
Quoting pipfarm
{quote} You flatter yourself , i doubt anyone here would follow someone else's trading blindly, most here have their own style and are looking to improve their skills by watching what others do. Anyway your detracting from the original post , i have no interest in who you follow and who's chart you like , creating value in our posts is surely a better alternative to just posting your pip count daily , are we supposed to be impressed. I post here because it passes the time while working and it might help others. By the way Here is the chart of the...
The earlier we understand that we need to Beetogether the better for all of us. We all have a common enemy which are the government/politician, the traders who exchange currencies for transaction motive, people doing regular jobs and .... Hedged Fund and Bank are not our problem because we can see their foot print and key into liquidity. The market is so large and can accommodate allofus. Your billions doesn't stop mine.

It's so so important to assist ourselves.
Market Structure is the King.....
  • #840,006
  • Sep 30, 2024 1:40pm Sep 30, 2024 1:40pm
Quoting Yngwie
Sold 1.3407
closed 50p
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #840,007
  • Sep 30, 2024 1:44pm Sep 30, 2024 1:44pm
Quoting Mitiblotch
This is setting up to hit the mobthly pivot for October which should be near 3100. I wouldn't buy here. Still holding my shorts from last week.
This demand point is invalid Miti... Between the current high and 1.3313 is a range. This demand point is in between. Though I cant remember your entry price for short but it obvious price will struggle a little up and drop again.

I have stolen some pips by going against my conventional style at least to put the day in green.

Manage your risk properly and good luck buddy.
Market Structure is the King.....
  • #840,008
  • Sep 30, 2024 1:47pm Sep 30, 2024 1:47pm
Quoting BeeTogether
{quote} if support holds then boom it’s a buy for a moderate amount
I went for it
Attached Image (click to enlarge)
Click to Enlarge Name: IMG_6957.png Size: 56 KB
Master your mind. Master Trading.
  • #840,009
  • Sep 30, 2024 1:51pm Sep 30, 2024 1:51pm
Quoting BeeTogether
{quote} if support holds then boom it’s a buy for a moderate amount
For me, I will not buy at 1.3372 again. It's better to wait till 7:00Gmt and if price is below 3372, I will go short for 1.3313.

But I trust in your experience. You are very fast in decision making and risk control.
Market Structure is the King.....
  • #840,010
  • Sep 30, 2024 2:02pm Sep 30, 2024 2:02pm
It’s where we close .. if we close near the day’s opening we could see a move up. It does seem however that 13450 is looking out of play unless data takes us there.

the 13350 support needs to break like 13430 does for bulls. Until then it’s range where money can be made
Insane in the Brain..
  • #840,011
  • Sep 30, 2024 2:13pm Sep 30, 2024 2:13pm
iT Broke the 4 hour trendline and appears to be closing below it.....like to see another close below the trendline...so cautiously bearish
  • #840,012
  • Sep 30, 2024 2:14pm Sep 30, 2024 2:14pm
Quoting BeeTogether
It’s where we close .. if we close near the day’s opening we could see a move up. It does seem however that 13450 is looking out of play unless data takes us there. the 13350 support needs to break like 13430 does for bulls. Until then it’s range where money can be made
Yeah! I got the point. We need to wait to see where price will close for the day before Buy/Sell decision.

I agree with you. It's really logical and reasonable.
Market Structure is the King.....
  • #840,013
  • Sep 30, 2024 2:15pm Sep 30, 2024 2:15pm
As Ninner just mentioned it does look as if we are going to close below the day’s opening.
Insane in the Brain..
  • #840,014
  • Sep 30, 2024 3:03pm Sep 30, 2024 3:03pm
Seems buyers coming back. I will hold this hopefully for rest of week and keep stop loss there no break even if it moves up in my favour . I really dig what Powell said about labour market today and I won’t be to concerned with unemployment data releases this week. seems two rate cuts of 25 bps which I say hasn’t been priced in yet is coming this year. From tech perspective bull trend in tact
Master your mind. Master Trading.
  • #840,015
  • Sep 30, 2024 3:41pm Sep 30, 2024 3:41pm
Quoting KareemAliFx
Seems buyers coming back. I will hold this hopefully for rest of week and keep stop loss there no break even if it moves up in my favour . I really dig what Powell said about labour market today and I won’t be to concerned with unemployment data releases this week. seems two rate cuts of 25 bps which I say hasn’t been priced in yet is coming this year. From tech perspective bull trend in tact
im trying to figure out most people who are on the bearish side what they are seeing tha constitutes a trend to the downside right now the bearish structure based on my unerstadning for gbpusd eurusd and audusd are all short term correction with now a continuation to the upside but person currently are saying bearish now and in the future when the us dollat is weak currently and most currency values remain the same the big boys are taking advantage of the uncertainty on the continuing uptrend to get liquidity in the market before reaching monthly highs care to share your side??
  • #840,016
  • Edited 5:05pm Sep 30, 2024 3:52pm | Edited 5:05pm
Quoting Godspromise
{quote} im trying to figure out most people who are on the bearish side what they are seeing tha constitutes a trend to the downside right now the bearish structure based on my unerstadning for gbpusd eurusd and audusd are all short term correction with now a continuation to the upside but person currently are saying bearish now and in the future when the us dollat is weak currently and most currency values remain the same the big boys are taking advantage of the uncertainty on the continuing uptrend to get liquidity in the market before reaching monthly highs care to share your side??
It is rather tricky to trade forex for this reasons . You see we have to remember we are trading GBP AGAINST the USD. So ideally as traders we want to sell a weak currency against a strong one or vice versa . In this case we finally see “hawkish “ feds but remember this is dovish for us forex traders . Hawkish fed means stocks go up means USD bleeds to death . We have for now holds on Bank of England and ecb is still concerned and even said they expect inflation to rise later . This looks overall bullish . This is just my analysis I could of course be misreading this whole scenario and maybe we are at the top and this is massive profit taking but I doubt it
Master your mind. Master Trading.
  • #840,017
  • Sep 30, 2024 4:03pm Sep 30, 2024 4:03pm
Quoting Abeylyn
{quote} This demand point is invalid Miti... Between the current high and 1.3313 is a range. This demand point is in between. Though I cant remember your entry price for short but it obvious price will struggle a little up and drop again. I have stolen some pips by going against my conventional style at least to put the day in green. Manage your risk properly and good luck buddy.
Pivots. Pivots. Pivots. Monthly pivots dont care about valid and invalid supoorts. If October is going to be a bullish month then price shouldn't shoot below its pivot by more than 100-120 pips. Anything near 3100(if that's where the new pivot sits) is a buy if October is bullish. If the pivot fails and price plummets then sorry, bears will win. All in all price might be headed for 1.4000 but October's Pivots must get hit, or at least near it.
  • #840,018
  • Sep 30, 2024 4:04pm Sep 30, 2024 4:04pm
Quoting Godspromise
{quote} im trying to figure out most people who are on the bearish side what they are seeing tha constitutes a trend to the downside right now the bearish structure based on my unerstadning for gbpusd eurusd and audusd are all short term correction with now a continuation to the upside but person currently are saying bearish now and in the future when the us dollat is weak currently and most currency values remain the same the big boys are taking advantage of the uncertainty on the continuing uptrend to get liquidity in the market before...
Let's get into October sir. You'll find out soon enough what we are seeing.
  • #840,019
  • Sep 30, 2024 4:05pm Sep 30, 2024 4:05pm
Quoting KareemAliFx
It is rather tricky to trade forex for this reasons . You see we have to remember we are trading GBP AGAINST the USD. So ideally as traders we want to sell a weak currency against a strong one or vice versa . In this case we finally see “hawkish “ feds but remember this is dovish for us forex traders . Hawkish fed means stocks go up means USD bleeds to death . We have for now holds on Bank of England and ecb is still concerned and even said they expect inflation to rise later . This looks overall bullish . This is just my analysis I could of course...
It's overall bullish. You are correct. It will simply do a sweep to or near the monthly pivot for October and then rise to 1.4000. That's what I see. But this means taking out most buy liquidity below.
  • #840,020
  • Sep 30, 2024 4:12pm Sep 30, 2024 4:12pm
Quoting Mitiblotch
{quote} It's overall bullish. You are correct. It will simply do a sweep to or near the monthly pivot for October and then rise to 1.4000. That's what I see. But this means taking out most buy liquidity below.
good to hear I’m hoping for a nice continuation of the trend up !
Master your mind. Master Trading.
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