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Cable Update (GBPUSD)

  • #840,121
  • Oct 1, 2024 8:31am Oct 1, 2024 8:31am
Quoting Moty
{quote} Yes For example Eu adr low is 1.10744 I took long from there {image}
Great
follow the flow of music $
  • #840,122
  • Oct 1, 2024 8:31am Oct 1, 2024 8:31am
Looks like GU has found equilibrium between 1.33250 and 1.33258, from Euro to US session, remaining above a familiar zone, September 25-26th's lows of the day. An extension into the 1.33112 zone will likely result in a release of liquidity as traders are obviously placing orders in the current zone (as seen by the consolidation of price). Since we're nearing the end of the day, and entering the US session open, the order flow is going to increase.

Considering the downtrend of the current day, I anticipate some sort of continuation to the downside, in line with the directional bias, inducing traders to hop in the short, violating the LOD's from last week, and at ADR low, seeing a stiff rejection as trending to the downside becomes exhausted for the dat. Traders currently going long off the "support" as indicated by September's LODs who've set tight stops or are erroneously trading on high leverage will get taken out of the market on the move, resulting in additional liquidity release.

It's the "grab and go!" setup - dealer absorbs orders within an aggregate, uses their equity to target the higher volume, induces a false move while releasing liquidity, and then in this context, buys up as traders sell to them at a cheaper price. That's the kind of setup I see happening.
Discouragement is the language of the devil. Results over hype.
  • #840,123
  • Oct 1, 2024 8:37am Oct 1, 2024 8:37am
Senior White House Official tells me: "The US has indications that Iran is preparing to imminently launch a ballistic missile attack"

wow big surprise..
  • #840,124
  • Oct 1, 2024 8:40am Oct 1, 2024 8:40am
Quoting Whale
Senior White House Official tells me: "The US has indications that Iran is preparing to imminently launch a ballistic missile attack" wow big surprise..
is that what’s causing the drop?
Insane in the Brain..
  • #840,125
  • Oct 1, 2024 8:41am Oct 1, 2024 8:41am
Quoting imjoshbrown
Looks like GU has found equilibrium between 1.33250 and 1.33258, from Euro to US session, remaining above a familiar zone, September 25-26th's lows of the day. An extension into the 1.33112 zone will likely result in a release of liquidity as traders are obviously placing orders in the current zone (as seen by the consolidation of price). Since we're nearing the end of the day, and entering the US session open, the order flow is going to increase. Considering the downtrend of the current day, I anticipate some sort of continuation to the downside,...
Like this,

Attached Image (click to enlarge)
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Follow The Markets Structure - Patience and Discipline
  • #840,126
  • Oct 1, 2024 8:42am Oct 1, 2024 8:42am
Quoting BeeTogether
{quote} is that what’s causing the drop?
yap
  • #840,127
  • Oct 1, 2024 8:45am Oct 1, 2024 8:45am
Quoting Whale
{quote} yap
Insane in the Brain..
  • #840,128
  • Oct 1, 2024 8:45am Oct 1, 2024 8:45am
Quoting BeeTogether
{quote} is that what’s causing the drop?

Seriously, the drop was gonna happen anyway, this is just fuel
Follow The Markets Structure - Patience and Discipline
  • #840,129
  • Oct 1, 2024 8:45am Oct 1, 2024 8:45am
Quoting BeeTogether
{quote}
are you long?
  • #840,130
  • Oct 1, 2024 8:52am Oct 1, 2024 8:52am
Quoting BeeTogether
{quote} is that what’s causing the drop?
The drop is being driven by liquidity sitting on the other side of last week’s daily lows. RSI flashed oversold divergence just before the move, and I strongly advise against chasing these sudden price flashes, especially near the end of the trade day, as the ADR has been hit, indicating a termination in the current correction, the RSI is signaling oversold conditions, and we’re now pushing outside the daily range, breaking through the lows from September 25th and 26th.

Classic liquidity grab, all behind the news release!
Discouragement is the language of the devil. Results over hype.
  • #840,131
  • Oct 1, 2024 9:01am Oct 1, 2024 9:01am
Hi guys,
I usually do not participate in the forum battle but I am gratefull for all of your opinions (even ignored).
Let me add 2 cents. Be carefull, on the USDIDX we have classic Wyckoff formation. Next couple of days can be explosive.
After huge up (usdx) I envision classic pullback and further strengthening of the usdx. Longer term up (cable down).
Yesterday Cable stopped acting strong, started moving propotional to the usdx.
Cheers
Attached Image (click to enlarge)
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  • #840,132
  • Oct 1, 2024 9:04am Oct 1, 2024 9:04am
H1 demand zone totally failed.
Its testing the bottom of that zone now, around 1.3313
in wondering about yourself, you forgot what you came here to be part of
  • #840,133
  • Oct 1, 2024 9:05am Oct 1, 2024 9:05am
JOLTS good so a spike down but other US data red so a move back to before the dump
Insane in the Brain..
  • #840,134
  • Oct 1, 2024 9:08am Oct 1, 2024 9:08am
Quoting Whale
{quote} are you long?
yeah been long a week. I’m stubborn and still learning was meant to get out last night had an SL at 13380 for Powell. Saw nothing happened initially so took it off and boom in the shits so to speak. However a move up to 13350 I will take a hit and go south. 134-135 is out for time being.
Insane in the Brain..
  • #840,135
  • Oct 1, 2024 9:17am Oct 1, 2024 9:17am
Quoting imjoshbrown
{quote} I appreciate the quote! In my opinion, ADR is best used as an intraday indicator, not a long term indicator as in your scenario, painting highs and lows based on an average of the past handful of days, not the past month. Why? Great question! How many traders do you know are holding positions from 25 days ago? If they are, they aren't in this forum, passing around information because they are institutional traders that work for liquidity providers (and most of them have been replaced with automated systems back in 2018). Most retailers open...
imjoshbrown, I'm on the same page with you. I use 100%, and 120% daily ATR(14) for my daily exhaustion levels. Works like a charm. I also monitor the weekly range. Here is my today's morning post...https://www.forexfactory.com/thread/...9#post15015669
Always trade your own plan...I don't provide trading signals.
  • #840,136
  • Oct 1, 2024 9:19am Oct 1, 2024 9:19am
Breaks previous low , specially 3300 open channel for next support 3249 , still very risk taking short at present level as sl goes to 3350 as , chances bounce limit still ! Watching .take care
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #840,137
  • Oct 1, 2024 9:21am Oct 1, 2024 9:21am
Still not buy time, folks. Dont get itchy!
  • #840,138
  • Oct 1, 2024 9:29am Oct 1, 2024 9:29am
Took a hit shorting for a few will be back to same amount in 50 pips so a up and down for a few trades
Insane in the Brain..
  • #840,139
  • Oct 1, 2024 9:34am Oct 1, 2024 9:34am
Quoting Mitiblotch
Still not buy time, folks. Dont get itchy!
When precisely is the time to buy ?
Market Structure is the King.....
  • #840,140
  • Oct 1, 2024 9:35am Oct 1, 2024 9:35am
Quoting Abeylyn
{quote} When precisely is the time to buy ?
when there are less sellers
in wondering about yourself, you forgot what you came here to be part of
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