Cable Update (GBPUSD)

...there is an historically weak repeating pattern of 4hr bearish hidden div @ the current dly hi, and this pattern may stay valid whilst price is below fri's 3174 hi, on any deeper upside pullback in the current 1hr/4hr general downtrends. Re next higher t/f to it - dly, well no downtrend on that t/f, but we do have the shadow of last week's bearish engulf x 2 wkly candle, which has a > 50% chance of a downside follow-thru at some point. Whether that greater probability will play out, I like everyone else, don't know for sure.

4hr below (with 10/20/40 ema crosses graphic.)

Morning everyone! Another week another set of laughs I suppose! No major data releases today and tomorrow, so it could be technical. Despite very good NFP on Friday we some really strong support just below 131 which might be vulnerable later today. Although the bulls did a great job in recovering up 13130 by the close on Friday. I’m still short first target is the Friday support area of 13040. From there I will look to go long to possibly test 13150-132

...so, the Asian session occurred within Fri's hi and lo, and price is currently within the Asian hi and lo - the current dly hi and lo, resulting in a pennant/diamond pattern on 1hr.

1hr below

[quote=BeeTogether;15021436]Morning everyone! Another week another set of laughs I suppose! No major data releases today and tomorrow, so it could be technical. Despite very good NFP on Friday we some really strong support just below 131 which might be vulnerable later today. Although the bulls did a great job in recovering up 13130 by the close on Friday. I’m still short first target is the Friday support area of 13040. From there I will look to go long to possibly test 13150-132[/quote

Hello buddy,

1.3109 to 1.30693 equate a very extended zone where reaction to upside can occur. However, MM footprint is in favour of short.

Your position is excellent with proper risk management because breakdown of 3109 is an open ticket to your target.

Good luck and happy trading.

Hi. I agree with your post Jade, apart from your opening line. This is the last I will say on the matter, it's been done to death over the w/e, and it's clear that there are those that don't understand the difference, and/or get comfort from prediction. If we know the outcome of a repeating sample of trades we don't have to predict - that outcome is known. Re individual instances/trades, if you know the historical probability of the repeating pattern/set-up you have used to enter the trade - you also don't have to predict because the probability is known to you and it will adhere to that probability or not on any particular instance. The only ones predicting are those that either don't know whether the set-up they have entered the trade on represents an edge -or- those that take comfort or some kind of ego-trip from their prediction. Perhaps what would be more correct is that when we enter a trade we hope that price will go in our favour, each and every time?

...price dips below the Asian lo for a false downside b/o, picks up some retail sell stops/maybe buy limits in the wider prev 1hr sw lo zone = pot supp that the Asian lo was a 1st test of. Rangy now on 1hr.

1hr below

131 is supporting really well too very decent bounces off it today. If it does break we could see a move to Fridays low. Has to break for a continuation of the bearish move naturally but it could also provide a springboard towards 132

Hi. It's certainly a mixed intraday market right now overall. As my trade entry triggers are mostly on the smaller t/f's I have to go with a downside bias re the 4hr downtrend, 1hr rangy right now. This doesn't prohibit any long opportunities - just provides a bias/framework (until it changes.) That prev 1hr/minor 4hr sw lo zone = pot supp that extends down to fri's/last wk's 3069 lo, starts on 1hr & 4hr circa 3078/77. Good Luck with your short.

Downside fibs below

Short at : 1.3110
Sl : 1.3125
Tp : 1.3090(tp hit )
------------------

stopped out -15
long again lower

closed manually -9

Well 1.31 was a pointless breakeven trade....

Testing the lows of Friday.. break below opens up my TP area. Let’s do this

Done morning session perfect. So may little to see if previous low breaks and hold next session !
Now waiting eurusd to test low too!

it keeps knocking on 13070 the trapdoor is creaking open

Just a personal opinion. Maybe.

Imo it daily support around 3070
Im not trading it because i need 1h setup for it

Wise call… I’m looking at it this support can break lower however could be the main pivot area for a move up

3070 long.

3065 stop