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Cable Update (GBPUSD)

  • #841,101
  • Oct 8, 2024 1:02am Oct 8, 2024 1:02am
Quoting Yngwie
Sold 1.3090
Hit my Trailing +20. But why sudden bulls. asshole
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #841,102
  • Oct 8, 2024 1:05am Oct 8, 2024 1:05am
Quoting Yngwie
{quote} Hit my Trailing +20. But why sudden bulls. asshole

Good European Industrial Production figures along with two speeches might have had something to do with it
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Don't Leave Money on the Table
  • #841,103
  • Oct 8, 2024 1:05am Oct 8, 2024 1:05am
Yes yes yes
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yes yes yes
  • #841,104
  • Edited 1:24am Oct 8, 2024 1:09am | Edited 1:24am
eurusd might saved this time , but testing limit / tl soon there too , future price broken limit up before may indicate it will breaks up, gu may get rejected at 3107/19 again possible! may bounce around 3084 ! take care
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #841,105
  • Oct 8, 2024 1:10am Oct 8, 2024 1:10am
Quoting JayBag
{quote} More like: we diie here. Longs looks too cool not to play with. I mean, with those new timberland on, I know it's about to go outta-space
My brother, we die here. Still looking forward to 1.3175 area
  • #841,106
  • Oct 8, 2024 1:24am Oct 8, 2024 1:24am
time to trade
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  • #841,107
  • Oct 8, 2024 1:25am Oct 8, 2024 1:25am
Quoting JayBag
{quote} Hi bro, I think we can get above 1.31666 today. If/when that happens, we might be facing more numbers besides 1.3175 Are you committed to GU long? If yes, we may party today. Cheers
i'm in brother.
  • #841,108
  • Oct 8, 2024 1:34am Oct 8, 2024 1:34am
Damn thing won’t stay over 131!! That said for me to confirm a bullish day would be a breakout of 13120 areas
Insane in the Brain..
  • #841,109
  • Oct 8, 2024 1:42am Oct 8, 2024 1:42am
Quoting BeeTogether
Damn thing won’t stay over 131!! That said for me to confirm a bullish day would be a breakout of 13120 areas
yeah no smooth the ride . holding long to see
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #841,110
  • Oct 8, 2024 1:47am Oct 8, 2024 1:47am
Quoting BeeTogether
Damn thing won’t stay over 131!! That said for me to confirm a bullish day would be a breakout of 13120 areas
It almost looks like if the London guys want to offload more (shorts) / load up more (longs) for now and then turning up at the US opening using the Americans to drive the train.
  • #841,111
  • Oct 8, 2024 1:50am Oct 8, 2024 1:50am
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We will be lucky if we see 1. 31 35 . . . . .

IMHO....

  • #841,112
  • Oct 8, 2024 1:55am Oct 8, 2024 1:55am
Quoting F.g
{image} We will be lucky if we see 1. 31 35 . . . . . IMHO....
totally agree! It would take some weak US data and strong UK data for a big move. We may see the weekly highs being tested but with a US data like Inflation which is anticipated to go up this mont could keep us below the 132 zone.
Insane in the Brain..
  • #841,113
  • Edited 2:39am Oct 8, 2024 2:00am | Edited 2:39am
Quoting BeeTogether
{quote} totally agree! It would take some weak US data and strong UK data for a big move. We may see the weekly highs being tested but with a US data like Inflation which is anticipated to go up this mont could keep us below the 132 zone.
Not necessarily... it needs a big whale who has to buy the Pound

BTW, the DXY has his test almost done and is rolling over. Good for us...
I hope he keeps going...
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  • #841,114
  • Oct 8, 2024 2:10am Oct 8, 2024 2:10am
The week of the declaration of the FOMC minutes, the price quotes sideways until the result of the same.
  • #841,115
  • Oct 8, 2024 2:23am Oct 8, 2024 2:23am
Quoting BeeTogether
Damn thing won’t stay over 131!! That said for me to confirm a bullish day would be a breakout of 13120 areas
Taken trades the other way as in against 4hr. Trend though tough when structure is rendered invalid.

Entry for long was set @ 1.3073 with 20 pips Stoploss. 1st TP @ 1.32. For now, it's late and would take more stoploss.

But sometimes, price can be crazy and continue trending not given a damn....
Market Structure is the King.....
  • #841,116
  • Oct 8, 2024 2:28am Oct 8, 2024 2:28am
FOMC minutes tomorrow I believe. Usually no real impact. In August however we got the cutting rates confirmed and hence sent the pound over 131. This week we could see no big cuts being announced so strengthening the USD
Insane in the Brain..
  • #841,117
  • Edited 2:47am Oct 8, 2024 2:36am | Edited 2:47am
Quoting imjoshbrown
I'm currently countering the prevailing trend, away from last week's low. Although I might be in too soon - sometimes the dealer will open the first couple days of the week in continuation with the trend that was put in on the previous week, then setup for a reversal as the they induce retail traders to chase the short behavior and fill the other side of those sellers which as a consequence creates for themselves a net long position at discounted rates. 1.30300 is not a bad place to look for longs, in case they breakout to the downside again, induce...
13 hours ago I talked about going long
- Directional bias is still long, and now that the price action structure is better developed, I can show to you exactly why a lot of traders lose.
- Overtrading, not waiting for the setup.
- When dealing with M and W patterns, it's always recommended to wait for a distinctive trend ceiling (in M patterns) or floor (in W patterns) to develop. In other words, WAIT for that Low or high of the day to be put in.
- In this instance, I was using last week's low put in by news to become my reference point for taking a long trade. Then finally right before the US open on Monday, I threw my long in on the retest of last week's low. (15-17 hours after the market open)
- Then the market pulled back at the end of the day, and outside the Asia session, we saw a second retest of the low. (~20 hours later) This is entry zone 2 for any other longs, as the dealer flashes his equity to the downside against the higher volume of longs he's accumulated over the past few hours, inducing a sellout in-line with the perceived "momentum" in price, buying sellers orders and developing a net long position at at discounted rates.

- In the whole two days, there were 2 entry zones roughly 20 hours apart. People don't wait.

- The issue is people don't wait for the dealing desk to "show his hand" so to speak, before taking a position and wind up giving their money to the dealing desk because of their own impatience and lack of understanding of the conflicts of interest that exist between dealers an retailers.
Price respects or breaks "support" and "resistance", for one reason - liquidity.

Going forward, I'm anticipating a reversal to the upside, as the dealing desk has set a low of the week, then traded towards it twice (triple bottom), and, filling sell orders in line with the current trend, has built for themselves a net long position as a natural consequence of taking the other side of these traders.

Either that, or we might see the market correct to an another zone of familiarity and balance near the 1.30000 area (because retailers love round numbers) - why? If the dealing desk in this instance corrects price, it's because he's instead induced a buyout on this triple bottom formation that's developed, creating for himself a net short position and will correct price to distribute his position, working against the higher volume of longs.
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Discouragement is the language of the devil. Results over hype.
  • #841,118
  • Oct 8, 2024 2:36am Oct 8, 2024 2:36am
Quoting BeeTogether
FOMC minutes tomorrow I believe. Usually no real impact. In August however we got the cutting rates confirmed and hence sent the pound over 131. This week we could see no big cuts being announced so strengthening the USD
There are no Fed rate decision this week. Just FED meeting Minutes.

US CPI data is on Thursday. Expected to be little soft.

GBP GDP data.

These should move the market outside range of 1.31150- 1.30550.
  • #841,119
  • Oct 8, 2024 2:37am Oct 8, 2024 2:37am
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yes yes yes
  • #841,120
  • Oct 8, 2024 2:39am Oct 8, 2024 2:39am
We have the New Zealand Interest Rate decision RBNZ tomorrow during Asia trading, I'm at work but if anyone is up and about Gbp/Nzd could be a great trade to take either way.
Australia kept the interest rate at 4.35% much to the displeasure of mortgage holders and New Zealand might do the same so the move on Gbp/Nzd could come down to the monetary Policy Statement released at the same time as the rate decision
Use to trade Gbp/Nzd a bit and we knew it as 'The Beast'
Time on the graphic is Australian Eastern Daylight Time AEDT
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