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Cable Update (GBPUSD)

  • #841,681
  • Oct 12, 2024 12:46pm Oct 12, 2024 12:46pm
Quoting Waveskierrob
{quote} With good MM, yes they can...
Hail Mary
Trade to trade another day
  • #841,682
  • Oct 12, 2024 12:54pm Oct 12, 2024 12:54pm
Quoting Bones
if it bounced off that TL and went up further than the high it would go a lot higher, if anything, not going there could be an easier bearish read I'm getting my info from the monthly {image}
I agree, we’ve had a breakout of the resistance (around the July ‘23 monthly close). It it retested it, and broke the high, I think it would go much higher also.
Compulsions can be hard to resist
  • #841,683
  • Oct 12, 2024 1:01pm Oct 12, 2024 1:01pm
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MY OPINION NOT FINANCIAL ADVISE
  • #841,684
  • Oct 12, 2024 3:41pm Oct 12, 2024 3:41pm
Quoting Bones
{quote} yes, im going one step further, that tl wouldn't hold the way its laid out, because of what higher time frames would look like. I give that set up a 20% probability. Personally I think bias is very good, misplaced bias like Zebi has is very bad.
I am also doubtful it will hold as the 2023 high as been taken. Good chances of it going well below (see 2021 and 2023 behavior). But things in its favor are it is roughly at the 2024 open price, so it could hold. Then one could argue it will trend in a classic HH HL structure (see 2022 behavior). But like I say, as traders it doesn't matter. Only news and data matter. Just take it day by day, trying to grab a seat and take it to the next major level each time, either up of down. Should be clear again soon
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Emotional Control. Process, not outcome.
  • #841,685
  • Edited 5:58pm Oct 12, 2024 5:23pm | Edited 5:58pm
good evening gentlemen

i wanted to start with the GU chart first but then I came out of my delirium and will start with the bad mf'er

heres a dollar weekly chart...pretend its a 5min one and what would you be doing with a pattern like this

the dollar not waiting for the election its already picked the next winner LOL

104 still my target and 120 in kamalas 3rd year as prez

I'm not gonna repeat all the ta reasons why price gets to 114 and 120 just look thru my images in my profile cause I've said it many times already
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short trump and go long the deepstate
  • #841,686
  • Edited 7:45pm Oct 12, 2024 5:37pm | Edited 7:45pm
now moving on to the GBP...on the GU chart the weekly candle ended up a lower red candle signifying further down prices


the sept 30th weeks 2B huge down candle took out the previous two weeks green candles everybody was bullish LOL

not only did the weekly candle close under the previous weeks low it closed under its own midpoint which is a double bearish wammy and did it all the last few hours of the week...don't believe me?...look at the hourly chart

targets my two lower red lines
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short trump and go long the deepstate
  • #841,687
  • Oct 12, 2024 6:58pm Oct 12, 2024 6:58pm
Friends and Buddies,

Viewing my GU chart from Daily to an hour timeframe, It is evident that the key turning point may likely occur at re-visit of 1.3040.

If price can pullback to touch 1.3040 and break the level to the e downside, it is sure that price will roll down to touch 1.3000/1.2990. Daily momentum Support is located at 1.30/ 1.2990 but price has not touched it before bounce to the upside.(See daily BB positioning in relation to all previous daily support and resistance)

Alternatively, Support can hold at 1.3040 and price will breakout of the current high. If this happens, we are moving towards the center of the Fib.

There is the need to be patient to allow price to show a verifiable direction before trading.

Happy weekend all.
Market Structure is the King.....
  • #841,688
  • Edited Oct 13, 2024 4:37am Oct 12, 2024 8:32pm | Edited Oct 13, 2024 4:37am
Quoting Zebi
now moving on to the GBP...on the GU chart the weekly candle ended up a lower red candle signifying further down prices the sept 30th weeks 2B huge down candle took out the previous two weeks green candles everybody was bullish LOL not only did the weekly candle close under the previous weeks low it closed under its own midpoint which is a double bearish wammy and did it all the last few hours of the week...don't believe me?...look at the hourly chart targets my two lower red lines {image}
3rd candle to confirm breakout , may retest breakout in one candle or no confirm next candle , few candles up for breakout to decide next, like head and shoulder ! lets see.take care
Ok weekly close down , failed close around 3116 areas but for reversal must close below 2996 having low 2903 and hold to effect reversal may continue.
Monthly already a engulfing candle , enough sizes by only few days of the month , rest days may engage keep this enough size , so correct and down now low possible in rest of the days ! 20 days without more lows may tough and pa might have different intention inbuilt , so avoided weekly close 3116 ! Let's see develops next !
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #841,689
  • Oct 12, 2024 11:16pm Oct 12, 2024 11:16pm
Quoting Wavegarrick
{quote} Hail Mary
Yes we can...
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...even you Leon show some sort of MM, with your mini micro lots, if you traded man size lots you would have defiantly blown your minus 3806 pip TE account, maybe you did and thats why you took it off the thread ..who knows...

Ps...
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  • #841,690
  • Oct 12, 2024 11:52pm Oct 12, 2024 11:52pm
Quoting Abeylyn
Friends and Buddies, Viewing my GU chart from Daily to an hour timeframe, It is evident that the key turning point may likely occur at re-visit of 1.3040. If price can pullback to touch 1.3040 and break the level to the e downside, it is sure that price will roll down to touch 1.3000/1.2990. Daily momentum Support is located at 1.30/ 1.2990 but price has not touched it before bounce to the upside.(See daily BB positioning in relation to all previous daily support and resistance) Alternatively, Support can hold at 1.3040 and price will breakout of...
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Market Structure is the King.....
  • #841,691
  • Edited 7:22am Oct 13, 2024 2:16am | Edited 7:22am
... A frustrating week just closed for those on the 30min/1hr+ trade entry triggers, (with tues, weds and thurs in particular pretty rangy,) I guess,? but pretty good for those predominantly on the sub 30min entry triggers. Not a lot has changed from the close last week. This (< 13 wk awr) week's close is pretty much where last week's 3068 lo was after a few false downside breaks of it, although it's lo is obviously lower. The wkly and dly t/f's are still in general uptrends, and the wkly candle closed bearishly, and Fri's dly ('inside bar') candle as a small range (< 30day adr) bullish engulf of Thur's doji candle on that t/f. 4hr and 1hr t/f's are still in general downtrends and as Bones alluded to during the week - we could all see the effective 'rounded bottom' developing on 4hr, which met demand in the 4hr, dly, and wkly parts of that prev 1hr/4hr/dly/wkly sw lo zone = pot supp that extends down to 3001, @/around 50% 2665-3434 move. Repeating patterns of bullish regular div on 2hr and 4hr, and bullish hidden div on dly are evident @ the week's 3015 lo, (current mthly lo.) So there are arguments/cases for either direction to continue.
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Re the question of bias that was discussed over this w/e. I take my 'bias' (if that is the right word,) from the 2 x t/f's directly above where a repeating pattern/set-up that I am going to trade occurs. For eg, if I get a set-up on 5min - I look at 30min then 2hr (in that t/f combo) for bias. Ie If the set-up is a 'with trend set-up after a pullback,' I need to know that @ least the next higher t/f is trending in the right direction (ie 30min,) and preferably both, (+.) If the set-up is an 'anti-trend set-up' I need to know how many t/f's trend above it (in the t/f combo,) the set-up is potentially going against, or not, - ie if one or both are ranging. I have a rule-set for each eventuality, re my edge.
---------------------------

Dly below.
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Trader with an Edge.
  • #841,693
  • Oct 13, 2024 3:45am Oct 13, 2024 3:45am
Quoting Waveskierrob
{quote} Yes we can... {image} ...even you Leon show some sort of MM, with your mini micro lots, if you traded man size lots you would have defiantly blown your minus 3806 pip TE account, maybe you did and thats why you took it off the thread ..who knows... Ps... {image}

You know everyday when she wakes up I tell her "I don't know how you do it Babe"
Don't Leave Money on the Table
  • #841,694
  • Oct 13, 2024 3:46am Oct 13, 2024 3:46am
Quoting HaLBot
{quote} You know everyday when she wakes up I tell her "I don't know how you do it Babe"
  • #841,695
  • Oct 13, 2024 4:01am Oct 13, 2024 4:01am
With Fridays price action I'm seeing a dip down to 1.3000 but not much more but below 2970 we could drop to 2944 where we have the 100 day moving average lurking which will probably be bought of.
RSI can stay in the overbought area for sometime(up to a month by my own studying of it's relationship to price) but Cable and Euro are already in the overbought territory on daily charts so I expect some buying to happen.....could be wrong
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Don't Leave Money on the Table
  • #841,696
  • Oct 13, 2024 10:20am Oct 13, 2024 10:20am
I’m holding these positions and working on layering more lots on Tuesday as we do have bank holidays for Japanese markets and of course the USA bank holiday . I’m expecting further dollar strength but we have seen a huge extended rally so a cooldown would be good for me to layer more longs on the greenback in anticipation for without a doubt the biggest USA election we will have ! Good luck all
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Master your mind. Master Trading.
  • #841,697
  • Oct 13, 2024 12:21pm Oct 13, 2024 12:21pm
Quoting HaLBot
With Fridays price action I'm seeing a dip down to 1.3000 but not much more but below 2970 we could drop to 2944 where we have the 100 day moving average lurking which will probably be bought of. RSI can stay in the overbought area for sometime(up to a month by my own studying of it's relationship to price) but Cable and Euro are already in the overbought territory on daily charts so I expect some buying to happen.....could be wrong {image} {image}
Man , hi.

You mean daily charts are in the oversold territory.......

  • #841,698
  • Oct 13, 2024 1:32pm Oct 13, 2024 1:32pm
Say as daily tf there were breakout down and may not have any good support ,still at one base price bounce to bear continue possible and if the pullback a little it easily go test 3170! So Watching what may happen this week .monday making base , Tuesday may breakout to see
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #841,699
  • Oct 13, 2024 1:36pm Oct 13, 2024 1:36pm
GBPUSD price action on the daily time frame has turned sideways at the 1.30350 intra-day horizontal support. Although the technical impulse favours further southward move, we may still see a northward move before a southward turnaround.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #841,700
  • Oct 13, 2024 4:39pm Oct 13, 2024 4:39pm
Nice dollar strength
Master your mind. Master Trading.
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