Cable Update (GBPUSD)

GU got this "range-y" feel like cramped by two forces. I don't know. I will have to bank on the most recent force here. Most likely will range until NY.

More evidence, more chances of winning.

Time for price to go up or hit your stop buddy.

I am just an observer wishing you good luck

Hi. Absolutely right. You need enough, but no more, lol! That will be different for all of us.
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...some residual demand approaching the current dly lo on that last bounce up. Price remains below the mthly, wkly and dly pivots but above the 2558 yrly pivot.

10/20/40 ema crosses graphic below

whilst I’m liking the top end of the arrow I see a move up limited to 13020 -30 ish. However we just don’t know hey. And there is also a set of data later today

Closed with small profit. I don't like this kind of risk. I'll wait for more evidence.

What do you think of US data today?

Mine was 2022 UJ trend, trying to catch the top.
The only thing that is different now from then is market structure order flow.
Was trading external range liquidity now internal range liquidity. Anyone do that already set himself apart, and theoretically speaking will lose only when shift in market structure occurred. But in reality market order flow, lots of liquidity sweep occured, so based only on market structure will still dont give the low risk entry. But understand of probable liquidity level to initiate the move, might work better with than without

...100% of 6mth amr travled so far this mth. 69% of 13wk (1/4 yr) awr so far this wk, and only 30% (28pips) of 30day adr so far today.

1hr below

My SL can be 500 pips

As Moty says 'Thankyou Mr Goldy" but in this case it's Thankyou Mr Euro and Thankyou Mr Cable, nice mornings profit

...well the clues were there re that last rise on 1st test of pot supp zones to current dly lo...not least - I've shown this thing before but it's worthy of repeat, - when your histogram oscillator on whatever settings are good for you, shows bullish regular div and the histo is still above it's own zero axis in doing so, ....like on the 1hr @ current dly lo. (Vice versa for bearish regular div.) For me this is the potentially 'strongest/highest probability' repeating pattern of regular div. Drop down a t/f or two, and get an optimum entry, @ potential supp/rbs.

1hr below

Zebi I'm gonna stop fighting with you Bro, almost got me in serious trouble the other night at the pool hall when these two idiots started hassling. This male and female and there wasn't going to be a punchup but this woman could claim all sorts of bullshit like racism and vilification even though there was none of that.
But she could lie through her arse and say there was then I end up in court costing lots of bucks having to defend myself and a friend Wendy was warning about it today....

Add long at : 1.2992
Sl : 1.2977(i may move sl (max 10pip) if i think it helps)
TP: TBD

Pound/dollar: is it set to rise significantly during long positions?

not sure about significant but there is a chance of a correction to mid 130’s

GU

This is my guessing on GU based on my scalping strategy.


Weekly Time Frame

Attached Image (click to enlarge)

Attached Image (click to enlarge)

On the weekly chart, we’ve observed a clear break of structure, indicating that the previous move is likely complete.
This suggests we are now in wave B, with a probable five-wave decline forming for wave C. As price is making a higher high, we’re likely looking at two possible scenarios:
A) running flat, characterized by higher highs, followed by a reversal upward, or
B) An expanding flat, where price makes a lower high before turning back up.


Daily Time Frame

Attached Image (click to enlarge)

Attached Image (click to enlarge)

On the daily chart, price has broken and is holding below key structure levels.
This suggests we may be nearing the end of wave one, setting the stage for a potential push higher into wave two, before resuming the downtrend with waves 3, 4, and 5, as seen in the wave count on both the weekly and monthly time frames.

With significant news releases scheduled for today, the upcoming dollar news could be a catalyst for the market to push up into wave two, confirming wave one’s completion.

For now, however, there is no definitive signal that the trend has reversed. It’s prudent to continue trading in line with the prevailing trend until there is clear evidence that the downtrend has ended.


H4 Time Frame

Attached Image (click to enlarge)

Attached Image (click to enlarge)

On the 4-hour chart, the five-wave decline is visible, suggesting a corrective phase may be approaching.
It would make sense for price to break structure, potentially driven by today’s news events.
However, until a confirmed break of structure occurs, trade cautiously, focusing on potential shorting opportunities on pullbacks.

It's essential to recognize that an impulsive move up on the lower time frames doesn’t necessarily mean a full structure break.
It could merely be an ABC corrective pullback before continuing the downtrend.
Therefore, the focus remains on shorting opportunities until a decisive break of the major structure is confirmed.


H1 Time Frame

Attached Image (click to enlarge)

Attached Image (click to enlarge)

The H1 chart displays a nearly perfect five-wave trend.
If we see a break of this trend, two possible scenarios could unfold:
A) continuation of the downtrend after a corrective ABC pattern, or
B) A significant impulsive move to the upside, potentially triggered by today's news, which could lead to a structure break, confirming the end of wave one on the H4 or daily time frames.

For now, I’m holding off on looking for long positions until we see a major structure break.
Even with a structure break, it’s important to remain cautious, as the market could still form another ABC correction and continue trending down.

Until the trend reversal is clearly established, it’s more prudent to continue trading in the direction of the prevailing downtrend.

Good luck

In relation to what? If you're going to ask a question of a group of ppl who are laser focused on their own trading, and expect an answer, which many would be more than happy to provide you with, you need to be much more specific.

AMy confirmation that we set to push higher? The market do retrace back around 1.30 for now.