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Cable Update (GBPUSD)

  • #845,501
  • Edited 10:34am Nov 16, 2024 9:44am | Edited 10:34am
I looked weekly glodal trend holds -long, supports was 1.23100(went till 121),next 124400(went till 123),now 126100-goes till? if think it goes more than 1.34,because 1.34 we saw.can be less than support now,i cant imagine how. Now support weekly. 1.35 + i think
on daily global it goes up too- support was 1.30,but gu out of support on daily it was around 1.30.correction till 1.28 it was ok for daily.
all say.gu rise.
This global trend goes from november 2023. In april of 2024 it was out of support daily with 123 price ,but after it rose.
  • #845,502
  • Nov 16, 2024 1:46pm Nov 16, 2024 1:46pm
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  • #845,503
  • Nov 16, 2024 4:22pm Nov 16, 2024 4:22pm
With Twee retiring maybe someone will try again to get "Patski" banned...
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  • #845,504
  • Nov 17, 2024 12:23am Nov 17, 2024 12:23am
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  • #845,505
  • Nov 17, 2024 7:33am Nov 17, 2024 7:33am
Quoting vinta.reddy
My trade set up for today. NFP: Actual to be lower than forecast. due to hurricane and strike effects. Initial selloff for USD and reversal. Initial reaction of GBP to 29400 levels and then reversal to 28000 levels. Just trading a small amount. Risk to reward is high. {image}
What a Bearish run for GBP. My trade set up for next weeks.

DXY: 7 weeks of bullish gains. Trend too steep and strong. RSI at 65-70 levels and still some space to be bullish. Price well above 200 SMA.

GBP USD. showed bearish trend since 7 weeks. no key levels of support below 26200. Next support Minor at 24600 and major at 23500.

USD CPI sticky, good economic conditions. Low unemployment data. Market is already pricing in 75 Points of interest rate reduction for 2025. GBP economic conditions are weak. GDP stagnant and higher wage growth. New Budget is a challenge.

client sentiment is 70% long and 30% short.

My view: Long term clear bearish trend to continue based on US strength and differential between FED and BOE. However price has run too fast and a correction is required to show Bears are serious.
My strategy: wait for price to correct to 28000 levels and enter with small margins.
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  • #845,506
  • Nov 17, 2024 9:07am Nov 17, 2024 9:07am
Hello. Back from hols, (for a while at least.) Just catching up - seeing what I missed.

Mthly candle (currently traveled 103% of 6mth amr,) so far is looking bearish
Wkly candle (@ 169% of 13 wk awr) closes v.bearishly and breaks below 2 more HL's @ 2665 and 2612 in the wkly general uptrend (making that 3 now - the 1st @ 3001,) putting that general uptrend in doubt now. The week's 2597 lo met some demand in the prev wkly sw hi zone = prev res = pot rbs once tested and held @ 2612, which started @ 2634. 7th consecutive Wkly bearish-bodied candle close.
Dly t/f is in a general downtrend, and it's Friday candle closed bearishly - 6th consecutively to do so in this run.
4Hr and 1Hr closed the week in general downtrends with separate potential falling wedges on both.

Price @ last week's lo is not far away from the Yrly Pivot which is @/around 2556, and the 76.4% of the current 2300 yrly lo- 3434 current Yrly hi is just above it @ 2565. Question for the new trading week is; will last wk's Wkly candle take charge for more downside,? - it certainly would be feasible for this to be an overall 'sell-the-rally' type market, but a 'sizeable' pullback is probably due at some point?

Wkly and Dly below
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Trader with an Edge.
  • #845,507
  • Edited 11:07am Nov 17, 2024 10:12am | Edited 11:07am
Quoting fontu
Checking as weekly ending , good sr 2600 but likely not any stop here , ranges becoming low though . So may bear continue again next week too and correction may below 2600 as this level apparently a born to break to restart for any bounce next better support can be 2555 and 2485 areas !! Let's see Monthly candle may close around 2546 low may further low and next month may bounce to decide fast or slow bear ! {image} {image} {image}
so checking lower tf to ready join next morning . daily tf may not incidentally close 2620 area and at the start of demant zone , as closewise double bottom and so may bounce relatively more oir may full next week possible . anyway range down should always in ming , just legs may more ups and down / sideways fashion!
checking charts with indicator too sees 2591 ad sr before 2324 and the target goes much lower
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #845,508
  • Nov 17, 2024 11:24am Nov 17, 2024 11:24am
Quoting Headland
Hello. Back from hols, (for a while at least.) Just catching up - seeing what I missed. Mthly candle (currently traveled 103% of 6mth amr,) so far is looking bearish Wkly candle (@ 169% of 13 wk awr) closes v.bearishly and breaks below 2 more HL's @ 2665 and 2612 in the wkly general uptrend (making that 3 now - the 1st @ 3001,) putting that general uptrend in doubt now. The week's 2597 lo met some demand in the prev wkly sw hi zone = prev res = pot rbs once tested and held @ 2612, which started @ 2634. 7th consecutive Wkly bearish-bodied candle...
Dear friend,

I missed you. You never mentioned anything about your vacation and began to think ....

You are highly welcome back bro.


Thanks.
Market Structure is the King.....
  • #845,509
  • Nov 17, 2024 1:33pm Nov 17, 2024 1:33pm
Gbpusd is at area where there has been some bullish evidence however, would like to see more...It is countertrend since it is in a big downtrend
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  • #845,510
  • Nov 17, 2024 1:40pm Nov 17, 2024 1:40pm
Quoting ninner
Gbpusd is at area where there has been some bullish evidence however, would like to see more...It is countertrend since it is in a big downtrend {image}
quite possibly so. Maybe a move towards 127 before resuming of 125. Like a liquidity grab
Insane in the Brain..
  • #845,511
  • Nov 17, 2024 3:33pm Nov 17, 2024 3:33pm
The GBPUSD price action on the daily time frame is bearish. Presently, the price action is located at the 1.26086 horizontal support after a bearish breakdown of a medium-term rising trendline (blue). The dominant technical structure is bearish, but we may see a bullish correction before further bearish drive. Price action is located just below the 61.8 Fib retracement area of the bearish swing traceable to May 2021.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #845,512
  • Nov 17, 2024 4:04pm Nov 17, 2024 4:04pm
Quoting azhantahir
Happy weekend guys. For BTCUSD lovers. Own risk (RRR). IMO M1 W1 D1 H4 H1 Waiting is painful. IMO Methodology: Price Action (Triple Lines/OHLC/OLHC), Corrective ABC, Waves (X)=Corrective WXY HTF: Multi TFD1/TFH4/TFH1/M15 {image}
After 2 days, BTCUSD put a lot of pressure on clearness for the next movement. Happy with it

Technically for

1. Elliot waves, it started with corrective AB-C((X))WXY((X))ABCDE((X)) and IMO will end with another corrective ABC.. (please guide me if incorrect)
2. Price Action (Triple Lines/OHLC/OLHC) - prices will continue for another low with a false breakout and wait for next triple lines

Overall BTCUSD is still under corrective and it is against the trend.

LTF: TFH1/M15
Methodology: Price Actions(Triple Lines/OHLC/OLHC) and Elliot Wave(corrective ABC((X))WXY((X))ABCDE
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Look right, we'll see the signs
  • #845,513
  • Nov 17, 2024 4:15pm Nov 17, 2024 4:15pm
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  • #845,514
  • Nov 17, 2024 4:16pm Nov 17, 2024 4:16pm
Quoting ninner
quite honestly, i went long but didnt like the way it was acting so closed for a small loss and went short..now up....Up about 2 percent for week. Not bad kindly
you are always the winner
  • #845,515
  • Nov 17, 2024 4:21pm Nov 17, 2024 4:21pm
Quoting genadi
{quote} you are always the winner
Not always but more than I lose...all come down to risk management my friend

best to your trades this week.
  • #845,516
  • Nov 17, 2024 6:39pm Nov 17, 2024 6:39pm
it comes to risk management.

Taking a long when i see bullish momemtum, shorting when there is bearish momentum is key.

I do not try to capture shorting spike or long ing dip.

Momentum is key. Use whatever best indis you have to find momentum
Intraday only.
  • #845,517
  • Nov 17, 2024 7:11pm Nov 17, 2024 7:11pm
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yes yes yes
  • #845,518
  • Nov 17, 2024 8:28pm Nov 17, 2024 8:28pm
I closed all my long trades for Asia.

Instead of chasing the price, I look to long when and after LO and / or NYO
Intraday only.
  • #845,519
  • Nov 17, 2024 9:01pm Nov 17, 2024 9:01pm
The FVG for shorting around 2700. ( Hourly chart )

FVG for buying in 15 min chart is ON already. Above 2620
Intraday only.
  • #845,520
  • Nov 17, 2024 9:18pm Nov 17, 2024 9:18pm
15M short
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!! Radha Radha !!
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