Cable Update (GBPUSD)

I believe lots of sell positions have been executed since yesterday.. pound getting thrashed

Hi, yes that was invented to make economics look respectful wasn't it? We Taureans don't believe in it!

No shit Sherlock! I wondered what had happened.

...some residual demand then @ the prev 1hr/minor 4hr sw lo zone = pot supp that extends down to the AL/CDL, @ the 4hr asc t/line that joins 2100 with YL.

4hr/1hr below

CABLE


On Daily, price is currently sitting between two Fibonacci levels.
We’ve already moved beyond the 100% Fibonacci extension, which suggests this could be forming a regular flat correction.

If this is indeed a regular flat, the 50% Fibonacci retracement zone we’re in right now could act as a potential reversal area.
However, we can’t assume that just yet — price could still extend further down toward the 161%–178% extension zone, which would align more with an expanding flat scenario.


On weekly , there’s also a possibility that the market has already topped out and that what we’re seeing now is a developing wave C, potentially the beginning of a larger downtrend.

Either way, there’s currently no confirmation of a bullish reversal — no break to the upside, no bullish engulfing candle, and no higher low.
As for Christmas, Karen can wait for a bit longer. For now, there’s still no technical reason to believe the downtrend is over.


On 60 mins, the most recent resistance structure is clearly marked on chart.
If price manages to push all the way up and break above that resistance, I’ll be more than happy to start looking for long setups.
Prolly of Waveskie will keep on scalping both long and short at this current set up until Christmas.
Otherwise, anything that happens below this resistance, I’ll consider just a pullback within the broader downtrend.


My Christmas wish is that price does move up — because if it does, that would likely set up a great opportunity to short again for the continuation of the overall downtrend. KKKKK.

For now, the best approach is to keep on scalping as Karen put it., wait for a proper pullback, and then look for short entries at the completion of that pullback — ideally around the end of a Fibonacci retracement bounce, to catch the next leg of the downtrend.

CABLE

I scalp LONG a bit to test how cold the water is

Hi Pat. Nice post. I would imagine that only a break above LWL (3097) might relieve the underlying bearishness we are seeing, from a technical pov? We'll see.

Follow you on this Pat.chiko

Though free fall , still at an sr area playing .take care
Anyway overall now target 2704, 161% fibs around also

The hourly is smiling at the bulls. Let's see how it plays out

the said add-on's
@3044

The News is good for the Dollar but the bulls have been on the rampage. We keep our fingers crossed. For me, the bulls came on board when PA closed at 3035 about an hour ago.

break 1.30500 please

Can the bulls assume their regular position please?

The bears are back

They never left

If this does go up, I'm expecting it to take out the lows first.

This picture was taken two months ago, Zebi showing Wavegarrick where GU was going, such a sad day for them both...

news break no reaction forex is weird

wave...u know how much i love playing games with you cause it lets me insult you but today im celebrating this man and his victory so ill be back tmoro to warn you to stop drinking so you dont kill the few braincells you still have left

this guy cant help himself since he was a fetal alcohol baby but you beginners...do yourselves a favor and dont trade drunk cause youll get ass hurt the way he said he did losing over 1500 pips LOL

Quoting Waveskierrob
{quote} you do know I'm SHORT now and in DD...Bee's fault ..., only joking was hoping it would whipsaw until the end of play ...I was wrong...
Quoting Waveskierrob
{quote} Need a 3423 BE ...
Quoting Waveskierrob
{quote} my GOLD BE now at 3456...
Quoting Waveskierrob
{quote} My BE GOLD 3462 been a hard couple of days but getting there...
Quoting Waveskierrob
{quote} if GOLD doesn't go SOUTH soon will have to close for a loss, only so much hedging and averaging one can do
Quoting Waveskierrob
{quote} well done, still getting my arse kicked, closed a few position to take the edge off the hurt...
Quoting Waveskierrob
{quote} GOLD relentless...🫩🫩🫩
Quoting Waveskierrob
{quote} they should of built the Titanic out of GOLD, that bitch just doesn't want to go down...
Quoting Waveskierrob
{quote} Will give till 3565 and give up a weeks profits, some you win some you lose...
Quoting Waveskierrob
{quote} That's me out, hopefully these sort of moves dont hapoen that often, but a shiter for me when it does, still live to fight another day, I look at it as its just put me behind a week rather than losing money, remember look after your bank...


and please dont whine the way he did...theres no crying in trading like none in baseba