Cable Update (GBPUSD)

Because I think it was a spekulative jump up, then need go down

Thank you!

It just adds to the thread if people give their reasoning.

I look for proprietary repeating hi-probability set-ups on the lowest t/f I can find them best formed on given that I am working from 1hr+ potential supp/res/sbr/rbs (also 5min potential sbr/rbs for 1min hidden div based re-entries after a pullback to a 5min + opa trend)...mainly this is on the 1min and 5min although I will take a 15min trigger too. These set-ups are just easily recognisable patterns comprised of oscillator extremes/divergence / band deviation/fractal geomotry with a price action trigger. I do not consider a set-up to be fully formed until a price action trigger is formed. ...and I look for t/f's above that used as the trigger to support the entry. The move up from the 5761 pullback lo was a case in point, a 1min set-up shown below, supported by a potential 5min set-up (ie at time of 1qmin entyry-5min not fully formed for reasons stated above.)
http://www.easy-upload.net/fichiers/...1028114821.gif
I entered but got shaken out for a handful of pips only, then the 5min trigger candle formed meaning that the 5min set-up was fully formed but I missed it (away from desk) but it gave a 2nd opportunity to enter on the close of the 0910am 5min hammer candle



This trade was not the highest in probability as although good set-ups 1 and 5min the potential support was only the 61.8% fib referred to in an earlier post, although depending on where you connect your trend lines there was also an ascending 1hr trend line...so not the best potential support factors,..that said price action suggested on 5min that the greater probability was for a move up from there and price action is the best clue we have to the future direction.

G/L

I hate to break it to you, but 99% of all moves are speculative and we're pleased as pie to sit here 'n speculate about 'em...for free I might add.

Watch out though for the 1.30pm USD Unemployment figure as well as things like this

http://www.forexfactory.com/news.php?do=news&id=262712


http://www.forexfactory.com/news.php?do=news&id=262180

http://www.forexfactory.com/news.php?do=news&id=262753

hi delite,

that's a 1440 ema. I use the 200sma/ema and 1440ema for SR.

for fast ma 7 smoothed sma shift3 is quite good.

hit 1584. lol... little trades for a tiny range.

if we can clear the neckline descending TL cross next upside targets go into play.

Thank you. Your posts are always excellent - thanks for taking the time to contribute.

1hr screenshot below shows where support garnished after the pullback from 5844 Hi...the 1hr previous swing hi zone confluence with the topside of the broken 1hr descending trend line...no new H as yet though....5min hidden divergence and a price action trigger set-up at that area.

Done for day.

G/L

there we go, a new intraday hi, the follow thru from the pullback.

G/L.

This could reach 1.59

absolutely, anything can happen, certainly the momentum seems with it at the moment,...price entering the base of the potential supply zone leading up to that 5895 previous 1hr/4hr swing hi now.

G/L

Been a while since i visited the house. How is the house of fun doing?

DXY breaking support there

Total mayhem bro lol, not the same without you that's for sure. Hope your well .

cheers mate

overall, a lot of people looking to the downside, but there's a very nice cluster sitting 16400 area as well I'm keeping my eye on. last time we went through this dance in August, we broke to the upside, so it can't be ruled out completely. for today, WR1 sitting 15900 area, on the edge of the weekly distribution zone. took some off the table here at 15884, let the last bit run.
if we establish support 15900, will add more at that point. a bit OS, so looking for a potential retrace to 15854 area to test as support before the next leg. was hoping they'd just spike it to 15899 so I could close...

Bro I'm still actively trading but the lazy way. Auto style, no need to spend hours in front of of my screen nowadays, plus with the mess in this room time better spent elsewhere.

How you doing mate?

We are entering the support area here!

I have added my view by updating your chart and this is where I got my numbers from last night where I thought DIX might drop to. I hope you don't mind me spraying graffiti over your charts... lol

Almost there...

On the contrary Mr Bakker,the graffiti is more than welcome...thanks for your input

Will 1.59 hold? I bloody hope so... lol