Cable Update (GBPUSD)

After breaching yesterday's intraday low of 1.5495, Cable traded as low as 1.5448 in Asian session only to pull back up early LDN, momentum has dropped considerably to the extent that I'm exiting the short position here @ 1.5469 +ve 26.

My Position Is Now F L A T.

G/M,

5446 the current Lo in this pairing...yesterday's Daily Canbdle again bearish.

50sma remains below it's 100sma which in turn is below it's 200sma on Daily, 4hr and 1hr ...(4hr 100sma crossing down thru the 200sma now.) Price is in a classic downtrend on 4hr/daily and in a general downtrend on 1hr. Price remains below all 3 sma's on all 3 t/f's mentioned. It is a bearish looking situation re this pairing right now.

No known event risks in Uk today.

To the downside of current price is as listed:

5451-46 prev 1hr sw lo zone
5430-37 prev 4hr sw lo zone ? incl Daily S2 @/around 5431
5386 85.4% 5270-6165
5380-70 weekly ascending trend line with 5380= Daily S3 @/around
5336-5319-5270 prev weekly/daily/4hr swing lo zone incl 5303=Daily S3 @/around
5231 Weekly S3 @/around
5194 61.8% 4225-6746

To the immediate upside per the 1hr chart below, fibs on there from 5691 and 5566 to current lo.

G/L

5482 broken I see & next goes to 5502 & still not considering reversal yet .
lets see .
fontu

The steepest ascending weekly trend line comes thru on today's daily candle @/around 5380/70, Daily S3 @ 5380.

Some pullback continuing off the current 5446 lo right now.

G/L

price is challenging area of yesterday's lo..repeating patterns of bullish div to the 4hr chart at lo...30min shown below as eg

G/L

in again for another scalp

i did put a same sell as you just now. +10 pips there cheers

down and locked, out most

Eurusd bearishness persists despite yesterday's doji-esq daily candle...challenging a previous daily swing lo zone now

G/L

gbpusd 1hr candle closes as an inverted hammer off yesterday's daily lo

G/L

buy breakeven hunted

all out @ 1.54255

sell off from yesterday's low re-test from this underside reaches 5421 - the 76.4% extension of yesterday's hi-lo...below here:

5386 85.4% 5270-6165
5380-70 Weekly asc t/line and Daily S3 @/around 5380
5336-5319-5270 prev weekly/daily/4hr swing lo zone incl 5303=Daily S3 @/around
5231 Weekly S3 @/around
5194 61.8% 4225-6746

G/L

price unwinding a bit from a very O/S state - 3min shows it clearly and a whole reversal candle closes outside 20bol (white) - bullish hammer.

G/L

repeating patterns of bullish div persisted at the new 5422 lo on 15min to 4hr...30min shown below as an eg - with it's double osma div (grey one at top)

very o/b or o/s on a trigger t/f with clear bullish or bearish div on the higher t/f's above it can be a classic play.

G/L

Hello Redsword11,

What indicator do you use to display how much time left till the new candle?

Thanks,

Josef

Patience is certainly paying at the moment, and awareness of fundamentals and signs on the charts - albeit with a little luck owing to the recalcitrance, and also sheer bullshit of the politico prigs - has helped my shorts along. 1.3550 and 1.3420.

As said several weeks ago, October/November seemed to be the month in which Europe either sorted themselves out, or spooked the market. Well, there is no need - indeed, no space - to list all the factors that spin in this little head of mine, and so I remain bearish until January the 12th... ECB meeting/printing press decision - or so I have currently read.

Charts, Guppy profiles for the monthly and weekly are certainly inverting south. White extensions give possible targets.

Daily and 4hr are on their way, again, with potential targets as defined by the white, and yellow extensions. Of course, I'm basing my extensions on significant swings, and so alternative plots may reveal alternative targets.

The various Fibonacci plots show varying degrees of potential support, with, for me, the 1.32 level being the next major to break. If this goes, I'm expecting the 1.30 region to be significantly difficult to break through... I would like price to slowly meander down here during December - probable TP area if I can hold out, or may even suck them in and try for the 1.26 region. Pff, will see...

NFP next week - well, probably a good number as Christmas is just around the corner, and so even if only temporary, positions must surely be being filled. Will watch the charts early next week for any signs of mark up, or down, and hence potential clue as to what the market knows. Other ugly news out, but the failure of the German Bond sale is not being taken well, and must surely have rattled many an investor who may possibly pull their money out of the Euro now that the most stable of the members is losing credible solvency- by investors, I mean the really big boys, who can but only retreat slowly due to the size of their positions.

Right, with that, I bid all a good day and green pips. Myself, buggering off to the stables in a couple of hours to try and ride through the fog here in France.

cable long

Hello all. First post in this thread.

My favourite currencies are dollar pairs: EU, AU and cable. I try to find the one with the best setup to trade. If I am buying dollar, what currency are the weakest, so will produce more pips in case of a good trade.

Today I traded cable short, because I found a setup there. Former level of support which becomes resistance, with OB stoch. and touch of MA.