Cable Update (GBPUSD)

yeah, market getting thin. to be continued next week.

have closed all positions.. some losses some profits, but overall it was a gained week.

have a good weekend to you and all.


regards

Good weekend to you too. me too closed earlier & just sitting to see last time pa , trying to take & stay on the ceilng , last time endeavours perhaps . so new week may be more interesting. eu has the better prospects for the spikes up but so far doing in limit , not before ready fully at some bottom now or nearer while gu doing it mostly at top areas in advance .
No good news may be seen in eu summit so far also . rumors may not work all the time & next week if no great progress this pair may fall more than eu do . sell off should ready in both if not grounded today close .
fontu

FAAAAARRRGH! Hate to hold over the weekend. Expecting a bullish rumour next week to take us north before crap hits the fan.

last one.. swear it

Come on hot pants, a break over the weekend before we finish the job

Just retesting the 1 hr 200 ema IMO. Have a great weekend.

i always tell traders never share the more you share the more the market adjust and nothing last forever make all the money and get the hell out.

Weekly
The Weekly candle closes bullishly but with a longer upper wick. The Yearly 6746-5270 range extremes still hold and this week's price action did nothing to put those extremes under pressure leaving last week's fractal HL intact. 100sma (yellow) remains under it's 200sma (red) on this t/f , but the 50sma (blue) remains above the said 100sma - not untypical in a ranging market. The 100sma on this t/f is @/about the weekly hi and price remains under this lowest sma mentioned. This t/f remains in an opa range.

Price covered only 65% of the 20 week atr.

Daily
Friday's Daily candle closed with a bullish body bit not unlike the weekly - with a longer upper wick than lower. After the 4th LH in it's classic opa downtrend this t/f printed a HL at this week's 5560 only to see another swing LH primted as a result of Thursday's and yesterday's (Friday's candle.) This t/f is therefoire in an opa range now between 5780 and 5560 although it's 50sma remains under it's 100sma which in turn remains under it's 200sma. The 50sma on this t/f is at/about Thursday's hi and price remains under all 3 sma's with no daily candle close above them this week.

Friday's Price covered 103% of the 20 day atr.

4Hr
The last 4hr candle printed was bullish. This t/f is in a classic opa range between said 5780 (last week's hi) and 5560 (weekly lo) It's 100sma reamains below it's 200sma but like the Daily t/f, it's 50sma is above it's 100 (just) with price trading above the 50 and 100 for the best part of the second half of the week just closed.

1Hr
This t/f too is in a classic opa range with wild swings seen on Friday; A further leg down to 5585 from Thursday's 5609 lo after a pullback to 5657 then saw a strong move up from what became Friday's 5585 Lo to 5735 (Friday's Hi) before another swing down again to 5600 and a pullback to end the day testing the 50% of said 5735-5600 swing.

Price trades above the said 3 sma's on this 1hr t/f, the 100sma just dipping below the 200sma but 50sma remaining above both.
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I will post some potential support / resistance analysis later in the w/e.

G/L

Re post above, the 4hr and 1hr screenshots are here:

G/L

I expect a Ranging market between 5550 and 59 until something decisive comes out of Europe.

Hello there..

If I may suggest, DO NOT GUESS. The market does not work that way. Just watch your charts, wait for market reaction. See where the money flows.

Like a water that is always flowing to the lowest place, then the 'smart money will flow towards the most profitable.

At the time of US important data out positively, the first to react is equities. Leading stocks that are on support area will be firstly hunted. in this case the stocks of consumer goods manufacturers will be the trigger. also commodities associated with possible increased production. and other will follow.

If the U.S. stock rise means New York boys selling dollars to buy shares.
So the dollar down and sterling up. smart money it is..


Do not be afraid of late entry. A good entry for me is at the point where price do not return.

Welcome aboard.. please stay and contribute when you feel something is good to share, many great traders here from scalper to long term. see how they play. and since this is an interactive trading forum, do us a favor not to ask basic questions. you can always find that in rookie section or babypips.

regards

Morning , just checking the chart . people say bull is coming next week but not see it yet , only ranging with random spike to take control but history of failure so far .
daily price contained within range double top & double bottom closewise sr & in weekly channel down , if to abort & go more correct minimum it to make a double bottom at 5270 or nearer before such action & ready go after the failure bear there . anyway theses days lots of restlessness & spike left right to make more confusions all around . may be one more failure need before break & hold daily support 5595 & hold & over .
so better stay safe for any trade & any pair perhaps .me only sell at any top only till more changes /no ranging state back .

happy weekend to all .
fontu

After 3 years im back in the house.... see u guys by monday... happy weekend.

CFTC: Speculators Less Hopeful About Dollar's Prospects

Speculators longs the dollar this week $14.3 billion, previous $17.8 billion change -19%.

Less shorts position on sterling and euro as well, as seen on charts the COT a bit narrowed.

.

i understand what you mean!
noticed something about these adjustments..... looks like market works in a kind of cycles: sometimes works in dynamic, sometimes in static, and then in fibos etc. change and repeat and re-change.

about PA is the only thing a trader must learn to trade in forex coz not always easy to understand until where market will go up or down or change or consolidates etc. once you found your way, everything is good!
just asked coz im curious, nothing more

Awesome post, thank you

usdx chart while CFTC: speculators less hope about dollar's prospects

http://www.forexfactory.com/showthre...47#post5211847

gbpchf
http://www.forexfactory.com/showthre...54#post5211954
fontu

I apologise for the lack of charts as I am trading off my phone until stuff at home sorted out. Looking at the dollar index, I see a falling daily MACD heading for the 55ema around 7750. This will create an almost perfect point of confluence with the ascending daily channel and descending 4 hr channel before a bullish rebound. From memory, the GU has a similar point of confluence happening at the 61.8 retrace at 5880 with the daily 200ema. I am a little biased however since I am holding a bullish trade over the weekend so always do your own analysis.

Also, the GU daily MACD is bullish and from memory may soon be crossing the signal line (but not certain on signal line info).