Cable Update (GBPUSD)
yeah
i will surely be helping the sucker to crash as soon as it will clear this daily support area.
this thing deserves a revenge.
planning
still not simple opening a short. but if today close <0360 could be a good start!
GBP/USD has been very bearish lately. I'm still watching and waiting to see if this 4-Year Symmetrical Triangle pattern is broken to the downside. Due to this being on a weekly chart I am waiting for a weekly close below ascending trend line. Then I will probably wait one more week to see how price action reacts.
Once broken and confirmed then GBP/USD will have a long ways to fall... I will put in a few position trades (short) at that time and will probably hold for the next few months at least. Could be in store for a couple thousand...
Personally, I'd like to see that 4 year triangle keep playing out and cruise back up to the 6300 area again. But that's a large hope from here me thinks....lol
But a short from 5820 to 5600ish would be just as nice. That would break the triangle and make a good possible path to 5300ish once confirmed.
Either way is fine with me.
We're watching the same thing....
Nice!
By the way, I like your signature! SR + PA = Simple, Clean, Deadly.
That is the truth!
Something I have noticed about this TL is that we have had our first ever weekly close below it last week since it began.
Those weekly wicks in the 2nd last chart make the pound look a bit crook also.
I've just put in a small long to retest the daily breakout area
Took studying from many good traders here to learn that simple truth. And I'm still learning .....
Once I figured out PASR it completely changed how I trade. Makes life a whole lot easier too...
Hi IBB, do you use logarithmic scale on your price axis? I have found that to be more accurate. In my chart, the breakout's still waiting to happen. If I zoom in to 4H (not attached), 1.5630 is just the exact price where it's making the third touch on my chart.
Actually, I'm seeing that lower TL pierced (not broken as this week isn't over yet) with either wicks or closed price. Again figuring on not updating the TL until it's actually broken with a close. But that Upper TL (not changed on these charts) on a line chart would extend the top of the range by quite a bit...LOL
I've tried both and it can really make a difference for sure. For the most part I use wicks as well and I don't change the TL unless it's actually broken with a close.
I agree that close price is what matters and I was also taught that way. But if you take that 4 year triangle we're talking about on a weekly chart, pull up a line chart and draw those Upper and lower TL's, it really changes the picture a lot...LOL
Hi Casper, no I don't know what a logorithmic scale is.
I prefer channels actually but can't ignore this line lol.
I've got this as a fourth touch since it started way back when.
The cluster of touches back in may/June lows etc show lots of pressure and current weekly formation is suggestive.
Looks like my little long is a no go.
Got to get to work, have fun today
