Cable Update (GBPUSD)

Think you could be on your way now bud. Let's see. Hoping for ya

Hmmm...double top 1H maybe?

booked profit at 1.58. This is becoming bullish with price just popping up, so may re enter on the dips. 1.5880 is the next target

EU... today i will call bi#@h.

according my strategy if it goes 10 pip to my direction i put BE... so she goes10 pips then to BE and then exactly 14 pip...



it can by sell setup...

Think EUR about to drop some. Dollar may too...LOL

uhm... looking in 4h chart i suspect nearest resistance is somewhere near 5880!
still holding my long

meanwhile Gch is breaking in new area. next week could be great buy-dips there, depending where will close today.
also GbpAud seems able to take off into 1.53 area again.

LOL EU stop hit at +3. I switch to short for a bit.

There looks like a bullish divergence in 1h chart.
so i am long now.Aiming 1.5825.
i will exit if this 1h candlestick closes below the daily pivot resistance and the nearest resistance.

Agreed buddy. Good decision by you. I'm flat cable for the week but obviously the GBP is on the rise for now.

LOL...short stop hit +3.

Think I'll call it a week folks. Good luck and enjoy the weekend.

great decision!

wondering what caused the quick down move from 5814?
it's because i closed my long in a single click

i call it a week!
good luck everybody

Hello all
last time I have tried this...

the market pulled my nose. So here I am ready to be pulled again.


This is my updated daily view on the Dollar Index which can be relevant for a lot of pairs:

Attachment

The Dollar Index could now be on its way up as the 79.90 level of resistance did not hold. It could retest previous highs or even the top of the channel at the 81.70s. This would probably mean 1.3200 and 1.2900, respectively, for the Euro FX currency futures.

DX is currently trading a daily extension long which offered support today at the 80.10 area. The failure level is 80.00 and that barely held, but I will consider it holding as the DX with its low volume is not always technical.

As usual I have identified two scenarios:

Scenario 1. Price currently trading in extensions long and could hit 80.40 (1st target) and then 80.60 (2nd target). Then it could continue higher in extensions trading the 80.60 support and next long entry, provided that price holds above the 80.45 level.

Scenario 2. After/if trades above the 80.70 level and if price then pierces 80.45 on the downside , price could then retrace all the way to the 80.10 area again before embarking into a move into 81 (1st target) and then 81.70 (2nd target), the top of the channel. At that point , and if we get there, I could get bearish again on the Dollar

Please let me know what you think and your related analysis as well.

Thank you
Have a great weekend.

5844 was a good level reach for gu , some up still may before much correction down , towards 5868,78 or 92, 5992 ok . actually a short triggered at 5838 last to keep weekend as test caring next 5742/37 as nominal limit for immediate up next , breaks will look down towards 5630 areas. happy weekend to all .
fontu

I wouldn't be surprised if it hits 1.6 next week.

A good trade setup forming in GBP/USD

On Wednesday,

the GBP/USD tried to blow past the 1.5800 level only to drop back below that zone today.

The real question is going to be whether or not this is a sign of real strength, or if it is a simple retest of the former support level as a resistance level.

My instinctive feeling is that a pin bar is in the making today as there has been a strong wave of downward momentum followed by some amount of consolidation and an inside bar which is suggestive of further losses in this pair. NY close tonight will be indicative of whether it is worth taking a trade in the direction of the dominant trend.

hello,
what do you mean with your last sentence "NY close tonight will be indicative of whether it is worth taking a trade in the direction of the dominant trend."?
tks

W/e review

Price travelled 123% of it's 20 week atr this week just closed and 136% of it's 20 day atr on Friday also now closed. So far this month price has travelled 45% of it's 20 month atr.

re charts: yellow = 100sma, red = 200sma

No fractal swing created by the close of this week's weekly candle - a bullish candle whose lower wick is longer than it's upper. The week at it's 5630 low probably saw a boumce of the weekly/monthly descending trianle that is the bottom of the monthly wedge pattern or that is certainly how it appears when this t/line is viewed on a weekly or monthly chart. On the daily - actually joing the releveant swing lows it seemed to be slightly lower but whatever. The t/f remains in an opa range and this 5630 low comes ata LL although as stated that is not a fractal swing on this weekly t/f

The Daily candle saw an upside breech of the daily descending trendline and a bullish close and follow thru on the previous 2 x bullish candles that created the 5630 swing low as a L on this t/f. No fractal swing created by Friday's daily candle close but when it comes it will come at a H at least above the last LH of the opa downtrend. This t/f is still in a general opa downtrend but this is under threat now by the HL and H. A new ascending daily trend line can be established by the fractal swing low on this t/f at 5630.

The 4Hr t/f saw a double bottom at that 5630 low and it's been uphill all the way since with an upside breech and close of 2 x descending trend lines and the daily descending trend line mentioned above, now printing a HH above the last H resulting in a possible new opa uptrend but more likely ranging - bullish conditions now on this t/f.

The 1Hr sees definate signs of strength now in a general opa uptrend with the last HH and high of the day/week at the previous 1hr swing hi zone /38.2% 6179-5630. At the close price had pulled back off it's 5844 hi and was finding some demand at the 23.6% fib of the 5630-5844 move

G/L

What do you think about price bouncing off this long term trend line? A lot of traders seem bearish, while iam quite the opposite. Entered long at 1.5661. Should I sell at the 200 day ma or hold long term? If it breaks the trend line lower it could be a substantial move lower.

Ok but i will be a little . in that case will watch 5992 as limit for down for now and price to go up 6178,6300,6381 or 6437 ok but still will look for the tanking next perhaps .daily/weekly intention for more corrections or another leg up against monthly down one can be some great though .lets see.
fontu