Cable Update (GBPUSD)

Amen to that my brother

Yes Al, its a tricky one to call. 233 was a support. As was 270.

Hence the reason I said.....

Yea bro, today and this weeks close will tell us more. I closed my 5227 long for +24 and I'm holding the 5206 and it's covered +4.

I have a short on EJ at 122.851 and it's covered but about to taken out me thinks...lol

May not over yet the leg down started without any correction in it's most path , making complicated . now may have some correction try again or continue down with a small correction , limits 5415/37 with confirmation start up breaking 5450 if possible . watching 5317 breaks for lowest level because most time it failed any correction & continue another 5th extension below the last leg . enough done , 5393/5268 limits for immediate up broken , so can have a rest before go for 4444 & low if. At this low now not risked for the last day of the week though & so all closed . if do some scalping can try only.Even if the price correct next should not over the downtrend perhaps , just few hundreds up/pullback 5750 to back !!
lets see
fontu

Well here we are, it's rolled over to Freaky Friday and price is sitting squarely between local support and resistance.

No free lunches in forex eh.

here is what i think a good trade , Sell EUR/GBP @0.864684 [email protected] [email protected] . There is a divergence on daily chart + Bearish engulfing candle on daily + Eur/USD trend line was broken on daily chart + GBP/USD hammer candle on daily chart.

who likes a buy on a breakout above 270?

If price closes above 300 I think North train is back

im already in at .5230 but i would think we havent seen the last of the .51's yet

if it goes there again i will be adding further longs. Which im expecting.

....

On our way to that short oppertunity me thinks.

One of the best ethics of trading, is not to be influenced by others. Have your own system, risk and money management, and stick to believing your own set up, and give time or have patience to let it be formed and give some trust to it.

Fear and panic is what drives the market, and that's also known as bull/bear traps. So if a trader don't have a stop loss and tried to sell even lower without trailing stops or stop, they might catch a poor position. It goes the same for buyers when price is plunging, they could be buying from 1.55 down to 1.51.

One of the best method is to use counter position or stop position instead of limits. Meaning when price could dive, to catch a possible reversal/retracement, use a buy stop. Same goes for uptrend, use a sell stop, can be implemented into many time frame and condition, then customized with a good risk reward and mm management.

No one can predict where price is going, but set up can be done to catch a possible move along with trailing stops to protect a position and prevent nursing or marrying a trade for too long. Pyramid trading can be done by further stops positions as well.

http://fortraderbytrader.com/wp-cont...de-set-up1.png

Always try to move along with trend.

Bought @ 1.5205 after a low of 1.5130*. BE, paritial @ 1.5320, trail up to 1.5260* . After explosion @ 1.5270* yesterday's closing resistance cum turns support. if price goes down to break 1.5270, it can meant that 1.5320 can be a lower high from 1.5413* plunge after gbp's unemployment data, which can signify more downward pressure or test of bottom again.

hedging can also be done*, such that if 1.5320* offer or resistance in play, can hedge with a sell, and if resistance is broken, can further implement buy stops above, to move to 1.5413. and cut the sell position of 1.5320 accordingly. If sell turns out in play. 1.5320 will move down and trailing positions of 1.5205 wil be out @ 1.5260. then trail the sell positon lower or BE to challenge low.

Always be neutral! and have your own set up and management. Don't be affected by others.

in thin market, no news, GBP will be a little bit bullish today. should go long and with TP around 20-30 pips

Ok, so it hit 5319.6 on the 1H. Guess that's why I always put the "ish" after a number. (bit later than I thought though)...

just chart adding , still to able more correction if , London open & consequences will watch if further or TANK starts.This monthly close ( for most pairs also ) watch also for the signal, not trade though as after can correct many hundreds pips before follow through .

Anyway at least break 5317 & then 34 now or again extension continues !!!!!!fall below 5244 & 14 for down to 5132 or so .
fontu

1 hr

Looking good to move towards 1.5414 should this support hold.

Go ahead, I will be on board with you for the long orders.

We may not see it today - Friday, but next week.

Good luck friend...

Here is my views in GBP USD

If interested in other ideas (EU,AU, EJ, UJ....) check them in my channel (link in the signature)
Bye have a great week end every1

G/M

spike up to 5320 earlier this morning saw sellers emerge at that 1st 1/2 of the previous daily swing lo zone (potential sbr)..co-existant with 50% 5504-5130...move down from there has seen good 2 way traffic and has now some support at 38.2% 5130-5320 at the current pullback lo.

Will there be more upside follow thru on yesterday's daily candle PB ? - we all know what happened to last daily t/f PB candle !! lol - how strong are the bulls now ?

G/L

long !!


tp 1560