Cable Update (GBPUSD)

sorry, can you explain what is bias long ?

1.57 according to gann's pyramid is strong support

Good day to you, FX-gtg

Just take extreme care of your money management. NZD/USD can still push down another 100 to 200 pips - same with AUD. I may cut my losses on these to re-enter later.

All the best

Hi,
"bias long" means "my bias is towards longs". That is, I think it is more likely to go up from here than down.

https://www.vocabulary.com/dictionary/bias

Last time I looked, price is below 1.57, so to say 1.57 is support is meaningless. Only prices at or below the current price can be support. Only prices at or above the current price can be resistance.
I don't do Gann; but if it works for you, good.
Best of luck.

August ended with 121% of 20 month atr covered by price...monthly candle closed bullishly and ,makes the LL at 4811 a fractal swing lo on this t/f...the t/f remains rangy re opa (overall price action.)

The weekly range was again below the 20 week atr at just 84% slightly up on previous week's 78%...not unusual for the high summer trading times. Weekly candle closed bearish bodied with a longer lower wick than upper wick - a bit hammer-esq in appearance. It's close creates a fractal swing H at 5716 on this t/f. the t/f remains rangy re opa between 5748-5811 but with a recent overall bullish bias off 4811 LL on this t/f.

The Daily closed on Friday having covered just 62% of the 20 day atr on that last trading day of the week. (20 day atr now down to 104 from a yearly hi of 136 not so long ago....but better than the dog days of 64 in the last 1/4 of 2012.) Friday's daily candle closed as a doji...and no fractal swing created by it. The t/f remains in a general opa uptrend with a new HL likely at 5427...although not the most convincing swing (yet?)

4hr/1hr closed rangy re opa recent range being 5545-55 to 5427 area, the former proving a difficult upside obstacle with multiple attempts on it.

So, overall a mixed picture on the t/f's mentioned, the market remaining clearly undecided about next near-term direction. When the market is undecided so should we be - until the picture becomes clearer (dependent on the t/f's we trade of course !)

G/L

friday's 4h closed above the small hammer has got me thinking.. is the bearish pressure has finally over..

will reevaluate later..

On Friday We had a bounce from the ascending trendline on H4 drawn from Julys Lows...

I am also thinking bearish pressure may have come to a temporary finish and we may see price attacking the highs again... Price didnt retest 1.5750, it only got as high as 1.5715. I still wouldnt rule out another attempt @ 1.5750 giving us a 100% retrace of the last Bearish daily swing.

Just one potential scenario.

Looks like USD is still growing stronger this morning.
Piercing line pattern spotted in H1 without any effect on current situation.

On my chart it looks like cable is the one gaining strength.

Kinda conflicting though.. been bouncing off the ascending TL and the .786.. Looks like a decision week, just a matter what way will break IMO .. any way two points of interest for me .786 retracement .. also the TL shown.

If anyone is not currently traded in the GBP.. A look at the GBP/AUD could be a much better Bear R/R .. Heres a daily chart with two completed HP's with very good symmetry.. Generally a good indication this thing is going down..


Longer term play.. But I got in this a couple hours ago.

Good day to you,

Hope all had a good week-end. Anyone looking at GBP/JPY? Thoughts?

Regards

Anyone here bearish on GBP? Current momentum in the past few days have been down and recently pulled back up. I'm short here at 1.5560.

Good day to you, FX

Cannot see any sellers in the market at this time. I'm on the sideline.

All the best to you

still ok to carry out as of few days in without any care & even new developments of impending war& likely more anxiety they all should show at top/bottom formations presently.eu working better then gu & likely as of eurgbp, euraud better then gbpaud at the same time audusd may try a good correction or not (next swings > not decided yet & >also aud strengthen confirmly in euraud & gbpaud yet ) because target there not reached yet but some turmoils of .gold broken 1389 & then limit goes 1352 & 1347 .anyway with this present swing down so far ok , eu,gu,euraud,gbpaud,gold, eurgbp & up usdcad & perfect & will follow before a war shaking may be observed everywhere specially gold as investors worry.

I have no usdx chart in hand now but wondering US imposed war always at its great fear /down trendline & now it should not be there & so why this action, to more strengthen or breakdown actually willingly!!
Thanks ,take care .
fontu

Gold movement seems honest, might enter on retrace.

Ok as difficult avoid test limit 1347 & that can be this swing targets for it & all also , anyway rest should show sign of restlessness /worry here with head formation more time, H4 & daily shows up already with some buy effects , as in all transiently .
fontu

Good Morning!

Today's S/R MT4 Templates
EURO
AUDUSD
EURJPY
USDJPY
CABLE

Cable data in 90 mins, US & CAD Closed for Labour day !
GL
http://www.forexfactory.com/showthre...08#post6933608

sell stop 1.5540 tp 1.5450

Hi

GBP/US Man just closed a long it zooms up

man this pair is hard to read

let's see if we can manage to break 5570 cleanly..