Cable Update (GBPUSD)

Price behaving on the level of concern..

That was one hell of a week.

I ended up being drawn down very substantially after Wednesday's FOMC meeting. However, by compartmentalising the various trades that I had made that day (plus a few over the previous few days), I was able to have an "emotional" stop loss for each of the bad trades that I had made. I then kept them open and as certain trades moved into profit or break-even, I was able to trade my way out of the majority of them and ended up with a few small trades (large pips, but small € per pip) and eventually accepted those small loses when I had reached an overall profit for the week.

Learnings: being able to truly accept that the loses might occur (and that the worst that would happen is that I would lose money, with nobody dying in the process!), I was able to calm down sufficiently to be able to think/plan my way through the bad times. The other learning - which I always need to remind myself of! - is to be supremely patient. The big moves will come and so long as I am fresh and not in a bad trade, I can make lots of money very quickly.

Have a nice weekend.

Something Interest :nerd:

http://www.bloomberg.com/news/2013-0...per-delay.html

Monthly, Wkly and Dly all trending long. No significant 4H swings have been broken (yet?). Massive Dly candle from Weds FOMC remains intact.

My bias remains long until and unless I see price hold below 1.59. This would require a break of the Dly impulse candle's lows as well as retest and failure of the "gap" level around 1.59.

M2T

Bernanke said "Hack you All (Traders)"

Look... He's so Handsome. And I like his smile

It's Time go back North or still Down ?


Have a Great Weekend ALL

1.65 next target

The week is flat

The Daily is nearing a top, But that could still be 500 pips away before going back down, I would think sooner if not now...........

The Weekly candle closes with a bullish body but it's upper wick is longer than it's body and longer than it's lower wick - a bit inverted hammer-esq and showing rejection of the 1st test of the 6162 weekly and current general opa uptrend hi on this t/f. No fractal swing created by this weekly candle close but the t/f remains in this general opa (overall price action) uptrend having broken upside of the recent 5751-4811 range and above it's steepest descending t/line. 100sma remains below 200sma on this t/f but price closes above both. 20 week atr is now 278 and price covered exactly 100% of this this week closed.

Friday's Daily candle closes bearishly after the continued pullback off 6162 covering just 82% of the 97pip current 20 day atr. This t/f remains in a classic opa uptrend and the weekly hi at 6162 is a fractal swing HH on this t/f - the 5th in it's opa uptrend. That fractal swing HH creates a new daily descending trend line joining it with the 6346 swing hi. 100sma is pointing up possibly converging on the 200sma from below it and price closes well above both.

4hr remains in a general opa uptrend although the HH at 6162 has now been followed by a HL, LH and a L. Price closes above it's 200 and 100sma's the latter of which is crossed above the former and both close pointing up.

The 1hr is in a general opa downtrend now, Friday's low just clipping the 100sma on this t/f which remains above the 200sma with both still pointing up.

The question for next week is whether the 1hr downtrend is the start of a bigger downside move/consolidation or just a pullback in the 4hr + uptrends, and if the latter - where are the buyers most likely to buy the pullback ?

G/L

nothing like gbp/nzd and eur/nzd

indeed

will it go up or slide down on Monday morning.
https://www.tradingview.com/x/fua1BK9f/

Good day to you,

Herewith some shorter and longer term chart studies.

All the best

Regards

Nice Read.....

This week would be another deciding factor for the cable for its month being in the bullish mode so far, but the monday opening and the way market behaves on the next two days is critical for the traders to decide their trades.

Home Run... ?

Make me think... this Case almost resemble Cable Chart's History @ 2011, 18 Jan

In my opinion, we are close to the exhaustion of the strength of the Cable (wave E).

Yes, totally agree with you