Cable Update (GBPUSD)

i sell now at 5920.

tp1 5850
tp2 5750
tp3 fibo 61.8 at 1.5480 <---- not likely

Tp1 @ 160, Tp2@ 16120
daily fib 127 @ 161
with MR2 & weekly Resistance

Hello everyone. Well, I thought we wouldn't hit 1.58 yesterday but we did and smashed through it. I did not play the Cable at all after I exited my long earlier.

This dollar downtrend does not look to me as strong. Looking at the 4H chart which i mostly use, on cable we have had a series of vertical candles, buying climaxes which are not sustainable. Also, on the EUR front, the 4H candles following the FOMC candle are not very good quality bullish candles. They have long tails compared to their bodies and are getting smaller. This is not a sign of a healthy bull trend that has the heart to continue running. Rather, the opposite. Of course, the situation might change.

On Cable, I am looking for a place to short. I took a small short already with a small stop above the recent highs, shorting the failure of what i think might be a small climax flag. I have not yet seen any signs of a reversal on the longer timeframes, so very much a counter-trend trade. I like the risk-reward profile despite the low probability, and I took it.

In my opinion Any drop now is a buying opportunity.

Good luck

So far, no cookies for anyone

Dano is happy and so am I but not as much since I had loaded my shorts a bit earlier

probably still mess it wav5 in 3orC area 15900 1600 correction should be on the big 4 now if wave 3 is not C

I think -> time to short

What do you think of tomorrow buy or sell? You think targer 1.61..?

GBP USD short - converted SL on small profit

nice!

waiting for weekly close today, whether below or above the weekly SR will indicate next move clearly imho

Oops... picture perfect, exactly the way it was anticipated...
Cheers...

was that not 158 600 for the Bounce and algo systems set to go 7 in the morning london time zone?

20 pips up and 20 pips down
inbetween 10 pips up and 10 pips down
then
20 pips up and ........ yawns - coffee time pls wifey.

all gbp pairs up (all 7 )

Profit taking on usd shortsBack down towards 58 see where we close for weekendwe are not out the water yet61 fib still in play.