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Cable Update (GBPUSD)

  • #422,821
  • Jan 29, 2016 10:38am Jan 29, 2016 10:38am
hello all first post from connecticut here!

hmm does anyone see a drop to .4080 or are we favored long at this point?
-Pippi Longstocking (yes it's me)
  • #422,822
  • Jan 29, 2016 10:40am Jan 29, 2016 10:40am
Quoting Charith
It's Friday & month end, comeon, we are expecting something spectacular...
Thank you
... I'm not crazy, just Paranoid ...
  • #422,823
  • Jan 29, 2016 10:42am Jan 29, 2016 10:42am
Quoting Darkforce
{quote} Why 1.4187? What's your SL?
Correction (ii) maintained mostly above 0.6182 retracement of previous advance - final wave (c) likely terminates there with SL @ 1.4077, scale-in with minor initial position for longer term run.
Elliott Wave for optimum entry, exit and risk management of trades
  • #422,824
  • Jan 29, 2016 10:48am Jan 29, 2016 10:48am
Was wave 5 or your (3) an ending diag? The move down from your iv to (3) looks like 3 waves.
  • #422,825
  • Jan 29, 2016 10:48am Jan 29, 2016 10:48am
Well, that's it for me for this week. I got 20 pips from that last drop and closed at 0.6465. More next week, I hope.
  • #422,826
  • Jan 29, 2016 10:48am Jan 29, 2016 10:48am
Quoting skyhok
{quote} Correction (ii) maintained mostly above 0.6182 retracement of previous advance - final wave (c) likely terminates there with SL @ 1.4077, scale-in with minor initial position for longer term run.
Makes sense.
  • #422,827
  • Jan 29, 2016 10:52am Jan 29, 2016 10:52am
Quoting Charith
This is what they call an Extended Stop Hunt
Quoting bladerogers
{quote} LOL! Call it what you will, I'll call it a fibo retracement 1.45 possible.
Quoting Charith
{quote} Price Dynamics Will see the truth by end next week
Quoting bladerogers
{quote} No, there is money to be made both ways. I see it retrace to possibly 1.45 and then back down again. Very good chance that by end of next week it will be lower than today.
told ya, move to 4400 was an extended stop hunt, hit the stops of bears, captured bulls, now hitting their stops...
works every time
... I'm not crazy, just Paranoid ...
  • #422,828
  • Jan 29, 2016 11:17am Jan 29, 2016 11:17am
Quoting notsocasual
Was wave 5 or your (3) an ending diag? The move down from your iv to (3) looks like 3 waves.
https://i.gyazo.com/2887cf7c0afc53c9...46c60b5089.png
Elliott Wave for optimum entry, exit and risk management of trades
  • #422,829
  • Jan 29, 2016 11:20am Jan 29, 2016 11:20am
Got it. Small wave 2 and complex 4 or running flat. Appears we still need to finish off a sideways move on this pair and a small push short and then maybe your long move for the larger 4 (C) etc. That was a monster move today....damn.
  • #422,830
  • Jan 29, 2016 1:17pm Jan 29, 2016 1:17pm
Quoting Squiggles
{quote} the news is only useful to the people who own it
Brexit is not even a news anymore, unless it really happens!
  • #422,831
  • Jan 29, 2016 1:57pm Jan 29, 2016 1:57pm
Buy on Pound Dollar at 142 200
  • #422,832
  • Jan 29, 2016 2:25pm Jan 29, 2016 2:25pm
cable going back to 1.3500 and lower..just my opinion...looks like the wave 4 of some degree has finished and w5 is already under way..well see those lows broken.....
I'm not a "Businessman" I'm a "Business-man"!! Jay-Z
  • #422,833
  • Jan 29, 2016 4:01pm Jan 29, 2016 4:01pm
Quoting Darkforce
{quote} I am taking long again from 1.42, see the move being a bit stretched.
wow missed that return long, last 2 trades -22 but not even a dint on the overall pips score for the week just took a long order 4236 sl 10 pips on the 50 ema yellow and one at 53,with 10 pip sl before close, catch sundays gap , gl great week do it again on monday
Attached Image (click to enlarge)
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  • #422,834
  • Jan 29, 2016 4:03pm Jan 29, 2016 4:03pm
Quoting elbert3
{quote} wow missed that return long, last 2 trades -22 but not even a dint on the overall pips score for the week just took a long order 4236 sl 10 pips on the 50 ema yellow and one at 53,with 10 pip sl before close, catch sundays gap , gl great week do it again on monday{image}
Attached Image (click to enlarge)
Click to Enlarge Name: 1A.png Size: 77 KB
possible short look
  • #422,835
  • Jan 29, 2016 5:12pm Jan 29, 2016 5:12pm
I'm one of those who strongly believe and agree with elbert. Longer time, the damage is done and if you watch candlestick patterns a lot, you can tell that cable is going for new lows (below 1.35) in the coming weeks and months. This fact however does not help intraday traders like me, but it is nice to sell rallies instead of trying to buy bottoms in cable and GBP pairs overall. That's just my opinion.

Have a relaxing weekend
  • #422,836
  • Jan 29, 2016 6:28pm Jan 29, 2016 6:28pm
Quoting elbert3
{quote} wow missed that return long, last 2 trades -22 but not even a dint on the overall pips score for the week just took a long order 4236 sl 10 pips on the 50 ema yellow and one at 53,with 10 pip sl before close, catch sundays gap , gl great week do it again on monday{image}
Got potential for more pips upside in the short-medium terms, IMO, like everything else, dollar is overpriced and overshoot for the first month of this year, let's see if February brings any fresh air into this battlefield full of blood and sweat!
  • #422,837
  • Jan 29, 2016 6:33pm Jan 29, 2016 6:33pm
Quoting Darkforce
{quote} Got potential for more pips upside in the short-medium terms, IMO, like everything else, dollar is overpriced and overshoot for the first month of this year, let's see if February brings any fresh air into this battlefield full of blood and sweat!
Medium-long term, difficult to say, but we should bear in mind that dollar actually fall during most of the past hiking cycles, because of various of reasons, for average duration of upto 24 months.

Some of these dollar weakness during hiking cycle are caused by debt problems, some are caused by general economic struggle, anywhere this time it looks even more precarious than before, because previous hiking cycle start with prevalent economy overheating signs, this time we are not even warmed up.
  • #422,838
  • Jan 30, 2016 5:17am Jan 30, 2016 5:17am
witing what will hapen next monday...big movement...maybe
  • #422,839
  • Jan 30, 2016 6:25am Jan 30, 2016 6:25am
Clear bullish divergence forming on the daily chart --
Attached Image (click to enlarge)
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  • #422,840
  • Jan 30, 2016 6:51am Jan 30, 2016 6:51am
My view of the market H4

GBPUSD recently broke above TL 1 and testing it twice since. Unfortunately the wig (made of TL2 + TL3) didn't hold ground.

resistance
1,424 area
1,4336

support
1,4208-ish
1,4152


Leat but not least keep an eye on the rsi since it did a decent job on the past support and resistance wise.
Attached Image (click to enlarge)
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persistence and determination alone are omnipotent
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