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Cable Update (GBPUSD)

  • #424,201
  • Feb 16, 2016 6:36am Feb 16, 2016 6:36am
Hi D
Its a probability game , but I can tell you without doubt whats happening now

[quote=dean1star;8756195]
Quoting meanvel
{quote} My Friend there is no need to justify yourself to me, or explain yourself OK - i am just a simple humble trader who believes in taking a postion through price, and saying so - predictions and stuff i leave to others you know what i mean dont you
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #424,202
  • Feb 16, 2016 6:45am Feb 16, 2016 6:45am
the good thing about a push down and strong reject in all probability it will go up
push down and stay down bulls will worry ,the market will tho be clearer ,the probability rises
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #424,203
  • Feb 16, 2016 7:01am Feb 16, 2016 7:01am
Finally! That took long enough to hit new lows.

Ok, cutting positions, going to sleep. Have a good one all!
"Don't fear a bubble until it starts to burst."
  • #424,204
  • Feb 16, 2016 7:07am Feb 16, 2016 7:07am
Quoting dean1star
{quote} u know who knows - he knows everything lol .. have faith in ones system lol and let the messengers of this world carry messages whilst keeping us entertained now then lets do some trading ..
The way I see it, if we get a daily (close) below the blue shade and in particular into the brown support, it's curtains for the bulls, no recovery in the immediate future until probably 1.34 area.
I'm up in 4.5 hrs, so I'm off to bed

All the best
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Come with me if you want to live....
  • #424,205
  • Feb 16, 2016 7:13am Feb 16, 2016 7:13am
4hr break and retest
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Come with me if you want to live....
  • #424,206
  • Feb 16, 2016 7:15am Feb 16, 2016 7:15am
Quoting Ill-b-back
4hr break and retest {image}
the way that daily candle is forming does not at the moment look good for longing
  • #424,207
  • Feb 16, 2016 7:18am Feb 16, 2016 7:18am
Quoting Cecil Gee
{quote} the way that daily candle is forming does not at the moment look good for longing
Neither the monthly

last one promise.

night....
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Come with me if you want to live....
  • #424,208
  • Feb 16, 2016 7:19am Feb 16, 2016 7:19am
#GBPUSD just have to be patient and let it unfold :-)
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"W. D. Gann said that time is the most important factor among all things."
  • #424,209
  • Feb 16, 2016 7:25am Feb 16, 2016 7:25am
GBPUSD H4 support small zigzag 1:1 1,4351 and potential test of the trend line
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  • #424,210
  • Feb 16, 2016 7:39am Feb 16, 2016 7:39am
Being a 'trend' trader, I'm trained to sit patiently through corrective phrase of markets and learned to spot where corrections usually terminates, 'cause that's where the next trending move begins.

At the same time, I see not only the whipsawing corrective price action of GBPUSD on the chart, I see also uncertainty & indecisiveness of direction, and to some extend confusion, which are the typical 'mood' within a conjestive correction phrase of market.

That confirms GBPUSD is presently still in correction in the hourly time frame, while setting up for advance when this wave c of correction terminates:
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  • #424,211
  • Feb 16, 2016 7:48am Feb 16, 2016 7:48am
interesting little level just about here
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  • #424,212
  • Feb 16, 2016 7:50am Feb 16, 2016 7:50am
Quoting majorusa
{quote} Same here. I took a short at 1.44095.
Which turned out well. Average +60 pips. The purple lines are not levels but I erased the reference of the trade. Sorry
Attached Image
If you're not part of the solution then you're part of the problem.
  • #424,213
  • Feb 16, 2016 7:50am Feb 16, 2016 7:50am
Quoting skyhok
Being a 'trend' trader, I'm trained to sit patiently through corrective phrase of markets and learned to spot where corrections usually terminates, 'cause that's where the next trending move begins. At the same time, I see not only the whipsawing corrective price action of GBPUSD on the chart, I see also uncertainty & indecisiveness of direction, and to some extend confusion, which are the typical 'mood' within a conjestive correction phrase of market. That confirms GBPUSD is presently still in correction in the hourly time frame, while setting...
Agree. The downside seems limited but it still have a potential for double bottom.
HumbleTraders
  • #424,214
  • Feb 16, 2016 7:51am Feb 16, 2016 7:51am
GBPUSD traded sideways throughout the week. It closed the week slightly higher @ 1.4490. My long bias strong for the moment but I’m cautious of heavy economics data coming out this week on GBP. If we see sharp deviations from expectation, Cable can prove to be volatile. Daily charts suggest pullback towards 1.4350 and uptrend could continue from there. Obviously, GBPUSD might fly through these levels and get down towards 1.41, major low.
As we speak Cable broke the consolidation channel to the downside providing good short setup.
Short positions can be established after the price pulls back to the resistance, former support at 1.4410
Stops above the recent highs.
Targets will depend on the data coming out this week. Jam SL to BE after 70-100 in money.
As the moment stochs are against me, but I expect them to be in place once this trade is filled.
Date: 02/16/2016
Pair: GBPUSD
Price: 1.4410
Trade: Sell Limit
Lot Size: 0.03
Stop Loss in Pips: 100
Take profit in pips: 200
Risk of Equity: 3%
My Trading Checklist
ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: Yes
Is the market risk off or on? SP500, DAX, NIKKEI. Are the down or up: Risk Off
Is this trade with the trend?: Yes
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: N/A
Am I selling resistance?: Yes
Is this entered during London’s session?: Yes
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: No
Where is the price in terms of Pivots Points?: Not clear to me
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HumbleTraders
  • #424,215
  • Feb 16, 2016 8:00am Feb 16, 2016 8:00am
gbpusd H4
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  • #424,216
  • Feb 16, 2016 8:05am Feb 16, 2016 8:05am
I found this idea in my mind and I quite like it
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  • #424,217
  • Feb 16, 2016 8:21am Feb 16, 2016 8:21am
Lesson learnt today is - ignore the noise, stick to the set ups on your chart. Lost some pips but them all back.
Learn something new everyday.
  • #424,218
  • Feb 16, 2016 8:23am Feb 16, 2016 8:23am
Quoting skyhok
Being a 'trend' trader, I'm trained to sit patiently through corrective phrase of markets and learned to spot where corrections usually terminates, 'cause that's where the next trending move begins. At the same time, I see not only the whipsawing corrective price action of GBPUSD on the chart, I see also uncertainty & indecisiveness of direction, and to some extend confusion, which are the typical 'mood' within a conjestive correction phrase of market. That confirms GBPUSD is presently still in correction in the hourly time frame, while setting...


I am making a guess, that since this time market will focus on a March "no hike" from Fed, USD will weaken prior to that meeting, and maybe strengthen after depends on the outcome.

This support your technical view.

I will looking for range trade if GBPUSD comes down, and focus on breakout if it goes up

Let's see what's gonna happen.
  • #424,219
  • Feb 16, 2016 8:25am Feb 16, 2016 8:25am
Quoting gfscapital
GBPUSD traded sideways throughout the week. It closed the week slightly higher @ 1.4490. My long bias strong for the moment but Im cautious of heavy economics data coming out this week on GBP. If we see sharp deviations from expectation, Cable can prove to be volatile. Daily charts suggest pullback towards 1.4350 and uptrend could continue from there. Obviously, GBPUSD might fly through these levels and get down towards 1.41, major low. As we speak Cable broke the consolidation channel to the downside providing good short setup. Short positions...
I have the following key levels:
PP- 1.44610
S1-1.43860
S2-1.43350
S3-1.42600
  • #424,220
  • Feb 16, 2016 8:30am Feb 16, 2016 8:30am
Quoting Dano12
GBPUSD H4 support small zigzag 1:1 1,4351 and potential test of the trend line {image}
I look for 1.43, but after reaching it I think switching to long just to give it a try
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