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Cable Update (GBPUSD)

  • #425,241
  • Feb 24, 2016 8:50am Feb 24, 2016 8:50am
We quickly tested 1.3912, now time to test 1.3940, and H1 close above 1.3940 will be very important, since we will attempt to close H4 in the next hour and we need a ladder to step on.

M5 we can see the 3912 rejection very clearly.

I noticed that EURGBP is banging on 0.79 again, EURGBP demand has been a major drag on cable, maybe continental multinationals started to pull capital back home?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: GBPUSDFXFM5.png Size: 52 KB
  • #425,242
  • Feb 24, 2016 8:51am Feb 24, 2016 8:51am
It can easily shoot up 200-300 pips if the MM decide to take all sellers at this point.
  • #425,243
  • Feb 24, 2016 8:56am Feb 24, 2016 8:56am
Quoting webstakes
It can easily shoot up 200-300 pips if the MM decide to take all buyers at this point.
The retracement of the move from 4401 to 3877 need to be retraced at some point, 50% of that move is at 4142, go figure then
  • #425,244
  • Feb 24, 2016 8:59am Feb 24, 2016 8:59am
The problem is no technical analysis is working on this.. It is just about brexit...
  • #425,245
  • Feb 24, 2016 8:59am Feb 24, 2016 8:59am
Quoting Dano12
{quote} some abc {image}
I am hoping that cable can get back above 1.4 before end of this week.
  • #425,246
  • Feb 24, 2016 9:03am Feb 24, 2016 9:03am
M1, look at that weird looking candle that poked 3920 the last minute before hourly close, like someone's jumping off the sinking boat.

H1 closed a doji(perfect doji with o/c both at 3936) not ideal but let's see whether it can work as a rejection to the downside.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDFXFM1.png Size: 50 KB
Click to Enlarge Name: GBPUSDFXFH1.png Size: 42 KB
  • #425,247
  • Feb 24, 2016 9:07am Feb 24, 2016 9:07am
Quoting webstakes
The problem is no technical analysis is working on this.. It is just about brexit...
Technical works, all depends on how you use it.

You are right that Brexit is the sugar babe of the market, but it is not the only influence, and there are plenty of technicals that you can trade anyway.
  • #425,248
  • Feb 24, 2016 9:10am Feb 24, 2016 9:10am
20 pips euro dollar target aim closed and 17 pips up on target for pound dollar .. can do better
  • #425,249
  • Feb 24, 2016 9:21am Feb 24, 2016 9:21am
https://www.markiteconomics.com/Surv...186062f3632267

a weakest since 2013 October US Markit PMI data gives chance to some growth up for GBP
  • #425,250
  • Feb 24, 2016 9:35am Feb 24, 2016 9:35am
Attached Image (click to enlarge)
Click to Enlarge Name: GU240216.jpg Size: 51 KB

I exited all my GU longs at 1.3058-ish. Did not like the PA around 200 EMA on M5.
If you're not part of the solution then you're part of the problem.
  • #425,251
  • Feb 24, 2016 9:38am Feb 24, 2016 9:38am
Quoting giveachance
Now i am trying to be brave here but i think we have a durable bottom in place
well last night's bottom call was pathetic from my side. stopped out for 40 pips. didn't get in this pair. I am not surprised at 3877 after 4000 was gone. technicals are still pointing to a downside but crosses are slowing down a bit. a spike is expectedd. dont know how big it would be. personally would like to long but the weekly has broken support trendline as well and monthly is struggling as well.
  • #425,252
  • Feb 24, 2016 9:40am Feb 24, 2016 9:40am
Quoting giveachance
{quote} well last night's bottom call was pathetic from my side. stopped out for 40 pips. didn't get in this pair. I am not surprised at 3877 after 4000 was gone. technicals are still pointing to a downside but crosses are slowing down a bit. a spike is expectedd. dont know how big it would be. personally would like to long but the weekly has broken support trendline as well and monthly is struggling as well.
If it broke support TL, it may try to close back above, we still have 2 days left
  • #425,253
  • Feb 24, 2016 9:42am Feb 24, 2016 9:42am
This pair screaming for buy. Just don't know when..
  • #425,254
  • Feb 24, 2016 9:45am Feb 24, 2016 9:45am
Quoting Darkforce
{quote} If it broke support TL, it may try to close back above, we still have 2 days left
I would suggest you look at the crosses. dont try to catch a falling knife here. you would be wounded.
  • #425,255
  • Feb 24, 2016 9:51am Feb 24, 2016 9:51am
Quoting giveachance
{quote} I would suggest you look at the crosses. dont try to catch a falling knife here. you would be wounded.
Thanks for the caution, I don't do medium-long term stuff, so should be ok, as long as there's a new trend in a session, I'd try to play in that direction.
  • #425,256
  • Feb 24, 2016 9:53am Feb 24, 2016 9:53am
Quoting Darkforce
{quote} Thanks for the caution, I don't do medium-long term stuff, so should be ok, as long as there's a new trend in a session, I'd try to play in that direction.
there is no trend here. it is just sell everyday and it will not bounce anytime soon. let me tell you. those calling for 1.43 are either adventurous or stuck in massive position. the mentality of the market nowadays is to cut retailers everyday. I am not ruling out a move to 3700 as well.
  • #425,257
  • Feb 24, 2016 10:03am Feb 24, 2016 10:03am
Quoting giveachance
{quote} there is no trend here. it is just sell everyday and it will not bounce anytime soon. let me tell you. those calling for 1.43 are either adventurous or stuck in massive position. the mentality of the market nowadays is to cut retailers everyday. I am not ruling out a move to 3700 as well.
So, fundamentals from 1h ago didn't change much in the market yet. I'm curios if anything except the Brexit could influence a bounce in the GBP. 1.37 still valid for me too.
  • #425,258
  • Feb 24, 2016 10:09am Feb 24, 2016 10:09am
Quoting giveachance
{quote} there is no trend here. it is just sell everyday and it will not bounce anytime soon. let me tell you. those calling for 1.43 are either adventurous or stuck in massive position. the mentality of the market nowadays is to cut retailers everyday. I am not ruling out a move to 3700 as well.
It's ok, I longed from 1.39 and I made 50+ pips, not bad for a day.

That move up from 1.3877 after US session open, to me, is a trend of the moment, which I can trade.

Of course it can move to 3700, but that's on a higher time frame which I don't trade, so while I would be cautious about that trend, it is of slightly less importance to me.
  • #425,259
  • Feb 24, 2016 10:38am Feb 24, 2016 10:38am
Quoting nick.m
{quote} So, fundamentals from 1h ago didn't change much in the market yet. I'm curios if anything except the Brexit could influence a bounce in the GBP. 1.37 still valid for me too.
probably a lot of stops around 1.4
why not to take them out before push to 1.36 in the next 2 weeks?
  • #425,260
  • Feb 24, 2016 10:39am Feb 24, 2016 10:39am
Quoting FXClarity
{quote} No issue my end. I merely thought that having made your trade available for forum members to view, you would be good enough to verify your track record. ..and no, in answer to your mistaken assumption of me looking for someone to follow - I am quite happy to walk my own path. I have nothing to hide. My stats are here: https://www.myfxbook.com/members/FXC...uilder/1369009 Track record verified and trading privileges verified. Good, bad or indifferent they are what they are. 68.54% Profit / Return on capital in 10 months...
awesome results, do you follow price action or other strategy trade.
Failure is not failure if you learn from it...
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