Cable Update (GBPUSD)

nice one Bones.

Hi tuty. Even for the most experienced experts there is NO certainty that any kind of chart or fundamental analysis or combination of the two will work. But as you have said, "I don't have good experience for trading", you clearly are no expert in analysis, and therefor can't logically blame your loss on a scam. The absolute single MOST important thing that a beginner should focus on is RISK management. With every trade you place, put on a stop loss. Don't even click on the final buy or sell button until the stop loss box on your order is filled in. When you put an order on, put as much thought into what you are risking to lose as you put into how much you can make. A good generally recommended guide is about 2% of your account on any single trade. So if your are trading a $1000 account, that's $20 dollars. A $10,000 account 2% =$200. So put your stop loss on to protect you from losing any more than 2%. The idea is you will survive to make lots of trades and hopefully have time to learn and improve your skills before getting wiped out. If you trade with only around $1000 it makes it more difficult to survive, because if you are restricted by the need to place your stop loss only 20 pips away, the odds are increased that normal market fluctuations will hit your stop. So you must be very selective with your trades, perhaps by following the trades of more experienced traders. A good way to develop trading skills is on a demo account. The smartest thing you can do in any trade is GET OUT before you get hurt. There are always more trades to get into, you can even get back into the one you were in when there are more clear indications of whether it's a good time to trade it. In your present predicament the smartest thing you can do is close your trade, do a lot of reading about risk management, spend hours and hours reading these forums, study what other traders are doing, pick out particular ones that seem to trade successfully, study their methods, practice trading on a demo account. Don't trade with real money again until you have done that. When you are ready to trade with real money, think about what you stand to lose before placing a trade. ALWAYS use a stop loss. I hope this helps, and I hope it's not too late to save your account. Without some skills and risk management, you have a better chance of winning money by betting on a coin toss than you have trading forex.

down to 1.3000

Oops sorry Sir Squiggles, I didn't realise they were so crafty.
They are leaving a nice trail on EU though. Clearly having trouble with the 23 fib and channel retest.
I see a break on the daily after the monthly/weekly breakout retest, maybe a double bottom coming with a similar pattern to GU?

I might be dreaming, who knows

Markets look ready to give also Sir, so could find a fresh Tsunami wave of $ bulls coming soon, they will be welcomed

Or, let's see where Monday opens

I think EG supports this also Sir.
Would ideally like to see Monday close below the 7768 area to finish the month after TL retest to help confirm bearish view
4hr looks like it wants to go down

wow relax mate

btw i dont think keeping g shorts over the weekend will do any good. g is probably entering rape-mode just one way or another.

A little unconventional, but valid I think as a longer term retest view with an emerging channel 3rd touch below
Particularly if the DOW does what it looks like it will do soon

Why the British Pound Could Shoot Higher Against US Dollar and Euro on Monday

https://www.poundsterlinglive.com/gb...-exchange-rate

Thanks for sharing, that was an interesting read

Last post before heading back to Uni.

We have now entered a clear trading zone on the monthly.

Weekly shows the game plan.

All the best guys

My view

Large Spec are buying the Pound Hmmmmmmmm! COTR
Green line Large Speculators.....

Hey all, just published my weekly outlook with GBP/USD analysis here: http://www.forexmademillionaire.com/...ook-2-28-2016/

Non-Commercial Traders too.

Cable was definetly a big loser this week. With the rumors regarding Brexit, GBP sold off heavily throughout the week. Sell off was also supported by poor data from the UK.
GBPUSD closed the week at 1.3870, a level not seen since March 2009!
At this stage this market is in a free fall but very close to multi year support in the 1.36 area. I would be very cautious selling it.
COT data shows the continuation of the same trend seen in the last few weeks. The levels are extreme and Non-Commercial traders are covering more short positions.
As of last week this group covered another 4.2K short positions, this is after they added over 5K in the previous week. At the same time, they decreased their long contracts by only 1K. This is after they acquired over 5K long positions in the previous week.
This doesn’t really give us any clear indication of the bias here. The dropping prices should support the current bearish sentiment and the price could continue much lower from here. We need to see more long positions here to consider any change in bias.

Last week’s analysis remains in play
For now, the extreme scenario is still in play. Open interest shows extreme levels compared to past performance. We see that traders are dropping their shorts but are reluctant to buy the market yet. We need more data to confirm the long bias here.

https://www.poundsterlinglive.com/gb...-exchange-rate

http://www.economist.com/blogs/graph...european_union

i dont think it will bounce soon bcoz of brexit issue , selling is good idea rather buy

My Price charts and Weekly setups GBPUSD

Cable got a massive beating this week! Rumours on Brexit and bad data from UK were good reasons for traders to dump it all the way. The pair opened the week on a massive 120 pips gap and continued lower. It closed the week below 1.39.
At daily charts, GBPUSD is looking aggressively bearish, but at the same time it is approaching a major, multi-year support at 1.36.
There is nothing bullish about this chart as we speak, but I am cautious about entering any shorts at this stage.
Going back to lower time frames, I don’t see any clear entries for either short or long positions.
It is logical to assume that GBPUSD will have another leg down towards 1.36 before we see any recovery in this market.
Next low risk short entry could be located at 1.4050. This level could serve a resistance as the price reacted to it few times in the past. (see screenshot).
Bulls would need to wait for a higher high above 1.4050 and the pullback to the same level. Only substantial break above 1.4050 would suggest higher prices to follow.
Caution is needed here.
Bulls @ 1.4050
Bears @ 1.4050 resistance