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Cable Update (GBPUSD)

  • #426,141
  • Mar 15, 2016 9:48am Mar 15, 2016 9:48am
I don't look at fibs, I just try and understand where a greedy rigged system would try to push price to make money. Its what I would do, lol, if I were in control of this...
It might bounce around before getting there, but that big red bar to the left on the hourly, should be a stopper for the up move.
  • #426,142
  • Mar 15, 2016 9:59am Mar 15, 2016 9:59am
If you really look for it, you will notice, "trade and sweep" all over the charts, on all time frames. You could make a very nice living by understanding where chunks of stops are, and realizing that these areas are targets for the 'money'. I am not always right, but i am a good percentage of the time...
  • #426,143
  • Mar 15, 2016 10:04am Mar 15, 2016 10:04am
If you look at the blob of trading right now on the hourly, there are a significant number of stops under the 1.4151-1.4146 level. These have to be swept away into the abyss of trading... in other words, they have to clean you out of your position. There is always someone on the other side of your trade, either they lose or you do. So who do you think is going to lose most of the time?
  • #426,144
  • Mar 15, 2016 11:23am Mar 15, 2016 11:23am
Quoting nealpek
If you look at the blob of trading ... ... So who do you think is going to lose most of the time?
I don't know. You?

Only joking. London is closed and New York will be sitting on their hands until FOMC, I'm guessing. So I don't expect too much action between now and then. Maybe a small retracement?
Gone to a better place
  • #426,145
  • Mar 15, 2016 11:34am Mar 15, 2016 11:34am
You are probably right, Me. lol. But those stops below and to the left are just sitting there begging to be taken. That's why my bias is down.(short term)
  • #426,146
  • Mar 15, 2016 11:50am Mar 15, 2016 11:50am
Anyone have a dustpan handy?SSWWWEEEEEEEEEEEPPPPPP! Please understand I do not wish anyone to lose...
  • #426,147
  • Mar 15, 2016 11:59am Mar 15, 2016 11:59am
Quoting nealpek
Anyone have a dustpan handy?SSWWWEEEEEEEEEEEPPPPPP! Please understand I do not wish anyone to lose...
Daily range is exceed do you think price will drop around 14073 today
Failure is not failure if you learn from it...
  • #426,148
  • Mar 15, 2016 12:05pm Mar 15, 2016 12:05pm
To keep the sweep logic or cleanup going, there are a chunk of stops at 1.4117ish, and 1.4107ish areas. Doesn't mean price will get there but as price is now closer to these areas, I would keep my eye on these levels. Just my thought process, do not make your decisions on my ramblings... but this initial sweep was highly probable.
  • #426,149
  • Mar 15, 2016 12:24pm Mar 15, 2016 12:24pm
Just want to clarify, although I don't have to, that this style of trading is generally short term moves for me, I look at the higher frames, but I trade the hourly. Everyday there are beautiful 30-60 pip trades because of "the sweep" structure. Just like today. I have found this to be a not so stressful way of trading, and gives me a good reason to take a trade, and highly probable short term direction, which works repeatedly giving me the confidence to take the trade. If this isn't your bag, thats fine. But you should train your eye to spot these events, as they could be a good addition to your arsenal in trading. Happy trading!!
  • #426,150
  • Mar 15, 2016 12:38pm Mar 15, 2016 12:38pm
Quoting nealpek
To keep the sweep logic or cleanup going, there are a chunk of stops at 1.4117ish, and 1.4107ish areas. Doesn't mean price will get there but as price is now closer to these areas, I would keep my eye on these levels. Just my thought process, do not make your decisions on my ramblings... but this initial sweep was highly probable.
Failure is not failure if you learn from it...
  • #426,151
  • Mar 15, 2016 12:54pm Mar 15, 2016 12:54pm
Its looking like it wants to sweep again... 1.4117ish or maybe time to sweep the other side? lol
  • #426,152
  • Mar 15, 2016 5:31pm Mar 15, 2016 5:31pm
Long at 141 500 ..
  • #426,153
  • Mar 15, 2016 6:21pm Mar 15, 2016 6:21pm
Quoting dean1star
Long at 141 500 ..
You are a wild crazy man lol
  • #426,154
  • Mar 15, 2016 6:33pm Mar 15, 2016 6:33pm
The GBPUSD may continue lower, but the probabilities of seeing a pullback get higher as it drops some more.
  • #426,155
  • Mar 15, 2016 7:20pm Mar 15, 2016 7:20pm
Quoting trademark
The GBPUSD may continue lower, but the probabilities of seeing a pullback get higher as it drops some more.
I wish it would retrace back up, might would create a nice selling opportunity.
  • #426,156
  • Mar 15, 2016 8:13pm Mar 15, 2016 8:13pm
Sold at 1.415. likley print 3rd red daily candle
  • #426,157
  • Mar 16, 2016 12:19am Mar 16, 2016 12:19am
Overall bias is down but could get a "no rate cut" bounce off the 4hr sloping line back up to the previous daily trading range and TL retest.
Love the weekly elastics dance about the fib
Monthly is uber bearish no.....?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 29 KB
Click to Enlarge Name: GBPUSDDaily.png Size: 25 KB
Click to Enlarge Name: GBPUSDWeekly.png Size: 29 KB
Click to Enlarge Name: GBPUSDMonthly.png Size: 27 KB
Come with me if you want to live....
  • #426,158
  • Mar 16, 2016 12:31am Mar 16, 2016 12:31am
Quoting Ill-b-back
Overall bias is down but could get a "no rate cut" bounce off the 4hr sloping line back up to the previous daily trading range and TL retest. Love the weekly elastics dance about the fib Monthly is uber bearish no.....? {image} {image} {image} {image}
I'm holding a short at least till the GBP news in 4hrs time. This piece of news has tended to come in below expectations for some time
  • #426,159
  • Mar 16, 2016 12:34am Mar 16, 2016 12:34am
Quoting fxmasterdxb
{quote} the long closed 4 hr candle is my reason, if this is a breather, PA wont move that fast, rather it will consolidate around certain rates and keep moving up and down (down with more pips) until in bounces, but here it is one straight line! Like I said, I might change my standing depending on the day close.

I actually went back to study my charts again after reading this. You have provided some very useful info. Closed my long -16 pips. Thanks a lot.

Do you also have a support level at around 1.4000 - 4050 thereabout? Seems like the 1.45xx target you mentioned is still intact, but i got the support level totally wrong.
  • #426,160
  • Mar 16, 2016 12:42am Mar 16, 2016 12:42am
bought some @ 4130, have a buy limit @ 4040, for about 4550.
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