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Cable Update (GBPUSD)

  • #427,421
  • Apr 6, 2016 7:47am Apr 6, 2016 7:47am
my take is we are heading to 3350 area, but I'll take my cheese at 3650 then look for a bounce to finish the job
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Come with me if you want to live....
  • #427,422
  • Apr 6, 2016 7:49am Apr 6, 2016 7:49am
Last comment of the day, all of my positions stay in place...same logic as before. Market will always clean up or remove as much float as possible during accumulation phase before changing direction. The small rectangle at the bottom of the screen would be the last "major "cleanup of this swing. Of course it still could go lower, but in general most market "movers" or the "money", are the greediest bunch and want it all. That's what I would do, If I were able to control the markets.
Just some food for thought.... Good day all!
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  • #427,423
  • Apr 6, 2016 7:59am Apr 6, 2016 7:59am
so lets clean it up now

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  • #427,424
  • Apr 6, 2016 8:15am Apr 6, 2016 8:15am
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  • #427,425
  • Apr 6, 2016 8:36am Apr 6, 2016 8:36am
Quoting nealpek
Last comment of the day, all of my positions stay in place...same logic as before. Market will always clean up or remove as much float as possible during accumulation phase before changing direction. The small rectangle at the bottom of the screen would be the last "major "cleanup of this swing. Of course it still could go lower, but in general most market "movers" or the "money", are the greediest bunch and want it all. That's what I would do, If I were able to control the markets. Just some food for thought.... Good day all! {image}
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Money moves the market, not an indicator.
  • #427,426
  • Apr 6, 2016 8:39am Apr 6, 2016 8:39am
Quoting Don96
GU lower the better - smaller stops increase in probability, i will start adding at 1.4011... and further levels here... ill post the trades when i take them 1.38698 {image}
1.4011 kind of held for now, shown support +/- 7 not an ideal give or take - i was stopped on EU short after this USD weakness, three times thats happened now, i suppose the only good thing is the chance for a cheaper entry, GU (GBP pairs also) has been the one to play but missed my entry by 12 at 1.4513... still waiting on lower
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  • #427,427
  • Apr 6, 2016 8:46am Apr 6, 2016 8:46am
Quoting Don96
{quote} 1.4011 kind of held for now, shown support +/- 7 not an ideal give or take - i was stopped on EU short after this USD weakness, three times thats happened now, i suppose the only good thing is the chance for a cheaper entry, GU (GBP pairs also) has been the one to play but missed my entry by 12 at 1.4513... still waiting on lower {image}
​1.40797 was the support level for a correction of the initial drop before any significant retrace...
  • #427,428
  • Apr 6, 2016 8:51am Apr 6, 2016 8:51am
andoseg2: All that is fine analysis after the fact. You are pointing out the market structure after it happened. What's most important is spotting high probability entry points for the move, before most of the move occurs! After my entry around the .4380 level, I was hoping to see the swing that occurred! What prompted me to take the trade wasn't lower highs, etc. It was the price action in the .4380's clump that was my deciding factor.
How can you say that"the higher high signifies a conflict"? How come the previous 6 "highs" before this didn't signify a conflict? What do you base that on at the time it occurred? Not quite sure what your point is!!!
  • #427,429
  • Apr 6, 2016 8:54am Apr 6, 2016 8:54am
Weekly Range average is 302 over the last 24 weeks - current week is 316.3...

Monthly is 621 over last 12 - takes us to a possible 1.3730 ish, which is near a 1/4 extension or 5/4 from initial 0.0 level, (1.37002 and 1.3785) only average monthly range so pinch of salt
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  • #427,430
  • Apr 6, 2016 8:58am Apr 6, 2016 8:58am
Quoting PatienceFx
so lets clean it up now {image}
enjoying the cleanup with stop at be, knowing we are not going back there this week, even in fomc

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  • #427,431
  • Apr 6, 2016 9:05am Apr 6, 2016 9:05am
Quoting PatienceFx
{quote} enjoying the cleanup with stop at be, knowing we are not going back there this week, even in fomc {image}
and with that said the trading range is set for this week, trends are over
  • #427,432
  • Apr 6, 2016 9:10am Apr 6, 2016 9:10am
Quoting PatienceFx
{quote} and with that said the trading range is set for this week, trends are over
​
What makes you so sure?
  • #427,433
  • Apr 6, 2016 9:16am Apr 6, 2016 9:16am
Why are the trends over? I'm hopefully looking at the action to add to my position for the next leg down!!
  • #427,434
  • Apr 6, 2016 9:28am Apr 6, 2016 9:28am
Quoting Don96
{quote} ​ What makes you so sure?
a rubber band has a stretch limit, please do your own analYsis on this
  • #427,435
  • Apr 6, 2016 9:32am Apr 6, 2016 9:32am
Quoting PatienceFx
{quote} and with that said the trading range is set for this week, trends are over
4120 was yesterday low, it will be interesting to see pa there
  • #427,436
  • Apr 6, 2016 9:33am Apr 6, 2016 9:33am
Quoting PatienceFx
{quote} a rubber band has a stretch limit, please do your own analYsis on this
​Yes I have, I'm just asking you why you seem so sure you know FED isn't going hawkish, any inside info?
  • #427,437
  • Apr 6, 2016 9:46am Apr 6, 2016 9:46am
Quoting Don96
{quote} ​Yes I have, I'm just asking you why you seem so sure you know FED isn't going hawkish, any inside info?
purely technical read sir, and yes i was wrong twice already this week.

Quoting PatienceFx
{quote} purely technical read sir, and yes i was wrong twice already this week.
looking at the pa near 4090 i was tempted to book my long thrice, lol
  • #427,438
  • Apr 6, 2016 10:06am Apr 6, 2016 10:06am
did ok here
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  • #427,439
  • Apr 6, 2016 10:09am Apr 6, 2016 10:09am
Neal good day sir, how are you today?
  • #427,440
  • Apr 6, 2016 10:13am Apr 6, 2016 10:13am
my trade plan now

4120 on attack, 4159 tough nut so should get there just before fomc, and if there is no hike then good target would be 4284

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