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Cable Update (GBPUSD)

  • #429,281
  • Edited 12:34pm Apr 23, 2016 10:20am | Edited 12:34pm
if theres a channel prob looks more like this ,most likely is down first ,combine the last 3 days is doji cross ,under gap,under strong res
most other pairs respected the d1 bearish $ day charts
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  • #429,282
  • Apr 23, 2016 4:39pm Apr 23, 2016 4:39pm
Quoting Bones
if theres a channel prob looks more like this ,most likely is down first ,combine the last 3 days is doji cross ,under gap,under strong res most other pairs respected the d1 bearish $ day charts {image} {image} {image} {image} {image}
I like your analysis but have a question.

Why are you drawing one time the trendline from wick to wick and other times from wick to body?
  • #429,283
  • Apr 24, 2016 12:16am Apr 24, 2016 12:16am
Hello everyone.

I thought I would share the latest market video with you.

It is a Back to Basics Lesson on Trends. I hope you find it useful.

Best wishes

Please subscribe if you haven't already, share the video, like it, etc
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  • #429,284
  • Apr 24, 2016 4:32am Apr 24, 2016 4:32am
Hi I can't see the tl from the body ,but I do sometimes ,only if I think thats the strong price point


Quoting attilafx
{quote} I like your analysis but have a question. Why are you drawing one time the trendline from wick to wick and other times from wick to body?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #429,285
  • Apr 24, 2016 5:03am Apr 24, 2016 5:03am
When price moves away in a direction, try to draw trendline on the body, the third hit will be the wick only close to it or just a bit over as long as it doesn't close above and the next candle takes it out. Works 8 out of the 10 times.
As example.
Just my observation.

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  • #429,286
  • Apr 24, 2016 5:07am Apr 24, 2016 5:07am
1.4404/05 remains valid resistance as long as it doesn't close above it and the next candle.
  • #429,287
  • Apr 24, 2016 6:00am Apr 24, 2016 6:00am
430x - 425x zone looks like a good place to look for buy entry's.
Possible move up to 4560?
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What's that smell? ---- I smell money!
  • #429,288
  • Apr 24, 2016 6:01am Apr 24, 2016 6:01am
UK retailer BHS could file for administration as early as Monday, the BBC understands
  • #429,289
  • Apr 24, 2016 6:14am Apr 24, 2016 6:14am
Quoting attilafx
When price moves away in a direction, try to draw trendline on the body, the third hit will be the wick only close to it or just a bit over as long as it doesn't close above and the next candle takes it out. Works 8 out of the 10 times. As example. Just my observation. {image} {image} {image} {image}
Don't think it's an exact sience. Support and resistance is more like a zone than a point.
The only thing that matters is to find entry's in these zones.
That's my opinion.

Grtz
What's that smell? ---- I smell money!
  • #429,290
  • Edited 8:24am Apr 24, 2016 7:17am | Edited 8:24am
looks very much wrong track to me ,there are great tls around ,just drawn traditional way ,i don't subscribe to theres no wrong way to draw a tl
I do believe you can make allowance for a few pips ,due to feed

Quoting attilafx
When price moves away in a direction, try to draw trendline on the body, the third hit will be the wick only close to it or just a bit over as long as it doesn't close above and the next candle takes it out. Works 8 out of the 10 times. As example. Just my observation. {image} {image} {image} {image}
Attached Image(s) (click to enlarge)
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  • #429,291
  • Apr 24, 2016 12:40pm Apr 24, 2016 12:40pm
another red rejection in the region of previous 2 daily swing tops
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  • #429,292
  • Apr 24, 2016 12:45pm Apr 24, 2016 12:45pm
Quoting Ill-b-back
another red rejection in the region of previous 2 daily swing tops {image} {image}
Yes, in an integrated weekly/daily S/R zone.
Do your homework, follow the footprints of smart money
  • #429,293
  • Apr 24, 2016 12:50pm Apr 24, 2016 12:50pm
stealth bull run is picking pace in GBP USD now. We had a strong break of the inverted H&S neckline, currently trading above neckline bullish bias.
Expected price action: GU will hit 4540-80 as initial show of further strength, then we will reverse and re-test the TL below @ 4260-4300.
Finally third stage of the move is a strong move north to take out 4700-4800.
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  • #429,294
  • Apr 24, 2016 12:55pm Apr 24, 2016 12:55pm
Quoting asgcorp
stealth bull run is picking pace in GBP USD now. We had a strong break of the inverted H&S neckline, currently trading above neckline bullish bias. Expected price action: GU will hit 4540-80 as initial show of further strength, then we will reverse and re-test the TL below @ 4260-4300. Finally third stage of the move is a strong move north to take out 4700-4800. {image}


A possibility. But the reverse is equally possible imho. There are two strong S/R zones ahead of current price. Those will have to break first.

KP
Do your homework, follow the footprints of smart money
  • #429,295
  • Apr 24, 2016 1:07pm Apr 24, 2016 1:07pm
Quoting KeenPips
{quote} Yes, in an integrated weekly/daily S/R zone.
and still beneath the daily TL with sharp tops after false 4hr break
Attached Image(s) (click to enlarge)
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  • #429,296
  • Apr 24, 2016 1:09pm Apr 24, 2016 1:09pm
reverse is not equally possible unless you are trading based on coin flip probabilities.

I brought up this whole argument about EURGBP topping out last weekend and that got a lot of resistance in this thread.
Since then nothing changed and EG is going to hit 7500 soon. Therefore 100+ more upside in GU atm.

Do your homework and review GU crosses.
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  • #429,297
  • Apr 24, 2016 1:13pm Apr 24, 2016 1:13pm
Quoting asgcorp
reverse is not equally possible unless you are trading based on coin flip probabilities. I brought up this whole argument about EURGBP topping out last weekend and that got a lot of resistance in this thread. Since then nothing changed and EG is going to hit 7500 soon. Therefore 100+ more upside in GU atm. Do your homework and review GU crosses. {image}
I agree, you do your homework well.

but EU dropping fast also, faster than Cable atm..
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  • #429,298
  • Apr 24, 2016 1:15pm Apr 24, 2016 1:15pm
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 22 KB
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  • #429,299
  • Apr 24, 2016 1:17pm Apr 24, 2016 1:17pm
Just going to add this / not going to get into any arguments/ popularity contests etc etc: check out week open and week close past week.
Then do what you think works best.
  • #429,300
  • Apr 24, 2016 1:27pm Apr 24, 2016 1:27pm
Its not arguements, anyone can be wrong at anytime, big picture it averages out with a skew towards ability abviously, but aussie and kiwi are dropping hard, so these need to be factored in
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