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Cable Update (GBPUSD)

  • #432,641
  • Jun 17, 2016 5:01am Jun 17, 2016 5:01am
pre US session opens above yes pit high with GAP.

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  • #432,642
  • Jun 17, 2016 5:13am Jun 17, 2016 5:13am
Overnight is 100%long against yes pit unchange (yes pit close). I mean that all the overnight activity occurred above yes pit close. Overnight hands are the weakest in the market. So they can be retraced. The gap is a conflicting information. Because GAP means excess in its direction. And the gap direction here is UP.
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  • #432,643
  • Jun 17, 2016 5:19am Jun 17, 2016 5:19am
if GAP is confirmed, generally you should go with it. If retraced you're back in to yesterday range: that could mean that yes range is accepted.. PreUS gap is a mid term gap, and I generally wait for the pit session gap, in order to have stronger informations. But this is only one aspect of the whole picture.
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  • #432,644
  • Jun 17, 2016 5:22am Jun 17, 2016 5:22am
RECAP:
above

  1. We have a very far target above, but a very interisting one at 14492-14500. It is an old multi pass pit gap. I don't know if it is something for today.. But I suggest to carry this information forward.
  2. Less far above there is a gap pit base at 14397. And up to 14393 ther is the last GB gap down.

below

  1. we could retrace today gap and come back in yes range as said. In that case yes range is all a possible target. With numerous mid term targets inside...
  2. first of all retracing overnight range down to 14197. (the retracement could be less or more)

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  • #432,645
  • Jun 17, 2016 5:44am Jun 17, 2016 5:44am
14274 is now a poor low
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  • #432,646
  • Jun 17, 2016 5:49am Jun 17, 2016 5:49am
Quoting Lock
14274 is now a poor low
taken out.

preUS gap still in place but reduced.
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  • #432,647
  • Jun 17, 2016 5:50am Jun 17, 2016 5:50am
Quoting Lock
14274 is now a poor low
Poor low as in it doesn't offer resistance to a move higher again?
Don't Leave Money on the Table
  • #432,648
  • Jun 17, 2016 5:56am Jun 17, 2016 5:56am
Quoting HaLBot
{quote} Poor low as in it doesn't offer resistance to a move higher again?
Pullback and continuation.
23.6% swing on fib for example.
Its on 1H currently as example.
FREEDOM IS SECURITY.
  • #432,649
  • Jun 17, 2016 6:00am Jun 17, 2016 6:00am
Quoting Lock
Overnight is 100%long against yes pit unchange (yes pit close). I mean that all the overnight activity occurred above yes pit close. Overnight hands are the weakest in the market. So they can be retraced. The gap is a conflicting information. Because GAP means excess in its direction. And the gap direction here is UP.
Fanny, in your chart I can not see anything/ How you trade it?
  • #432,650
  • Jun 17, 2016 6:01am Jun 17, 2016 6:01am
14261 poor low again
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  • #432,651
  • Jun 17, 2016 6:03am Jun 17, 2016 6:03am
Quoting hippiedog
{quote} Pullback and continuation. 23.6% swing on fib for example.
Thanks Hippiedog...Lock speaks with a lot of terms I've never heard before so just trying to understand whats he's saying..
Don't Leave Money on the Table
  • #432,652
  • Jun 17, 2016 6:04am Jun 17, 2016 6:04am
Considering 30 m timeframe, a poor low is technically a low tagged by an other low. The same for the PH but opposite direction. It means a lack of excess. Generally. But it could also mean a lack of seller to the downside and a lack of buyers to the high. So it needs interpretation any time you find it. In this case for instance, considering the gap below, you have excess even if you have a poor low. Because gap is for itself a kind of excess.
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  • #432,653
  • Jun 17, 2016 6:05am Jun 17, 2016 6:05am
Quoting Aleksbuk
{quote} Fanny, in your chart I can not see anything/ How you trade it?
First time I saw his chart I said WTF....lol, but then I realized it's on it's side, just haven't had the time to really study it yet
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  • #432,654
  • Jun 17, 2016 6:11am Jun 17, 2016 6:11am
14281 weak high: is preUS session half back.
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  • #432,655
  • Jun 17, 2016 6:13am Jun 17, 2016 6:13am
half back is only the mid price of current session range. And is obviously a dynamic level. Is weak, as said, because is generally used by weak hands as a reference to buy or sell.

Then what? If you have a poor low below and a weak level above, who do you think is in control of this market?
The answer is.. weak hands!
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  • #432,656
  • Jun 17, 2016 6:16am Jun 17, 2016 6:16am
Now, if we remain here for the next 14 min we're going to open the pit session in gap.
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  • #432,657
  • Jun 17, 2016 6:22am Jun 17, 2016 6:22am
Quoting Lock
Now, if we remain here for the next 14 min we're going to open the pit session in gap.
Hey Lock I see big resistance at the 4330 level...just wondering what's your opinion??
Don't Leave Money on the Table
  • #432,658
  • Jun 17, 2016 6:29am Jun 17, 2016 6:29am
Quoting HaLBot
{quote} Hey Lock I see big resistance at the 4330 level...just wondering what's your opinion??
I don't use those levels. I'm aware of them but I try to read the structure of price action. At the end of the story is the same. Structure embed any aspect of the market.
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  • #432,659
  • Jun 17, 2016 6:30am Jun 17, 2016 6:30am
Quoting Lock
{quote} I don't use those levels. I'm aware of them but I try to read the structure of price action. At the end of the story is the same. Structure embed any aspect of the market.
Don't Leave Money on the Table
  • #432,660
  • Jun 17, 2016 6:30am Jun 17, 2016 6:30am
For instance: we are at the pre us open and price stops here, plus there is the round number 14300
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