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Cable Update (GBPUSD)

  • #432,661
  • Jun 17, 2016 8:30am Jun 17, 2016 8:30am
...pit us gap higher. Back to back pre US high and round number 14300... Who do you think is selling from there?

Does it mean we cannot have a big retracement from there? Not at all: it only means that those who are selling from there are weak hands and could be eventually retraced before or after..
Ubi maior minor cessat
  • #432,662
  • Jun 17, 2016 8:34am Jun 17, 2016 8:34am
Would that suggest you are expecting it to decline?

Quoting Lock
...pit us gap higher. Back to back pre US high and round number 14300... Who do you think is selling from there?
  • #432,663
  • Jun 17, 2016 8:37am Jun 17, 2016 8:37am
Quoting Lock
...pit us gap higher. Back to back pre US high and round number 14300...
I'd like price to head back to 4205 myself because over here it's starting to get late and can't keep them eyes open for too many hours...So I'm thinking I could short market at this price but a move higher will be limited. I could short of the 4330 region but might be getting too late here. Haven't trained myself up to point of setting orders and leaving PC....one day.
Don't Leave Money on the Table
  • #432,664
  • Jun 17, 2016 8:42am Jun 17, 2016 8:42am
btw overnigh is 100% long. Inventories are long. It means that weak hands are long from yesterday unch...So a retracement is possible. Carry this information forward. At the opposite side of this thing is the fact that if the gap resists, we can go higher.
Ubi maior minor cessat
  • #432,665
  • Jun 17, 2016 8:45am Jun 17, 2016 8:45am
Quoting fxtrader18
Would that suggest you are expecting it to decline? {quote}
I only said that there are weak hands above and if some circumstances occur, this could be a possibility.
Ubi maior minor cessat
  • #432,666
  • Jun 17, 2016 8:47am Jun 17, 2016 8:47am
Well it printed a lower high this time on 15 min chart, maybe it is time for a retrace but don't take my word for it....


Bulls are getting exhausted after gorging themselves on many green pips....
Don't Leave Money on the Table
  • #432,667
  • Jun 17, 2016 8:49am Jun 17, 2016 8:49am
Without conflicting informations there is no opportunity. If everything is clear, anyone will do the same thing.. So where's the market in such situation?

Note: Very narrow range. It should unfold.
Ubi maior minor cessat
  • #432,668
  • Jun 17, 2016 8:50am Jun 17, 2016 8:50am
Quoting Lock
RECAP: above 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. Less far above there is a gap pit base at 14397. And up to 14393 ther is the last GB gap down. below 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... first of all retracing overnight range down to 14197. (the retracement could be less...
the chart is showing you where possible support and resistance levels are.
  • #432,669
  • Jun 17, 2016 8:54am Jun 17, 2016 8:54am
I'm short at 4290 with SL at 4335 and TP at 4210....
Don't Leave Money on the Table
  • #432,670
  • Jun 17, 2016 8:57am Jun 17, 2016 8:57am
Quoting HaLBot
I'm short at 4290 with SL at 4335 and TP at 4210....
EurUsd & Gbpusd pairs about to break out trend is Highs

EurUsd pair Resistance level at 1.1554

GbpUsd pair Resistance level at 1.4422
  • #432,671
  • Jun 17, 2016 8:58am Jun 17, 2016 8:58am
Quoting Delter1
{quote} EurUsd & Gbpusd pairs about to break out trend is Highs EurUsd pair Resistance level at 1.1554
That's ok, might close early if that happens.....thanks for warning
Don't Leave Money on the Table
  • #432,672
  • Jun 17, 2016 9:03am Jun 17, 2016 9:03am
I'm tipping there's some Bull exhaustion right now as the last 5 of the 6 hourly candles have not broken through 4310 and the third candle was much lower, and just keep in mind it's friday, so unless there's some earth shattering news I doubt it's going higher now. Just got to be aware Draghi talks later and I hope he doesn't screw things up.

Hope he doesn't screw things up because he generally does...
Don't Leave Money on the Table
  • #432,673
  • Jun 17, 2016 9:04am Jun 17, 2016 9:04am
Quoting Delter1
{quote} the chart is showing you where possible support and resistance levels are.
well... there are hundreds of possible support and resistance levels in my chart. It depends. For instance the pit gap is still in place.And right now it is a support for price action as you can see.
Ubi maior minor cessat
  • #432,674
  • Jun 17, 2016 9:05am Jun 17, 2016 9:05am
Early next week will be clearer once the polls are released

Could break out to the upside - but I need news

Technical's on their own doesn't give me enough confidence
  • #432,675
  • Jun 17, 2016 9:10am Jun 17, 2016 9:10am
Got to say though the last hourly candle does look bullish....see how things pan out....
Don't Leave Money on the Table
  • #432,676
  • Jun 17, 2016 9:14am Jun 17, 2016 9:14am
us pit gap as support, weak hands to be wiped out. It's a possibility.

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 110 KB
Ubi maior minor cessat
  • #432,677
  • Jun 17, 2016 9:16am Jun 17, 2016 9:16am
And here you are, wiped out...
Ubi maior minor cessat
  • #432,678
  • Jun 17, 2016 9:18am Jun 17, 2016 9:18am
Quoting Lock
And here you are, wiped out...

Never....
Don't Leave Money on the Table
  • #432,679
  • Jun 17, 2016 9:19am Jun 17, 2016 9:19am
Quoting Lock
...pit us gap higher. Back to back pre US high and round number 14300... Who do you think is selling from there? Does it mean we cannot have a big retracement from there? Not at all: it only means that those who are selling from there are weak hands and could be eventually retraced before or after..
As you see.

scaled out after that obviously, considering the overal situation.

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 2 KB
Ubi maior minor cessat
  • #432,680
  • Jun 17, 2016 9:26am Jun 17, 2016 9:26am
Quoting Lock
{quote} As you see.
Cable could head up all US session and then drop of right towards the end, or as I'm tipping Bulls will get exhausted and the sell off will happen a few hours before end of session.
My SL is at 4335 and can still go long to cover my short trade if needed.

Only thing that matters is after every trade do you learn something and are you a better trader next time....

The lesson learned this time was I entered the market before the close of a potentially bullish hourly candle, I just didn't see it and won't do that again but as it stands right now no damage done.....
Don't Leave Money on the Table
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