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Cable Update (GBPUSD)

  • #434,721
  • Jul 19, 2016 6:51am Jul 19, 2016 6:51am
..but do not forget current market price position, we are close to the bracket low and if there is not continuation (that I hope)... a bounce is possible

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Ubi maior minor cessat
  • #434,722
  • Jul 19, 2016 6:58am Jul 19, 2016 6:58am
GBPUSD drops below trend-line support, recalls 1.3085-90 area.
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  • #434,723
  • Jul 19, 2016 7:06am Jul 19, 2016 7:06am
Quoting Lock
..but do not forget current market price position, we are close to the bracket low and if there is not continuation (that I hope)... a bounce is possible {image}

there is a gap down but preUS session after the test of the pit bracket low, bounced immediately exactly at 13121.(see previous image) That is very normal and expected: now let's see if it is able to come back again and fill the old gap or if the bounce has enough strenght for a biggere up retrace. (I have no idea)

note: below 13104 as said is very weak.
Ubi maior minor cessat
  • #434,724
  • Jul 19, 2016 7:28am Jul 19, 2016 7:28am
13150 is us weak as 13200 is gb weak. The second one is currently protected by the preUS gap down.
Ubi maior minor cessat
  • #434,725
  • Jul 19, 2016 7:36am Jul 19, 2016 7:36am
Nearing the 150 pip zone to close first short from 132 750 ..
  • #434,726
  • Jul 19, 2016 7:40am Jul 19, 2016 7:40am
preUS bounce looks failed by now (not enough strenght upwards) and we have a poor low. Even if I do not like that 13150 round number tag: carry this information forward. For continuation we want to see next activity below gb session low at 131265.
Ubi maior minor cessat
  • #434,727
  • Jul 19, 2016 7:46am Jul 19, 2016 7:46am
Quoting dean1star
Nearing the 150 pip zone to close first short from 132 750 ..

you went short at Sydney poor high: you brave guy! Compliments for your success!
Ubi maior minor cessat
  • #434,728
  • Jul 19, 2016 7:51am Jul 19, 2016 7:51am
Quoting Lock
{quote} you went short at Sydney poor high: you brave guy! Compliments for your success!
Well your more of an ace than I ..
But yes i waited for the up yesterday to hit 133 then placed the position when it started coming back down.
Pretty much told me all i needed to know.
Good to see your catching those pips too ..
  • #434,729
  • Jul 19, 2016 8:10am Jul 19, 2016 8:10am
Quoting dean1star
{quote} Well your more of an ace than I .. But yes i waited for the up yesterday to hit 133 then placed the position when it started coming back down. Pretty much told me all i needed to know. Good to see your catching those pips too ..
..Poor highs and poor lows are the most difficult market information to decifer for me. Because sometimes they mean a thing (let's say lack of buyers or lack of sellers) while the next time they could mean the opposite: auction not ended yet up or down. And I generally tend to interpret them in this second way: that is incorrect theoretically and sometime practically (like for 132735 Sydeny poor high)
...btw I'm definitely not an ace: I've no patience and that generally put the trader into serious troubles.
Ubi maior minor cessat
  • #434,730
  • Jul 19, 2016 8:12am Jul 19, 2016 8:12am
I've gone long tp at 1.3200
20 Pips a day keeps centerlink away
  • #434,731
  • Jul 19, 2016 8:25am Jul 19, 2016 8:25am
Quoting Fx_Anil
GBPUSD drops below trend-line support, recalls 1.3085-90 area. {image}
seems to me a clear HS, but daily view keeps me entering short as R/R ratio is keep going lower...
There's no harm in being smtm wrong especially if one is promptly found out
  • #434,732
  • Jul 19, 2016 8:26am Jul 19, 2016 8:26am
We are going to open the pit session with something like 100 pips of gap down. It's a very difficult situation. Because generally the rule is to go in the direction of the gap unless it is retraced quikly. But price position is right at the base of the bracket and we have numerous very weak refs above like 13150, 13200 and so on. Let's see if market will give us some more info.
Ubi maior minor cessat
  • #434,733
  • Edited 8:50am Jul 19, 2016 8:37am | Edited 8:50am
Quoting Lock
preUS bounce looks failed by now (not enough strenght upwards) and we have a poor low. Even if I do not like that 13150 round number tag: carry this information forward. For continuation we want to see next activity below gb session low at 131265.
Quoting Lock
We are going to open the pit session with something like 100 pips of gap down. It's a very difficult situation. Because generally the rule is to go in the direction of the gap unless it is retraced quikly. But price position is right at the base of the bracket and we have numerous very weak refs above like 13150, 13200 and so on. Let's see if market will give us some more info.

So we have an info: it went up, removed the first weak ref at 13150 and went down again. Will it be able to go down to 13104 or it will attempt again up, to close more of the gap down?
Ubi maior minor cessat
  • #434,734
  • Jul 19, 2016 8:42am Jul 19, 2016 8:42am
1.3 looms large over the next few days
  • #434,735
  • Jul 19, 2016 8:57am Jul 19, 2016 8:57am
Quoting Lock
{quote} {quote} So we have an info: it went up, removed the first weak ref at 13150 and went down again. Will it be able to go down to 13104 or it will attempt again up, to close more of the gap down?
13104 tagged at the pip. It's now weak. But I still do not like this market at all.
Ubi maior minor cessat
  • #434,736
  • Jul 19, 2016 9:07am Jul 19, 2016 9:07am
Quoting Lock
{quote} 13104 tagged at the pip. It's now weak. But I still do not like this market at all.

now 13128 is weak as half back of current pit session. The pit gap down is resisting. Price is still up and down pit bracket low at 131186: very bad situation.
Ubi maior minor cessat
  • #434,737
  • Jul 19, 2016 9:20am Jul 19, 2016 9:20am
Quoting Lock
{quote} now 13128 is weak as half back of current pit session. The pit gap down is resisting. Price is still up and down pit bracket low at 131186: very bad situation.
removed but only to establish a new weak level at 13140 (pit open price). Now B period (m30) is inside A period. If it remains like that C period could attempt a break up or down. In this case I will try to go with that break ( if any). Note that pit session tested below overnight low at 13109 and failed by now.
Ubi maior minor cessat
  • #434,738
  • Jul 19, 2016 9:24am Jul 19, 2016 9:24am
Quoting Lock
{quote} removed but only to establish a new weak level at 13140 (pit open price). Now B period (m30) is inside A period. If it remains like that C period could attempt a break up or down. In this case I will try to go with that break ( if any). Note that pit session tested below overnight low at 13109 and failed by now.
what is pit? Do you have chart for refer? Not understand your study
  • #434,739
  • Jul 19, 2016 9:31am Jul 19, 2016 9:31am
Quoting kiyo
{quote} what is pit? Do you have chart for refer? Not understand your study
it's only a portion of time conventionally called pit session. (it's a definition coming from floor trading environment) It starts 1 hour and a half after Us session open. To visualize it you may use a market profile tool or a session colored tool. You may find one here if you like. But there are a lot to choose in that thread.
Ubi maior minor cessat
  • #434,740
  • Jul 19, 2016 9:40am Jul 19, 2016 9:40am
what is next? sideway around 1.34 to 1.30 ?
don't forget me i'm still wait you here on 1.45xx+

and someone teach me how to use
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