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Cable Update (GBPUSD)

  • #435,101
  • Jul 25, 2016 10:12pm Jul 25, 2016 10:12pm
Crunch time in Cable.

We've drawn the top trend line of the triangle from the first two points. Are you watching the level from there, or from the two highs?
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  • #435,102
  • Jul 25, 2016 11:00pm Jul 25, 2016 11:00pm
Quoting dean1star
Fridays low was tested - sweet
asian session moves cable more than eu/us ..
  • #435,103
  • Jul 25, 2016 11:13pm Jul 25, 2016 11:13pm
hmm... down deep going down ...
  • #435,104
  • Jul 25, 2016 11:15pm Jul 25, 2016 11:15pm
Quoting mades
{quote} asian session moves cable more than eu/us ..
Yeh - its totally insane, scalped 30 pips from the down move - but makes you wonder - is it just the time of the year - or the pro'z all out at the Hamptons - back Sept, maybe.
August is usually a bit fab and funky so lets wait and see Hey
  • #435,105
  • Jul 25, 2016 11:18pm Jul 25, 2016 11:18pm
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Pound could go to provocation. Bottom is so visible and i think it will broken.
  • #435,106
  • Jul 25, 2016 11:45pm Jul 25, 2016 11:45pm
Quoting Aleksbuk
{image} Pound could go to provocation. Bottom is so visible and i think it will broken.
I had took a short from 1.3156. TP 1.2900
  • #435,107
  • Jul 26, 2016 12:19am Jul 26, 2016 12:19am
Quoting Lock
Well, today I can only admit that I was not good enough for this market. It is going to break for sure, but I'm too tired now and I cannot handle a position anymore. I'm off. Have a nice trading everyone!
And finally it made it. I really did not understand that monday: it was only an awful delay for a down move that cannot be avoided. Those targets were cearly too weak:

  1. 07.20 gb poor low at 3078, (now also 07.22 pit session poor low cluster: extraordinary weak level)
  2. 07.19 pit session poor low at 30735 and
  3. tokyo 07.20 poor low at 30645

Now we are gapping lower with this gb session if this gap will be preserved we have some more to the down side.** Furthermore pit session has to correct its own targets here so in any case we should see pit session starting below here or, if not, coming back here to retake at least the pit session poor low cluster at 30735.

**In the case of down continuation:

  1. the old 07.11 pit gap up starting at 30145
  2. and, if even further down, the last weak thing I can see is the poor Sydney low of 07.12 at 29715
  3. and 2945 as final target: it is the bigger peak of volume in this zone.

If instead the current gb gap will be filled we have the yesterday gb session poor high at 3164 and for the pit session (after the needed correction of 30735) we have the poor high at 3143.

Ubi maior minor cessat
  • #435,108
  • Jul 26, 2016 12:27am Jul 26, 2016 12:27am
Quoting Lock
{quote} And finally it made it. I really did not understand that monday: it was only an awful delay for a down move that cannot be avoided. Those targets were cearly too weak: 07.20 gb poor low at 3078, (now also 07.22 pit session poor low cluster: extraordinary weak level) 07.19 pit session poor low at 30735 and tokyo 07.20 poor low at 30645 Now we are gapping lower with this gb session if this gap will be preserved we have some more to the down side.** Furthermore pit...
  • #435,109
  • Jul 26, 2016 12:28am Jul 26, 2016 12:28am
if this holds here and takes off put your shirt on it 3150 then put your pants on it lol
  • #435,110
  • Jul 26, 2016 12:30am Jul 26, 2016 12:30am
Quoting dean1star
{quote}
Well, thankyou Dean, but sincerely I'm not proud at all of what I did yesterday: one of my worst day ever. I have no patience and this is very very bad for me. Have a nice trading.
Ubi maior minor cessat
  • #435,111
  • Jul 26, 2016 12:33am Jul 26, 2016 12:33am
Quoting Lock
{quote} Well, thankyou Dean, but sincerely I'm not proud at all of what I did yesterday: one of my worst day ever. I have no patience and this is very very bad for me. Have a nice trading.
Copy that, we all get those days.
Looking to place a long today but lets see not totally convinced.
Yesterday the only move for any trader was to break that low.
Likewise have a cool day.
  • #435,112
  • Jul 26, 2016 12:34am Jul 26, 2016 12:34am
Quoting elbert3
if this holds here and takes off put your shirt on it 3150 then put your pants on it lol
Agreed. In a long looking for 3151
  • #435,113
  • Jul 26, 2016 12:35am Jul 26, 2016 12:35am
Quoting mades
{quote} asian session moves cable more than eu/us ..

Well there's been a sell off of USD/JPY which usually means 'Risk off' in equities and flight to safety with JPY one of the 'Safety' currencies and Cable following suit.
I've just got home from work here and haven't caught up with asian market news but with sell off of USD/JPY meaning Risk Off and Cable being one of the riskier currencies gets sold of too.

Hence the reason Cable moved a lot in Asian session. Nice jump in AUD/USD....
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  • #435,114
  • Jul 26, 2016 12:37am Jul 26, 2016 12:37am
Quoting elbert3
if this holds here and takes off put your shirt on it 3150 then put your pants on it lol

Absolutely correct. If gb gap will not resist at least the Tokyo ph at 3124, the cluster (pit poor high and today Sydney high) at 3143 and the yesterday gb poor high at 3164 are all weak references to take out. Anyway note that current B period is coming from gb open (3080) so is weak.
Ubi maior minor cessat
  • #435,115
  • Jul 26, 2016 12:42am Jul 26, 2016 12:42am
Quoting Lock
{quote} Absolutely correct. If gb gap will not resist at least the Tokyo ph at 3124, the cluster (pit poor high and today Sydney high) at 3143 and the yesterday gb poor high at 3164 are all weak references to take out. Anyway note that current B period is coming from gb open (3080) so is weak.
immediately taken out. Gb gap down from yesterday low (31145) is still in place supporting current price confirmation here. Let's see if it is strong enough for this entire session or not.
Ubi maior minor cessat
  • #435,116
  • Jul 26, 2016 12:42am Jul 26, 2016 12:42am
I don't see Cable dropping much waiting for FOMC Wed 27th July 2.00p.m US time....I see Cable remaining between 3100 and 3200 before news and unless the planets align there won't be a rate rise and pound will follow Euro up 150 pips.....
Although the minutes of the meeting could be where the selling action is, depends on how Hawkish the comments are.

Maybe I post this and Cable drops 100 pips.......LOL
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  • #435,117
  • Jul 26, 2016 12:45am Jul 26, 2016 12:45am
Quoting Lock
{quote} immediately taken out. Gb gap down from yesterday low (31145) is still in place supporting current price confirmation here. Let's see if it is strong enough for this entire session or not.
I agree with you Lock and Dean1Star....I'm long at this point targetting the 3160 area...

Even though EMAs are pointing to a further selloff it has to turn around at some point...
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  • #435,118
  • Jul 26, 2016 12:49am Jul 26, 2016 12:49am
Quoting keep4x
{quote} i believe it would hit 1.30500 then pull back somewhere up 1.31500 to 1.31650
as i said other day it will go down 1.30500, its almost 10pip short, i took my profit and now im out.. looking for long nw..

new chart
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Old chart
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  • #435,119
  • Jul 26, 2016 12:49am Jul 26, 2016 12:49am
Quoting HaLBot
{quote} I agree with you Lock and Dean1Star....I'm long at this point targetting the 3160 area... Even though EMAs are pointing to a further selloff it has to turn around at some point...
I am not Long - even yet - not convinced when looking at the overall Bias here.
Prefer to wait. Then make a move which might not be long on the day.
  • #435,120
  • Jul 26, 2016 12:50am Jul 26, 2016 12:50am
Quoting keep4x
{quote} as i said other day it will go down 1.30500, its almost 10pip short, i took my profit and now im out.. looking for long nw.. new chart {image} Old chart {image}
Yep from yesterday and you were only 5 pips shy...
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