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Cable Update (GBPUSD)

  • #435,121
  • Jul 26, 2016 2:51am Jul 26, 2016 2:51am
Quoting dean1star
{quote} 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.
ahhhh cheers mate, I miss read your post...
Don't Leave Money on the Table
  • #435,122
  • Jul 26, 2016 2:55am Jul 26, 2016 2:55am
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'm not long too, for now, waiting for C m30 period. Above is really plenty of targets and all this move down is cearly a forcing action to take out those weak refs, so a gb move up is possible. Let's see. But if the gap down will resist we have something to finish down here.
Ubi maior minor cessat
  • #435,123
  • Jul 26, 2016 3:05am Jul 26, 2016 3:05am
I set these TLs up yesterday on 1 hour chart....interestingly the 4 hours candle got rejected at bottom TL....might be something in it......
Attached Image (click to enlarge)
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Don't Leave Money on the Table
  • #435,124
  • Jul 26, 2016 3:34am Jul 26, 2016 3:34am
B m30 peiod was inside A period, so C attempted a break out upwards, failing it. But the situation above became very very weak and the gb poor high cluster and all the gb gap down has been removed by D period.
Ubi maior minor cessat
  • #435,125
  • Jul 26, 2016 3:38am Jul 26, 2016 3:38am
I have the 5ema(purple) the 20ema(blue) and 50ema(yellow) on my chart and a little trick one of the guys at my brokers Adam taught was as price expands away from EMAs eventually it has to come back...hope that helps someone.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 66 KB
Don't Leave Money on the Table
  • #435,126
  • Jul 26, 2016 3:41am Jul 26, 2016 3:41am
Quoting HaLBot
I have the 5ema(purple) the 20ema(blue) and 50ema(yellow) on my chart and a little trick one of the guys at my brokers Adam taught was as price expands away from EMAs eventually it has to come back...hope that helps someone. {image}

Think of the moving averages like elastic bands, the further price moves away from them the stronger the pull back....
Don't Leave Money on the Table
  • #435,127
  • Jul 26, 2016 3:48am Jul 26, 2016 3:48am
i'm long from 1.3086, moved SL to break even ... let's see will get some pips or not .. my target is 1.31500 to 1.32000
Work Hard In Silence, Let Your Success Be Your Noise.
  • #435,128
  • Jul 26, 2016 3:55am Jul 26, 2016 3:55am
Quoting keep4x
i'm long from 1.3086, moved SL to break even ... let's see will get some pips or not .. my target is 1.31500 to 1.32000

​I was long in that area and closed at +10. I think its still bearish and missed the short as I was looking for a high of 1.3137 to short down to 1.3060 (Fibs). Anything goes for now.
  • #435,129
  • Jul 26, 2016 3:58am Jul 26, 2016 3:58am
Quoting ThePipsMkr
{quote} ​I was long in that area and closed at +10. I think its still bearish and missed the short as I was looking for a high of 1.3137 to short down to 1.3060 (Fibs). Anything goes for now.
maybe you're right, but if this trade come against me still this trade will close with +2pips ...
yes trend is down but there should be some pull back .. lets hope for the best.
Work Hard In Silence, Let Your Success Be Your Noise.
  • #435,130
  • Jul 26, 2016 4:05am Jul 26, 2016 4:05am
Quoting keep4x
{quote} maybe you're right, but if this trade come against me still this trade will close with +2pips ... yes trend is down but there should be some pull back .. lets hope for the best.
  • #435,131
  • Jul 26, 2016 4:10am Jul 26, 2016 4:10am
Quoting Vantage FX
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? {image}
Hope to put a fib ext on that big wick . Regards
  • #435,132
  • Jul 26, 2016 4:10am Jul 26, 2016 4:10am
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...

All hail to the king baby.....

hahahahaha only joking but happy I got it right this time....

Everyone has to remember unless there's devastating Cable news in next couple of days traders are waiting for FOMC and because of it I can't see Cable heading south even if indicators/charts are pointing that way....
Don't Leave Money on the Table
  • #435,133
  • Jul 26, 2016 4:14am Jul 26, 2016 4:14am
Quoting elbert3
{quote} Hope to put a fib ext on that big wick . Regards
Hope the wife does not read that above post she won't know what it means ? She will think it some poem site ???? Lol
  • #435,134
  • Jul 26, 2016 4:18am Jul 26, 2016 4:18am
are we seeing the buyers now ? Moved more this mornings 2 hours than the whole of Monday
  • #435,135
  • Jul 26, 2016 4:19am Jul 26, 2016 4:19am
Tp ☺ Getsuga tenshou Style )
  • #435,136
  • Jul 26, 2016 4:21am Jul 26, 2016 4:21am
Quoting Lock
B m30 peiod was inside A period, so C attempted a break out upwards, failing it. But the situation above became very very weak and the gb poor high cluster and all the gb gap down has been removed by D period.
So the gb gap down has been totally retraced and, as said, all the weak references above it became targets:

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.
Of these weak references, the first two have been taken out, while the last one is still in place.

Note that current gb move up is cearly a short covering, so it is particularly fragile. (too fast, too much). Upcoming ppit session will have a lot to solve in anycase, above and below current price position, because all the weak references taken out by gb session are not "taken out" by pit session yet.
Ubi maior minor cessat
  • #435,137
  • Jul 26, 2016 4:28am Jul 26, 2016 4:28am
Quoting ThePipsMkr
{quote}
There u go, hit my TP with almost 60+pips 👍
Work Hard In Silence, Let Your Success Be Your Noise.
  • #435,138
  • Jul 26, 2016 4:50am Jul 26, 2016 4:50am
Quoting elbert3
{quote} Hope the wife does not read that above post she won't know what it means ? She will think it some poem site ???? Lol
  • #435,139
  • Jul 26, 2016 5:04am Jul 26, 2016 5:04am
Buy opportunity . I am already in with an aggresive covered position.
The OBV on 4 hours TF indicates buy.
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  • #435,140
  • Jul 26, 2016 5:22am Jul 26, 2016 5:22am
Given Friday’s weak services data (and despite better than expected manufacturing news),
Markets will be factoring in a interest rate cut in August,
Which is likely to add further downwards pressure on the British pound in due course.
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