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Cable Update (GBPUSD)

  • #435,501
  • Aug 1, 2016 10:13am Aug 1, 2016 10:13am
Quoting Lock
{quote} In fact D attempted a breakout upwards BUT from current half back/open price so it is very weak. ABove huge cluster at 3212
cluster removed. Let's see if it will continue this weak move or it will retrace it.
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  • #435,502
  • Aug 1, 2016 10:56am Aug 1, 2016 10:56am
Quoting actionmoney
{quote} Please, what is the technical analysis' details of this graph?
i was showing price levels which i believe the market has high potential to bounce from. it is shown with the combined arrows.
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  • #435,503
  • Aug 1, 2016 1:05pm Aug 1, 2016 1:05pm
Quoting Dr.Phoenix
So, we seem to have a breakthrough of the triangle upwards. Bulls are coming in massively. However we also have three hidden gaps behing - 31990-32035, 32400-32670 @ 15 min TF, 32170-32670 @ 30 min TF, So I am expecting these gaps to be closed shortly. Best D.P. P.S. A buy limit order is set at 31950. P.P.S The second buy limit order is set at 31740 @ the POC of Today's. EDITED. Yes, we have a breakthrough, but the situation is unclear meanwhile. {image}
Update - 01.08.2016

Best
D.P.
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Hunting High and Low
  • #435,504
  • Aug 1, 2016 2:40pm Aug 1, 2016 2:40pm
Quoting actionmoney
{quote} Which means a buying signal, right?
Well to me it is, the more times it comes up against the underside of a moving average the more likely it will break through to the upside and it did, unfortunately there was not enough buyers in the market to take it any higher than fridays closing price of 3219....As I noted in later post liquidity was at 4% below average so not much going on....
To give an example of how low that was, last Friday around 11am US time liquidity was at 100% above average....
Don't Leave Money on the Table
  • #435,505
  • Aug 1, 2016 2:55pm Aug 1, 2016 2:55pm
Quoting Lock
{quote} cluster removed. Let's see if it will continue this weak move or it will retrace it.
So 5 hours to retrace a range of 26 pips after the failure of the attempted breakout upwards. ANd now still a range of 36 pips. with a cluster poor low...
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  • #435,506
  • Aug 1, 2016 3:28pm Aug 1, 2016 3:28pm
#GBPUSD Keep an eye on pound could bring a big move tomorrow!
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"W. D. Gann said that time is the most important factor among all things."
  • #435,507
  • Aug 1, 2016 5:55pm Aug 1, 2016 5:55pm
Quoting USDollar
#GBPUSD Keep an eye on pound could bring a big move tomorrow! {image}

HI, You mean go down to touch uptrend?
  • #435,508
  • Aug 1, 2016 11:26pm Aug 1, 2016 11:26pm
GBP/USD supported by the 200EMA on One Hourly chart at the moment....
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Don't Leave Money on the Table
  • #435,509
  • Aug 2, 2016 1:37am Aug 2, 2016 1:37am
I see resistance in this pair at 3203 and looking for a break above....
Don't Leave Money on the Table
  • #435,510
  • Aug 2, 2016 1:58am Aug 2, 2016 1:58am
A fast pre open report.

  1. gb session is going to open inside yesteday gb range/value: initial acceptation of yesterday range/value expected.
  2. Too much to solve below in order to perform a rally from here unless some exogenous event will occur.
  3. GB cluster at 3150 zone deserve a lot of attention as 3164 last 26 days half back.

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  • #435,511
  • Aug 2, 2016 2:05am Aug 2, 2016 2:05am
Quoting Lock
A fast pre open report. gb session is going to open inside yesteday gb range/value: initial acceptation of yesterday range/value expected. Too much to solve below in order to perform a rally from here unless some exogenous event will occur. GB cluster at 3150 zone deserve a lot of attention as 3164 last 26 days half back.

Yeah but we are getting buying action so where do you think it will fail????

Depending on UK news, if bad back below 3200 if good we could see 3300 today, at least 3260...
Don't Leave Money on the Table
  • #435,512
  • Aug 2, 2016 2:15am Aug 2, 2016 2:15am
Quoting HaLBot
{quote} Yeah but we are getting buying action so where do you think it will fail????

I don't know. As said an exogenous event could radically change the situation and let this market skip again the weak refs below. A news for example and we have one next hour. But if not, I mean, without something very strong upwards we are leaving behind something very unusual. Consider that all yesterday Tokyo and GB and Pit took place with some bank holiday. So all the yesterday move down is by nature, very weak and could be easily retraced. Maybe this is the current key of this upwards attempt.
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  • #435,513
  • Aug 2, 2016 2:20am Aug 2, 2016 2:20am
Maybe this is the current key of this upwards attempt.

mmmmmmm....you know when Cable wants to rally it Rallys...and to me theres a couple of very nice bullish one hour candles, so depends on news

Actually only the beginning of the second one hour candle but looking positive right now....
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Don't Leave Money on the Table
  • #435,514
  • Aug 2, 2016 2:34am Aug 2, 2016 2:34am
Quoting HaLBot
Maybe this is the current key of this upwards attempt. mmmmmmm....you know when Cable wants to rally it Rallys...and to me theres a couple of very nice bullish one hour candles, so depends on news Actually only the beginning of the second one hour candle but looking positive right now.... {image}
Well, in any case if up, the clear first target is at 32905 where the old GB-GAP-down - 2016.07.15 begins. There we have a cluster of old gb highs, both stopped by the old gap. But note that current gb session went from exactly 3214 that is the lowest gb close for June and that it is up and down Tokyo high right now.
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  • #435,515
  • Edited 2:50am Aug 2, 2016 2:38am | Edited 2:50am
Quoting Lock
{quote} Well, in any case if up, the clear first target is at 32905 where the old GB-GAP-down - 2016.07.15 begins. There we have a cluster of old gb highs, both stopped by the old gap. But note that current gb session went from exactly 3214 that is the lowest gb close for June and that it is up and down Tokyo high right now.
And as you see that was really too much...

A note that could be importat regards the double distribution of yesterday gb session. We are now right below the upper one 32125-3240 while the lower one is at 3164-3202. If we stay around the higher one we could aim at something bigger upwards, if instead we close the empty space between them and price will be accepted inside the lower one all the refs. below will be very probable. And we are at 32055 yesterday gb close.
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  • #435,516
  • Aug 2, 2016 2:57am Aug 2, 2016 2:57am
Quoting Lock
{quote} And as you see that was really too much... A note that could be importat regards the double distribution of yesterday gb session. We are now right below the upper one 32125-3240 while the lower one is at 3164-3202. If we stay around the higher one we could aim at something bigger upwards, if instead we close the empty space between them and price will be accepted inside the lower one all the refs. below will be very probable. And we are at 32055 yesterday gb close.
Eventually taken out. Empty space bwtween yesterday double distr. closed. Now at 3200 round number. Let's see if it is able to be accepted inside yesterday gb lower distr.
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  • #435,517
  • Aug 2, 2016 2:58am Aug 2, 2016 2:58am
Quoting Lock
{quote} And as you see that was really too much... A note that could be importat regards the double distribution of yesterday gb session. We are now right below the upper one 32125-3240 while the lower one is at 3164-3202. If we stay around the higher one we could aim at something bigger upwards, if instead we close the empty space between them and price will be accepted inside the lower one all the refs. below will be very probable. And we are at 32055 yesterday gb close.

Yep I don't mind the pullback, to cover my long I'm short at 3228....the bigger the pullback the happier I get..

And all will be reaveled what way this puppies travelling for today in about 25 minutes.......Construction PMI, previous 46.0 expected 44.2 so a woeful figure and shes heading south...
Don't Leave Money on the Table
  • #435,518
  • Aug 2, 2016 3:05am Aug 2, 2016 3:05am
Quoting HaLBot
{quote} Yep I don't mind the pullback, to cover my long I'm short at 3228....the bigger the pullback the happier I get..

3200 taken out but now weak above. Price went down to 2 pips above yesterday gb unchanged.

NOTE: in order to remove any possible confusion gb unchanged is the close price of the last gb bar before preUS open at 14:00 +1 GMT while gb close is the close of the last gb session bar at 18:00 +1GMT.(I mean the close price of the gb bar starting at 17:30 +1 GMT) The second one is generally a more important reference but the first one is in any case a relevant ref.
Instead when we speak about pit unchanged or pit close we are speaking about the same ref. Id est the close price of the last bar of pit session at 23:00 +1 GMT. Note in this case that a possible confusion could happen considering that the old pit session does not or did not close at 23:00 but before it. I'm borrowing a formal floor trading term in order to freely use it for our forex environment.
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  • #435,519
  • Aug 2, 2016 3:09am Aug 2, 2016 3:09am
Just by the depth of the pullback says to me traders are not very confident of the Construction PMI figures due soon...
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  • #435,520
  • Edited 3:58am Aug 2, 2016 3:37am | Edited 3:58am
Again, moving up from exactly yes pit open at 3195. Note also the yesterday gb little double bounce at 3240 that is as anyone now knows the gb close for June month. SO, let me say that all this market is totally ruled by weak hands and there is no partecipation at all of bigger timeframes.

The only important thing I can see now is that we are now in the 5th gb session one timeframing higher: 07.27 gb low didn't take out 07.26 gb low, as 07.28 gb low didn't take out 07.27 gb low as 07.29 gb low didn't take out 07.28 gb low and so on up to today gb session that is not able for now to take out yesterday gb session low. But while this could be read as a clear sign of trending higher at the same time the ranges of the last gb sessions were very narrow plus their respective lows are very very close one each other and that, as said, could lead to a firecracker effect to the downside. So let's see which of these two readings is the correct one.

Note also B period coming down from 3127 brexit low tagged by current D period high!

3250 was also yesterday gb high, so an other weak ref above.
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