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Cable Update (GBPUSD)

  • #435,601
  • Aug 2, 2016 2:38pm Aug 2, 2016 2:38pm
Quoting elbert3
we have gone long again . Missed 1.3330 so we stick to the plan at 3222 and look to 3400 area now
As above just keep it simple . Hope to see 3222 as the lowest this week lets close the gap 3616 area
  • #435,602
  • Aug 2, 2016 2:44pm Aug 2, 2016 2:44pm
3400 over night would be good . Then look to buy the dips to 3250 3222 area for me starting to put the old longs into the account
  • #435,603
  • Aug 2, 2016 3:04pm Aug 2, 2016 3:04pm
To me? Today was dedicated to good GBP data and weak USD index. GBPUSD has just come out of triangle, agreed... Technically? May be yes but fundamentally I think it's the maximum we could get before BOE announcement. I mean, I'm seeing it going back to 1.3250 area or around from now on wards.
--- only constant in this world is change ---
  • #435,604
  • Edited 3:56pm Aug 2, 2016 3:44pm | Edited 3:56pm
Quoting Bones
looks a bit like this {image}
1.34500 seem very important. After brexit low that triangle it's typical price compression. But even i think we will close the gap, i think we will break triangle with a fall. For hunt SL and for get power for make a resistance retest around 1.40700 after we touched around 1.30800... But its only a possibility
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Try don't lose pants never...
  • #435,605
  • Aug 2, 2016 4:05pm Aug 2, 2016 4:05pm
Quoting malik_razi
To me? Today was dedicated to good GBP data and weak USD index. GBPUSD has just come out of triangle, agreed... Technically? May be yes but fundamentally I think it's the maximum we could get before BOE announcement. I mean, I'm seeing it going back to 1.3250 area or around from now on wards.
There was no good GPB data even if it is better than expectations. The only reason why cable was up is because dollar weakness.
TE started 6/4/19
  • #435,606
  • Aug 2, 2016 4:31pm Aug 2, 2016 4:31pm
A lot of this is poor sentiment over the dollar.
There were some really good figures from the US- but then there was a dovish statement from the Fed started it
Then GDP missed estimates- that really did it. Lots of analysts did not like that
The market seeks equilibrium
UK- Services PMI in the morning- lets face it everyone expects this to be rubbish- so it won't be such of a shock if it is- unless its truly awful
Will be interesting to see what Thursday brings.
The problem that we have is that Carney can only cut rates so far.
He is not a fan of zero rates- everyone knows that so forget a cut to zero - and this is only giving strength to the pound
They are going to have to do something- Carney is usually pro-active and I would be a bit surprised if he does not go for it, rather than keep the powder dry
This might surprise the markets a bit.
One of the BOE members was talking about throwing the kitchen sink at it - so lets see.
  • #435,607
  • Aug 2, 2016 5:12pm Aug 2, 2016 5:12pm
Quoting Marz30
{quote} There was no good GPB data even if it is better than expectations. The only reason why cable was up is because dollar weakness.
I have to agree. Technically you are 100% correct that even little better news today was no good enough.
--- only constant in this world is change ---
  • #435,608
  • Aug 2, 2016 6:20pm Aug 2, 2016 6:20pm
Short at 1.3334. Expecting to (br)exit before midnight eastern.
  • #435,609
  • Aug 2, 2016 7:19pm Aug 2, 2016 7:19pm
Also short with a tp at about 1.329
  • #435,610
  • Aug 2, 2016 8:02pm Aug 2, 2016 8:02pm
#GBPUSD Long pound @ 1.3176 / SL 1.3042 / 1st T 1.3572 2nd T 1.3841
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"W. D. Gann said that time is the most important factor among all things."
  • #435,611
  • Aug 2, 2016 11:02pm Aug 2, 2016 11:02pm
Quoting Daaimali1512
Hi lock, i just analyze your posts, really very happy to see that a person has power to teach people and give them nice suggestions to protect their money, i am really very thankful to the people who are doing some for others. i also make reasonable profit on gbp/usd after reading your updates. i am very thankful to you. May Allah live you long and May you bless. Thanks Once Again.
Well Daaimali1512, you're welcome .
Ubi maior minor cessat
  • #435,612
  • Edited 11:28pm Aug 2, 2016 11:14pm | Edited 11:28pm
A fast pre open report.

On a major timeframe we are now in an attempted breakout from the balance made by the last 2 weeks. 33145* is the top of this weekly balance, so in order for continuation upwards we need confirmation above this value.


On a minor scale we are now inside the previous gb gap down from 07.15. (3290-33395) Tokyo has its current high right above it at 33405.
Sydney has its poor high at 3355 while yesterday pit session has its high exactly 1 pip above the major valley of the total composite profile, at 3365.
If gb will open here it will be with a big gap higher. from yesterday gb high at 32555.
So this zone (3290-33395) could be filled during gb session, at least in part, or totally skipped by a more strong continuation up.

If there is continuation above, a natural possible target is at 34805, 07.15 Tokyo poor high. Note that this is at the top of the upper daily bracket.

In any case we cannot forget what we left behind. All the structure below, down to 3074 zone and more, is totally weak and without a good buying tale (without excess, meaning: no major reaction at the bottom of the bracket)
But sometimes a gap can replace a lack of excess at least temporary. So all the story here is to see if upcoming price action will be able to preserve current gaps up (pit gap and gb gap) or not.

Current Tokyo low is poor at 33135* it is 1 pip below the weekly balance top!

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Ubi maior minor cessat
  • #435,613
  • Aug 2, 2016 11:25pm Aug 2, 2016 11:25pm
Hidden gaps from yesterday on all TFs remained, lowest at 1.3200. Also huge 4H gap to 1.3253. Price can shoot higher but it's probable it will eventually come down to at least 1.325.
  • #435,614
  • Aug 2, 2016 11:30pm Aug 2, 2016 11:30pm
Cable has moved above the range it created since July 18. It has breached the range to the upside and now doing a re-test. Any successful rejection of the zone to the upside, which is a few pips above the daily pivot, is likely to start the beginning of another move to the north. I may be wrong. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #435,615
  • Aug 3, 2016 12:08am Aug 3, 2016 12:08am
So, gb opened with a gap higher as said and started immediately to retrace some of it. It went down below overnight low (Tokyo low at 3293) and is now testing the possibility to remain below it or not. If not, all the way back up to the opposite side of Tokyo at 33405. (closing the old gb gap down)
If instead it will continue below Tokyo low all the gb gap up is at risk and after that I can only see a full retracement of the week balance down to 3074 zone and more.
Ubi maior minor cessat
  • #435,616
  • Aug 3, 2016 12:25am Aug 3, 2016 12:25am
Quoting Lock
So, gb opened with a gap higher as said and started immediately to retrace some of it. It went down below overnight low (Tokyo low at 3293) and is now testing the possibility to remain below it or not. If not, all the way back up to the opposite side of Tokyo at 33405. (closing the old gb gap down) If instead it will continue below Tokyo low all the gb gap up is at risk and after that I can only see a full retracement of the week balance down to 3074 zone and more.

Multiple times up and down current open: lack of conviction. But we are now inside tokyo range. Let's see if it is able to remain at least here.

Note: current gb high is pit close for June month. (at the pip)
Ubi maior minor cessat
  • #435,617
  • Aug 3, 2016 12:38am Aug 3, 2016 12:38am
Quoting Lock
{quote} Multiple times up and down current open: lack of conviction. But we are now inside tokyo range. Let's see if it is able to remain at least here. Note: current gb high is pit close for June month. (at the pip)

It is retracing the old gap down and Tokyo range but watch out. B period starting from open. And 2 pips above round 3300.
Ubi maior minor cessat
  • #435,618
  • Aug 3, 2016 12:48am Aug 3, 2016 12:48am
Yes gb close at 33245 tagged at the pip. It is now weak. Do not forget the starting point of B period (current gb ope)
Ubi maior minor cessat
  • #435,619
  • Edited 1:13am Aug 3, 2016 1:02am | Edited 1:13am
Quoting Lock
Yes gb close at 33245 tagged at the pip. It is now weak. Do not forget the starting point of B period (current gb ope)
tagged again: now weaker then before and also poor high. But watch out for the upcoming news. It could be tricky. Do not forget the open price(starting point of B period). Also, please note that current C period low is exactly at the high of the major weekly balance (33145)
Carry these information forward and stay with the ruling reason untill something will change it.
Ubi maior minor cessat
  • #435,620
  • Aug 3, 2016 1:12am Aug 3, 2016 1:12am
Quoting Lock
{quote} tagged again: now weaker then before and also poor high. But watch out for the upcoming news. It could be tricky. Do not forget the open price.
Sir, what is the open price?
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