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Cable Update (GBPUSD)

  • #435,661
  • Aug 3, 2016 8:39am Aug 3, 2016 8:39am
Quoting actionmoney
{quote} Gbp/usd at 3333 now is this a good sign or we may have a drastic fall. According to yesterday's prediction we have NORTH till Thursday and I'm somehow skeptical about this North thing.
As I said earlier today, that I am skeptical about waiting for a North move and now the G/U is at its downfall at 3309 bad game for those buying at 1.3360 expecting a north move of 1.3400 and good game for the selling at 1.3360

Such is life about buying and selling. You WIN some and LOSE some!
  • #435,662
  • Aug 3, 2016 8:50am Aug 3, 2016 8:50am
all todays hidden gaps filled, all it remains is the ugly structure from yesterday. So price could pick up again soon, ISM will tell.
  • #435,663
  • Aug 3, 2016 8:51am Aug 3, 2016 8:51am
Quoting Lock
Testing June pit close at 3308. Pit opened inside yesterday pit range/value. Early morning gb weak open is going to be corrected.(?) PreUS session went down from yesterday pit close (2 pips above it). Current pit action started from yesterday pit session hb. Many times up and down current open at 33165: great indecision. 33145 is the high of the week balance. So pit session opened 2 pips above it.
3302 today gb open tagged at the pip. and still weak for the round number.
Ubi maior minor cessat
  • #435,664
  • Aug 3, 2016 8:51am Aug 3, 2016 8:51am
Quoting Bones
weekly against monthly ,has a lot going for it to go to support ,outside maybe which could retrace {image}

From the looks of it, impulse is monthly bullish and the bearish channel is correction.

So, measure Fibs then see where the 88.6% retrace from the high is. I am thinking this is where you will get the next impulse to the north (at the 88.6% level). As for a target, you can measure the length of the previous bullish impulse and then put set your target 80% of the initial impulse length..
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #435,665
  • Aug 3, 2016 8:59am Aug 3, 2016 8:59am
Watch out for the upcoming news. All the game here is about current week balance high at 33145. If confirmed below it you know the direction (3074 zone), if above all the way back, up to current daily balance.
Ubi maior minor cessat
  • #435,666
  • Aug 3, 2016 9:05am Aug 3, 2016 9:05am
Quoting Lock
Watch out for the upcoming news. All the game here is about current week balance high at 33145. If confirmed below it you know the direction (3074 zone), if above all the way back, up to current daily balance.
Do you think buying at 1.3313 right now is worth the risk of the future of G/U market in few hours to come?
  • #435,667
  • Aug 3, 2016 9:10am Aug 3, 2016 9:10am
Quoting actionmoney
{quote} Do you think buying at 1.3313 right now is worth the risk of the future of G/U market in few hours to come?

No idea.Pit tagged its open with its B period right now. Its open is 2 pips above week balance high. B is inside bar of A period. So a break out is possible in any direction. Current pit low at round 3300 is weak. I mean: it's all weak in a very narrow range, before news at a very strategically level. The only thing I can say is watch out.
Ubi maior minor cessat
  • #435,668
  • Aug 3, 2016 9:18am Aug 3, 2016 9:18am
Quoting actionmoney
{quote} As I said earlier today, that I am skeptical about waiting for a North move and now the G/U is at its downfall at 3309 bad game for those buying at 1.3360 expecting a north move of 1.3400 and good game for the selling at 1.3360 Such is life about buying and selling. You WIN some and LOSE some!
I did say it could fail, and it did at 3370 for the pullback to current levels, that does not mean we are suddenly in a bear market.....Super Thursday IS weighing on traders minds, absolutely no doubt about that.....
Don't Leave Money on the Table
  • #435,669
  • Aug 3, 2016 9:19am Aug 3, 2016 9:19am
Quoting Lock
{quote} No idea.Pit tagged its open with its B period right now. Its open is 2 pips above week balance high. B is inside bar of A period. So a break out is possible in any direction. Current pit low at round 3300 is weak. I mean: it's all weak in a very narrow range, before news at a very strategically level. The only thing I can say is watch out.
round 3300 is now corrected. (while its open at 33165 is not) Now if there will be continuation downside we want to see price quickly below overnight low at 32865. And then we would like to see the correction of the last pit gap up from 32185.

If there will be no continuation down side, the best thing could be a test of current gb low and then back up again to current daily balance high (today gb session high)
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  • #435,670
  • Aug 3, 2016 9:22am Aug 3, 2016 9:22am
Quoting yuddy
{quote} oh, nice analysis, any speculations that the crude and ism data for US could topple the whole setup and push GU north?
Yes there's speculation out there that Crude Oil stocks change is going to be positive...if positive could send USD/CAD down, not sure about USD/JPY and may give GBP a boost....

GBP likes rising oil prices....
Don't Leave Money on the Table
  • #435,671
  • Aug 3, 2016 9:30am Aug 3, 2016 9:30am
Quoting HaLBot
{quote} Yes there's speculation out there that Crude Oil stocks change is going to be positive...if positive could send USD/CAD down, not sure about USD/JPY and may give GBP a boost.... GBP likes rising oil prices....

Nope went the other way.....
Don't Leave Money on the Table
  • #435,672
  • Aug 3, 2016 9:32am Aug 3, 2016 9:32am
Quoting Lock
{quote} round 3300 is now corrected. (while its open at 33165 is not) Now if there will be continuation downside we want to see price quickly below overnight low at 32865. And then we would like to see the correction of the last pit gap up from 32185. If there will be no continuation down side, the best thing could be a test of current gb low and then back up again to current daily balance high (today gb session high)
Testing now overnight low. Let's see if it is able to stay below it or not.
Ubi maior minor cessat
  • #435,673
  • Aug 3, 2016 9:34am Aug 3, 2016 9:34am
Quoting HaLBot
{quote} Yes there's speculation out there that Crude Oil stocks change is going to be positive...if positive could send USD/CAD down, not sure about USD/JPY and may give GBP a boost.... GBP likes rising oil prices....
ok, hal, what sort f data is this, what do u say about it? good for G or U?
  • #435,674
  • Aug 3, 2016 9:40am Aug 3, 2016 9:40am
Quoting yuddy
{quote} ok, hal, what sort f data is this, what do u say about it? good for G or U?

Yuddy you have to trade your own account as I said earlier, my understanding from previous experience is when there's a rising oil price it can give a boost to GBP price.....

Now Crude Oil Stocks Change came in negative yet if you check the oil price it's rising hence I think GBP will go higher, and Lock has just said it could touch 3370 again...which would be great for me as I'm long again from 3300

But the rise in oil price may be short lived because it spiked down and there's a possibilty from here could start heading south, it's something to keep an eye on during 'Oil News'

I use https://www.dailyfx.com/crude-oil
Don't Leave Money on the Table
  • #435,675
  • Aug 3, 2016 9:44am Aug 3, 2016 9:44am
Quoting Lock
{quote} round 3300 is now corrected. (while its open at 33165 is not) Now if there will be continuation downside we want to see price quickly below overnight low at 32865. And then we would like to see the correction of the last pit gap up from 32185. If there will be no continuation down side, the best thing could be a test of current gb low and then back up again to current daily balance high (today gb session high)
And as you see the correct one was watching below overnight, failing there the test for continuation downside and then all the way back to correct the open (at least) Note that, as said, current A period came from yesterday pit half back.
There is a lot of gamesmanship in markets.
Ubi maior minor cessat
  • #435,676
  • Aug 3, 2016 9:46am Aug 3, 2016 9:46am
Quoting HaLBot
{quote} Yuddy you have to trade your own account as I said earlier, my understanding from previous experience is when there's a rising oil price it can give a boost to GBP price..... Now Crude Oil Stocks Change came in negative yet if you check the oil price it's rising hence I think GBP will go higher, and Lock has just said it could touch 3370 again...which would be great for me as I'm long again from 3300 But the rise in oil price may be short lived because it spiked down and there's a possibilty from here could start heading south, it's something...

It is falling again... Are you watching? Is it advisable to still leave the trade on and look forward to 3370 ?
  • #435,677
  • Aug 3, 2016 9:48am Aug 3, 2016 9:48am
Quoting actionmoney
{quote} It is falling again... Are you watching? Is it advisable to still leave the trade on and look forward to 3370 ?

No price has stalled momentarily at 3323 and dropped back a bit, I can't say where it's going now....
Don't Leave Money on the Table
  • #435,678
  • Aug 3, 2016 9:50am Aug 3, 2016 9:50am
Quoting HaLBot
{quote} No price has stalled momentarily at 3323 and dropped back a bit, I can't say where it's going now....
Gracias.
  • #435,679
  • Aug 3, 2016 9:52am Aug 3, 2016 9:52am
Quoting actionmoney
{quote} Gracias.

I want this sucker to rally from here....be nice for my account, but it's up to the Gods of currency trading.....LOL
Don't Leave Money on the Table
  • #435,680
  • Aug 3, 2016 9:54am Aug 3, 2016 9:54am
Quoting Lock
{quote} And as you see the correct one was watching below overnight, failing there the test for continuation downside and then all the way back to correct the open (at least) Note that, as said, current A period came from yesterday pit half back. There is a lot of gamesmanship in markets.

Now, after the correction of the very weak open and the high of A period, we have still 2 possibilities. Remaining here for a while balancing around weekly bracket high at 33145. Or continuing higher up to current daily balance high (up to gb high at 33715)

Going down again to correct the ugly structure below ( after the correction of those initial very weak refs above ) is also a possible but less probable. To do that we should have a lot of volume.
Ubi maior minor cessat
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