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Cable Update (GBPUSD)

  • #435,981
  • Edited 10:53pm Aug 5, 2016 10:31pm | Edited 10:53pm
GBPCAD 4 Hr chart. Range: 1.70 - 1.74. Disclaimer: Trade on your own Risk. Forex Trading is very risky. Be careful.

S/R : 1.68xx/ 1.76xx.
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  • #435,982
  • Aug 6, 2016 7:47am Aug 6, 2016 7:47am
Bearish momentum continues.
  • #435,983
  • Aug 7, 2016 2:20am Aug 7, 2016 2:20am
Yes, the GBP is running down...
  • #435,984
  • Aug 7, 2016 2:06pm Aug 7, 2016 2:06pm
GBPUSD update analysis date 08.08.16
Attached Image (click to enlarge)
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Advocate Alim
  • #435,985
  • Aug 7, 2016 4:02pm Aug 7, 2016 4:02pm
no gap ? The only way is up baby .
  • #435,986
  • Aug 8, 2016 12:38am Aug 8, 2016 12:38am
Dead Cable Day... Here is me waiting on that CAD raw strength..!!!
Trading Eternal...... Shiny & Chrome!!!!
  • #435,987
  • Aug 8, 2016 1:08am Aug 8, 2016 1:08am
3130*
  • #435,988
  • Aug 8, 2016 1:44am Aug 8, 2016 1:44am
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Pound has short balance and you should play just short.
  • #435,989
  • Edited 2:40am Aug 8, 2016 2:20am | Edited 2:40am
C'mon baby, risk on for the UK session....give us something to cheer about first thing Monday trading...

It's actually not just wishful thinking on my part, Equities and Oil are going up so Cable may follow...
Don't Leave Money on the Table
  • #435,990
  • Aug 8, 2016 2:46am Aug 8, 2016 2:46am
The momentum down is so big now. Shorting is the only option these days.

-possibility of rate hike has rising in the past week for USD
-BoE even holds the door open to 0% interest rate and the market is anticipating such a move to happen as well.
The mistake I see a lot of people make is to think that GBP used to be so much higher and that it belongs there, but that way of thinking can be dangerous. If you didn't have any historic data of GBP, would you be long or short, given the circumstances?
  • #435,991
  • Aug 8, 2016 3:15am Aug 8, 2016 3:15am
Quoting taciho
The momentum down is so big now. Shorting is the only option these days. -possibility of rate hike has rising in the past week for USD -BoE even holds the door open to 0% interest rate and the market is anticipating such a move to happen as well. The mistake I see a lot of people make is to think that GBP used to be so much higher and that it belongs there, but that way of thinking can be dangerous. If you didn't have any historic data of GBP, would you be long or short, given the circumstances?

Ever since Brexit from memory I haven't read any post talking about the good ol days of 1.6000 but that doesn't mean cable can't rally a couple of hundred pips and we can take advantage of said move....

I'd just like a move back up to 3100, could certainly grab 50-60 piperoonies......LOL
Don't Leave Money on the Table
  • #435,992
  • Aug 8, 2016 3:23am Aug 8, 2016 3:23am
dropping that rate was a sham no need for it at all . I think it was done as a slap in the face and to devalue the pound as buying and trading outside EU makes UK Imports expensive ? I think the more happy medium is for the pounds new average price would be in the 1.450 range .
  • #435,993
  • Aug 8, 2016 3:31am Aug 8, 2016 3:31am
Quoting HaLBot
{quote} Ever since Brexit from memory I haven't read any post talking about the good ol days of 1.6000 but that doesn't mean cable can't rally a couple of hundred pips and we can take advantage of said move.... I'd just like a move back up to 3100, could certainly grab 50-60 piperoonies......LOL
Why trade the hard way? I know 0 people who are profitable trading against the trend. They always get stopped out by a trending spike.

I wish you good luck, because we are both obviously biased to one side, but momentum and trends have learned me to not underestimate certain actions and the effects it has on the short and long term trend.
  • #435,994
  • Aug 8, 2016 3:33am Aug 8, 2016 3:33am
Quoting elbert3
dropping that rate was a sham no need for it at all . I think it was done as a slap in the face and to devalue the pound as buying and trading outside EU makes UK Imports expensive ? I think the more happy medium is for the pounds new average price would be in the 1.450 range .
Probably was but I'm guessing they had to be seen to be doing something and with the ever real threat of US interest rate hike it's gonna put a cap on Cable...continuation of the Currency Wars...
Don't Leave Money on the Table
  • #435,995
  • Aug 8, 2016 3:37am Aug 8, 2016 3:37am
Quoting taciho
{quote} Why trade the hard way? I know 0 people who are profitable trading against the trend. They always get stopped out by a trending spike. I wish you good luck, because we are both obviously biased to one side, but momentum and trends have learned me to not underestimate certain actions and the effects it has on the short and long term trend.
Thanks for the heads up, just so you know I'm not going against the trend as my trading is mostly day trading and try to close a position on the day if my positioning is correct. I do have a few open positions...

And last week was a very good trading week for me...It felt like a slog all week for some reason but at the end of it I was up 166%, so I was very pleased with myself...LOL
Don't Leave Money on the Table
  • #435,996
  • Aug 8, 2016 3:47am Aug 8, 2016 3:47am
Quoting HaLBot
{quote} Thanks for the heads up, just so you know I'm not going against the trend as my trading is mostly day trading and try to close a position on the day if my positioning is correct. I do have a few open positions... And last week was a very good trading week for me...It felt like a slog all week for some reason but at the end of it I was up 166%, so I was very pleased with myself...LOL
i agree with you. we are going up with gu 3130* minimum
  • #435,997
  • Aug 8, 2016 3:50am Aug 8, 2016 3:50am
Positions now loaded ..
  • #435,998
  • Aug 8, 2016 3:54am Aug 8, 2016 3:54am
Quoting pointlessfor
{quote} i agree with you. we are going up with gu 3130* minimum
That's interesting, I'm just watching a video on youtube by a good trader, he uses elliot wave and has no problem seeing G/U go to 3710 and even as high as 4200......myself I would not be comfortable setting TP at those levels if I was a swing trader but this guys got loads of experience.
He has a buy at 3066 with SL at 2910(I think) He has another buy at 3130

Saying that there is no guarantee he's right.....but after two big drops in two days there could be some selling exhaustion...
Don't Leave Money on the Table
  • #435,999
  • Aug 8, 2016 3:59am Aug 8, 2016 3:59am
Looks a bit bearish to me at the moment- not sure what the manufacturing figures were
  • #436,000
  • Aug 8, 2016 4:10am Aug 8, 2016 4:10am
Quoting HaLBot
{quote} That's interesting, I'm just watching a video on youtube by a good trader, he uses elliot wave and has no problem seeing G/U go to 3710 and even as high as 4200......myself I would not be comfortable setting TP at those levels if I was a swing trader but this guys got loads of experience. He has a buy at 3066 with SL at 2910(I think) He has another buy at 3130 Saying that there is no guarantee he's right.....but after two big drops in two days there could be some selling exhaustion...
Looks good to me that is in keeping with my Friday's post
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