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Cable Update (GBPUSD)

  • #439,701
  • Sep 12, 2016 4:45am Sep 12, 2016 4:45am
Quoting bithedz
Let's touch buyer level 1st September at H4 candle Tight SL+1 {image} trading experiment level!
touched, but very weak! next m15 not good.
  • #439,702
  • Sep 12, 2016 4:46am Sep 12, 2016 4:46am
Classical head and shoulder formation completed.

Bought GBPUSD 3251
Sl 3201 (-50 pips)
TP 3575(324 pips)
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4complete.png Size: 50 KB
I'm high on trading, cant you tell?
  • #439,703
  • Sep 12, 2016 4:56am Sep 12, 2016 4:56am
Quoting Lock
{quote} Tokyo cluster removed and testing now below overnight low. For continuation down side we want to stay below it. If not, watch out for the very weak high at 3285. If down, instead we have the minus develpment to correct, down to 3155. But we need volume for it.
Thanks Lock
Striving for consistency
  • #439,704
  • Sep 12, 2016 4:56am Sep 12, 2016 4:56am
Quoting Sammih
Classical head and shoulder formation completed. Bought GBPUSD 3251 Sl 3201 (-50 pips) TP 3575(324 pips) {image}
same entry . sl 3226 target 3287
  • #439,705
  • Sep 12, 2016 5:01am Sep 12, 2016 5:01am
Quoting Wdfx
{quote} Thanks Lock

You're welcome. Also consider that in order to have continuation downside we want to have a double distribution session, meaning that we do not want to come up to 32625 where the first balance(distribution) low is. We are now exactly at the Sydney (overnight) low at 3254.
Ubi maior minor cessat
  • #439,706
  • Sep 12, 2016 5:07am Sep 12, 2016 5:07am
Quoting pointlessfor
{quote} same entry . sl 3226 target 3287
I'm high on trading, cant you tell?
  • #439,707
  • Sep 12, 2016 5:07am Sep 12, 2016 5:07am
Quoting Lock
{quote} You're welcome. Also consider that in order to have continuation downside we want to have a double distribution session, meaning that we do not want to come up to 32625 where the first balance(distribution) low is. We are now exactly at the Sydney (overnight) low at 3254.
Its surely trying to get back up
Striving for consistency
  • #439,708
  • Sep 12, 2016 5:12am Sep 12, 2016 5:12am
We are in an uptrend, defined as higher highs and higher lows. Price is at 50% fib retracement level which coincides with 100% of previous up wave as well as the current uptrend lower trendline. It will take huge selling pressure to break such a barrier.

I tend to see 138.2 extension get hit quite often so that's where Ill put my targets (current wave high of 3455 was 138.2 of 3255 high). I put my stop below 38.2 retracement level, at my usual 50 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4bought.png Size: 34 KB
I'm high on trading, cant you tell?
  • #439,709
  • Sep 12, 2016 5:13am Sep 12, 2016 5:13am
Quoting Lock
{quote} You're welcome. Also consider that in order to have continuation downside we want to have a double distribution session, meaning that we do not want to come up to 32625 where the first balance(distribution) low is. We are now exactly at the Sydney (overnight) low at 3254.
32625 reached. Double distribution downside failed. We are now back inside overnight balance. Now, the weak high cluster at 3285 is possible. Also you are risking not so much if you have bought right below overnigth low. Because your structural stops are just a few pips below it. Now let's see, because we are still in a 1 timeframing down environment. Watch out because in anyway this is a very weak market.
Ubi maior minor cessat
  • #439,710
  • Sep 12, 2016 5:15am Sep 12, 2016 5:15am
3200 is looking good for me
  • #439,711
  • Sep 12, 2016 5:18am Sep 12, 2016 5:18am
1.3229 missed by 4... that may be enough
  • #439,712
  • Sep 12, 2016 5:28am Sep 12, 2016 5:28am
Quoting Lock
{quote} 32625 reached. Double distribution downside failed. We are now back inside overnight balance. Now, the weak high cluster at 3285 is possible. Also you are risking not so much if you have bought right below overnigth low. Because your structural stops are just a few pips below it. Now let's see, because we are still in a 1 timeframing down environment. Watch out because in anyway this is a very weak market.

Now G could be considered as an inside bar of F. So watch out for an other breakout. (up or down considering the situation)
Ubi maior minor cessat
  • #439,713
  • Sep 12, 2016 5:29am Sep 12, 2016 5:29am
1.3250 it is,,, then go back up to where its come from.... 1.3370
  • #439,714
  • Sep 12, 2016 5:35am Sep 12, 2016 5:35am
Quoting Sammih
Classical head and shoulder formation completed. Bought GBPUSD 3251 Sl 3201 (-50 pips) TP 3575(324 pips) {image}
Just as to your H&S, read this

http://www.forexfactory.com/showthre...12#post8811112

Best
D.P.
Hunting High and Low
  • #439,715
  • Sep 12, 2016 5:36am Sep 12, 2016 5:36am
waiting to see which trendline gives in Will accumulate some more at 3220
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1see.png Size: 33 KB
I'm high on trading, cant you tell?
  • #439,716
  • Sep 12, 2016 5:53am Sep 12, 2016 5:53am
Quoting Dr.Phoenix
{quote} Just as to your H&S, read this http://www.forexfactory.com/showthre...12#post8811112 Best D.P.
You will notice though, that this one was profitable

My open trades are not in relation to that formation, its target has been hit
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDH1perfect head and shoulder.png Size: 36 KB
Click to Enlarge Name: GBPUSDH4complete.png Size: 50 KB
I'm high on trading, cant you tell?
  • #439,717
  • Sep 12, 2016 5:54am Sep 12, 2016 5:54am
ar e we going to get a break this time?
Striving for consistency
  • #439,718
  • Sep 12, 2016 5:56am Sep 12, 2016 5:56am
Quoting Lock
{quote} Now G could be considered as an inside bar of F. So watch out for an other breakout. (up or down considering the situation)
And now H is an inside bar of G that is an inside bar of F. Balance then and possible break out in the last 2 periods (I-J) of the GB session. We are well inside the overnight range and the GB range, so the odds are for an up move. But the rule is: go with the break out in any direction and then monitor for continuation. If ti fails in one direction, the natural target is the opposite side of the balance.
Ubi maior minor cessat
  • #439,719
  • Sep 12, 2016 5:57am Sep 12, 2016 5:57am
Quoting Wdfx
ar e we going to get a break this time?
Offers at 3285 and was hit on 3, 15 minute candles so we need some strong buying pressure to go through that level and onto 3300...

US Dollar Index of it's highs at the moment...
Don't Leave Money on the Table
  • #439,720
  • Sep 12, 2016 6:07am Sep 12, 2016 6:07am
Quoting HaLBot
{quote} Offers at 3285 and was hit on 3, 15 minute candles so we need some strong buying pressure to go through that level and onto 3300... US Dollar Index of it's highs at the moment...
USDX is in a full balance (current day inside yesterday). Right at its 9 daily period half back and a fiew pips above its 26 daily period half back.
Ubi maior minor cessat
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