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Cable Update (GBP/USD) without Idiots 23 replies

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Attachments: Cable Update (GBPUSD)
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Cable Update (GBPUSD)

Quoting actionmoney
{quote} http://www.forexfactory.com/showthre...09#post9143709
it will get there...
Managed to get a chart out.
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Quoting pursuit_21
{quote} imo, maybe in a couple weeks...either way it sounds like a gamble for you -- why not just focus on your trading strategy and follow it well, then you will know if it works over time and then you can tweak it over time.
Yes it sounds like a gambling condition. But another pair like aud/usd or eur/usd fall down not too deep. But why gbp was so deep??
Quoting Dr.Phoenix
{quote} 4h chart Best D.P. {quote} I mostly accumulating as well. However I hardly believe what the price reaches 3280 next week. The weekly initial balance is wide; it is 2995-32475. IMO, we are about to be fluctuating within this range. There are hidden gaps within the range: --- 30282-30666 --- 31252-31622 --- 32135-32250 --- 32308-32330 So, that is why we have many zones to work out. Best D.P. {image}
Thanks for your answer. But will gbp continue falling down?
Quoting jecklom
{quote} GBPUSD, having broken the monthly pivot point, is obviously heading southward come next week with possibility of getting to 1.29000 and even lower to the 1.27950 support level before a possible reversal... {image}
It will be? But i believe there's a lil price correction..
Quoting Horcrux
{quote} It will be? But i believe there's a lil price correction..

There sure will...
Study and risk taking are the engine & fuel that will propel you to success
Quoting bithedz
{quote} Hi Jecklom great explain about TDI, but I'm confuse when using Daily TF with TDI, they are too many direction, Are you using TDI in daily TF for OP?
Hi Bithedz! I do use the daily timeframe TDI for analysis while the 4 houurs timeframe TDI is used for entry signal.
Study and risk taking are the engine & fuel that will propel you to success
As the U.S. Election is only 6 weeks away, can't we expect this hiking of USD from now onwards , which can leads all the currency pairs down until November
CABLE RSI FIGURS
15 M RSI 25
30 M RSI= 19
1Hr RSI=18
4HR RSI= 22
Daily RSI= 38
All are below 30 expect daily.
Would you think still GBP/USD will go down ?
Comment pl.
Quoting razzaqshahid
CABLE RSI FIGURS 15 M RSI 25 30 M RSI= 19 1Hr RSI=18 4HR RSI= 22 Daily RSI= 38 All are below 30 expect daily. Would you think still GBP/USD will go down ? Comment pl.
In absence of news, cable is technically oversold (in the shorter time frames) and likely to retrace at least some of the drop and consolidate ahead of the FOMC and BOJ this week. If more negative Brexit news come out you can expect of course more pressure to the downside. Not sure whether we might see any reaction at all on the open to the bombs that went off in NY overnight. Given that no one died (although several injured) and that the market is (sadly) getting used to this type of events the reaction might be very limited (if at all).

So bar any other negative news flow, the pair is likely to pullback somewhat and consolidate in the next couple of days imo....
Quoting ez0770
{quote} In absence of news, cable is technically oversold and likely to retrace at least some of the drop and consolidate ahead of the FOMC and BOJ this week. If more negative Brexit news come out you can expect of course more pressure to the downside. Not sure whether we might see any reaction at all on the open to the bombs that went off in NY overnight. Given that no one died (although several injured) and that the market is (sadly) getting used to this type of events the reaction might be very limited (if at all). So bar any other negative news...
Thanks a lot.
Quoting bpaul
As the U.S. Election is only 6 weeks away, can't we expect this hiking of USD from now onwards , which can leads all the currency pairs down until November
It doesn't work like that... you should have analysis of chart, economic calendar and you personal technicalities for you to say USD will drag all other pairs down till November.
You never can tell what GBP will bring out next...
Cable still in consolidation..Waiting patiently for price to retest verified resistance for the 3rd time or retest verified support for the 2nd time with a price action signal such as an inside bar , engulfing , pin bar , fakey etc as confirmation to open buy or sell position depending the area of confluence..patience is golden..safe trading all.
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Goal of a successful trader is to make the best trades. Money is secondary
Quoting razzaqshahid
CABLE RSI FIGURS 15 M RSI 25 30 M RSI= 19 1Hr RSI=18 4HR RSI= 22 Daily RSI= 38 All are below 30 expect daily. Would you think still GBP/USD will go down ? Comment pl.
oscillator numbers you posted has no relevancy nothing to do weather price will go up or down that's also true for all moving averages.
Price moves because someone with enough resources decides he/she can push price below/above creating imbalance and taking weak longs/shorts and after that same person bank,hedge fund etc reverses dumping their orders and go opposite direction.
We simply don't know what price will do.Its simple probability. This idea that you don't know opens up enormous opertunity to grow as a trader.You become in tune with the market and with correct price action reading can swim with the sharks.Worst thing you can do is creating false sense of technical analyses and firmly believe in it.
regards

Watch all Mark Douglas series on trading.This is simply gold.
Here on this segment he talks about how price moves.You'll find it very helpful.
Inserted Video


Best advise I have for new trader is this.
Find an Edge that could be anything.What is an Edge? Probability of one thing happening over another more often then not.
Take 20-50 trades enough sample size to see your edge play out.Casino does not shut down because someone won at blackjack correct?They know over 10k bets they have roughly 3% profitable Edge and that's enough to generate millions.
You must think in probabilities not get too sad about a single loss or get too excited on single win.Its placing enough trades within your edge that you become profitable over series of trades not 1 or 2 or 3.You follow me correct?
Most traders fail because even if they have solid system they get too attached to single trade hence hold on to losers and cut the winners short.The idea to think in probabilities
what real professorial trader operates.
I get asked all the time what price might do and my answer is always I don't know and ironically I generate about 10% a month and above since Jan of 2016.
Its a game of probabilities over series of trades.

So within this mindset what could happen on cable in terms of probabilities.
I think it has great odds of price going up but that just based on previous range zone.Could I be wrong?Yes.Does that bother me? No
In trading, you have to be defensive and aggressive at the same time
Continuing with previous post
Here is my chart with pivots..
So many ways to trade this but I want you guys to see where price reverses.You see a pattern? I clearly see several.Lets say simple one price hitting 100R/S has tremendous probability to reverse.That's a great EDGE now if you take 50 trades at 100R/S I can almost say for certain you will have 70% winning trades.
Cheers
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In trading, you have to be defensive and aggressive at the same time
Well guys it's time soon ? So let's get ready to rumble
Gu is at 3010 at this time so we have a gap
May all your pips be green this week everyone

good luck
Expecting the bounce up at about 2935-40.. watching these levels for long..

Why am I expecting more to the down side you say?.. Well.. From an Elliott wave analysis prospective, it seems from what I see that the bearish wave from Friday is still not done and the market closed mid-sentence..

We should still need to complete wave 3. 4 and finally 5.. I estimated 2935 since it is at 88.6% fibo the bullish impulse started on the 15th Aug. which does not violate the bullish trend that is expected at least by some..

Cheers..
I still need a trading break soon!!! "Loose some to win more" --Baher A.
Quoting baherhosni
Expecting the bounce up at about 2935-40.. watching these levels for long.. Why am I expecting more to the down side you say?.. Well.. From an Elliott wave analysis prospective, it seems from what I see that the bearish wave from Friday is still not done and the market closed mid-sentence.. We should still need to complete wave 3. 4 and finally 5.. I estimated 2935 since it is at 88.6% fibo the bullish impulse started on the 15th Aug. which does not violate the bullish trend that is expected at least by some.. Cheers..
please post your EW chart.I am curious about your wave count
if you have it correct wave 3 should be the longest and there is always corrective wave after that before wave 5
In trading, you have to be defensive and aggressive at the same time
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