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Cable Update (GBPUSD)

  • #443,581
  • Oct 12, 2016 11:24pm Oct 12, 2016 11:24pm
Cable is bearish but one needs the real liquidity of London and New York sessions to trade.
The trader IS the holy grail.
  • #443,582
  • Oct 13, 2016 12:04am Oct 13, 2016 12:04am
Don't show bravado in going long GBPUSD . Next target 1.05 on its way given Fed is raising rates this december and there's lot of kios on brexit..
Keep fading the rallies if any that would do world of good!

cheers
Scoobi doobi doo
  • #443,583
  • Oct 13, 2016 12:04am Oct 13, 2016 12:04am
interesting idea
Attached Image (click to enlarge)
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I'm high on trading, cant you tell?
  • #443,584
  • Oct 13, 2016 3:45am Oct 13, 2016 3:45am
According to this descending channel, 2090 is the next bus stop. Added short to 2090
Attached Image (click to enlarge)
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I'm high on trading, cant you tell?
  • #443,585
  • Oct 13, 2016 3:50am Oct 13, 2016 3:50am
Then after that we have 2025 on the black channel
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I'm high on trading, cant you tell?
  • #443,586
  • Oct 13, 2016 3:55am Oct 13, 2016 3:55am
Quoting Sammih
interesting idea {image}

I tend to agree. Below is my view of trading these conditions:

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I have printed 4 arrows. The first is yesterday's low. The second is the 1 am BST test and weak rejection of that number. We can see the direction today is down (The blue vertical line is midnight BST - my broker feed 2 hours ahead).

So look for a close below this number 1.2164, maybe trade short off a retest. A close below the bullish 8 am candle - 1.2131 - is very bearish...
Gone to a better place
  • #443,587
  • Oct 13, 2016 4:12am Oct 13, 2016 4:12am
This is my view
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  • #443,588
  • Oct 13, 2016 4:22am Oct 13, 2016 4:22am
Quoting smikester
{quote} I tend to agree. Below is my view of trading these conditions: {image} I have printed 4 arrows. The first is yesterday's low. The second is the 1 am BST test and weak rejection of that number. We can see the direction today is down (The blue vertical line is midnight BST - my broker feed 2 hours ahead). So look for a close below this number 1.2164, maybe trade short off a retest. A close below the bullish 8 am candle - 1.2131 - is very bearish...
Yes , an hourly candle closing below 2164 will be a good signal for shorts
I expect price to be below 2164 in 5hrs or sooner though
I'm high on trading, cant you tell?
  • #443,589
  • Oct 13, 2016 4:33am Oct 13, 2016 4:33am
Quoting Devart
This is my view {image} {image}
Chuck is waiting...
  • #443,590
  • Oct 13, 2016 4:34am Oct 13, 2016 4:34am
Test 1.22500 then 1.23000. Forget short at here.
  • #443,591
  • Oct 13, 2016 4:35am Oct 13, 2016 4:35am
Quoting Devart
{quote} Chuck is waiting...


LOL. Thanks for the charts. Is that a point and figure?
Gone to a better place
  • #443,592
  • Oct 13, 2016 4:39am Oct 13, 2016 4:39am
Quoting Url
Test 1.22500 then 1.23000. Forget short at here.
Interesting post there....Daily price action says we got more upside to come and as you said 2300.....in this environment though I am not confident that it will but looks that's way....
Don't Leave Money on the Table
  • #443,593
  • Oct 13, 2016 4:41am Oct 13, 2016 4:41am
Quoting Sammih
{quote} Yes , an hourly candle closing below 2164 will be a good signal for shorts I expect price to be below 2164 in 5hrs or sooner though

Maybe New York? Like yesterday? Good charts, by the way, thanks..
Gone to a better place
  • #443,594
  • Oct 13, 2016 4:50am Oct 13, 2016 4:50am
Quoting smikester
{quote} Maybe New York? Like yesterday? Good charts, by the way, thanks..
The next three hours are vital. I expect price to go back down, but should the 4hr candle close above the Daily Pivot Point, I might change my stance. Lets see if New York does it, though I expect a move down from here. Selling at 2200 is a good thing right now
I'm high on trading, cant you tell?
  • #443,595
  • Oct 13, 2016 4:51am Oct 13, 2016 4:51am
My view:

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Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
  • #443,596
  • Oct 13, 2016 4:53am Oct 13, 2016 4:53am
Yes. If that 1.2195 daily open is rejected, its all short from here.
Gone to a better place
  • #443,597
  • Oct 13, 2016 4:55am Oct 13, 2016 4:55am
Quoting Url
Test 1.22500 then 1.23000. Forget short at here.
What I see is an inverted Hammer Candle on the Daily Chart but as I said just before in this environment it may not be able to change direction....

Definition from onlinetradingconcepts.com

Inverted Hammer
The Inverted Hammer candlestick formation occurs mainly at the bottom of downtrends and can act as a warning of a potential reversal upward. It is important to note that the Inverted pattern is a warning of potential price change, not a signal, in and of itself, to buy.
Don't Leave Money on the Table
  • #443,598
  • Oct 13, 2016 5:04am Oct 13, 2016 5:04am
Quoting mrnicecookie
{quote} 1.2000 is a huge psychological barrier. Wonder how many pending buy orders and Sl there are at that price level
That is true. On the other hand, after what happened last week people will probably be more wary of opening longs on this pair.
  • #443,599
  • Oct 13, 2016 5:17am Oct 13, 2016 5:17am
It was Dollars second attempt to break through 98.10 and failed there again, so dollar sell off resulted in Euro and Cable rally after Euro dropping below 1.1000. I'm tipping a lot of traders were caught left footed when Euro rallied up as below 1.1000 if I was trading Euro that's where I would have shorted it from...

Above 1.1031 I would expect Euro to keep the Bullish momentum, if it doesn't break that level then expect it to keep heading south dragging 'The Old Lady' with it....
Don't Leave Money on the Table
  • #443,600
  • Oct 13, 2016 5:18am Oct 13, 2016 5:18am
GBPUSD is just forming demand level...direction:TBD
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