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Cable Update (GBPUSD)

  • #444,681
  • Oct 30, 2016 12:44pm Oct 30, 2016 12:44pm
If you are tracking the EURGBP, perhaps you will find my perspective on the pair helpful.

The pair has continued its upward move. On the weekly time frame, the pair has completed two strong price waves to the upside and a third is in progress. A piercing bullish candle formed last week seems to be an attempt by the bulls to push further upwards after a retracement two weeks ago and may target the gap created four weeks ago during the crash of the Sterling pound or at least the long tail doji created three weeks ago. The technicals on the daily time frame are in alignment with the weekly bullish disposition of the pair. For details on this pair and a few more, check weekly technical outlook.

I may be wrong. Trade safe.

KP

Attached Image (click to enlarge)
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Do your homework, follow the footprints of smart money
  • #444,682
  • Oct 30, 2016 1:14pm Oct 30, 2016 1:14pm
Quoting jpadvisor
Let me post here this chart showing a possible move in GU Daily. Cheers. {image}
Good chart . it shows clear Divergence upward POSSIBLY.
  • #444,683
  • Edited 11:04pm Oct 30, 2016 10:41pm | Edited 11:04pm
trying to hold a good support indeed for more correction , close daily above the present level 1.2191 , breaks & hold 1.2200 for challenge 1.2241. otherwise the grand low again . watching if .ok a little perhaps as gold correction limit lies around 1302 /1291 limits play before any crush to 1199!!take care , fontu
Attached Image(s) (click to enlarge)
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #444,684
  • Oct 30, 2016 11:18pm Oct 30, 2016 11:18pm
Inserted Video
  • #444,685
  • Oct 30, 2016 11:59pm Oct 30, 2016 11:59pm
just an idea..
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Cheers

Al.
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
  • #444,686
  • Oct 31, 2016 2:47am Oct 31, 2016 2:47am
Last week was a scalping the range exercise - and lets be fair, it was a bloody grind. This week for me is a buy and hold - Initial target is just above the 'Flash crash' candle at 1.2621 beyond that is 1.2914

Multi Year low's and a from a technical perspective, a chart which has unfinished business above - warrants Long trades my side - building entries into these swings.

Chart attached is the 'scalping chart' I use to build a position which is just out of its downward channel and currently coiling it's upper level at the liquidity zone where buyers and sellers have met.

Sellers will be closely monitoring things here and are likely to have added in..Those GBP optimists amongst us are keeping close eye on shifting sands right now for rejection as we test / re-enter this downward channel.

Of course this is merely how I'm seeing things, your view maybe completely different

Light news on the day and now US elections on the horizon things will soon get more interesting....
Attached Image (click to enlarge)
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  • #444,687
  • Oct 31, 2016 3:00am Oct 31, 2016 3:00am
I have decided not to open any positions for the moment. The pair is still moving sideways and throughout the week there will be a lot of news that will create a lot of volatility.
  • #444,688
  • Oct 31, 2016 3:19am Oct 31, 2016 3:19am
Keep it simple, either break up or down. Wait for it. We had exactly the same situation a month ago (as seen on this chart too) and know the results now.
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  • #444,689
  • Oct 31, 2016 3:33am Oct 31, 2016 3:33am
Quoting mades
Keep it simple, either break up or down. Wait for it. We had exactly the same situation a month ago (as seen on this chart too) and know the results now. {image}
Good point. Keeping it simple and being patient.

KP
Do your homework, follow the footprints of smart money
  • #444,690
  • Oct 31, 2016 3:43am Oct 31, 2016 3:43am
6:42 Mades , you are the only one that draw the two white lines correctly .
  • #444,691
  • Oct 31, 2016 4:05am Oct 31, 2016 4:05am
Okay, I'll keep it simple.

I believe its going down a bit and then it will go up a lot
  • #444,692
  • Oct 31, 2016 4:37am Oct 31, 2016 4:37am
Quoting FXClarity
I believe its going down a bit and then it will go up a lot
Beliefs shouldn't be included in a trading plan. You can assume this price movement but should set some parameters which when filled would support your long view. The trendline I posted is such one. In fact, the triangle in my pic is a continuation pattern and should the price revisit 1.2085, it is probable that the price will breach it, according to the theory that the more times price revisits extreme price level the better the chance to break it (because all sup/res orders have been already filled).
  • #444,693
  • Oct 31, 2016 4:48am Oct 31, 2016 4:48am
Quoting mades
{quote} Beliefs shouldn't be included in a trading plan. You can assume this price movement but should set some parameters which when filled would support your long view. The trendline I posted is such one. In fact, the triangle in my pic is a continuation pattern and should the price revisit 1.2085, it is probable that the price will breach it, according to the theory that the more times price revisits extreme price level the better the chance to break it (because all sup/res orders have been already filled).
I have outlined target levels in previous posts and attached charts to support the trading plan I'm adopting to clip in and out of the market scalping and building a position accordingly.

The trendline you posted supports your view - which is fine. It may or may not support my view. I have my own methodology where lines / levels are placed through charts according to my mapping out of the landscape.

Current price action to me suggests downward pressure in a mid timeframe which I'm using to build a position into a longer term retrace -

My 'Belief' merely supports my interpretation of how price is reacting to the levels I've placed...I never assume.
  • #444,694
  • Oct 31, 2016 4:58am Oct 31, 2016 4:58am
most important is theres no such tl
but box can be continuation
Attached Image(s) (click to enlarge)
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  • #444,695
  • Oct 31, 2016 5:09am Oct 31, 2016 5:09am
Quoting mades
Keep it simple, either break up or down. Wait for it. We had exactly the same situation a month ago (as seen on this chart too) and know the results now. {image}
A close above that pivot, then the bear party is over.
  • #444,696
  • Oct 31, 2016 5:37am Oct 31, 2016 5:37am
Quoting yuddy
{quote} A close above that pivot, then the bear party is over.
Yes, a nice confluence. Ideally close above 1.22 (or break of double bottom). Good thing is range is narrowing so we should see it soon.
  • #444,697
  • Oct 31, 2016 5:59am Oct 31, 2016 5:59am
Quoting mades
{quote} Yes, a nice confluence. Ideally close above 1.22 (or break of double bottom). Good thing is range is narrowing so we should see it soon.
I just hope fibs 61.8 will hold back this pullback.
  • #444,698
  • Oct 31, 2016 7:00am Oct 31, 2016 7:00am
Quoting dean1star
{quote} Constructive Amburguity says Henry K says it all really WD, not convinced on some aspects due dilligence always shows in the content level for research when you make a TV programme. Can see it as a festival piece if cut down on an edit into symetrical order, nothing new but an interesting overview of the state of play in general. Infact would go as far as to say a great reminder of the state of play so far. Question being so we know the past but where are we headed for the future. Similar to this place, infact these days this place takes...
Re HyperNormalisation. I do agree. The sceptics may say that this documentary may be creating its own version of reality. Personally I think it is just the tip of the iceberg. South America, China and the far east were hardly mentioned. Its just a big game, could Trump have been put up of for election as a plant to keep the democrats in power?? who knows. Is cable being forced down by the institutions just so a big profit can be made by the banks during the recovery?? What is Putins objective...? To disrupt the west. Did Cameron really want out of Europe in the first place and this was the best way to manage the exit? Its all a big game. Now looking at very short times scales until after the US election. I don't think there will be any recovery before then. Scalping and daytrading cable at present.
Striving for consistency
  • #444,699
  • Oct 31, 2016 8:22am Oct 31, 2016 8:22am
Still consolidate on daily chart and perhaps more significant movement will see on Friday during the NFP data.
Clear signal for new short perhaps after price breaking below the down side of the triangle, but better to stay away until then or scalps on smaller time frames.
GL to All
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  • #444,700
  • Oct 31, 2016 8:27am Oct 31, 2016 8:27am
Sounds like massive selling into 1.2160/7x
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