Cable Update (GBPUSD)

stupid doji day. sometimes waiting for your trade to go somewhere is more frustrating than seeing a stopout.

Depends on your trading strategy and style, m8! Ranging market can be a delight for some traders. Trade safe.

KP

Absolutely. A ranging currency is a gift.

The trick is to milk out so much as possible before a silly spike occurs..

On the other hand, as soon as usdjpy broke that damn 4H trendline, it's a complete freefall .. poor GY traders, very frustrating after it touched 129 today.

This recent events aout fbi and emails of clinton are affecting usd. Trump in some surveys is first, so this can be tricky for the usd, gu is in a clear range but is pushing the top, so we have to be carefull about this for now or until weekend.

All blah.

We will see whats happened when it happens.

Not before

I write this post because this is the post I would always want to see from someone with a pulse on the market when I find myself in a range bound haze of confusion... its usually at that point that my own mind is my worst enemy... so seeing that I am sure several people out there are seeing this.

Here is my analysis I feel fairly confident in. The GBP is in free fall.

Right now its retracing its most recent massive brexit free fall that doubled almost tripled my account (unfortunately I was not paying total attention and didn't exit at the opportune time)

I work full time and like to consider myself a day to intermediate trader.

I see the GBP retracing up around the 1.25 handle before a massive free fall. I have taken a high leverage position up to 1.245, averaging entries up to small orders on the most recent pops with orders up to 1.2220.

The GBP may go higher than 1.25 but I don't really see that. I have concurrent hedged trades in GBPJPY that are short positions starting in the high 126 range and going all the way up to 128.

I will close my GBP/USD longs around 1.245 leaving some to play out the top on trailing stops or tight SLs.

From there I am all short GBP.

How far the politicians will let it go - I don't know - from a fundamental basis its a crap shoot.

From a technical basis - I see below PAR, especially since its been decoupled from the EUR.

I will ride the wave down to at least 1.15 and the corresponding GBP JPY as low as Shinzo Abe will let it go.

I will move stops and trailing stops - to protect against JPY intervention.

It looks like GBP is consciously weakening its currency and I do not think Abe is going toe to toe with Great Britain.

Thats my .02.

Good Luck all.

Also waiting for JPY to dip as low as it will go - I want to reset longs in the 103 range - 102.50 if it will go that low. I am a long term holder of USD JPY and USD CNH - for me those are like value stocks to ride for a lifetime. My trader side has me play the consolidation ranges so I take profit while its there before it retraces - the value investor in me wants to set it and forget it.

EARLY MORNING REPORT

Thank you Aleksbuk for uploading this GbpUsd video.

GU is enjoying it's seating high, like a cat on a tree. The bears are waiting for you Kitty, come down and play. Lol

maybe waterfall at fomc minutes

Hello Guys,

I am sure you have seen my previous posts which I stuck with GBP I also had one Gold 0.65 in 1295 which went to -3200$ but I didn't close it, today I manage to close it even with a little bit profit so can someone calculate now how low I can hold these positions ?

I see...

Bulls have left a support at 1.22337

Have taken out a resistance at 1.22595

Tested a resistance at 1.22839

I have a target price of 1.23058

I wouldn't dismiss the bulls today

You are welcome

Pals, pls what's the US election date? I might wanna bring a trawler to sweep pips home.

With the PMI going green, GU could have a reason to hit 23xx.

Hello, chaps. Does anyone have any feedback on what to expect on the run up to Tuesday? I know margin requirements have doubled with some brokers. Are we looking at brexit style drops/spikes that could run through stops?

Should we be cleaning the slate for Friday and staying out until Wednesday?

Good question If we break the 1.22939 resistance then there are no more current ones until we reach 1.27361

So we may indeed see some wild swings possibly starting with the NFP.

Some people will regard staying out of the market is a better way to make money by not losing it.

Thanks - I think after a great month you're bang on the money with staying out and not running the risk of kicking myself!