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Cable Update (GBPUSD)

  • #445,641
  • Nov 21, 2016 8:28am Nov 21, 2016 8:28am
Quoting Derivative92
Added shorts in the wicks of this afternoons spike. Following this trade plan before I start to add longs. Anyone thinking similar? {image}
Shorts 1.24351 and 1.24870
  • #445,642
  • Nov 21, 2016 8:28am Nov 21, 2016 8:28am
Point 1: Thanks @Bones for his always intelligent and calm posts.

Point 2: I absolutely love this Pair atm. There is so much unpredictable action
and we trade a historical event at the moment, if someone did not realized that
till now.

All luck to all and i think it will be a cool week. Again. Or weeks

Greets.

How to opt out annoying user signatures ??
  • #445,643
  • Edited 9:27am Nov 21, 2016 8:48am | Edited 9:27am
my view atm. is on daily GU forming large bullish flag and this large size (around 400 pips) is needed to gather momentum to push 1.3 or higher ,
and there will be times when bulls are ready we might see extra large white candle on daily,
anyway drop below 1.24 from current level should invalidate this view..

maybe something like this,
GU - daily
Attached Image (click to enlarge)
Click to Enlarge Name: `5.png Size: 17 KB



added:
btw i just realized that if everyone enter longs there it's not gonna happen, lol
please don't...
  • #445,644
  • Nov 21, 2016 10:07am Nov 21, 2016 10:07am
Well, it looks like I may have been a bit premature in taking off 1/3 of my long positions in Gbp/Usd at 1.2480, but overall I'm not complaining, as my account looks a lot healthier now than it did Friday - hoping to get the opportunity to buy them back around 1.2420-1.2440, but I've still got a pretty decent sized position anyway - plus, I picked up one more this morning at 1.2340. I'm a bit surprised by just the total range to the upside today given that it's pretty much a nothing news day. Any event, if this holds up, it's looking pretty strong since it just wiped out the losses from 4 consecutive down days.

My basic position on Gbp/Usd remains unchanged - the fall in the wake of Brexit was, in my opinion, totally overdone. I just don't think leaving the EU is going to substantially damage the UK economy long term.

My main fret at the moment is whether to hold onto my long Gbp/Aud positions looking for it to top 1.7000 or sell out here just short of that level - if anyone has any bright ideas, I'm all ears. I'm buying a bit of Aud/Usd to hedge those positions some.
Writer, currency trader, madman
  • #445,645
  • Nov 21, 2016 10:13am Nov 21, 2016 10:13am
Looking down the road a bit to year end, consider that even if they blow it up from here and, say, close out the year around 1.3500, that's still just in the middle of its 2016 range, and well off its 5-year high of 1.7100. Historically speaking, 1.2000-1.3000 is really, really low for Gbp/Usd.
Writer, currency trader, madman
  • #445,646
  • Nov 21, 2016 10:41am Nov 21, 2016 10:41am
When May talks markets listen
Her talking about being open to a transitional Brexit arrangement, and a final breakaway in occurring after 2019, doing away with workers on boards, rumours of tax cuts and Cable down for 5 consecutive days before today all helps

Will be waiting to hear of any response from Merkel or Hollande
  • #445,647
  • Nov 21, 2016 10:52am Nov 21, 2016 10:52am
1.2500 is strong ress imo, but bulls momentum is huge. Will look for break and then trade first pullback to this level.
  • #445,648
  • Nov 21, 2016 11:02am Nov 21, 2016 11:02am
GBP/USD failed to hold above 1.2500 and pulled back as find resistance. During the last hours, it has been hovering around 1.2470, consolidating daily gains.
  • #445,649
  • Nov 21, 2016 11:20am Nov 21, 2016 11:20am
1.2450 is looking like strong support and 1.25 strong resistance...I suspect ranging between these levels for a while.

Still long from 1.2390, with SL at 1.2448. Looking to sell below 1.2450 or buy more if it breaks and stays above 1.25.

This is my first post, been lurking for a while, trading price action and S/R breakouts with moderate success.
  • #445,650
  • Nov 21, 2016 11:28am Nov 21, 2016 11:28am
Keep in mind you've got a gap down from 1.2597 on the 4-hour chart - I don't expect it to be filled today, but I do expect it to be filled in the very near future.
Writer, currency trader, madman
  • #445,651
  • Nov 21, 2016 1:25pm Nov 21, 2016 1:25pm
very tempted to say thats the tl i been looking for ,rather than the obvious which broke ,could easy see cable at zone of break down
bullish off previous high like that could make w1 false ,daily true ,monthly true
maybe another touch yet needed
Attached Image (click to enlarge)
Click to Enlarge Name: 1 d1 USD (DFB).png Size: 25 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #445,652
  • Nov 21, 2016 1:50pm Nov 21, 2016 1:50pm
Quoting provaton
1.2450 is looking like strong support and 1.25 strong resistance...I suspect ranging between these levels for a while. Still long from 1.2390, with SL at 1.2448. Looking to sell below 1.2450 or buy more if it breaks and stays above 1.25. This is my first post, been lurking for a while, trading price action and S/R breakouts with moderate success.
Sheep...???
  • #445,653
  • Nov 21, 2016 2:22pm Nov 21, 2016 2:22pm
Don't be surprised, or necessarily take it as a lasting downside reversal, if we see some significant backtracing tomorrow - the 50-period EMA on the hourly chart is still way down around 1.2410...although my best guess is a retrace that stops someplace between 1.2420 - 1.2450, and it's possible that it might not even go much below 1.2450 - we could have a couple of big up days in a row. Then again, I've learned to never think that I KNOW what Gbp is going to do.
Writer, currency trader, madman
  • #445,654
  • Nov 21, 2016 3:37pm Nov 21, 2016 3:37pm
Quoting MaryJ84
1.2500 is strong ress imo, but bulls momentum is huge. Will look for break and then trade first pullback to this level.
Mary - I'm already long from considerably lower, so I'm not especially anxious about getting a buy order filled, but for what it's worth, I've got an order in to buy more at 1.2435. If I wanted to really try to get a bargain, I'd put it closer to 1.2420; if I were more anxious to make sure I got in, I'd put it above 1.2450. Best wishes.
Writer, currency trader, madman
  • #445,655
  • Nov 21, 2016 7:15pm Nov 21, 2016 7:15pm
Am selling cable ( 1.249-1.251) stop@ 1.253,
us rate hike cumin+ I see it as a good sell to continue the overall trend
gonna go with it somewhere between 300-500 pips
  • #445,656
  • Nov 21, 2016 7:26pm Nov 21, 2016 7:26pm
Quoting andexQ
my view atm. is on daily GU forming large bullish flag and this large size (around 400 pips) is needed to gather momentum to push 1.3 or higher , and there will be times when bulls are ready we might see extra large white candle on daily, anyway drop below 1.24 from current level should invalidate this view.. maybe something like this, GU - daily {image} added: btw i just realized that if everyone enter longs there it's not gonna happen, lol please don't...
nice strategy sir

but i wanna sell limit at 1.2500
onorebate
  • #445,657
  • Nov 21, 2016 10:24pm Nov 21, 2016 10:24pm
Inserted Video
  • #445,658
  • Nov 21, 2016 10:46pm Nov 21, 2016 10:46pm
There is something about this forum and the various post I see here lately. People narrate what they want to buy or sell, sl and tp, but WHERE ARE the REASONS, ANALYSES, THOUGHTS that is driving those Calls??? I guess the purpose of this forum is for intellectual discussion and education. What is educational in just saying you want to buy here or sell there? Where are the Reasons?? analyses behind the reasons?? Where are economic discussions and analyses here? Is this forum a personal journal? Nooooooo! Pls Pals, and great people here ,please bring back the education here, bring back the intelligent analysis here. Bring back the economic debates here and let this beautiful forum shine and pump bright with inspiring ideas. One Love and great respect to y'all .
  • #445,659
  • Nov 21, 2016 10:55pm Nov 21, 2016 10:55pm
Quoting yuddy
There is something about this forum and the various post I see here lately. People narrate what they want to buy or sell, sl and tp, but WHERE ARE the REASONS, ANALYSES, THOUGHTS that is driving those Calls??? I guess the purpose of this forum is for intellectual discussion and education. What is educational in just saying you want to buy here or sell there? Where are the Reasons?? analyses behind the reasons?? Where are economic discussions and analyses here? Is this forum a personal journal? Nooooooo! Pls Pals, and great people here ,please bring...

Good point, bro. Worse still, posts like: 'Took profit on cable'; 'I made 1000 pips', 'Closed buy trade with $10k profit.'

KP
Do your homework, follow the footprints of smart money
  • #445,660
  • Edited Nov 22, 2016 12:00am Nov 21, 2016 10:59pm | Edited Nov 22, 2016 12:00am
1Min tf, weak signal tp at 1.2427.
FREEDOM IS SECURITY.
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