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Cable Update (GBPUSD)

  • #446,901
  • Jan 1, 2017 9:18pm Jan 1, 2017 9:18pm
Hello everyone.
Wish you a happy and profitable new year.

My thoughts on cable for 2017, big picture levels

best wishes
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Be careful what you think because your thoughts run your life..Solomon
  • #446,902
  • Jan 1, 2017 11:35pm Jan 1, 2017 11:35pm
Cable is going to 129
Obviously stops at 122
easy trade.
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rat
  • #446,903
  • Jan 2, 2017 12:02am Jan 2, 2017 12:02am
Quoting infernal199
{quote} yup... but this is the current situation we have
btw, reading again the picture you posted, those resistances are untested.
I mean, those were supports and are not yet proven as resistance.
For that to be, price has to reach those prices and turn back down.

So what we have now, for what I see, is price confirming again the 1.22 as support.

Resuming I would completely change the picture in:
what we have in cable right now is price confirming once more the 1.22 support area hence probably moving up towards previous supports to eventually meet fresh new supply. First target would clearly be the 1.25 area. Second target the obvious 1.26 (till 1.27) area. Third target the 1.29.

Given the strong overall bearish structure in larger TF I would look to buy at these levels till the 1.22 and sell back 1/3 position on every target area, rather than close the position.
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  • #446,904
  • Jan 2, 2017 12:07am Jan 2, 2017 12:07am
I will not completely exclude a dip into 1.21 area in next weeks.
January is typically a volatile month!

Market will start moving tomorrow I guess
90% of traders use TA, indicators and prediction
  • #446,905
  • Jan 2, 2017 12:11am Jan 2, 2017 12:11am
Quoting Ill-b-back
{quote} A"Goat" in a "Coat" ?
that was a typo! or the autocorrect on tablet maybe...

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90% of traders use TA, indicators and prediction
  • #446,906
  • Jan 2, 2017 12:16am Jan 2, 2017 12:16am
Hi
I hope it will go bearish, but who is making the moves now??? Who is making the GBP move???
  • #446,907
  • Jan 2, 2017 12:32am Jan 2, 2017 12:32am
Interesting levels come from large TFs Pivot Points:

1 Year - 1.30925
6 Months - 1.25799
3 Months - 1.24019

Calculated considering the 1.19198 as actual low.
90% of traders use TA, indicators and prediction
  • #446,908
  • Jan 2, 2017 2:28am Jan 2, 2017 2:28am
My technical outlook on cable for the week is predominantly bearish. The primary trend is down but the market mode is for an upside move.

On the weekly time frame, the market is respecting a downward trend; the major trend is still in play and not yet breached (chocolate colour) but the prevailing inner trend (navy colour) is still respected. However, the technicals support a market mode to the upside. This may mean a corrective move before continuation of the main down trend. Further details can be got from
weekly technical outlook.

I may be wrong. Trade safe and prosper.


KP

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Do your homework, follow the footprints of smart money
  • #446,909
  • Jan 2, 2017 4:27am Jan 2, 2017 4:27am
Quoting rattyo
Cable is going to 129 Obviously stops at 122 easy trade. {image}
With you on this.
  • #446,910
  • Jan 2, 2017 4:33am Jan 2, 2017 4:33am
Hi Guys just back from a couple of days fishing. Happy New Year to all and I certainly hope you all prosper from it.

The spread tells me it is still not a good time to trade, high spreads are bank holidays.

However looking at my daily chart it looks like the bears are still very much in control and have actually broken below the lowest average at about the 2400 level.

There was a strong support at 2415 and this returns an equilibrium swing target of 2056. The retest of the 2415 also gives an equilibrium swing of 2056 so it is my guess that is where price is going.

We now need a close below 2220 and then it will run the rest of the journey in one day.
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  • #446,911
  • Jan 2, 2017 4:48am Jan 2, 2017 4:48am
Quoting _BBKing_
{quote} btw, reading again the picture you posted, those resistances are untested. I mean, those were supports and are not yet proven as resistance. For that to be, price has to reach those prices and turn back down. So what we have now, for what I see, is price confirming again the 1.22 as support. Resuming I would completely change the picture in: what we have in cable right now is price confirming once more the 1.22 support area hence probably moving up towards previous supports to eventually meet fresh new supply. First target would clearly...
exactly thats why we usually start long trade when a resistance broken
It is the dust where you came from & it is the dust where you shall return
  • #446,912
  • Jan 2, 2017 4:55am Jan 2, 2017 4:55am
GBPUSD now ranging... it would be wise to wait for strong move

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It is the dust where you came from & it is the dust where you shall return
  • #446,913
  • Jan 2, 2017 6:13am Jan 2, 2017 6:13am
cable bulls watch out

trend is still down and it may test the low 1.20ies quite soon
  • #446,914
  • Jan 2, 2017 9:45am Jan 2, 2017 9:45am
I visit fxstreet usually only for a laugh (and News), and imo
their 'experts' dice their predictions, but cant not to post this pic..

Source:

https://www.fxstreet.com/rates-charts/gbpusd/forecast

Never seen there such a uniform opinion, till today. he he
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How to opt out annoying user signatures ??
  • #446,915
  • Jan 2, 2017 5:18pm Jan 2, 2017 5:18pm
if price closes on H4 chart above that line which i think it will soon... it should take that top out easily
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  • #446,916
  • Jan 2, 2017 7:21pm Jan 2, 2017 7:21pm
Hi Bro, Is there any source released when the UK supreme court issuing the rulling?
  • #446,917
  • Jan 2, 2017 10:22pm Jan 2, 2017 10:22pm
Inserted Video
  • #446,918
  • Jan 2, 2017 11:16pm Jan 2, 2017 11:16pm
Quoting iamawaited
if price closes on H4 chart above that line which i think it will soon... it should take that top out easily {image}
That's a very sharp top and nice bearish formation you got there.
Come with me if you want to live....
  • #446,919
  • Jan 2, 2017 11:17pm Jan 2, 2017 11:17pm
Quoting _BBKing_
{quote} that was a typo! or the autocorrect on tablet maybe... {image}
"Horny" goat
Come with me if you want to live....
  • #446,920
  • Jan 2, 2017 11:22pm Jan 2, 2017 11:22pm
XXX/USD heading down

USD/XXX heading up
Come with me if you want to live....
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