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Cable Update (GBPUSD)

  • #447,421
  • Jan 18, 2017 11:26am Jan 18, 2017 11:26am
Quoting MXT
short @ 1.2289
Hi if you look at the 5 min this has come off a bear candle looks to be breaking the 2270 area if so have to look 2200 ? 2333
  • #447,422
  • Jan 18, 2017 11:27am Jan 18, 2017 11:27am
Quoting elbert3
{quote} Hi if you look at the 5 min this has come off a bear candle looks to be breaking the 2270 area if so have to look 2200 ? 2333
hi E , looking for 1.2260ish for now
  • #447,423
  • Jan 18, 2017 11:45am Jan 18, 2017 11:45am
Lets face it its been a really good week this week....
I too made 100 pips today (well 113)
Trump on Friday- I would expect volatility
If he is all Presidential - dollar rallies
Talk of trade wars with China - will be shorting the USDJPY
My gut tells me the former
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  • #447,424
  • Jan 18, 2017 11:47am Jan 18, 2017 11:47am
Quoting Toranaga
Ending on a ROUND number
Round numbers (or psychological numbers) are also important support/resistance levels, especially if they end with a triple zero, I cannot agree more.

Now let's see what Yellen's speech in San Francisco (due in 15-min) will do to the Dollar...
  • #447,425
  • Jan 18, 2017 11:49am Jan 18, 2017 11:49am
Quoting MXT
{quote} hi E , looking for 1.2260ish for now
Just watching 5 min as this was a good move up before to see if it supports
  • #447,426
  • Jan 18, 2017 12:00pm Jan 18, 2017 12:00pm
Quoting elbert3
{quote} Just watching 5 min as this was a good move up before to see if it supports
let's brace for yellen comin up
  • #447,427
  • Jan 18, 2017 12:01pm Jan 18, 2017 12:01pm
Quote
Round numbers (or psychological numbers) are also important support/resistance levels, especially if they end with a triple zero, I cannot agree more.

Thanks
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How to opt out annoying user signatures ??
  • #447,428
  • Jan 18, 2017 12:03pm Jan 18, 2017 12:03pm
What happened there ? Any news
  • #447,429
  • Jan 18, 2017 12:09pm Jan 18, 2017 12:09pm
Quoting elbert3
What happened there ? Any news
Yellen is still saying "Test, test, 1, 2, 1, 2, test..." in the microphone.
Just kidding.
  • #447,430
  • Jan 18, 2017 12:12pm Jan 18, 2017 12:12pm
closed @ 1.2264
  • #447,431
  • Jan 18, 2017 12:28pm Jan 18, 2017 12:28pm
Quoting Toranaga
Thanks
You are welcome my friend.

If you like to trade with round numbers then this book should greatly interest you, it's called The Quarters Theory: The Revolutionary New Foreign Currencies Trading Method, by Ilian Yotov.

The whole trading system is based on these important psychological numbers.

Happy reading.
  • #447,432
  • Jan 18, 2017 12:34pm Jan 18, 2017 12:34pm
Quoting MXT
closed @ 1.2264
Jumped out short went long jumped in short lol sl 2270 for now ????
  • #447,433
  • Jan 18, 2017 12:42pm Jan 18, 2017 12:42pm
Quoting elbert3
{quote} Jumped out short went long jumped in short lol sl 2270 for now ????
your short looks good

i'm just flat ATM , not looking to re-enter for now
  • #447,434
  • Jan 18, 2017 12:45pm Jan 18, 2017 12:45pm
Seems like the GBP/USD is now going to the all-important 50% Fibonacci level (1.2220), which is also a support area (blue line).

If that level does not hold watch out...

http://www.hostingpics.net/viewer.ph...ablefibo50.png
  • #447,435
  • Jan 18, 2017 12:49pm Jan 18, 2017 12:49pm
Quoting Mr Breakout
{quote} You are welcome my friend. If you like to trade with round numbers then this book should greatly interest you, it's called The Quarters Theory: The Revolutionary New Foreign Currencies Trading Method, by Ilian Yotov. The whole trading system is based on these important psychological numbers. Happy reading.

I never was a big fan of round numbers, the Pairs react on them but partialy,
but since the Brexit and especially in the last months i mentioned how this Pair reacts on them.

I could post you more than a half dozen examples from the last weeks.

I adapt my trading by the situation and Pair and the situation NOW is,

dont trust any dojis, part patterns, hsh or bbqs aso,
simply have wide SL and draw your trend-lines on weekly. Till now im doing fine with that.

Thats why i initially replied to you.

It was obvious what will happen since the beginning of the week.

The tricvky goal (as usual) was to choose the right line.

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  • #447,436
  • Jan 18, 2017 1:10pm Jan 18, 2017 1:10pm
Quoting Toranaga
simply have wide SL and draw your trend-lines on weekly.
Ok, here is a 10-year weekly chart for the GBP/USD. All I can see is weakness of course but no specific, clear-cut trendline of any kind:
http://www.hostingpics.net/viewer.ph...ableweekly.png
(Personally I never use weekly charts, they are virtually useless for day-trading purposes).
  • #447,437
  • Jan 18, 2017 2:12pm Jan 18, 2017 2:12pm
Alright, the GBP/USD has now lost its momentum and is just fooling around so I will concentrate on the GBP/AUD, ahead of the Australian Unemployment numbers due at 7:30 PM EST, because this is where the action is.

I put a limit buy order at 1.6308 on that pair for two reasons (see chart below).
1: The price was clearly rejected at the 50% Fibonacci level.
2: the price is making higher high and higher low, always a very good sign during the Asian session.

I expect at least 100 pips on that trade.

Yep, that's the plan.
Attached Image (click to enlarge)
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  • #447,438
  • Jan 18, 2017 2:29pm Jan 18, 2017 2:29pm
Go long GBP for 100 pip+.
Sl_tp_+-100 pip.
joine me mql5.........
  • #447,439
  • Jan 18, 2017 2:41pm Jan 18, 2017 2:41pm
Quoting iran_trader
Go long GBP for 100 pip+. Sl_tp_+-100 pip.
Most likely scenario, in my opinion: the cable is going to drop to 1.2220 and THEN it will continue to go up.
  • #447,440
  • Jan 18, 2017 3:43pm Jan 18, 2017 3:43pm
Yesterday's gain seems short-lived, the Pound has pulled back and risk remain towards the downside, next resistance level can be found at 1.2200/2190 zone. Uncertainty is still high, many unknown still ahead of us.
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