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Cable Update (GBPUSD)

  • #447,461
  • Jan 19, 2017 9:02am Jan 19, 2017 9:02am
Quoting elbert3
2348 looks to be a target 2300 in place and will move when possible GL
I agree and I opened a long position after it bounced off 1.2250.
  • #447,462
  • Jan 19, 2017 9:39am Jan 19, 2017 9:39am
Shorts on the horizon getting ready ;-)
  • #447,463
  • Jan 19, 2017 10:52am Jan 19, 2017 10:52am
Quoting elbert3
Been in this long since 4 am this morning . On 4 hour doji and confirm . Who said doji don't work ? Outing safe haven in place until we get any type of look if shorts might take place
Good luck m8! Imho, dojis don't work by themselves; order flow context is key. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #447,464
  • Jan 19, 2017 11:08am Jan 19, 2017 11:08am
what that one that it then went on to bounce off the back

Quoting Mr Breakout
I have the flu and fever so I cannot baby-sit that GBP/AUD trade, but before I leave let me show you that phony breakout on the GBP/USD. Like I said before, the cable is notoriously known for its disrespect for trendlines. Over and out. {image}
Attached Image (click to enlarge)
Click to Enlarge Name: h1 USD (DFB).png Size: 28 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,465
  • Jan 19, 2017 12:21pm Jan 19, 2017 12:21pm
another untradeable day on this pair.
  • #447,466
  • Jan 19, 2017 1:12pm Jan 19, 2017 1:12pm
How is this trend line ?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDmH1.png Size: 28 KB
  • #447,467
  • Jan 19, 2017 2:00pm Jan 19, 2017 2:00pm
Come on baby ! Where are all the traders 2 ?????
  • #447,468
  • Jan 19, 2017 2:47pm Jan 19, 2017 2:47pm
2340 again ????
  • #447,469
  • Jan 19, 2017 3:46pm Jan 19, 2017 3:46pm
Quoting Bones
what that one that it then went on to bounce off the back {quote} {image}
Yep, I told you that beast does not respect anything.

It broke the downtrend line (to entice the buyers) and then made a HUGE pullback all the way back to the trendline.
It even went BELOW the last pivot low, another setup to sucker the sellers!

And THEN it went up.

Sneaky bastard.
Attached Image (click to enlarge)
Click to Enlarge Name: PULLBACK.png Size: 219 KB
  • #447,470
  • Jan 19, 2017 3:52pm Jan 19, 2017 3:52pm
its bullish ,look to w1 what that looks like
Attached Image (click to enlarge)
Click to Enlarge Name: USD (DFB).png Size: 32 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,471
  • Jan 19, 2017 4:05pm Jan 19, 2017 4:05pm
Quoting Bones
its bullish ,look to w1 what that looks like {image}
Not so sure about that, Bones.
Here is another way to look at the cable on the daily charts.
That means the GBP USD could hit the upper channel and then go down big time...
And if you look closely you can even see some kind of Head and Shoulders pattern, a bearish sign.
Attached Image (click to enlarge)
Click to Enlarge Name: dailycable.png Size: 205 KB
  • #447,472
  • Jan 19, 2017 4:05pm Jan 19, 2017 4:05pm
Just be careful in case yesterday down is not a retrace on the day chart
  • #447,473
  • Jan 19, 2017 4:23pm Jan 19, 2017 4:23pm
cant be head and shoulders were at a bottom
this candle can only change to another bullish or more bullish to my eye



Quoting Mr Breakout
{quote} Not so sure about that, Bones. Here is another way to look at the cable on the daily charts. That means the GBP USD could hit the upper channel and then go down big time... And if you look closely you can even see some kind of Head and Shoulders pattern, a bearish sign. {image}
Attached Image (click to enlarge)
Click to Enlarge Name: USD (DFB).png Size: 33 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,474
  • Jan 19, 2017 4:39pm Jan 19, 2017 4:39pm
Needs to hit somewhere 2329 and then up I would think 2317 ?? Would not want to see lower on 5 min . We are now on a new 4 hour and day candle on my charts
  • #447,475
  • Jan 19, 2017 4:47pm Jan 19, 2017 4:47pm
Quoting Bones
cant be head and shoulders were at a bottom
But who says it's a bottom?

A top Head and Shoulders formation can also appear during a downtrend. it's called an Inverse Head and Shoulders.
In fact Inverse Head and Shoulders are high probability setups because the trader is trading WITH the trend.
Attached Image (click to enlarge)
Click to Enlarge Name: inverse_head_and_shoulders.png Size: 52 KB
  • #447,476
  • Jan 19, 2017 5:03pm Jan 19, 2017 5:03pm
inverse is a bottom pattern in a downtrend H+S is the opposite the trend exists as down so you cant then have a top pattern


Quoting Mr Breakout
{quote} But who says it's a bottom? A top Head and Shoulders formation can also appear during a downtrend. it's called an Inverse Head and Shoulders. In fact Inverse Head and Shoulders are high probability setups because the trader is trading WITH the trend. {image}
Attached Image
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,477
  • Edited 5:30pm Jan 19, 2017 5:20pm | Edited 5:30pm
Quoting Bones
inverse is a bottom pattern in a downtrend H+S is the opposite the trend exists as down so you cant then have a top pattern {quote} {image}
Here are two inverse top Head and Shoulders formations in a downtrend on the GBP/USD (4H). Both are winners (the "Head" was never challenged in both cases).
In other words, here we are using the head and shoulders pattern as a continuation pattern, not as a reversal pattern (its usual use).
Attached Image (click to enlarge)
Click to Enlarge Name: inverse_HS.png Size: 198 KB
  • #447,478
  • Jan 19, 2017 5:32pm Jan 19, 2017 5:32pm
honestly search inverse head and shoulders that's consolidation,
in a nutshell you couldn't even say their continuation the vital ingredient is there no prior trend against it
so your daily is at the bottom for the moment no price up below at all I can say without doubt its not that pattern ,
having said that it could be continuation I don't know other more complex patterns or a box



Quoting Mr Breakout
{quote} Here are two inverse top Head and Shoulders formations in a downtrend on the GBP/USD (4H). Both are winners (the "Head" was never challenged in both cases): {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,479
  • Jan 19, 2017 5:34pm Jan 19, 2017 5:34pm
2 in a row that should worry you
Attached Image (click to enlarge)
Click to Enlarge Name: inverse_HS.png Size: 224 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,480
  • Jan 19, 2017 5:41pm Jan 19, 2017 5:41pm
The pair is in a short term consolidation mood just above 1.23 level, with upside limited around 1.2350/40 zone. Focus turn to Trump tomorrow.
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