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Cable Update (GBPUSD)

  • #447,741
  • Jan 24, 2017 5:01am Jan 24, 2017 5:01am
Quoting funzodundee
I would be short GBP/USD at 1.2522 with a short term target of 1.2420
Job done!
It's a big game.
  • #447,742
  • Jan 24, 2017 5:16am Jan 24, 2017 5:16am
I see no more serious downside risk for cable as hard brexit has been ruled out...
There's no harm in being smtm wrong especially if one is promptly found out
  • #447,743
  • Jan 24, 2017 5:35am Jan 24, 2017 5:35am
Quoting Zakhar13
Price moves down to the support line to the point of 1.24212. I suppose that the price reaching this point will go up to the point of 1.25085. {image}
Good call that well done and thanks for the post did not expect that number Regards E
  • #447,744
  • Jan 24, 2017 5:44am Jan 24, 2017 5:44am
See if 2480 holds up if so it could see 2377 or we carry on to the 2530 2586
  • #447,745
  • Jan 24, 2017 5:47am Jan 24, 2017 5:47am
Sell GBP/USD @ 1.2470 short-term target 1.2420
It's a big game.
  • #447,746
  • Jan 24, 2017 5:55am Jan 24, 2017 5:55am
top or bottom is relative to the time frame your trading

Quoting Tekkonkira
{quote} I'm a new trader, do you mind telling me why it's better to go long at the top rather than bottom? Thanks pal
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,747
  • Jan 24, 2017 8:41am Jan 24, 2017 8:41am
http://www.forexfactory.com/showthread.php?t=266718

Quoting Toranaga
{quote} Of course NOT. I draw her on Daily and she worked atm even on M5 but its not a trend line. It was only a coincidence..
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,748
  • Jan 24, 2017 8:48am Jan 24, 2017 8:48am
http://www.forexfactory.com/showthre...45#post9465745
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp usd Screenshot 2017-01-24_16-44-05.png Size: 115 KB
Click to Enlarge Name: 3 Screenshot 2017-01-24_16-50-05.png Size: 115 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,749
  • Jan 24, 2017 10:04am Jan 24, 2017 10:04am
for long trade GBPUSD still showing up trand !
One Day U Will Miss me!
  • #447,750
  • Jan 24, 2017 11:00am Jan 24, 2017 11:00am
Short again at 1.2515, 35 pip stop.

Play it again Sam.

Inserted Video
  • #447,751
  • Jan 24, 2017 11:12am Jan 24, 2017 11:12am
Quoting Mr Breakout
Short again at 1.2515, 35 pip stop.
Exit at 1.2500.
Yeah, I'll take that 15 pips, thank you.
Now beat it.
  • #447,752
  • Jan 24, 2017 11:28am Jan 24, 2017 11:28am
Quoting Tekkonkira
{quote} I'm a new trader, do you mind telling me why it's better to go long at the top rather than bottom? Thanks pal
Hi Tekkonkira,

Trading double tops (DT) and double bottoms (DB) is tricky. In fact these charts patterns are the least reliable.

But if you still want to trade them you should at least wait for confirmation before pulling the trigger, because more than 70% of DT and DB are fake.
The confirmation is a breakout of the high between the double bottoms (see picture below) or a breakout of the low between the double tops.

An even more conservative way to play them is to wait for the breakout, then the pullback to the breakout line and finally you want the price to bounce back in the direction of the trend.

Happy hunting.
Attached Image (click to enlarge)
Click to Enlarge Name: image.png Size: 63 KB
  • #447,753
  • Jan 24, 2017 12:08pm Jan 24, 2017 12:08pm
Short at 1.2502, 25 pip stop, the break-down is still valid and that reversal to the upside is not fooling me...
Attached Image (click to enlarge)
Click to Enlarge Name: pound30min.png Size: 185 KB
  • #447,754
  • Jan 24, 2017 12:14pm Jan 24, 2017 12:14pm
Quoting Mr Breakout
{quote} Hi Tekkonkira, Trading double tops (DT) and double bottoms (DB) is tricky. In fact these charts patterns are the least reliable. But if you still want to trade them you should at least wait for confirmation before pulling the trigger, because more than 70% of DT and DB are fake. The confirmation is a breakout of the high between the double bottoms (see picture below) or a breakout of the low between the double tops. An even more conservative way to play them is to wait for the breakout, then the pullback to the breakout line and finally...
hey Mr B , i like that
  • #447,755
  • Jan 24, 2017 12:22pm Jan 24, 2017 12:22pm
Quoting MXT
{quote} hey Mr B , i like that
Thanks.

If you want even more info I recommend the Encyclopedia of Chart Patterns by Thomas N. Bulkowski, a classic.
  • #447,756
  • Jan 24, 2017 1:44pm Jan 24, 2017 1:44pm
Quoting Mr Breakout
{quote} Thanks.
Thank You
  • #447,757
  • Jan 24, 2017 1:45pm Jan 24, 2017 1:45pm
Quoting Mr Breakout
Short at 1.2502
Out at 1.2520 (18 pip loss). Oh well, that leaves me with a 3 pip loss for the day (+15 -18), I can live with that.
Now looking for another possible short re-entry, the night is still young.

Watching GBP/AUD in the meantime, Autralian CPI coming up at 7:30 PM EST.
  • #447,758
  • Jan 24, 2017 2:46pm Jan 24, 2017 2:46pm
Quoting aliqazi
for long trade GBPUSD still showing up trand !
 
Can't believe there are people buying pound. 
 
GL.!!!! 
Beware of robber banks (RB), bad advisors.
  • #447,759
  • Jan 24, 2017 2:53pm Jan 24, 2017 2:53pm
i bought at 12503 tp 12560
  • #447,760
  • Jan 24, 2017 3:01pm Jan 24, 2017 3:01pm
trend is still down on pound , but a big trend reversal could happen , especially following the Trump - May meeting

if it starts breaking north of 1.2600 / 1.2700 it could easily reach higher even 1.2900

i would be looking for shorts only if it breaks again 1.2100 / 1.2000 to the downside
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