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Cable Update (GBPUSD)

  • #448,381
  • Jan 29, 2017 5:41pm Jan 29, 2017 5:41pm
Quoting Mr Breakout
{quote} Stopped out, I was looking at the wrong time frame No problem, I will wait for the next "bus".
Keeping my original SL in place, I'm thinking of adding a small amount to my position.

I'm still happy it'll come south, I just didn't think it'd go that far north first!

That's what risk management is all about, eh.
  • #448,382
  • Jan 29, 2017 5:49pm Jan 29, 2017 5:49pm
Quoting Luzbay
{quote} Keeping my original SL in place, I'm thinking of adding a small amount to my position.
Careful, adding to an already losing position is usually not a good idea, unless you really trust your trading setup.
  • #448,383
  • Jan 29, 2017 5:55pm Jan 29, 2017 5:55pm
Quoting Mr Breakout
{quote} Careful, adding to an already losing position is usually not a good idea, unless you really trust your trading setup.
Yes I've been bitten by that before, but I am confident on this one.

My SL and what that means as a % of account is still within my tolerance.

Of course, it'd be super sweet if this trade now flies south!

1.26 seems to have stopped the climb in its tracks, for now.
  • #448,384
  • Edited 6:09pm Jan 29, 2017 5:58pm | Edited 6:09pm
Uh-uh, bottom Head and Shoulders after the breakout, NOT a good sign for the short sellers...
Attached Image (click to enlarge)
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  • #448,385
  • Jan 29, 2017 6:04pm Jan 29, 2017 6:04pm
Buying at 1.2595, 22 pip stop.
I now must adapt to this new reality and go long, even though I am still bearish overall.
  • #448,386
  • Jan 29, 2017 6:09pm Jan 29, 2017 6:09pm
Quoting Mr Breakout
Buying at 1.2595, 22 pip stop. I now must adapt to this new reality and go long, even though I am still bearish overall.
I'm not sure. It does seem like 1.26 defended its position well.

The 50 SMA on the H1 chart will be a good sign. It's currently sitting right on top of it.
  • #448,387
  • Jan 29, 2017 6:18pm Jan 29, 2017 6:18pm
Looking at lower time frames, I think we are now at the crest - 1.2595.

I think it's south from here, with a little hold up at 1.2545.
  • #448,388
  • Jan 29, 2017 6:18pm Jan 29, 2017 6:18pm
Quoting Luzbay
It does seem like 1.26 defended its position well.
Yes I know, but when a bottom head and shoulders appears just after a breakout to the downside something is terribly wrong and the trader should reconsider his short position or at least tighten his stop.

In fact the whole breakout could be a fake, we cannot simply ignore that possibility.
  • #448,389
  • Jan 29, 2017 7:02pm Jan 29, 2017 7:02pm
Quoting Luzbay
It does seem like 1.26 defended its position well. .
The cable is going to break through 1.26 any minute now...
  • #448,390
  • Edited 8:47pm Jan 29, 2017 8:18pm | Edited 8:47pm
Quoting PayTheLimit
. Would you have drawn the lines I just did in GJ.
Hi,

Here are the support lines for the GJ if you want some good buying opportunities (blue lines).

Notice the 3 nice rectangles and flag-like patterns that were formed during this uptrend (the GBP/JPY loves to print these patterns!).

Personal tip: drop the 4h charts and use the 1h or 30 min charts, it will give you a clearer, more detailed picture (use the same data range of course, 4 weeks, 8 weeks, whatever you are using...).
Attached Image (click to enlarge)
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  • #448,391
  • Jan 29, 2017 8:57pm Jan 29, 2017 8:57pm
Quoting Mr Breakout
{quote} Hi, Here are the support lines for the GJ if you want some good buying opportunities (blue lines). Notice the 3 nice rectangles and flag-like patterns that were formed during this uptrend (the GBP/JPY loves to print these patterns!). Personal tip: drop the 4h charts and use the 1h or 30 min charts, it will give you a clearer, more detailed picture (use the same data range of course, 4 weeks, 8 weeks, whatever you are using...). {image}
gbp strong enough?
onorebate
  • #448,392
  • Jan 29, 2017 9:04pm Jan 29, 2017 9:04pm
Quoting putrimawarfx
{quote} gbp strong enough?
It depends on your time frame and your take profit.
If you are using the 5-min time frame and looking for 20 pips, it does not matter a bit if the GBP/USD is strong or weak.

Now of course if you are using the daily charts and looking for 500 pips or more for example, that's another story, the GBP/USD is too bearish to aim for that kind of take profit.

Here is the daily chart of the cable. What do we see? Only weakness.
Attached Image (click to enlarge)
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  • #448,393
  • Jan 29, 2017 9:26pm Jan 29, 2017 9:26pm
There is no space for GBP. GAP from USD

Attached Image (click to enlarge)
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USDX

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  • #448,394
  • Jan 29, 2017 9:37pm Jan 29, 2017 9:37pm
Gbp/Usd is consolidating while remains in the bullish territory short term, as long as the pair stay above 1.2510, upward potential might extend.
  • #448,395
  • Jan 29, 2017 9:53pm Jan 29, 2017 9:53pm
Quoting csc2009
Gbp/Usd is consolidating while remains in the bullish territory short term, as long as the pair stay above 1.2510, upward potential might extend.
The cable is not doing much at the moment, but the important US Personal Consumption Expenditure Core report (8:30 AM EST) and the German CPI (8AM) should be able to move it tomorrow Monday 30, one way or the other...
  • #448,396
  • Jan 29, 2017 10:40pm Jan 29, 2017 10:40pm
Rounding bottom on the EUR-NZD, if someone is following this pair.
Attached Image (click to enlarge)
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  • #448,397
  • Jan 29, 2017 10:49pm Jan 29, 2017 10:49pm
Quoting Mr Breakout
{quote} Hi, Here are the support lines for the GJ if you want some good buying opportunities (blue lines). Notice the 3 nice rectangles and flag-like patterns that were formed during this uptrend (the GBP/JPY loves to print these patterns!). Personal tip: drop the 4h charts and use the 1h or 30 min charts, it will give you a clearer, more detailed picture (use the same data range of course, 4 weeks, 8 weeks, whatever you are using...). {image}
I'm only using a 1hr chart...

I'm looking to go at 143.15 right now..

and just as trendlines, we all draw them differently in the end it seems...
Look Sharp/Trade Tight
  • #448,398
  • Edited 11:25pm Jan 29, 2017 11:15pm | Edited 11:25pm
Quoting PayTheLimit
{quote} I'm only using a 1hr chart... I'm looking to go at 143.15 right now.. and just as trendlines, we all draw them differently in the end it seems...
Take a look at my GBP/JPY chart, the second blue line, that's precisely the support line where you intend to buy (143.15), give or take a few pips.
In fact 143.00 is an even better price in your case (see my chart below).

So we do draw lines the same way, more or less:
http://www.forexfactory.com/attachme...5&d=1485742654

However, do keep in mind that there is no guarantee that the GBP/JPY uptrend is still valid. The GBP/JPY has also no obligation to stop at that particular level before resuming its (presumed) uptrend.
  • #448,399
  • Jan 29, 2017 11:18pm Jan 29, 2017 11:18pm
Inserted Video
  • #448,400
  • Jan 29, 2017 11:28pm Jan 29, 2017 11:28pm
Quoting Mr Breakout
{quote} Take a look at my GBP/JPY chart, the second blue line, that's precisely the support line where you intend to buy (143.15), give or take a few pips. In fact 143.00 is an even better price in your case (see my chart below). So we do draw lines the same way: http://www.forexfactory.com/attachme...5&d=1485742654 However, do keep in mind that there is no guarantee that the GBP/JPY uptrend is still valid. The GBP/JPY has also no obligation to stop at that level before resuming its (presumed) uptrend.
Yes well we drew them for different reasons, surely. I have no short term R of any interest, and GJ has been mostly up as of late...so I'll try to pick a sneaky spot to buy. The only reason I wont go on that level is if I see something more interesting at the time somewhere else. UJ might be close to something for example, and I would always take a level in an outright over a cross.
Look Sharp/Trade Tight
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