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Cable Update (GBPUSD)

  • #449,461
  • Feb 12, 2017 6:55pm Feb 12, 2017 6:55pm
Between President Trump's "phenomenal" tax reform promise and much better-than-expected data from the UK last week, the pair bounced around 1.2500 level with downside seems limited to 1.2430.
  • #449,462
  • Feb 12, 2017 7:44pm Feb 12, 2017 7:44pm
Quoting Mr Breakout
{quote} Another perfect example. The GBP/JPY did not move for more than 10 minutes after the GDP report and then made a sudden 50 pip move in 6 minutes. The Yen is a very very sneaky and subtle currency indeed. Now let's see if we can find a nice entry point.... {image}
GJ follows 2 pairs which are GU & UJ.. Sometime the move offset one another.. The upmove as you see it mostly following UJ moves..
  • #449,463
  • Feb 12, 2017 7:48pm Feb 12, 2017 7:48pm
GBP/USD s under pressure & failed to break above its key resistance at 2525 and is consolidating on the downside. The RSI is around its neutrality level atm limiting the pair under 2525. As long as this key level holds on the upside, look for a further drop toward 1.2440. A break below this level would call for a further decline toward 2420 & to 2300 (elbert3 qoutes). Only a break above 1.2525 would turn the outlook to positive with an up target at.2550/80!!!!!!!!
  • #449,464
  • Feb 12, 2017 7:49pm Feb 12, 2017 7:49pm
Quoting A-speculator
The upmove as you see it mostly following UJ moves..
Of course, since there is no news about GBP/USD at the moment.
  • #449,465
  • Feb 12, 2017 7:54pm Feb 12, 2017 7:54pm
Quoting Dr.Zain
The RSI is around its neutrality level atm
Dr Zain, it has proven time and time again (via numerous backtests) that the RSI is virtually worthless as a timing indicator in trending markets like the Forex.

However, it is a powerful indicator in mean-reverting markets like the stock market (see studies by Perry Kaufman in his classic "Trading systems and methods" book, for instance).
  • #449,466
  • Feb 12, 2017 8:20pm Feb 12, 2017 8:20pm
Quoting Mr Breakout
{quote} Of course, since there is no news about GBP/USD at the moment.
Well, i think its due to risk aversion sentiment.. Or the dollar is more preferable to the big boys..
  • #449,467
  • Feb 12, 2017 8:28pm Feb 12, 2017 8:28pm
Quoting A-speculator
{quote} Well, i think its due to risk aversion sentiment..
It could be absolutely anything, but as a true technical analysis trader I do not care about such things, I look at the chart and it tells me everything I need to know.

Why the yen or the cable or the euro moved this way or that way I leave that part to the economists and the so-called fundamentalists.

They are notoriously known for explaining ANY up or down move, in ANY currency, commodity, bond or stock.

After the fact of course.

Like I said before, predicting the past is a very lucrative business...
  • #449,468
  • Feb 12, 2017 8:34pm Feb 12, 2017 8:34pm
Quoting Mr Breakout
{quote} It could be absolutely anything, but as a true technical analysis trader I do not care about such things, I look at the chart and it tells me everything I need to know. Why the yen or the cable or the euro moved this way or that way I leave that to the economists and the so-called fundamentalists. They are notoriously known for explaining ANY up or down move, in ANY currency, commodity, bond or stock. After the fact of course.
Well, yeah.. U are right.. Anyway, technically speaking, the cable hasn't made any new highs in the longer TF.. monthly seems bearish, weekly also.. Daily seems whipsaw.. I anticipate more downward pressure in these TF.. What u say?
  • #449,469
  • Feb 12, 2017 8:48pm Feb 12, 2017 8:48pm
Quoting A-speculator
{quote} Well, yeah.. U are right.. Anyway, technically speaking, the cable hasn't made any new highs in the longer TF.. monthly seems bearish, weekly also.. Daily seems whipsaw.. I anticipate more downward pressure in these TF.. What u say?
I will answer your question in a moment, right now I have unexpected guests (my cousin's pals) at home.

Jesus, just what I needed, I am probably going to lose 2 grand at least just chatting with them and not trading
  • #449,470
  • Feb 12, 2017 10:00pm Feb 12, 2017 10:00pm
Good day

- seems 1.25000 will be important level for GU either act as SUPPORT or RESISTANT . Agree with other friends , Overall weekly an monthly bearish was the momentum.
  • #449,471
  • Feb 12, 2017 11:11pm Feb 12, 2017 11:11pm
Amazing, almost everyone in this thread here is talking about monthly, weekly or daily charts.

Seriously, am I the only here trading on the 15-min and 5-min charts or what?

In any case I strongly believe that waiting for the completion of a monthly, weekly or a daily chart pattern is absurd, we traders can make money everyday as day traders.

Keep in mind that the same patterns you see on the higher time frames appear routinely on the 15 to 1-min time frame.

Anyway.
  • #449,472
  • Feb 12, 2017 11:16pm Feb 12, 2017 11:16pm
hourly chart, best I can do..only problem, nothing to talk about, we have done nothing mostly last few days....
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 60 KB
Look Sharp/Trade Tight
  • #449,473
  • Feb 12, 2017 11:27pm Feb 12, 2017 11:27pm
Quoting PayTheLimit
nothing to talk about, we have done nothing mostly last few days.... {image}
It's because you are chasing the wrong "horse" PayTheLimit, right now the action is on the GBP/JPY and the GBP/CAD, forget about GBP/USD for the moment, it's a dead horse.

In Forex, Futures or Stock, always go where the action is man, stop wasting your time (and money) on going-nowhere currencies, commodities or stocks.
  • #449,474
  • Feb 12, 2017 11:27pm Feb 12, 2017 11:27pm
Quoting Mr Breakout
Amazing, almost everyone in this thread here is talking about monthly, weekly or daily charts. Seriously, am I the only here trading on the 15-min and 5-min charts or what? In any case I strongly believe that waiting for the completion of a monthly, weekly or a daily chart pattern is absurd, we traders can make money everyday as day traders. Keep in mind that the same patterns you see on the higher time frames appear routinely on the 15 to 1-min time frame. Anyway.
Well, though the swissy doesn't correlate very well with cable, the breakout of the pair above 1.0 indicate more down move towards the fiber and cable.. Upward move in cable perhaps is seen as correction.. Just my 2 cents.
  • #449,475
  • Feb 12, 2017 11:30pm Feb 12, 2017 11:30pm
GJ looks better..we was mostly down, followed by mostly up, level looks decent, had some good buying ahead of it, so I'd expect some stops under there now...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1.png Size: 57 KB
Look Sharp/Trade Tight
  • #449,476
  • Feb 12, 2017 11:33pm Feb 12, 2017 11:33pm
Quoting Mr Breakout
{quote} It's because you are chasing the wrong "horse" PayTheLimit, right now the action is on the GBP/JPY and the GBP/CAD, forget about GBP/USD for the moment, it's a dead horse. In Forex, Futures or Stock, always go where the action is man, stop wasting your time (and money) on going-nowhere currencies, commodities or stocks.
we have gone over this, I'm not chasing anyone, anywhere...not anymore I'm not...I'll wait for some action instead...in no hurry...
Look Sharp/Trade Tight
  • #449,477
  • Feb 12, 2017 11:34pm Feb 12, 2017 11:34pm
Quoting A-speculator
{quote} Well, though the swissy doesn't correlate very well with cable, the breakout of the pair above 1.0 indicate more down move towards the fiber and cable.. Upward move in cable perhaps is seen as correction.. Just my 2 cents.
My friend, forget about correlations, sometimes they work and sometimes they don't.
  • #449,478
  • Feb 12, 2017 11:37pm Feb 12, 2017 11:37pm
Quoting Mr Breakout
{quote} My friend, forget about correlations, sometimes they work and sometimes they don't.
Oh well.. Ok mate. Good luck bro.
  • #449,479
  • Feb 12, 2017 11:41pm Feb 12, 2017 11:41pm
Quoting PayTheLimit
..I'll wait for some action instead...in no hurry...
Waiting for action...

I am in no hurry...

In the long run you are going to miss a lot of opportunities ($$$) with that kind of reasoning.

For example let's say you wait 3 months for a Head and Shoulders formation on the daily chart or 4 charts. You finally pull the trigger and make (hopefully) 180 pips, assuming the pattern does not fail of course.

In the meantime day-trader X has made 750 pips during that same period of time, just with the 15-min charts.

See the problem here?
  • #449,480
  • Feb 12, 2017 11:41pm Feb 12, 2017 11:41pm
looks like reverse H&S off the channel retest
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH4.png Size: 28 KB
Come with me if you want to live....
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