Cable Update (GBPUSD)

124 tested again today? Somebody might have a double touch?

IMO..

Hey guys after last weeks craziness, i have reviewed and changed the way i trade. As much research or chart patterns we think we now means nothing.

Gbpusd closed under 1.24 and aud above 77.
Big week ahead... trump has a speech this week, watchthe speech benefit the usd. The Feds have a few.speeches this week and the news will be more positive.
Usd can't afford to be a bear currency at the moment

Short trade 23456 !!! For any bounce area long 2440 for any resistance I would say at this time to open up on Monday the 4 hour is trying to trade over the 200ema now so watch that for a bounce now siting on the block of candles you will see and a tl following it up so we use this as support any break below would see 2300 and might even turn it short . So we also keep this I'm mind . The long high would be 2770 area . Now the plan is set for next week I keep this as a reminder if I start waving off track . Not bad for a troll ah lol good luck chaps . Regards E

So you think the gbp will raise further this week

it's too early to say now and needs confirmation next week

but this 1.2400 - 1.2380 area could be an interesting level for shorts

if it breaks 1.2460 to the upside next week i would suspend looking for shorts and wait on the sidelines

FWIW a new dealer on d Block , mebbe Not so bad hah =

AS far as chart patterns I will have to respectfully disagree,,,,,,,, 3 charts shown 1st one weekly bear flag pattern with a projection that was hit and exceeded , ,,,,,,,, with the projection now being resistance,,,,,,,,, monthly chart has some lower ones but you cant just blindly sell unless you can sit on some huge draw downs and really in the grand scheme of things a huge draw down is a missed trade lets be honest. I dont use a four hour chart much but most do, so on to a 4 hour yellow trendline or a channel or whatever you use the mkt got above it or come out of the channel etc etc ,,,, time to perk up and pay attention ,, it has blasted back up it will probably get close or to the point it sold off from, , Im looking at the right shoulder marked out somewhere in that area .. I use them patterns a lot ,,,,,,,,most dispel them and they all dont stick out pretty on the chart but they work a long with the flag patterns and projections ,,,,,,,,,, if and when it does get to that area,,,,,, (it could go past and negate that pattern ,,who knows all you can do is look for clues ),,,,,,,,,, and sells off the 50% level marked on the right will come into play, should be the 1st solid bounce area or the area I will be watching for things to indicate it may turn, gets past that it will probably go almost all the way back down or retrace the whole move,,, who knows ,,,, look for clues. On too the now part ,,,, look at the bull flags and projections ,,,,,, do they work it appears they are pretty close with the last projection being right around shoulder area ,,, neckline of the 4 hour H&S pattern it sold from,,,,,,,, time will tell ,,,,,,,,,,, if you are getinng whipsawed left and right or sitting on huge draw downs or losing way more than you make ,,,,,, take a naked hourly chart and put a 24 ema on it and take a look ,,, then learn a few patterns and in time you will learn a lot of things that will make you some money and have you on the right side of a trade more often than not side note ,,,,you do not have to be in a trade every second to make money patience is a big plus something I lack some days,,,,,,,,,,,,,,changing your whole philosophy on trading every time the mkt shows you who is boss isint a winning combination and that comes from experience ,,,, there is no holy grail,,,,,,,,, it is difficult ,,,,,,,,,,,, but it is not rocket science ......

As far as the dollar have to be high , not really ,,,,, if you want the economy to be churning and building then a lower currency is much better for exporting ,,,,, if the economy is churning using lots of raw materials said economy with cheaper currency means raw materials from said economy will be competitive with cheap imports ,,,,,, low currency better for exporting low currency worse for importing,,,,, is the jest , tremendous debt load from gov policies also would make it hard for the USD to meet debt obligations with higher and higher interest rates as with a lot of the goverment s being neck deep in public debt ,,,,,,,, the best part is all this sh or crap I mean adds volatility and that is what makes the mkt tick and that is what you need to make money trading cheers all

We will probably be spending Monday Asian session consolidating around the 61.8 level, before heading down during US trading hours.

where's the target for this month ??

Whats every one thoughts on g20 impact. Trump
Showed balls and us looking strong. Also fomc members due to speak this week.

our cable journey disturbed by some psychological trader.
"Rogue traders who are selling fireworks to kids are likely to find themselves in hot water."



daily flat, weekly Trend UP, 2 week Trend Up, Monthly Flat.

hey but it's Forex, anyone can sell or buy at will

Hello bithedz. Looks nice, what indicators are you using?

I am bearish on cable for the week. Here's why.

Last week, I had the view that the pair would move southwards to retest the gap of January 15, 2017, between 1.2120 and 1.2000. But I was mistaken. Thanks to the favourable fundamentals on cable and the poor greenback showing fundamentally. Nevertheless, overall, I consider the cable move purely unreliable and unsustainable. Yes, the pair has been on an upward stretch; but it seems to be nearing a plateau. On the daily time frame, the pair is entering an area of consolidation (khaki rectangle). There, it will have to contend with the monthly pivot around 1.24761 and a series of weekly resistance levels nearby. Details on this pair and a few others are given on weekly technical outlook.

I may be wrong. Trade safe and prosper.

KP

Hi I think you are right... there is a SELL of GBP against allot of other currenuices as well.

During the week FOMC members are talking as well.

my sell was 1.2402 sl 1.2455 tp is 1.2300 lets see

The pair is still holding well within positive territory while it has temporarily lost its upward strength, bouncing around 1.238 level. 1.2400 level act as important resistance level.

Reckon with a little more volume when London comes online a little bounce to near quarterly pivot is where I will be watching ,,,,, see if they sell enough to take it back down to 50% level of the move down or quarterly open, It has traded below the daily open since it opened so a drop to 2360ish may happen 1st hard to tell atm ,,,,gets above the daily open would expect the pop 1st tho ,,, have a great week traders ,,,cheers.

Side note ,,,,,, calendar is coming in to the last 2 weeks of the 1st quarter so things could pick up a little ,,,, even more so towards the end of next week .