Cable Update (GBPUSD)

Remember that hourly close mentioned earlier ,,,,,,been short biased on the day ,posted before the news,,,,,, the news spike was my best entry's ,,,,they may all go down in flame but enough profit booked on a few positions the ones left are free rides win or lose . I had a number of reasons for my shorts but atm the charts look like this.

17/03/23 THURSDAY 13:30 +1GMT
EARLY AFTERNOON REPORT

And for those who didnt just blindly hit the buy button on a green release and got filled near the top and are hoping it goes back up . Watch that support level real close ,,,,, it attempted to bounce there , its got hit by some selling pressure right away tho,,,gotta love the ole trading strandard of wait 15 minutes for the dust to settle approach,,,,,,,, does give you some levels to watch if your patient tho Especially on news that dosent do what you think is normal.

15 minutes away from a four and an eight hour candle close traders ,,,,, keep track of the 15 minute candle after the news levels ,,,,,, the next 4 to 8 hour direction may about to be decided. cheers all got to run

GBP/USD continues moving to the upside despite the doji candlestick on the daily time-frame at the resistance at 1.2500. The closest target is likely at 1.2550.

Yea, stiff sledding up here but its working on it ... This is what I meant when I said watch the levels of the 15 minute candle after the news. Wasent real clear in my previous post,, short on time lol. Now both levels have been used for support . Not a rocket trade for sure ,,,,,,,more like a tractor trade lol,,,,,, little slower ,,,cheers all

And yet, just as I predicted, almost to the pip (see my previous posts), there was a breakout to a downside from an obvious Head and Shoulders pattern and the cable made a 300 pip down move, the exact target for this type of chart formation.

@asgcorp,

Now as to your supposed bull flag on the cable ("GU daily is a bull flag setup"), where on earth do you see such - imaginary - formation (see chart below)?

And I am the one smoking crack?!?

Whatever.

I agree with you Mr Breakout, it is H&S pattern that show in daily chart and we are at the right shoulder (lower than Head), so we will go down from today and break the neck next week.

No Comment

1.24xx looks like the spot to look for bullish hint

My daily chart indicates that all the current targets have been hit so we are waiting for new setups.

The chart has set the range and we are dead centre of it at this time.

We may find price will stick around this area for a few days until it sorts out which way to take the price

atm not unpredictable, it looks upward.

At the 1 hour level this is not much use either since we are at exactly the 50% retracement level.

IF we break the green and we go to the red

IF we break the green and we go to the red

IF we break the green and we go to the red

sing it with me....

2510 would be a good sell down to 24xx I think

Well a little longer term view ,,,,,,, the decent has definitely slowed ,,,, one end or the other has to give way ,I did have a little lower projection on a monthly chart but my weekly has been a touch more accurate ,,, coming into the last week of a quarter and the end of the month ,,,,should be a decent move coming one way or the other . cheers all

Good morning, afternoon, evening. A weak open in the UK to the day and a Friday. Down methinks. Plenty of longs will be seeing the last of 1.25 for a while, especially those who took 1.2435. Good trading to you.

Scalped that up for 20 pips.
Added some Crumpets afterwards.
Greatest combo ever known to man..
Scalping and Crumpets.
Shorting later on for this pair.
As for crumptets .. na ur right they aint that good ;-) WINK WINK

think that this pair looks weak today and that 1.2511 was the top.Also looking at NOK/GPB it has rised 0,25% this morning and the NOK/euro has declined 0,15%. So if one looks at the NOK the euro/USD should rise today and the GPB/USD should decline today. Often we can see a pattern on the beforehand.