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Cable Update (GBPUSD)

  • #451,361
  • Mar 28, 2017 5:03pm Mar 28, 2017 5:03pm
I take half off at Target 1
Half off at target 2 and move the stop to T1
Now I am left with a quarter going for T3 with my stop at T2
This makes it a win win no matter what happens.

(for the guy asking about closing trades)
  • #451,362
  • Mar 28, 2017 5:04pm Mar 28, 2017 5:04pm
end of a month or quarter price can move a long way from averages in a hurry tho , just a time for a little extra caution
  • #451,363
  • Mar 28, 2017 6:22pm Mar 28, 2017 6:22pm
Naw Digger I compare average to average not price to average they are entirely different fruits Lemons and Oranges, Price will always stretch to pull on the average.
  • #451,364
  • Mar 28, 2017 6:30pm Mar 28, 2017 6:30pm
Actually that is not always entirely true because we get the reversal pattern forming when price fails to stretch.

Here is a chart I have marked showing the reversal formation, it should be helpful for the newbies amongst us.

The average make a HH but the price makes a LH. then this is confirmed with the bears finding support below the average from then on it is all south with many entry opportunities in this direction on the lower time frames.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 124 KB
  • #451,365
  • Mar 28, 2017 6:56pm Mar 28, 2017 6:56pm
I've set a buy for 1.2402 not feeling great about it but lets see.
Loser trying to become a winner!
  • #451,366
  • Mar 28, 2017 6:58pm Mar 28, 2017 6:58pm
Quoting MyOpinion
I've set a buy for 1.2402 not feeling great about it but lets see.
Ive closed the majority of my shorts as it's definitely due a retrace from this area. Famous last words though!
  • #451,367
  • Mar 28, 2017 7:08pm Mar 28, 2017 7:08pm
Quoting Derivative92
{quote} Ive closed the majority of my shorts as it's definitely due a retrace from this area. Famous last words though!
What a pity, awesome drop right after your post
https://twitter.com/BeauBuyer
  • #451,368
  • Mar 28, 2017 7:17pm Mar 28, 2017 7:17pm
Quoting Derivative92
{quote} Ive closed the majority of my shorts as it's definitely due a retrace from this area. Famous last words though!
-15 pips straight off the bat should get retest of 1.24
Loser trying to become a winner!
  • #451,369
  • Mar 28, 2017 7:23pm Mar 28, 2017 7:23pm
Quoting MyOpinion
{quote} -15 pips straight off the bat should get retest of 1.24
I think you'll be fine, I'm seeing this:

Bounce off 1:2 Angle, will possibly reverse and test 1.245-1.25 area. I've put pending sells at 1.25.

Not as brave as you to attempt a buy though!

Good luck!
Attached Image (click to enlarge)
Click to Enlarge Name: image.png Size: 247 KB
  • #451,370
  • Mar 28, 2017 7:28pm Mar 28, 2017 7:28pm
Quoting ixam23
{quote} What a pity, awesome drop right after your post
Have to hate it when that happens!
  • #451,371
  • Mar 28, 2017 7:36pm Mar 28, 2017 7:36pm
Quoting Derivative92
{quote} I think you'll be fine, I'm seeing this: Bounce off 1:2 Angle, will possibly reverse and test 1.245-1.25 area. I've put pending sells at 1.25. Not as brave as you to attempt a buy though! Good luck! {image}
Looks like if that 1:2 angle goes its potential free fall on your chart lol. I actually just added more at 1.24 with stops under the low gonna be struggle but 1.24 has been my target for a while.
Loser trying to become a winner!
  • #451,372
  • Mar 28, 2017 7:39pm Mar 28, 2017 7:39pm
Quoting MyOpinion
{quote} Looks like if that 1:2 angle goes its potential free fall on your chart lol. I actually just added more at 1.24 with stops under the low gonna be struggle but 1.24 has been my target for a while.
That's the plan!

I think longs are a safe bet for a healthy retrace, I've got a suspicious feeling the drop is to lure in sellers thinking Article 50 is crashing the £, only to snatch it back up.
  • #451,373
  • Mar 28, 2017 7:45pm Mar 28, 2017 7:45pm
Is this gonna be a 1 hour pin bar?
  • #451,374
  • Mar 28, 2017 8:00pm Mar 28, 2017 8:00pm
Quoting Nala66
Is this gonna be a 1 hour pin bar?
More like a javelin!
  • #451,375
  • Mar 28, 2017 8:07pm Mar 28, 2017 8:07pm
hmmm bit worried here closed second buy for b/e
Loser trying to become a winner!
  • #451,376
  • Mar 28, 2017 8:17pm Mar 28, 2017 8:17pm
OK i think we potentially have a bottom but for me needs over 1.2455 to start looking good. Euro bounced nicely off 1.8, dollar index struggling with resistance, everyone and there mother are short, it makes a lot of sense. Could get crazy tomorrow though and wont be surprised if chunks down so will take it easy with the leverage, careful guys and good luck!
Loser trying to become a winner!
  • #451,377
  • Mar 28, 2017 8:29pm Mar 28, 2017 8:29pm
The 4 hour stopped just short of the 50% retrace so I am still cautious and have no signals as yet.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot4.png Size: 92 KB
  • #451,378
  • Mar 28, 2017 9:15pm Mar 28, 2017 9:15pm
Long setup on retracement for an impulse wave 3 blue, on expanding range of larger expanding diagonal (c)
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 29Mar17.png Size: 98 KB
Elliott Wave for optimum entry, exit and risk management of trades
  • #451,379
  • Mar 28, 2017 9:28pm Mar 28, 2017 9:28pm
We could see a quick upmove here looking good for me now as long as stays above 1.24.
Loser trying to become a winner!
  • #451,380
  • Mar 28, 2017 10:57pm Mar 28, 2017 10:57pm
Quoting Ill-b-back
1.24xx looks like the spot to look for bullish hint {image}
Let's see if this monkey bounces well from here
Come with me if you want to live....
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