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Cable Update (GBPUSD)

Quoting eryaran
On the weekly market at good resistance zone ! O.618 fibonacci retracement + 1.00 fibonacci expansion line up.. {image}

And whats withe the down side ??
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First target 1.27ish on daily and second target is 1.26-1.2550 zone
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Quoting Toranaga
{quote} 2 pips. I hope you closed it before. Thats the reason i started to trade D1 and W1 with really wide SL and mostly with grid. Forex sucks but if you can outfox it sometimes you can make money. But you have to find new ways to do that. Thats why im still trading it.
I agree.

My most commonly checked chart is daily and I will not often use stops of less than 80 pips.

Give you plenty of breathing space if you've gauged the trend, but not entered at the optimum moment.
Shorted at 128 300
Quoting Toranaga
{quote} 2 pips. I hope you closed it before. Thats the reason i started to trade D1 and W1 with really wide SL and mostly with grid. Forex sucks but if you can outfox it sometimes you can make money. But you have to find new ways to do that. Thats why im still trading it.
lol Took 15 pips on it

Scalp another 2 * 10 pips short too

Flat now and done for the day GL all
where to go? its so choppy
Anybody know why Tax Reform press conference made the pound rally against the dollar?
Quoting fahad516
Anybody know why Tax Reform press conference made the pound rally against the dollar?
I wouldn't necessarily call 10-20 pips a rally, but my two cents is that the buyers are squeezing the last of the current upward move out, before we head down.

I can't see why cuts in US taxes would weaken the dollar.
Quoting eryaran
First target 1.27ish on daily and second target is 1.26-1.2550 zone {image}
Let's hope so just took short again and gbj 142.950
It wants to go above. Feels like big boys didn't sort out yet...
Quoting kk300
It wants to go above. Feels like big boys didn't sort out yet...
Hope it doesn’t go above kill all short SL then go down under
Self discipline It is a practice
Cable continues to be trading within a narrow range in positive territroy , there is no clear directional strength, the consolidation would probably continue until Friday preliminary Q1 GDP release.
Well days have passed and as suspected the daily chart held the high position as the EMA breaks previous levels heading towards the much higher one at 1.323. There is still no evidence of a long term short all evidence still points towards the long side.

Price is holding in the top Quartile (25%) and appears to have broken out of a a pennant though a retest would be nice.

There are some huge triangles here also which since the Swissy crash I don't ignore any longer.

All in all I would still be buying the dips on this pair.

Daily chart...
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Seen at the 1 hour level price appears to be lazy as it ambles along waiting for the daily catch up.

We do see it continues to put in unbroken supports so again no evidence yet of shorts and is generally trading above its average.
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Quoting andoseg2
Looking to buy {image}

Update : some pics posted on facebook group :

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Money moves the market, not an indicator.
I'm in the bull camp also, and 1.2820/25 seems like a decent support to lean on today...
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Look Sharp/Trade Tight
Looks like 1.2959 coming up
Come with me if you want to live....
Taking a few shorts in this area ,,,last weeks high ,,,,,tgting weekly pivot at 2740 to start with ,Ill see what happens, hope all are doing well .
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will take some profit around the weekly open ,,,,,28ish area if and when it gets there
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