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Cable Update (GBPUSD)

  • #452,501
  • May 11, 2017 4:09am May 11, 2017 4:09am
Quoting amonshi
looking to add more short if it breaks 1.29
I expect an pullback. Better you close your shorts and wait what happens.
  • #452,502
  • May 11, 2017 4:25am May 11, 2017 4:25am
As expected it bounced off the resistance at 1.29. Interest rates vote will move it either north or more south later.
"Don't lose your cool, and you will fare well".
  • #452,503
  • May 11, 2017 4:34am May 11, 2017 4:34am
Quoting fantasma
{quote} I expect an pullback. Better you close your shorts and wait what happens.
well I have SL at BE, I'll stick with current position but I consider not opening new position
Letting losses run is the most serious mistake made by most investors.
  • #452,504
  • May 11, 2017 4:35am May 11, 2017 4:35am
Quoting diana91
As expected it bounced off the resistance at 1.29. Interest rates vote will move it either north or more south later.
But could probably retest as long price do not cross EMA 20 on 5 min (is a good indication for higher highs / higher lows = change of trend)
  • #452,505
  • May 11, 2017 4:36am May 11, 2017 4:36am
Based on the structure, the upside may be limited.
Attached Image (click to enlarge)
Click to Enlarge Name: gu h1 may 10.PNG Size: 70 KB
  • #452,506
  • May 11, 2017 4:41am May 11, 2017 4:41am
Holding my shorts... expected to break
  • #452,507
  • May 11, 2017 4:46am May 11, 2017 4:46am
If I placed my short here, I would need to place a wide SL to accommodate for potential volatility during interest rate vote.

I believe there will be a better entry. Eventually pending short somewhere at 1.288 or so.
"Don't lose your cool, and you will fare well".
  • #452,508
  • May 11, 2017 4:51am May 11, 2017 4:51am
BOE rate vote should for the moment stay as it is, reasons abound plenty - would be surprised if it changes, but then forex is full of surprises .. Already short on this pair.
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  • #452,509
  • May 11, 2017 4:53am May 11, 2017 4:53am
Quoting realfan
Based on the structure, the upside may be limited. {image}
Thats why I trade the GBP minor currency pairs and use GBPUSD as a reference. USD/ EUR pairs are difficult tot trade because market is most time ranging and volatility is low (5 Period Average Daily Range GBPUSD = 73 Pips, GBPAUD = 130 Pips)
  • #452,510
  • May 11, 2017 4:58am May 11, 2017 4:58am
Quoting fxlearner81
Holding my shorts... expected to break
Price goes back into the previous range.
  • #452,511
  • May 11, 2017 5:02am May 11, 2017 5:02am
Quoting fantasma
{quote} Price goes back into the previous range.
But thats the way it is now - it will always do this. Except for any breakout move and even on news releases they will buy back and sell then buy back in the range for the most part, it seems more lucrative for pips if you count how many moves they make - totally robotic for sure and lessens the profit for outside of the small group position traders. Still keeping an eye on 132 zone its still not out of play yet.
  • #452,512
  • May 11, 2017 5:15am May 11, 2017 5:15am
Quoting dean1star
{quote} But thats the way it is now - it will always do this. Except for any breakout move and even on news releases they will buy back and sell then buy back in the range for the most part, it seems more lucrative for pips if you count how many moves they make - totally robotic for sure and lessens the profit for outside of the small group position traders. Still keeping an eye on 132 zone its still not out of play yet.
I mean around 1.294 ;-)
At 10:30 we had the GBP news and price moved only 30 Pips. I traded the major pairs USD/EUD many years but on long term I did not make a dime. Ok, Except BREXIT :-)

Since I switched to the minors life is more easy.
  • #452,513
  • May 11, 2017 5:16am May 11, 2017 5:16am
Robots do their job. This all looks automatic because it is.
"Don't lose your cool, and you will fare well".
  • #452,514
  • May 11, 2017 6:02am May 11, 2017 6:02am
the price broken support 1.2880 lets see how much it falls
Letting losses run is the most serious mistake made by most investors.
  • #452,515
  • May 11, 2017 6:07am May 11, 2017 6:07am
Will look to hold my shorts from 2943 to 2700-2750 area
  • #452,516
  • May 11, 2017 6:30am May 11, 2017 6:30am
Tough Support 1.2880.
  • #452,517
  • May 11, 2017 6:33am May 11, 2017 6:33am
Quoting fantasma
{quote} Thats why I trade the GBP minor currency pairs and use GBPUSD as a reference. USD/ EUR pairs are difficult tot trade because market is most time ranging and volatility is low (5 Period Average Daily Range GBPUSD = 73 Pips, GBPAUD = 130 Pips)
I am closely watching GA and Gbp/Cad. If support holds ill wait to sell higher.
  • #452,518
  • May 11, 2017 6:36am May 11, 2017 6:36am
So quiet here right now. Everybody is looking at their positions.
"Don't lose your cool, and you will fare well".
  • #452,519
  • May 11, 2017 6:44am May 11, 2017 6:44am
if it breaks last week low 1.2830 it can go to 1.27 area. it would be great, lets wait and see the 2830 test.
  • #452,520
  • May 11, 2017 7:07am May 11, 2017 7:07am
Today is the Day of the Bear!

The name of the song: "I was so looooong "
Artist: GBP bears.
Album: Once upon a time, there was a bull...
Attached Image
"Don't lose your cool, and you will fare well".
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