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Cable Update (GBPUSD)

  • #452,681
  • May 18, 2017 8:18pm May 18, 2017 8:18pm
Quoting Ill-b-back
{quote} But, it IS tempting to short for a bit {image}
That is for sure, I would never lock myself in any particular direction. I only take inference from the higher time frames. Most of my work is done on the 5 minute chart and use the 1 minute chart to test for an entry.

I made a mistake last night with my projection, the lines I had were incorrectly drawn. The top one was ok but the bottom didn't exist I just made an assumption which turned out to be wrong. When we try to guess the market we are nearly always wrong.

So assume nothing and trade what is happening...That should be the golden rule.
  • #452,682
  • May 18, 2017 9:02pm May 18, 2017 9:02pm
Quoting Nala66
{quote} That is for sure, I would never lock myself in any particular direction. I only take inference from the higher time frames. Most of my work is done on the 5 minute chart and use the 1 minute chart to test for an entry. I made a mistake last night with my projection, the lines I had were incorrectly drawn. The top one was ok but the bottom didn't exist I just made an assumption which turned out to be wrong. When we try to guess the market we are nearly always wrong. So assume nothing and trade what is happening...That should be the...
Wholeheartedly agree with you on this.

Sounds crazy, but I rarely used to look below the weekly timeframe.

Daily and everything below used to be noise to me.

I am finding myself more flexible now that I look at and trade lower TF's while referencing Weekly/monthly.
Come with me if you want to live....
  • #452,683
  • May 18, 2017 9:14pm May 18, 2017 9:14pm
Yep, less time in the market and the more money I make works for me.

See here on the 5 min chart the support and resistance is too close together (7 pips) and the average top and bottom is too close also==== No trade
Attached Image
  • #452,684
  • May 18, 2017 9:22pm May 18, 2017 9:22pm
Actually this chart serves to show you where I find the supports and resistances based on the cross of the EMA and failure to get back.

So support later becomes resistance.
Attached Image
  • #452,685
  • May 18, 2017 9:53pm May 18, 2017 9:53pm
Better if I show a trade on the EJ 5 minute

1) These bars are stopping the trend and rolling over the EMA.

2) The EMA is now moving southwards.

3) The bears have found support ( later bullish resistance)

4) Is my target distance for reward (risk is a break of the resistance)

5) Is the previous swing low average.

To break the last swing low average price should also make a lower low (But Not always sometimes the average may be lower but not the price, like a divergence)

So I judge there to be a trading opportunity when I see the bearish support fails to be broken by the bulls. ( A break is a close across, not a wick across) and there is enough possible movement to get my pips.
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  • #452,686
  • May 19, 2017 12:34am May 19, 2017 12:34am
Holding some shorts in Gbpusd and Gbpcad. Will see how it goes..
Forex Learner
  • #452,687
  • May 19, 2017 1:32am May 19, 2017 1:32am
Morning took a nice short yesterday and again this morning stops at 2964 break that might be into long hedge trade looking for gbj shorter also have a good day all it's Friday but no wine today boss we're on the bubbly at 3 hic hic
  • #452,688
  • May 19, 2017 1:35am May 19, 2017 1:35am
what happen to that old salt dog Mr Breakout....
Look Sharp/Trade Tight
  • #452,689
  • May 19, 2017 1:42am May 19, 2017 1:42am
17/05/19 FRIDAY 08:38+1GMT
EARLY MORNING REPORT
Ubi maior minor cessat
  • #452,690
  • May 19, 2017 1:47am May 19, 2017 1:47am
Inserted Video
  • #452,691
  • May 19, 2017 1:56am May 19, 2017 1:56am
Waiting to break yesterdays high then range some today ..
  • #452,692
  • May 19, 2017 2:07am May 19, 2017 2:07am
Just about to leave a quick look 4 hour yesterday move 61% I have 2984 ish
  • #452,693
  • May 19, 2017 3:46am May 19, 2017 3:46am
Quoting rkr81
Holding some shorts in Gbpusd and Gbpcad. Will see how it goes..
We can take a horse to water but we can't make it drink.

Nothing here says short...
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  • #452,694
  • May 19, 2017 4:22am May 19, 2017 4:22am
considering selling some GJ at 145.65/70 for a scalp.....
Look Sharp/Trade Tight
  • #452,695
  • May 19, 2017 4:26am May 19, 2017 4:26am
Quoting dean1star
Waiting to break yesterdays high then range some today ..
if it can, if cannot break.. follow by series of DT candle.. Monster will be back like yesterday?
  • #452,696
  • May 19, 2017 5:36am May 19, 2017 5:36am
Quoting Nala66
{quote} We can take a horse to water but we can't make it drink. Nothing here says short... {image}
Sell is on the cards.. will see
Forex Learner
  • #452,697
  • May 19, 2017 6:46am May 19, 2017 6:46am
my humble opinion
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  • #452,698
  • May 19, 2017 7:48am May 19, 2017 7:48am
FYI. That is exactly what i thinking about.

Im interested in long term shorting Cable. We could and maybe will reach 1.35 in the next weeks but imo only to be able to short more from there.

Quote. The whole article is is simple understandable written but very interesting.

Quote

Although the magnitude of last nights move will have raised a lot of eyebrows, we would argue that cables fall back below the 1.30 level was less of a revelation. In the past week or so there have been clear signs that the short-covering pressure that lifted cable from its early March levels was running out of steam. Although cable is again testing the 1.30 levels this morning, assuming some stabilisation in the value of the USD, we continue to view rallies above this level as selling opportunities.
Earlier this week...
[/i]

Whole article here:

https://www.fxstreet.com/news/gbp-us...k-201705191210...
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  • #452,699
  • May 19, 2017 7:50am May 19, 2017 7:50am
Dammed quote cutting..

Quote
Earlier this week the results of a CIPS survey found that 46% of European businesses expect to reduce their use of UK suppliers as a result of Brexit on fears of increased costs. This is linked to the expectations that a fall back to WTO trade terms would bring large tariffs for sectors that include cars, dairy and pharmaceutical and nontariff restrictions for service sector. Faced with the uncertainties connected with trade negotiations, we see risk of cable trading close to the USD1.25 area by the end of the year.
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  • #452,700
  • May 19, 2017 9:12am May 19, 2017 9:12am
i think that it will get above 1.30 next week and stay in a range from 1.30 to 1.35

i love to buy the dips on this pair because the data from the U.K has been great and people have confidence in the government
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