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Cable

ridethepig | GBP Market Commentary 09.12.2020📌 @ridethepig G10 FX Commentary GBPUSD This linkage between the retracement and the impulsive wave is classical, believed only in absolute directional moves; ....sellers of UK assets are a forced to be reckoned with and such a move in 80 cases out of 100 will be considered worth playing. I am dropping the figure from 1.350x to 1.345x because I expect sellers to aggressively defend the resistance move. The strength of the USD should in no way be underestimated. And suddenly we are reaching the nucleus of the retracement. Clarification of the manoeuvre.... The majority are thinking that a dinner for two tonight between Johnson and VDL will consist of progress, instead I think the can will be once again kicked and create some kind of diversion. At the same time, we are going to use technicals here to show the nucleus. I shall choose a typical ABC retracement as an example of the flows to link and fade. In this case 1.345x is being blocked from the previous orderblock which we traded live: The threat of another leg lower interrupting all lines of communication between GBP buyers on one hand and risk on the other. Therefore we should track the necessity of trapping out opponent on the highs. If you know the thoughts of your opponent, it is easy to assimilate the concept of a counter attack; a flank which will hammer the currency in a naturally speculative way. Thanks as usual for keeping the feedback coming 👍 or 👎
Short
by ridethepig
33
GBPUSD - PREDICTIONCould you find a more volatile pair right now between DXY and Brexit?! I favour longs on this retest of the daily support, especially with the minor bullish trend line to consider and the fact we have a perfectly lined up fib area. As always we prepare for buys and sells, so sells we have below the support and retesting the 61.8% fib and longer term descending channel which would give us a very tasty 1:7 which is very doable with Brexit deadline inching closer. We will send a signal out later this week should we take entry.
by RealistFX
GBPUSD - SELL OPPERTUNITYLooking at GBPUSD (Cable) - I think we will be in a Bearish market for the first part of the week, commencing 30th December 2020. Using Fibb Retracement from last weeks high/low points, we're currently sat in the 'Golden Zone'. A second confirmation candle has confirmed price has broken the Ascending Trend. We are targeting the 23.60% Fibb level which sits just above our previous Support Zone (1.32426). So why are we taking this trade? - Broken trend with a third confirmation candle on the 4 hour chart - Price currently in the Golden Zone - Relative Strength Index (RSI) is sat at 60 on the 1 Day chart. (Indicating the market is overbought) Target Pips: 62 Risk to Reward: 1.30 Remember to LIKE, COMMENT and FOLLOW for more trade ideas! @newgenforex on all social media platforms :-)
Short
by Xpressforex
GBPUSD - Liquidity TrapStill looking at a trap for Liquidity on Cable going into this week. There are some nice lows that I'm looking for failure around providing a high probability move to the upside (targeting the FTA - First Trouble Area). Why do I trade these liquidity traps? Reason 1 - Because when price breaks structure, the breakout traders have their pending orders (Sell/Buy Stops) activated to which the institutional players will trap by failing the break and pulling price back slightly to close above/below previous structure, invalidating the breakout traders ideas so they will either hit stop or pull out of their order due to fear or rules. Reason 2 - Because any retail traders who are currently still holding positions usually have their stops placed beyond structure/swing points creating a mass of orders. If you're not aware if you're short the market you have to buy back your position and if you're long the market you have to sell back your position. For both of these reasons this creates a high volume area of transactions in the market creating high liquidity. If you study what the big players do at these areas, watch your strike rate grow! If you want to learn more about how we trade at Xclusive Trading, either message us or check out our membership plan online: www.xclusivetrading-groupltd.com
by Kieran_Duff
Bearish divergence, possible break out of rising wedge on GBPUSDOn the 4h chart of Cable, a bearish divergence (in RSI, MACD, and Stochastic) is observed with no higher-highs being formed, signaling weakness in the current bull trend. A break out of the rising wedge and a subsequent break below the local support of 1.32990 could provide a short signal where it is expected to fall to at least the 4H support of 1.31760. However, I believe it could drop further to longer-term support at around 1.30700 and possibly even further to 1.28800. If price does not break the first support level at 1.32990, the trade is not taken.
Short
by aidan1b
1
$GBPUSD - Seeking Liquidity Short - 3:1 Scalp-ish TradeThe old me wants to buy it because it fits the trend-line/channel. Also, the double top doesn't help. I know that once we get near that double top it's going to break it. But everyone else is buying right now, thinking the same thing and that's why the smart money signals are telling me to sell soon. There is a breaker and an order block just above this consolidation area. I believe it will enter and exit this area pretty quickly and head south seeking more buyers and taking them out as they set their Stop Losses just below these liquidity areas like the previous daily lows. So I have 3 take profits marked out along the way in case it does hit another small Order Block and bounce, I'll take profit there, move my stop loss to where ever is appropriate and continue hoping that it's going to take out the sell-side liquidity. I believe it's currently building up sell orders, although it looks like a buy, that's what they bankers want you to think so that when you buy on this level they'll just turn around and take out your money by forcing the price to sell. So I'm going for the sell here and I'm already in position to do so. Happy Thanksgiving! and happy trading!
Short
by BodiesXWix
2
GBP Cable Strength Took small Long position in GBPUSD on back of continued weakness in USD and strong trend to upside on GBP. Took position on Nov 20 via LGBP ETF, and has been somewhat anaemic - will watch closely to see if breakdown in trend emerges in coming days. Will likely be dependent upon BREXIT talks in UK and continuing near term risks in US macro environment on foot of future Fed printing and evolution of CV-19 spread/shutdown and subsequent implications through winter.
Long
by Fraser_G
GBPUSD - Liquidity TrapLooking for a potential Liquidity Trap here to trap new sellers predicting a change in trend and squeeze out current long positions. I am looking from an institutional point of view, where liquidity is needed before a further move to the upside. This area of business (blue rectangle) interests me as we have nice prior lows where there will be a lot of stops beneath and we have the Daily ATR also. Looking for a failure around this area before longing to the FTA.
by Kieran_Duff
Bearish Gartley (Daily)The Gartley Pattern , is a harmonic pattern discovered by H M Gartley and outlined in his book 'Profits in the Stock market', published in 1935. The pattern was further defined using specific Fibonacci levels by Scott Carney which he outlined in his book 'The Harmonic Trader', published in 1998. The pattern incorporates the 78.6% retracement of XA, as the defining element in the Potential Reversal Zone (PRZ). The B point must be at the 61.8% retracement of XA. The Gartley utilizes a minimum 127.2% projection of BC . In addition, the pattern should possess a distinct AB=CD pattern that converges in the same area as the 78.6% retracement of XA and the BC projection.
Short
by Cryptsyxalt
1
Bearish Bat Pattern (DAILY)The Bat Pattern , is a precise harmonic pattern discovered by Scott Carney in 2001 The pattern incorporates the 88.6%XA retracement, as the defining element in the Potential Reversal Zone (PRZ). The B point retracement must be less than a 61.8%, preferably a 50% or 38.2% of the XA leg. The Bat utilizes a minimum 161.8%BC projection. In addition, the AB=CD pattern within the Bat pattern is extended and usually requires a 127% AB=CD calculation. It is an incredibly accurate pattern and requires a smaller stop loss than most patterns.
Short
by Cryptsyxalt
Bearish Deep Crab (4H)“The Deep Crab pattern evolved from two patterns—invalid Bat patterns and a specific type of Crab pattern that Scott Carney developed as a further refinement of the basic structure. The Deep Crab is similar to the original Crab pattern, as it is a 5-point extension structure that utilizes exclusively a 161.8% XA projection for the defining level in the Potential Reversal Zone (PRZ).The difference can be found at the B point which must be an 88.6% retracement of XA. In fact, the Deep Crab pattern usually possesses a B point that is beyond the 88.6% level but it does not violate the initial point (X).
Short
by Cryptsyxalt
GBPUSD H4 - Long Trade SetupGBPUSD H4 - The big bearish H4 candle we saw yesterday was off the back of the USD data. A big move and excuse for some USD correction, big relief rally needed, but unlikely a trend changer, I think we can expect continuations of DXY and dollar weakness going forward this week, cable is a good example of a break and retest to set new highs and continue the bullish trend, check out AUDUSD and EURUSD analysis (to follow), hopefully we may see these follow similar suit.
Long
by Trade_Simple_FX
$GBPUSD - False Breakout - Going ShortAs it was nearing the highs, I put a small lot size on at 1.33104 for 10 pips to 1.33204 and got a short 10 pip scalp on the way up. Just because I knew it would break the highs to trigger the smart money stop runs and clear out tight stop losses people already had on sells. Now that it's above the Highs, I believe this is a false breakout as it's holding steady, letting people believe it will breakout, putting in their buy bids or waiting for it to retest the last high, or putting their stop losses just below the last high and already buying. I think Smart Money knows this and will go short to take out that liquidity that is building up at the current moment. Secondly, On a 4-hour chart, this is historically a great support/resistance level between 1.332 and 1.336. It's also at about the 80% retracement level on a Daily Chart (which is where you see most reversals occur). Now, It could turn to support and buy, but that's where I turned to the COT (Commitment of Traders) indicator. The Commercial Banks, you know like JP Morgan, IMF, Deutsch Bank, etc. decided to add more shorts last week. Not a lot more, but enough to be noticeable, that the shorts would've only netted about 116 pips. I believe if they were going to be adding shorts they're looking for more than 116 pips that only took about a day to achieve. (See Chart) On Barchart.com the COT report has commercial banks adding about 2,000 short positions as of 11/17. I believe they're looking for a much shorter move in the short term. But long term I do expect this resistance area to be broken within the next few months. Additionally, I always like to compare GU to EU as they move similarly. And EU is definitely looking like a swing sell. The Pound is definitely much stronger than the Euro, which is why I think the Euro will sell off much more, but in the short term, I think we'll see the Pound sell with it. I'm not 100% it will reach 1.32000. So I'm looking for take profit zones to shave off some earnings on the way down. The first about 25 pips, the second about 65 pips, the third about 115 pips, and I always leave a trailer at the end to see if I have a miracle drop below that. But then again, I could be completely wrong. This is just my analysis and I'm just some guy that likes to post his ideas. Good Luck and Good Trading.
Short
by BodiesXWix
2