Cable
GBPUSD long trade. this trade is going to be using a buy stop and we are going to try ride the cable to the highest high and try catch the start of a uptrend.
GBP/USD BUY OPPORTUNITY (4 HOURS):GU is bullish on monthly and quarterly. Cable to tap into reversal region and close around 61.8% fib and reverse into -27.00%.
GPBUSD trade planPrice has a Resistance ahead with 50 and 200SMA as support below. Bullish break to the upside is a buy signal to target 1.26.
Fundamentals remain strong as UK businesses started to reopen, restaurants and bars now open from July 4th.
Please support the idea and share your thoughts on GBPUSD!
Good Luck and Stay Healthy!
ridethepig | GBP Market Commentary 2020.07.02📌 The affinity between 'resistance' and 'overextension'
Light and summery flows continue with GBP in purely technical moves.
Very little to update on the fundamental here; a weak macro and political picture persists as activity remains incredibly low in the absence of confidence. There’s a lot of support stacked on the 0.90 🔑 pivot in EURGBP and 1.252x in GBPUSD. Reassessment only required with a weekly closing below/above.
=> Restraint in the technical sense can be conceived with the presence of resistance; but real total defence which reigns over the whole G10 board and which gives FX markets breathing difficulties, is only possible when risk is in the air. Parking in USD will remain attractive as long as the VIX remains elevated.
=> From a risk perspective, to what extent, we may now ask, does one need to give their stop breathing room? It is not enough to state the highs will hold as NFP can easily capture the stops and will be highly unpleasant to defend. This means we need to give some room up towards 1.258x as we will have the 1.25 quarters and halves to protect.
⚡️ US DATA PREVIEW: Primary Dealer Nonfarm Payroll estimates
- RBC 8.0mn - Natwest 7.2mn
- Citi 5.5mn - Morgan Stanley 5.285mn
- BNP Paribas 4.5mn - Goldman Sachs 4.25mn
- HSBC 4.0mn - Scotiabank 4.0mn
- TD 4.0mn - SocGen 3.9mn
- BMO 3.5mn - Wells Fargo 3.3mn
- Credit Suisse 3.0mn - JPMorgan 3.0mn
- BAML 2.8mn - Daiwa 2.5mn
- Deutsche 2.5mn - Mizuho 2.5mn
- Barclays 2.0mn - Jefferies 1.95mn
- Nomura 1.5mn - UBS 1.5mn
- Dealer Median: 3.4mn
With this in mind, 3m is the headline to track.... undershoots will be positive for USD via risk whereas inline or overshoots will trigger profit taking from the recent squeeze. The ST flows in a technical sense are no less imaginative than the MT and LT swing we traded earlier in the year.
As usual thanks for keeping the feedback coming 👍 or 👎
What I'm seeing on GBPUSD!Price has broken and retested my long term trend line as a support. Im in the trade already from my last post on cable GBPUSD. lets see
Cable 2 Jun 2020 Nice up move, but a bit in a hurry?Pls apply your own trading and mm rules in any case.
Cheers!
GBP/ AUD Here on the Pound Aussie we have the same pattern i drew last week *i think* . PA came to the HOP level of the pattern and quickly reversed! Right now we are having a retest of the PRZ. if the current candle closes with a decent size shadow then we might haven entry. Price hs been ranging for quite a while abd we are just waiting for the break!
GU Cable drop??GBP has been strong but we are racing up to a key level. Possible 1:5 set up looking good based on the levels drawn. Plenty of Confluence to take this trade
Why did cable head higher yesterday?We're simply looking at the difference between two stimulus regimes.
With the BoE indicating that there would be a cap to stimulus, whilst the Fed earlier last week pretty much took a 'whatever it takes' stance, the longer term differential in narrative was created.
Whether that sustains is a different story, since context can change rapidly, but intraday, those comments let to higher UK yields which creates an implied appreciation in cable.
What I'm seeing on GBPUSD!Price has given me my confirmation to go short on my long tern trendline. lets see if Mr market approves.
GBPUSD - Structure and elliot wave count On Cable i am seeing a potential Flat structure come to formation. A move to the highs for me isn't out of the question and one to keep an eye on.
Possible RSI Divergence for 4H CableThis is an view for the next 4 trading days; this idea takes into account the following aspects:
1. I am thinking that is possible a price/RSI divergence but minimum 90 pips.
2. If price will find support near of 76,4% Fibonacci retracement that has confluence with 1,2250 support area.
3. Finally, the idea needs that MACD decrease the negative pendent or happen the better scenario, cross of the signal.
4. Fundamental situation that impact obviously the performance of the Stocks in USA and the COVID19.
GBP/ JPY (Pound/ Yen) Here on the Pound Yen we have a Nice Gartley Pattern that is formed. The PRZ has been tested and now we are waiting for entry.
*** Insert Personal aside here>>> Now, Harmonics gets a lot of slack from the trading community for various reasons, but i still think @ScottCarney is one of the greatest Market Technicians still alive. He was able to study previous writings from W.D. Gann (still one of the greatest ever with one of the greatest track records ever with a year of 490 something trades taken and 490 something trades won like a 2% loss ratio) Elliot, and other great technicians, and create a trading methodology that is pretty accurate if done correctly and has also created much controversy too. I do recognize other systems work as well but Harmonics is what works for ME just makes sense to me.***
Now with every methodology a trade can go in one of three ways up, down, sideways. This pattern has shown us that the PRZ is valid due to the consolidation so we know that the level is valid. The red box is a large candle and our current resistance zone with the Green Zone as our support. I am waiting for the right candle pattern or formation for entry and wil check the oscillators for confirmation. Based on the COT the pound is expected to weaken so if this pattern does present an oppritunity for entry at the first sign of weakness get your pips and run!
