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Cabletrader

$GBP - Think about a birds eye view...$GBP - Think about a birds eye view... When trading I like to go towards higher TF in order go proceed to lower TF. Looking at weekly we are within a range of lows: 1.18 areas and highs: 1.23 a break to either direction. We had a mixed view on NFP but we extended higher and dollar declined we could see this theme continue another perspective I was looking at was spx/dxy that was interesting chart and can be discussed in further details in other groups I am part of. Focusing on GBP - It's a break to either direction. We should be getting back to normal this week as holiday is over, regarding data most importance will be US CPI & Unemployment claims for GBP watch out for GDP. Be careful of your trades on data release. Technical break out and TL are drawn and even if we was to put fib there we are at key area and could make our target 161.8 which matches pattern completing time will tell. Overall, I will looking at FX majors very carefully. Hope you had a great first week of trading and plenty of more opportunities are yet to come this year. All the best, Trade Journal
by Trade_Journal
CABLE RETEST B4 WAVE #3GBP/USD looks as if some weakness is creeping in to the chart. On the smaller timeframes we had a TEST of the resistance at 1.235 area during large session volumes, followed by a subsequent retest where it looks as if buyers are exhausted, as they have failed here to push above the resistance during multiple sessions. Looking for volumes to start pulling CABLE DOWN TO SUPPORT, around the 1.20 area which is VERY solid support structure. Any longs should be resumed in this area, assuming that the price action does play out. From a fundamental level we have Powell who just hiked the dollar 25 base points which should provide some short term support to the ROCKY DXY
Short
by NakedTrading4U
GBPUSD (Cable) H4 Reversal likely here if this HappenGBPUSD, the cable is finding resistance at a price range of 1.19428 to 1.19140, as highlighted in our previously shared idea. We anticipate that the GBPUSD pair will reverse at the critical support level. See the chart image for clarity. The market is expecting some volatility later today due to the ISM Manufacturing PMI, JOLTS Job Openings, and FOMC Meeting Minutes reports. The details of these reports will determine to a very large extent if the support levels at 1.19428 and 1.19140 will hold or not. Let's keep our fingers crossed. Please like this idea to help reach others and also follow me for support. Many thanks for your time, and I hope to report back soon.
Long
by ClintOnos
$GBP - Cable - Where to next?GBP - Where to next? Looks very interesting on a higher time frame, we could decline further , IF we go below 50 EMA daily close below I expect 1.34200 & lower areas to come into action. If we have a pull back more above than 21 EMA area, I expect bulls to get back in control and re-test the areas of 1.36 higher areas near 200 EMA anywhere above that the TL down would be a good target areas. However, for this current moment of time, the bears are firmly in control and I have taken partial profits. Don't forget the key fundamental data of FOMC, PMI's etc that could impact the majors this week. Have a great week ahead & take care, Trade Journal Disclaimer: Not Financial Advice.
by Trade_Journal
GBPUSD - Is it time to FADE?WEDNESDAY - Half way through the week! GBPUSD - I like the long side for GBPUSD for months. It's a great trade that has had great momentum, I stuck to my trade plan, being disciplined is key and built long positions along the way - I am now scaling out of my positions! On my FX weekly I posted out to various groups I am part of - It's FREE to subscribe. It's explaining the FX majors for the week ahead, if you're interested - Message privately. I stated GBP above 1.37 you'll get 1.38 coming into play as well as perhaps 1.40 areas...However, for those who have been trying to fade GBP for while, You may just get your chance...Let me explain further! Technical Aspects: Pattern: Channel - At resistance Fib Retracement - Fade Area Support: 1.37830, 1.37580, 1.37370 Resistance: 1.38250, 1.38550, 1.38600, 1.38860 Fundamental events: 1. US CPI 2. BOE Gov Bailey Speaks 3. Fed Chair Powell Speak How could you play this trade: - Following your own trade plan to add further confluence - You could wait for candle formation, candle close, bearish pattern or perhaps an indicator that is on your trade plan - Add orders at certain resistance zone areas Have a great day ahead, Trade Journal (Disclaimer: Just a trade idea, not a recommendation)
by Trade_Journal
12
GBPUSD - Keep Thinking PositiveWhat a week! Continual weakening on the TVC:DXY which caused my gold trade to fly through the roof at 320 Pips profit! Ive been thinking a massive economic reversal will be approaching since the lows in March due to the start of the UK's lockdown. My GBPUSD long positions have been consistently benefitting of this as I've been picking up long positions in the dips and buying up. Let's see if the next resistance level is hit after a break in the repeated consolditaion zone.
Long
by danielbtrading
4
GBPUSD Retracement - Waiting for High Impact News. *OHLC* As I had mentioned in my previous idea, I was looking for a lower objective for the week, but I also accepted the idea of a possible retracement. If my objective was going to be reached, Cable would have needed to immediately expanded to that on Monday. As of right now, the objective I had for the week on Cable may need to wait. I am still overall short on Cable, but I am now open to the idea of being nimble (scalps) with longs.
Short
by TheMystiqueTrader