A close above 1.3080 opens up the opportunity to reach 1.3120 and 1.3140, but if we close below 1.30400 we will retest yesterday's low in the 1.3000 area

Cable Update (GBPUSD)

show off

Cable Update (GBPUSD)

I agree, but in a week like this GU won't reverse without first launching like a rocket just when you believe the bears have returned. It may do to this that some may say is to trap late buyers, but is really to form a long-wick bearish candle to ...

Cable Update (GBPUSD)

GU is pretty close to-pre-pandemic and brexit levels.

Cable Update (GBPUSD)

You might be right but it's better to trade what you see and not what you feel.

Cable Update (GBPUSD)

This strategy works 90% of the time.

Cable Update (GBPUSD)

To whom it may concern (especially those who kept selling GU like there is no tomorrow) this bit of news may be your chance or reason for more pain.

Cable Update (GBPUSD)

Moty, based on your chart posted, what is your signal for shorting?

Cable Update (GBPUSD)

Patience is the name of the game. GU rejected 1.3000 but when price reverses almost always will get a retest, but if we get a bullish engulfing candle or a series of candles closing above 1.3000, selling will be invalidated.

Cable Update (GBPUSD)

IMHO price could drop to 1.2900 from here.

Cable Update (GBPUSD)

If a "Confirmed" break of 1.3000 occurs in the next 15 mins, then 1.30603 is possible. Alternately 1.2900 could be seen

Cable Update (GBPUSD)

Price has to reach the pscological level of 1.3000 before deciding where to end up today. With that said, nothing on my chart tell me to sell yet, however @1.3000 anything can happen.

Cable Update (GBPUSD)

Akim0895, it would be interesting to learn your strategy but I never see you post a chart to see your insight.

Cable Update (GBPUSD)

Hi Moty, just curious to know why didn't you wait until the top of the channel is touched and (rejected) before selling GU (or broken for the continuation of the bulls)?

Cable Update (GBPUSD)

It's okay to follow the trend. Don't fixate on taking counter trades before the price actually confirms that the retracement has begun. You may be looking at risk v. rewards ratios, but without confirmation, the risk of going against the trend is ...

Cable Update (GBPUSD)

Reality is it's the MA that comes to the price, however when overbought or oversold the pair balances itself by returning to the daily pivot.

Cable Update (GBPUSD)

Moty, your analysis is good but why do you always place your entries at levels where up trends that reverse into downtrends and downtrends that reverse into up trends? -- missing the entire move.

Cable Update (GBPUSD)

Stopped out at 1.2530 and reentred long @ 1.2541 because 1 hr candle did not break and form a candlestick below 1.2545. Targetting yesterday's high.

Cable Update (GBPUSD)

A 1 hr close above 1.2587 could cause trouble for the bears and reciprocally a break below 1.2545 would trigger a drop towards 1.2500 minimum. I have a long from 1.2540, sl 1.2530.

Cable Update (GBPUSD)