Whale, here is yesterday's chart. Screenshot taken on the EOD. On Monday, GU printed ID bar, so the expectation was for an increase in volatility and min drop to 100% DRE. I got a long entry after TL broke during the Tokyo session. Last day range ...

Coreg's EW+HP+D/W Range

Whale, I'm eyeing the same setup. Breakout, pullback, continuation (BPC)...but I don't want GU to trade higher than 1.3074, although the setup is valid as long as YH holds. But this is swing trading, and I trade off the 30M charts.

Coreg's EW+HP+D/W Range

It seems that the resistance zone @ 1.3064-1.3074 will be of the most importance if GU reaches it. Continuation to the downside if YL is taken out.

Coreg's EW+HP+D/W Range

It's not a joke. image image

Coreg's EW+HP+D/W Range

Update...It should be 120%dailyATR(14)...sorry.

Coreg's EW+HP+D/W Range

For those who are bottom fishing, just be aware that S3 broke easily.

Coreg's EW+HP+D/W Range

Waveski, is this drop a gift for the bulls?

Cable Update (GBPUSD)

The ABC (AB=CD) is a continuation pattern, and the end can be found by using a parallel channel or measured move. 1.3075 is the first level of resistance; the rest is on the chart.

Coreg's EW+HP+D/W Range

GU was unable to hold the 1.3140 level, and a long-term target #1 was hit overnight @1.3079. The drop might not be finished yet. If GU is unable to hold the bottom channel's TL, the next target is in play.

Coreg's EW+HP+D/W Range

The DXY is also at a tough spot. image

Coreg's EW+HP+D/W Range

Update...GU is approaching a tough resistance zone. image

Coreg's EW+HP+D/W Range

As long as Friday's low holds, I'm looking for target #1 @1.3170 to the upside. Otherwise, if the low is broken, we target 1.3079

Coreg's EW+HP+D/W Range

Here are Meathead's nurses...

Cable Update (GBPUSD)

I should add that in the previous post, I referred to swing trading, staying 5-10 days in the market. Day trading with a 15-40 pips objective for the day is a different animal. We can swing back and forth during the day.

Coreg's EW+HP+D/W Range

I wouldn't rush with the counter-trend trade as long as GU prints red bars on the daily TF. But it's me. Yes, we can be close to reversal, at least for a small bounce, but now 1.3140 is the major obstacle. Where do we have the most liquidity? At ...

Coreg's EW+HP+D/W Range

Meathead, good hunting for longs.

Cable Update (GBPUSD)

GU dropped below the bottom channel's TL on trigger TF(5M)

Coreg's EW+HP+D/W Range

Chart with updated NY Open level.

Coreg's EW+HP+D/W Range

Nothing new with GU, 1.3079 is still my target.

Coreg's EW+HP+D/W Range

As long as PP @ 3989 holds the target #1 @4059 is in play. Gold tried to overcome the supply zone set on Monday twice; maybe the 3rd time will be the charm?.

Coreg's EW+HP+D/W Range