Why did you say , 'the market is setting up for a hard drop once it clears 1.6500'?

Cable Update (GBPUSD)

I presume you mean 1.65, and also, prove it.

Cable Update (GBPUSD)

Azim! Nice one mate. I haven't actually looked at the 1h chart. I've only looked at the daily, and the upcoming news releases. I can see price staying in this ascending triangle over the next 2 or 3 days.

Cable Update (GBPUSD)

I can see why one would short there, but in the coming days, I can't help but see price be magnetized towards 1.65 and 1.6672 (area) for a retest.

Cable Update (GBPUSD)

I totally agree. I am looking closely at this. It can be one of several things. 1. A fake double top, where price drops down to prevailing trend line, and bounces up from there. 2. A double top which reverses the trend down. 3. Ranging sideways. 4. ...

Daily candle chart

Does anybody ever read my posts or should I stop posting in this forum?

Daily Cable Vision

That 1.60 level is a major magnet, above and below. I would be very very surprised if it didn't at least test this level again: very very surprised.

Daily Cable Vision

A prospect to consider with the Fibonacci 38.2 and 50% level.

james16 Chart Thread

At this time of the day on Friday, price action will probably just pivot around 1.60 area, up and down, without any firm directional movement. There were some great opportunities today, buying on the supports, selling on the resistance. Simples.

Daily Cable Vision

Buy at 1.6436

Daily Cable Vision

This would be a buy signal on break of bull flag

Daily Cable Vision

Typical bull flag forming on 1 hour.

Daily Cable Vision

It depends what the ttarget is, because it would be a wise trade to have shorted it there for a 30 pip gain.

Daily Cable Vision

This is depending on ones money management strategy. Obviously, there needs to be flexibility at the start of the trade, for price to move a sufficient amount to stop ones stop loss being taken out by normal price action fluctuations and ...

Daily Cable Vision

I can see price teetering around 1.6 for a while, crossing up and below the 1.6 line.

Cable Update (GBPUSD)

I personally think it's very likely to break through and hold above 1.60. Potential scenario in my mind is a break up towards 1.62 area, then a retracement down to potentially 1.60 to 1.58 area, then up to test 1.65. We shall see, we shall see.

Cable Update (GBPUSD)

Congratulations.

Cable Update (GBPUSD)

If it breaks through 1.5622 then the next stop will be 1.5700/1.5722 area. If it breaks through this, next stop 1.60; In my opinion anyway, with stops and retracements at the round numbers 5800 and 5900

Cable Update (GBPUSD)

If price breaks through and stays below some of the major support levels, I still believe it's in an uptrend in the channel drawn on the graph below. Albeit, trends change when news changes.

Cable Update (GBPUSD)

Nice one, that's called smart trading.

Cable Update (GBPUSD)