Pretty much how I'm seeing it - we are right of the downtrend resistance line here

Cable Update (GBPUSD)

Agreed, I'm up about 63% over 18 months with this strategy so accepting a kicking off a black swan now and again is an occupational hazard we all must face at some stage.

Cable Update (GBPUSD)

Bears are having all the fun and certainly an easier life..The best I've managed to scalp out is about 120 pips and typically its been 5 - 30 pips on longs...in the interests of transparency I got my ass handed to me on a plate in the FC and am down ...

Cable Update (GBPUSD)

No, me neither Bones and as a chart technician with OCD it bugs the hell out me.

Cable Update (GBPUSD)

Yep, from recollection last year was the CAD, year before JPY and year before that the AUD

Cable Update (GBPUSD)

i recall ThomsonReuters quoted a low of 1.1491 and FXPro and FXCM were around 1.2020 (ish) Darwinex was about 1.17xx....ergo where the f**k was/is the low??

Cable Update (GBPUSD)

Yeah, the trickier part is sizing the entries right now.. As an aside have you noticed the trend when pairs exhibit these moves into Q4 they often run through until year end then reverse massively?

Cable Update (GBPUSD)

Of course the joker in the pack is the low of the flash crash candle on every time above 5 mins. This 'Mother Bar' (and it is 'one mother' of a candle) has different lows with almost every retail FX broker as such from a technical perspective cable ...

Cable Update (GBPUSD)

If there was one level every swing trader has been waiting for to go Long, it was touched today..and we can see from this bounce off it that GBP reached liquidity at 1.2090 and buyers flexed their muscles. Whether this is the 'low' is as yet unknown ...

Cable Update (GBPUSD)

Yep, got this level too - in fairness its the only significant one since the flash crash and liquidity here for sure..But surely a test of 1.20?

Cable Update (GBPUSD)

I'm feathering in Longs. That said I'm not a bull but merely trading a retrace swing off longer timeframes in GBP's demise over the past few weeks and months and my time horizon isn't 5 or 15 mins.

Cable Update (GBPUSD)

Oh..

Cable Update (GBPUSD)

..This one could well be the test of 1.20...or a bloody great stop run

Cable Update (GBPUSD)

Well, I guess you've had a ton of buy limits just trigger so I hope it launches up for you.

Cable Update (GBPUSD)

Right now on Cable I'd either be short or flat - I'm not short, so I'm flat...

Cable Update (GBPUSD)

Coiling around the trendline..

Cable Update (GBPUSD)

I've got Long targets ranging from 1.26xx through to 1.3160 so plenty of upside. (Posted the chart earlier this week). Conversely there is little below to support GU in a fall so random entries isn't an option for me - If I see an opportunity to ...

Cable Update (GBPUSD)

Yes, I'm looking to scale into it too - its coiling now

Cable Update (GBPUSD)

Things could get interesting... There are tightly knit distribution clusters here where GU is currently testing the falling trendline 1.2200 - 12230 is a level bringing in buyers but for me it doesn't feel quite right just yet to re enter Long so ...

Cable Update (GBPUSD)

The 4 hour chart shows this current attempt at a 'congestion box' breakout more clearly with Fib extension targets suggesting an attempt for a run above 1.2900. There is also a gap to be filled above 1.2900. The breakout is yet to be confirmed but ...

Cable Update (GBPUSD)