Daily pivot at 4615 also to add some resistance topside as well.

Cable Update (GBPUSD)

Your fib is drawn incorrectly. Connect it right to the low. Here an hourly chart. Two scenarios, break-up of the trendline from the high or break-down of the small channel. Given that that most recent large move is down, a downside break is favored ...

Cable Update (GBPUSD)

Yes UB. But from a price action standpoint, the current bias is down on every timeframe from the daily to the 1 minute.

Cable Update (GBPUSD)

I took the trade too, but am still in it. Do you close at the next level? Why not carry the trade with the overall current trend to catch a larger move?

Cable Update (GBPUSD)

Agreed. Combination of the H/S and now that trendline. I posted a 1-hour of that support level near 4150. I feel it may be more like 4240/70 based on breaks and re-tests in that area. It's about 100 pips above yours. Edit - Dotted black line = ...

The WoRmHoLe

Be careful, I don't think these bear moves are done yet.

The WoRmHoLe

Yes, for now. Notice, higher highs and higher lows. We now have a lower low. Daily chart.

Cable Update (GBPUSD)

No on is here because the market is really quiet now. Not alot of trading going on. I'm not looking to short near 4570/90

Cable Update (GBPUSD)

4 hour GBP/USD

Cable Update (GBPUSD)

Wow she took out an extra 100+ over night! It's too bad I closed but I hate leaving a winner on the table while I sleep. Aw well. At the time, daily PA suggested an uptrend (higher highs and higher lows). Now she's made a lower low (maybe hammering ...

Cable Update (GBPUSD)

Hit Daily S2 at 1.4643 spot on. I took my profits for this wonderful Sunday...140 pips! See ya tomorrow.

Cable Update (GBPUSD)

Hourly close below the fork it appears ... Let's see what happens now.

Cable Update (GBPUSD)

If you're short also make sure your stop is in .. and in profit if reasonable. It can do one of two things here and hopefully it keeps going down to break the pitchfork line!

Cable Update (GBPUSD)

I wont know until it gets there! It could bounce, then fib and break .. or form a 1/2/3 and move up .. or form a bear flag pattern and break down again. Maybe move the stop on the 4744 to break even .. and if price goes back through that level, ...

Cable Update (GBPUSD)

It could do either. What price are you short from?

Cable Update (GBPUSD)

4600 area is prior support plus a 50% retracement from 4110 .. makes for a good target in that area.

Cable Update (GBPUSD)

Where did you buy/sell again?

Cable Update (GBPUSD)

Ya 4750/60 a nice area to short! If we fall much further we take out an andrews pitchfork.

Cable Update (GBPUSD)

Trade plan for you guys. Three charts here. Daily with Andrew's pitchfork. Hourly with 38.2 fib from 4110 that we just bounced from. M15 .. a 50% and 38.2 overlap with what appears to be the base of a small descending triangle as an area to take a ...

The WoRmHoLe

Now its gone. Stalled now at a 38.2% retracement from 4110.

Cable Update (GBPUSD)