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Cable

Shorted GBPUSD Maybe a little late for a call but I just wanted to record this as my own personal journal entry. I shorted GBPUSD Prior to the FOMC Meeting Minutes in anticipation of a rise in the DXY. Also I saw that GBPUSD was unwilling to make a higher high so I didn't see a break in market structure, so I thought a short for a scalp was possible. Entry was 1.29165, SL Was 1.29350. TP is far off at 1.28700. Just looking to make 20 - 30 pips heading into the Asian Range. At the time I'm up 7 pips. Again just recording this for personal use, not to be confused with a call.
Short
by BodiesXWix
3
EW Analysis: Cable Can See More Weakness After A PullbackHello tradars! Today we will talk about Cable (GBPUSD) and its price action + wave structure from Elliott Wave perspective. Cable is turning south and it's pointing even lower after we noticed a bigger A-B-C corrective rally from March lows. So currently, after recent broken channel support line, we are tracking at least a three-wave A/1-B/2-C/3 decline that can send the price at least back to the 1.2250 support area. But, before that sell-off for wave C/3, we may see a temporary intraday recovery for wave "c" to complete an a-b-c, a higher degree expanded flat correction in wave B/2, where ideal resistance would be at that trendline connected from March lows, 61,8% Fibonacci retracement and 1.30 - 1.32 zone. We will expect more weakness for GBPUSD as long as it's trading below 1.3488 invalidation level. It is worth reporting that the UK Prime Minister Boris Johnson will hold talks with the European Commission President Ursula von der Leyen agreed in a phone call on Saturday to step up negotiations on a post-Brexit deal. Given the lack of progress in the ninth round of Brexit negotiations, the efforts to close gaps extended some support to the British pound. However, it might be only a temporary support and recovery ahead of important October 15 deadline for Brexit deal . All that being said, wave structures and upcoming news match nicely, so timing can be perfect. Be humble and trade smart! If you like what we do, then please like and share the idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
by ew-forecast
6
Long Term $GBPUSD - Go Long SoonAccording to the Commitment of Traders report, Commcercial banks were start shorting the GBPUSD back around August 11-18. The price is now lower than when it was during August 11-18 which means they have profited off of those short calls back then. Just recently they started longing the GBPUSD and we saw that if we look at the build up of the lows of last week to the blast off during the London session. Looking for a retracement that I placed a fib on from the August 11-18 high's to the last week's lows and we're looking at a re-entry somewhere between 1.27290 and 1.28200. But when you're looking to end up with a couple hundred pips, hopefully between 1.3300 and 1.3400, in a few weeks, I think a one hundred pip window is a decent window to look for an entry. Usually the low of the week happens during this time so I'm taking a nap to wake up for the London session to see if I can't get a great entry on a long swing trade. Here's the CoT for reference. www.barchart.com I have the opposite sentiment for EURUSD as the CoT's have been shorting that since March, and the same for EURGBP.
Long
by BodiesXWix