Cable Supply & Demand Intraday

2 scenarios for Monday. Watching 5m PA at these levels. Possibly going long for LO

Main focus this week- PLANNING TP levels pre-entry and scaling out. Too often I get a good entry but no real plan for exit and make gutshot decisions. Also too often is i'll pick a good TP and just close way too early on instinct

Currently long as per the above.

I FOMOd a bit, entered at 6am before the move down and lost 10 pips. Then re-entered at the bottom of demand zone. The 4h closed inside the zone and strong bullish divergence. Now just waiting to see what happens at asia range high before TP zone

edit- exit 45 pips

Fading YH was the move this morning, I wasn't awake enough.

The W pattern played out somewhat, note the only target is that it breaks the high of the last leg which it did before reversing

Wait and see

Half size entry here. High RR, may add if it rises

Confluence of TLs, support, demand, S1

Saw PA had stalled for a good 20 mins before entry, M1 TL broke as confirmation

Doesn't strike me as a very strong entry so half size

https://www.tradingview.com/x/pjTnDOiW/

stopped - 10, 0.5xR

Looks like the breakout is happening, not on the train

There was some second guessing the market today. Based purely on the PA, the writing was on the wall to get short here with the stop hunt above YH. A reminder to read the tape and not project expectations onto the markets. Just a half sized loss so maybe should follow instincts and wait for the strongest set ups. Waiting for NY sesh to see what happens

A retest into supply may provide short opp, but have to be prepared for possibility of false break (although I believe this is the real break)

https://www.tradingview.com/x/A1iFYnAD/

Edit, ended up buying based on PA

Flat day yesterday

Watching the zone for a sell

Lots of small scalps

1- H1/M1 supply
2- Price action nudging past supply to take out Tues high
3- Wedge BO/RT

Nice scalping day around 50 pips just following TLs, SnD

Turned into an M pattern taking out Tues high which gave another ideal opp to short on the retrace leg

Need to think quick and remain mentally agile

edit- added one short to cap us off

Long just after LO

Can use this concept to go short just before LO too

Got caught out. Took 20 pips on the initial spike, then gave back 10 rebuying the level. Then I missed this S1 bounce on demand, which should have been an easy buy

Maybe foolish, but good RR, locking in BE asap

Only 9 pips from the last long. It went 30 then dived.. I got greedy, it seemed to be a reversal pattern, but then a further shake out.

Now small long from 1.39 target 1.40

Exited the long with zero pips, no trailing stop- is what it is! Waiting to see what happens today, we are still in daily demand

gbpusd is at daily s2 (1.3827)
risk a buy as it is in zone to buy ? (daily high was 1.3944)
usd index at 92.25 only 25 pips more to go (92.50) as this upmove in the usd seems to be too extended
triple witching
1.38028 for now the daily low

https://www.dailyfx.com/forex/market...isappoint.html

"Technically, the pullback may start to look overstretched at these levels so I would watch out for some short-term support. 1.3824 – 1.3802 is the range where previous retracements have been halted so we may see buyer support around this area if the selling continues. Looking at the wider picture, GBP/USD continues to show a strong uptrend, with bullish momentum intact as long as the pair holds above 1.3850, at which point the ascending trendline could be broken for the first time since April 2020."

and thursday 24:

Closed with 2 pips profit.

2 pips better than zero pips!

I had a chill week last week largely just keeping half an eye on the markets and I think took 4 trades. My results were really good.

My performance on FOMC week was not good, up then down and ended the week slightly negative after being comfortably up at the beginning of the week. I had to take some time to reflect on why I overtrade, sometimes get impatient, see set-ups that dont exist. I firmly believe in my setups and believe it is impatience and emotional decision making that leads to my drawdowns occasionally. Last week though was great and came from taking the active decision not to trade unless I saw something I really liked, planning the SL and TP in advance and not overmanaging.

This week will be the same, Just watching LO and NY open, marking areas of interest and sitting on my hands

This was my favourite last week, entering at 1.40 structure level after seeing this build up of shorts (choppy 5m candles, wedge type structure with divergence). Made a commitment to hold to 1.39 no matter what. Didn't even look at the screen until the afternoon of the next day, then BoE asset purchase facility smashed my TP, one shot one kill

On Friday some easy range scalping on S&D levels up and down, using macd divergence to confirm

Watching the rectangle range on dxy, likely to clear those equal lows before getting a premium sell on cable

My sell might not become apparent until NY

The good long entry was overnight, I don't really take entries before going to bed

In long, SL and TP as shown

A bunch of breakevens today and one 10 pip loss

Had two trades go into decent profit but unfortunately decided to hold on longer than I maybe should, one for 20 one for nearly 40.. too ambitious target wise, sometimes in cable you need to be aware of the range zones and channel that forms and just grab what you can, not an issue because I know I'll smash a good RR trade or two at some point