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Cable Update (GBPUSD)

  • #455,461
  • Edited 11:30am Oct 11, 2017 11:14am | Edited 11:30am
ugly consolidation
no way to be sure about the tl on daily
what I was thinking earlier is up into the box ,but later down
the main thing for bulls
is weekly holds even as a doji (including gap)
pref positive in colour
I have no position

great tl my thought if it broke > move away and come back to it

Quoting Bones
see how channel hold ,def the weekly =not trustworthy at all now{image} {quote}
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  • #455,462
  • Oct 11, 2017 11:23am Oct 11, 2017 11:23am
It appears to be a series of steps to push up. I wonder: gbp stable at $1.38?
  • #455,463
  • Oct 11, 2017 11:34am Oct 11, 2017 11:34am
I take your point on tl's earlier only as you move TF they change the best ones will be the monthly ,
thats why I work on on that tf it's the most trustworthy all round

Quoting Snowden
If 180 goes, I'd expect a bullish reaction from 160 ... which I believe is also currently a few pips above a certain trendline {image}
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  • #455,464
  • Oct 11, 2017 11:42am Oct 11, 2017 11:42am
why the weekly hasn't worked out so far this candle could be as is and still work up
that numbers important to me-maybe it should be a round number
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  • #455,465
  • Oct 11, 2017 11:51am Oct 11, 2017 11:51am
ive drawn my channel with some space ,
that way because of how im reading it
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  • #455,466
  • Oct 11, 2017 12:00pm Oct 11, 2017 12:00pm
Quoting Bones
ugly consolidation no way to be sure about the tl on daily what I was thinking earlier is up into the box ,but later down the main thing for bulls is weekly holds even as a doji (including gap) pref positive in colour I have no position great tl my thought if it broke > move away and come back to it {quote} {image} {image} {image}
If i only knew half of what you know Tony i would be even more wealthier than i am Today ..
  • #455,467
  • Edited 12:56pm Oct 11, 2017 12:19pm | Edited 12:56pm
lol well I just gave every thing I have
top down ,but also you can look bottom up
my advice is monitor and work at least 3-time frames =lowest is entry
I posted a lot of h1 but that can be very unreliable im not really looking at that


Quoting dean1star
{quote} If i only knew half of what you know Tony i would be even more wealthier than i am Today ..
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  • #455,468
  • Oct 11, 2017 12:23pm Oct 11, 2017 12:23pm
Wow! It's really annoying when there is no obvious price driver. All I'm seeing is a nebulous haze!
  • #455,469
  • Oct 11, 2017 3:34pm Oct 11, 2017 3:34pm
My ramblings for today as per my trade journal. As I am sure we are all looking at this in a similar way I don't know how insightful it is.

As always, if you want to add some thoughts let me know.

I placed my trade with a big gap. If it just runs north then I am hoping to manually enter if I can. Though, as I will be at work I don't want to miss it all. The idea is that if I catch the second half, it's safer than being in the fight at the early half.

Let us see.


Update: GBPUSD
TF: 1W 1D
Sentiment: Bullish

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I'll be honest; I was expecting a little bear push today. It didn't happen but that's not too bad as I guess that helps to add weight to my original bull argument.

We have a nice strong candle so far this week right up to the fib 23.6 line which also happens to be close to the 1.326x s/r level.

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Again, we see a similar story here. Strong bull push for the day but struggling to break that price point. Congestion within the Ascending Triangle is posting higher lows although failure to post a new high is adding a little caution to my thoughts.

We will either see selling at resistance which will push us back down into the triangle or a breakout maybe to the 1.35 zone.

The cynical person in me says that once the bullrush starts, and the traders that have been in for a while close their trades there may be an option for a short.

However, everything that the charts are telling me says bulls for the win. Two concerns are price pressure and MA's are still short.

There are only two directions it can go really... how hard can it be to get it right? I have to blink.. charts burning my eyes.

For now, just in case I miss something at market bell tomorrow I am going to put a trade at 1.33356 above the shadow on the 13th of sept candle. This is in hope of avoiding being pulled into the market and then sinking like a brick. (hoping it works).

TP 1.35758
SL 1.32000

I'll reassess that tomorrow.
  • #455,470
  • Oct 11, 2017 5:05pm Oct 11, 2017 5:05pm
Quoting elbert3
{quote} If if 3228 area holds then possible long would be 3800 3960 area
Remember this post 3228 failed so what is it now ???
  • #455,471
  • Oct 11, 2017 5:21pm Oct 11, 2017 5:21pm
Quoting Talzus
My ramblings for today as per my trade journal. As I am sure we are all looking at this in a similar way I don't know how insightful it is.
I wouldn't be too sure if I were you... I am definitely not looking at the charts in a similar way.

1) I don't use trend lines... if it was this easy we would all be rich.

2) I don't use fibs because that is what they are i.e. fibs.

3) I have specifically defined support levels not obscure tops and bottoms. Supports later become resistance levels.

4) I use a single 26 period EMA relative to the MACD and RSI waterlines.

5) I take the inferences of the higher time frame charts but trade them at the lowest time frame, so I know whether to be all the time long or all the time short.

6) I only trade at a specific time of the day.

7) I factor in my money management on every trade.

8) I don't read this thread when I am trading... it makes me laugh too much and I lose concentration.

9) I never listen to any news at all or so called professional comments.

10) The most important thing I do is to trade off the bullish or bearish support. This always has and always will give a trader the highest probability, to trade against this is to court trouble... TRADING 101. Every trade is measured for a positive outcome and a limited risk. The stop is always above or below the support, the distance from the entry is measured to be 1% and up to 5 entries may be made so the max risk is 5% all with the same stop and all count as the one trade. Thus the closer the price to the support the higher the lot size can be.

I see in this thread a lot of people who THINK trades, a classic mistake to make... the market loves a thinker and will rip money off them left, right and centre.

Look at these two charts, what does it look like price is trying to do....
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  • #455,472
  • Oct 11, 2017 6:08pm Oct 11, 2017 6:08pm
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Quoting Talzus
My ramblings for today as per my trade journal. As I am sure we are all looking at this in a similar way I don't know how insightful it is. As always, if you want to add some thoughts let me know. I placed my trade with a big gap. If it just runs north then I am hoping to manually enter if I can. Though, as I will be at work I don't want to miss it all. The idea is that if I catch the second half, it's safer than being in the fight at the early half. Let us see. Update: GBPUSD TF: 1W 1D Sentiment: Bullish Attached Image (click to enlarge) {image}...
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  • #455,473
  • Oct 11, 2017 6:18pm Oct 11, 2017 6:18pm
definitely break of that tl now d1


Quoting Nala66
{quote} I wouldn't be too sure if I were you... I am definitely not looking at the charts in a similar way. 1) I don't use trend lines... if it was this easy we would all be rich. 2) I don't use fibs because that is what they are i.e. fibs. 3) I have specifically defined support levels not obscure tops and bottoms. Supports later become resistance levels. 4) I use a single 26 period EMA relative to the MACD and RSI waterlines. 5) I take the inferences of the higher time frame charts but trade them at the lowest time frame, so I know whether to be...
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  • #455,474
  • Oct 11, 2017 6:23pm Oct 11, 2017 6:23pm
what we know for a fact is there is no down-trend line ,
weekly has not confirmed today is Thursday

H4 is in a box before breakout
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  • #455,475
  • Oct 11, 2017 6:33pm Oct 11, 2017 6:33pm
the other thing is exact trend lines exist
but their life is dependent on the TF you draw them

there's only one way to draw them and that's how the people who drive this draw them without doubt

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  • #455,476
  • Oct 11, 2017 6:39pm Oct 11, 2017 6:39pm
Attached Image
Quoting Bones
well on the daily lines a bit different ,I thought for a min I would eat humble pie .. well taken the super duper line lower {quote} {image} {image}
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  • #455,477
  • Oct 11, 2017 7:00pm Oct 11, 2017 7:00pm
Well i agree with Bones.
In fact i was expecting for a little retracement, but now the sentiment is bullish.
  • #455,478
  • Oct 11, 2017 7:08pm Oct 11, 2017 7:08pm
Quoting Bones
{image}{quote}
Well that's me done for the day... got three trades on and easily got my TP.

Bones I don't see the daily as an issue at all yet because neither the bulls nor the bears have support there yet.

The last support on the highest time frame was on the 4 hour and that says long.

So we simply trade all the supports on the lower time frames
  • #455,479
  • Oct 11, 2017 7:09pm Oct 11, 2017 7:09pm
Quoting VictorFaria
Well i agree with Bones. In fact i was expecting for a little retracement, but now the sentiment is bullish.
This is the wrong thing to do...do not think trades
  • #455,480
  • Oct 11, 2017 7:14pm Oct 11, 2017 7:14pm
I need adrenaline
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