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Cable Update (GBPUSD)

  • #456,321
  • Nov 3, 2017 11:01am Nov 3, 2017 11:01am
Now this is a 1 hour chart and on it you see my little box of 20 pips.

If I take the inference from this 1hr chart and trade at the 5 minute level I see the bulls FOUND support and I can clearly see from the 1 hour chart I have a high probability of getting my 20 pips.

This was at the bottom of the 1 hour in divergence and ready to tackle the average.
  • #456,322
  • Nov 3, 2017 11:03am Nov 3, 2017 11:03am
Quoting Nala66
{quote} Price broke above the average but was unable to FIND Bull support. So price is now looking for Bear support below the average.
Sure, agreed.

As the average is a lagging indicator then you're essentially waiting on bar close.
Which then means you go to lower tf to get more precise entry right?
A pip is only worth it if you know how much you risked to earn it
  • #456,323
  • Nov 3, 2017 11:13am Nov 3, 2017 11:13am
Ok,

It has nothing to do with the 26 EMA being a lagging indicator this represents the 50% level of the RSI, they are one and the same thing.

Notice all the time it is above the EMA it is also above the 50% level of the RSI and vice versa... That is why I use the 26 period EMA

Yes I do not trade the 1 hour chart, I trade the 1 or 5 min charts so I can quickly get my 20 pips or more.

The yellow dashed lines are the tops and bottoms of the EMA average swings I use this to get an idea of what price is trying to do. So on the 1 hour you see the average fail to make a HH so it turns and tries to make a LL which it does...
  • #456,324
  • Nov 3, 2017 11:24am Nov 3, 2017 11:24am
Quoting Nala66
Ok, It has nothing to do with the 26 EMA being a lagging indicator this represents the 50% level of the RSI, they are one and the same thing. Notice all the time it is above the EMA it is also above the 50% level of the RSI and vice versa... That is why I use the 26 period EMA Yes I do not trade the 1 hour chart, I trade the 1 or 5 min charts so I can quickly get my 20 pips or more. The yellow dashed lines are the tops and bottoms of the EMA average swings I use this to get an idea of what price is trying to do. So on the 1 hour you see the average...



Cool. Good use of equivalence on the RSI = EMA.
You are technically getting past the "lag" of the 1H bar signal with 1MIN or 5MIN signal which is obviously faster than 1 hour
The 20 pip move is a good interval as well.

I don't trade GU that often but I know it's a whipper-snapper when it comes to volatile swings.
So I get how you're doing it. Makes sense. Great work
A pip is only worth it if you know how much you risked to earn it
  • #456,325
  • Nov 3, 2017 11:24am Nov 3, 2017 11:24am
I get it
you just posted a chart with bingo all over it
never seen it before
then said what's all the fuss about


Quoting Nala66
{quote} Look Bones it is the same all the time nothing changes Bull support to Bear support and Bear support to Bull support. I don't think you understand what I mean by support because you think in terms of tops and bottoms as supports and resistances where I do not. I term support as being FOUND when price breaks the average and fails to get back.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #456,326
  • Nov 3, 2017 11:27am Nov 3, 2017 11:27am
Quoting vlady1974
{quote} Cool. Good use of equivalence on the RSI = EMA. You are technically getting past the "lag" of the 1H bar signal with 1MIN or 5MIN signal which is obviously faster than 1 hour The 20 pip move is a good interval as well. I don't trade GU that often but I know it's a whipper-snapper when it comes to volatile swings. So I get how you're doing it. Makes sense. Great work
Thanks...feel free to ask any more questions
  • #456,327
  • Nov 3, 2017 11:40am Nov 3, 2017 11:40am
meanwhile> I adjusted that h1 tl
and eur gbp is down 56 pips now
eu down 55
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #456,328
  • Nov 3, 2017 11:41am Nov 3, 2017 11:41am
Quoting elbert3
Return to 3055
Mmm 56 must be slipping
  • #456,329
  • Nov 3, 2017 11:57am Nov 3, 2017 11:57am
GBP/USD fell off a cliff yesterday, but today it managed to hold on around 1.3070-1.3080. The pair seems to have found some support.
  • #456,330
  • Nov 3, 2017 12:32pm Nov 3, 2017 12:32pm
Quoting elbert3
{quote} Mmm 56 must be slipping
B wtf?!
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The world you desire can be won. It exists.. it is real.. it is possible..
  • #456,331
  • Nov 3, 2017 12:43pm Nov 3, 2017 12:43pm
Quoting Mr. Scott
{quote} B wtf?! {image}
Well it's Friday ??? Hic have s good weekend boss
  • #456,332
  • Nov 3, 2017 12:46pm Nov 3, 2017 12:46pm
Quoting Bones
its what make me laugh about demo trade explorer one I would have slept well and two I would have taken the lot {quote}
agreed. demo trade explorers are at best useless.
fortis fortuna adiuvat
  • #456,333
  • Nov 3, 2017 12:49pm Nov 3, 2017 12:49pm
Quoting Bones
no I don't I trade 3 gbp aud is now up 172 bounced off the back of tl a treat but I already took a loss couldn't do it... {quote}
i see. happy with eurusd today. itīs the only pair i trade regularly. the next week back to homeland (dax/dow).
fortis fortuna adiuvat
  • #456,334
  • Nov 3, 2017 12:56pm Nov 3, 2017 12:56pm
Quoting Mr. Scott
{quote} B wtf?! {image}
Look left from the numbers line at 3090
  • #456,335
  • Nov 3, 2017 4:47pm Nov 3, 2017 4:47pm
According to this model the 1987 crash, and its target low, was entirely predictable.

The same model says that 1.2840 is next for Sterling.
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  • #456,336
  • Nov 4, 2017 6:19am Nov 4, 2017 6:19am
there's some bearish GBP weekly charts,im going to use 2-week chart which close's next week for the outlook gbp
has to open bullish pretty much and not break the weeks previous
im going into the week saying the weeklies are false cable remains in range
cable sits on a major tl I can draw it 2 ways 1 way shown and remain technically correct
gbp carries a bullish monthly
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  • #456,337
  • Nov 4, 2017 7:41am Nov 4, 2017 7:41am
Considering the longer term view, yes, the downtrend that bottomed last October has been broken.

Still, for an upside to happen, the bear flag would have to be triggered by a break of the trend line, and then fail. That would be the logical and cyclical thing.

The support levels for a triggered and failed bear flag would be around 1.28 or 1.20.
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  • #456,338
  • Nov 4, 2017 7:56am Nov 4, 2017 7:56am
technically it's in an uptrend, so it's not a bearish flag

Quoting medici
Considering the longer term view, yes, the downtrend that bottomed last October has been broken. Still, for an upside to happen, the bear flag would have to be triggered by a break of the trend line, and then fail. That would be the logical and cyclical thing. The support levels for a triggered and failed bear flag would be around 1.28 or 1.20. {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #456,339
  • Nov 4, 2017 7:57am Nov 4, 2017 7:57am
devils in the detail that does not fit the rules
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #456,340
  • Nov 4, 2017 8:02am Nov 4, 2017 8:02am
Quoting Bones
technically it's in an uptrend, so it's not a bearish flag {quote}
That's a matter of time scales, no? And more aspects could be considered. But different perspectives noted and respected.

In any case, it shall be interesting to see how this unfolds.
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