Cable Update (GBPUSD)

Good move this week, positive GBP data.

daily support 1.3815. Taken long here.

Target achieved and beyond to a low meaning the buying were absorbed...

I was sleeping anyway 1.3970 was capped on retesting on asia hours and remained resistance and did a perfect down setup on H1, hence a lower low achieved, and this week is a bearish week due to BOE bank rates...

Chart to illustrate... was so tired I went to sleep, another perfect setup when 1.3970 confirmed resistance, a nice H1 setup in place

This is the juncture the run was exhausted and stayed resistance at the double top neckline break....

17 mins to H4 closing, as long as capped below 1.3860 we should be looking towards the downside....

Not a good environment to trade now the volatility is going to stay bad for intraday trades..... you have been warned..... EURUSD upside will be capped even if it stretches further up, you can surprised.... I will try to stay sidelines

GU H4

3752 tp

Thanks for the rarely posted chart, it gives me an idea of what you are looking at.

Daily selling pressure.
A target below.

Seems like the blind leading the blind on here. Charts with so much clutter on them , you can't even see the candles.

Buy this daily support, sell that level... just banked +90/+60/+ blah blah

No-one with any method and yet everyone seems to win all of the time.

Well, the only person that you are kidding in the end, is your self.

Some people need to learn how to read a chart i think. Even with more years than i care to admit too, studying and trading, you still have to be focused to make money and yet everyone here simply takes a trade and wins... Wow.... i must have been doing something wrong all this time. It is obviously so simple.

Lose the ego, lose all of the stupid lines and indicators and learn to get onside with the big boys.

PA leaves a clue all of the time. Reaction points, Supply & Demand zones. This is where buyers or sellers enter the market and we can see that with the benefit of hindsight.

Now most of the time (but not always, nothing is 100%), these levels will still have orders left unfilled and the price will be manipulated back to the same areas to fill teh remaining orders - Retests. By identifying these levels and placing limit orders there, you will be joining in with people who have a damn sight more money than you or I

It is the very basics of how and why a market moves. Any market. Sellers vs Buyers, Supply vs Demand.



Stoploss needs to be just the other side of the level we are trading, so it will be very small risk compared to the reward of the ensuing move.

Even when the trend has changed and you are the wrong side of the trade, more often than not, there is a big enough reaction to get your stoploss safely to BE.

Now look at the bigger picture to get an idea of what to expect;



Do yourself a favour and learn some basic EW. That way you will see how the market moves. Recognising corrective moves is a very powerful tool in realising what will happen next.

Learn which fib levels matter. Here Wave C was exactly 138.2% of wave A. Expect lower to follow.

;



Again, we have several factors coming together... the Fib level, the Prior Supply, the break out of the channel... likely Bump n Run reversal etc, we should at least expect a decent pullback, if not outright trend reversal.

Awaiting your great leadership.

Well, you can lead a horse to water...

Recognise trend with Market Structure, HH/HL or LL/LH's and trade pullbacks to previous S/D level to get back into trend.



Same story, pullback move is ABC corrective, in distinct channels, once broken out we can see that wave C was exactly 200% of wave A (corrective), look for retest of Supply - limit order at candle body of start pin. Tiny risk and target of LL for trend continuance.

I just find amazing thing. The monthly candlestick faces two resistance sign, channel and fibo 50 percent level. In other hand we have a broken pitchfork resistance level which naturally we can expect to return previous resistance and future support. What do you think??

Hey Bones,

Welcome back, what is your number?

Well consolidation is there, it has broken lower. I am looking towards 1.36xx after seeing the weekly bar.