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Cable Update (GBPUSD)

  • #458,341
  • Mar 6, 2018 11:24pm Mar 6, 2018 11:24pm
Quoting rick2flee
{image}
What's going on here?

Allow me to make two observations:

  1. Your trendline has been breached severally before. It is therefore not a very good resistance gauge.
  2. Your fibo level 0 is in no mans land.

That said, I think you're onto something here.

I'm high on trading, cant you tell?
  • #458,342
  • Mar 6, 2018 11:41pm Mar 6, 2018 11:41pm
Quoting Sammih
{quote} What's going on here? Allow me to make two observations: Your trendline has been breached severally before. It is therefore not a very good resistance gauge. Your fibo level 0 is in no mans land. That said, I think you're onto something here.
Im not saying it is a good resistance level but eventually it can be since the market usually their to trap the buyers trying penetrate the market .. that trap line also contribute a gauge of declining market.
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  • #458,343
  • Mar 7, 2018 12:04am Mar 7, 2018 12:04am
Quoting Sammih
I'm still bullish on this pair. Price broke out of channel to the upside and the upper TL is holding, preventing price from going back into channel. Targeting the red trendline above price {image} {image}
Good call on channel breakout yesterday !
  • #458,344
  • Mar 7, 2018 12:19am Mar 7, 2018 12:19am
Quoting rick2flee
{quote} Im not saying it is a good resistance level but eventually it can be since the market usually their to trap the buyers trying penetrate the market .. that trap line also contribute a gauge of declining market. {image}
I must admit I don't understand that TL, it cuts through candle bodies like a meat grinder
My take it there is an untested area to be touched above.
Attached Image(s) (click to enlarge)
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Come with me if you want to live....
  • #458,345
  • Mar 7, 2018 12:19am Mar 7, 2018 12:19am
Inserted Video
  • #458,346
  • Mar 7, 2018 12:22am Mar 7, 2018 12:22am
The bigger picture is technically in favour of bulls because there is a big gap to be filed around the 1.45330/1.51030 area. However, that's still a long way off.

KP
Do your homework, follow the footprints of smart money
  • #458,347
  • Mar 7, 2018 12:36am Mar 7, 2018 12:36am
Quoting KeenPips
The bigger picture is technically in favour of bulls because there is a big gap to be filed around the 1.45330/1.51030 area. However, that's still a long way off. KP
Where is this gap KP?
Come with me if you want to live....
  • #458,348
  • Mar 7, 2018 1:19am Mar 7, 2018 1:19am
Hi mate! Check the weekly time frame. Look left for that big drop with an upper wick.

KP

Quoting Ill-b-back
{quote} Where is this gap KP?
Do your homework, follow the footprints of smart money
  • #458,349
  • Mar 7, 2018 2:16am Mar 7, 2018 2:16am
Quoting KeenPips
Hi mate! Check the weekly time frame. Look left for that big drop with an upper wick. KP {quote}
I see the brexit big upper wick.
Don't see a gap though
Come with me if you want to live....
  • #458,350
  • Mar 7, 2018 2:22am Mar 7, 2018 2:22am
Quoting Ill-b-back
{quote} I see the brexit big upper wick. Don't see a gap though
Two candles before that 2016 06 05
  • #458,351
  • Mar 7, 2018 2:47am Mar 7, 2018 2:47am
Yes. You're right and that's the zone I see as a probable turning area and a major target for bulls.

KP

Quoting Ill-b-back
{quote} I see the brexit big upper wick. Don't see a gap though
Do your homework, follow the footprints of smart money
  • #458,352
  • Mar 7, 2018 2:59am Mar 7, 2018 2:59am
Quoting rick2flee
{quote} Im not saying it is a good resistance level but eventually it can be since the market usually their to trap the buyers trying penetrate the market .. that trap line also contribute a gauge of declining market. {image}
Your trap line might be working. Price is back inside the channel, might look for lower TL in channel. I expect 3820 to be hit soon.
I'm high on trading, cant you tell?
  • #458,353
  • Mar 7, 2018 3:11am Mar 7, 2018 3:11am
Quoting Sammih
{quote} Your trap line might be working. Price is back inside the channel, might look for lower TL in channel. I expect 3820 to be hit soon.
There is a trendline support on the H1, until it gives its still bullish. Or it can go sideways and give us excruciating pain...
  • #458,354
  • Mar 7, 2018 3:14am Mar 7, 2018 3:14am
Quoting rick2flee
{quote} Im not saying it is a good resistance level but eventually it can be since the market usually their to trap the buyers trying penetrate the market .. that trap line also contribute a gauge of declining market. {image}
According to Bones definition of trendlines, he might say yours not pretty hehehhehe
  • #458,355
  • Mar 7, 2018 3:41am Mar 7, 2018 3:41am
Short Position One - looking for price to make higher - Position one of three for shorting
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  • #458,356
  • Mar 7, 2018 3:42am Mar 7, 2018 3:42am
Quoting Nala66
{quote} Two candles before that 2016 06 05
Gap looks like it was closed by the wick of 5/6/16 to me.
Sorry, I'm just trying to understand what you mean by closed.
To me, the week of the 5/6/16 opened at price 1.44597 and had a high of 1.46591, hence closing the gap of the previous week before pushing back down.

In any case, the gap was well and truly closed by the Brexit wick 2 weeks later
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly.png Size: 26 KB
Come with me if you want to live....
  • #458,357
  • Mar 7, 2018 3:43am Mar 7, 2018 3:43am
Quoting Trade-G
{quote} There is a trendline support on the H1, until it gives its still bullish. Or it can go sideways and give us excruciating pain...
This is my view. I can see the TL you're talking about (red line). There is also support at 3845 (blue line). But should both give way, I expect 3820-3810 today.
Attached Image
I'm high on trading, cant you tell?
  • #458,358
  • Mar 7, 2018 3:51am Mar 7, 2018 3:51am
90 pips net on scalping this morning (usually just take the 50 pips each morning) depends on the adr and volume

Should close final scalping trades for total 130 pips for the morning letting the last two trades run some more

Whilst in addition to letting longer trades run on the higher time frames

It aint rocket science ..
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  • #458,359
  • Mar 7, 2018 4:04am Mar 7, 2018 4:04am
Quoting Sammih
{quote} This is my view. I can see the TL you're talking about (red line). There is also support at 3845 (blue line). But should both give way, I expect 3820-3810 today. {image}
Just curious why you are of your view both will give way?
  • #458,360
  • Mar 7, 2018 4:17am Mar 7, 2018 4:17am
Maybe someone can help me with some question. I am pretty new to trading, I am using MA 192 and Stoch indicator. From Stoch indicator we see when there is too low or too high price, but this indicator doesn't work always - sometimes it will give breakouts. Could I please hear some reasons what is causing these breakouts and when should't I listen to Stoch indicator.
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