Cable Update (GBPUSD)

100% break
we at bones fx are not going retail on lines

320 pips (plus some change ) and done for the day ..

today's daily bullish closing will bring back the bulls into the game. The next targets would be 1.43 and 1.45 in sight

OK the next level that does not exist is 4072

Hey Bones look it hit the trend line exactly on the daily.

not a tl nala

I prefer your target top of the non-existent H1 H+S

let's pop up to w1 see if that's the tl

What you have to do is simply put two and two together.

Because the daily line is sloping we have to plot where and when is the only place it can hit. So the horizontal Bear Support on the 1 hour intersects the sloping line at the correct time.

All the other Bear Supports are the intermediate steps on the journey.

Now price is in the breakout zone on the daily but I am off to bed and will worry about that tomorrow.

ok time will tell as usual

the line you have isnt respected already its broke ,
but big RN there
its 2 point when there's a great one that exists
later should see respect imo

I mean too the pip if it went back

argue it its all personal I know

bear support in mind I actually have looked at a chart every day for over 10y

Not much to say about this trade because it was exactly a repeat of the previous days setup.

However looking at the 5 min chart we see both the bulls and bears have found support thus creating a range we have to break free of.

I don't know from one day to the next which way I will be trading it all depends on what is inferred and if there is an entry signal or not. It is for this reason I don't like to speculate on longer term events.

Someone back there said something about not being a scalper as though this in some way is bad thing. Well to me it all part of trading for a living, there are times for both longer and shorter terms, the market determines this not the trader.

Take your signals and profits according to your method but never ever 'THINK' trades they must at all times be supported by the evidence you have deemed applicable with a high degree of success.

Howdy N , you should be fishing ,,,B your trend lines are always impeccable,,,,,,Your back and forth has probably helped a few traders ,,N probably easier to get in for a longer term hold than you think just put price in a box ha ,,the kicker is really why worry about it ,there is setups both ways every week .. The mighty GBP has went up 2330 pips in 12 months impressive yes if you caught the very bottom and got out at the very top ,,,,,,would have been a nice trade to close no doubt ,,,,more to come yet I reckon ,,,,,,,A person that scalped 10 or 11 pips a day give or take one has equaled that rise ,actually would be ahead right now because the average pips per day is going down a bit everyday it spends below that last high . Scalp 20 pips a day and you have basically done twice what the climb has been so definitely nothing wrong with scalping. any rate have learned from both of you ,,keep it going lol,,,many green pips to all

I think it's a good target area for longs.
Then watching for reasons to short.

Thanks digger, my only intention was to show there is more than one way to skin a cat.

That was funny you should mention that long term trade because I looked at it last weekend and found the average to be about 7.4 pips per day, bottom to top and as you say it has fallen a tad because not only is price down a bit but the time element is longer.

I don't just take 20 pips a day that is just my minimum and I and quite happy with that but when a bigger trade shows itself then why not go for it.

Our group spent a lot of time over the past decade working on a great many things via webinars every single day and as a result we have learned many things not available in the text books such as how triangles work, the role divergence plays, the cycle of the RSI and of course when to look for the relative signals.

People don't have to learn all this though, finding a simple method that works best for them and one they understand completely when added to money management and persistence is all one need do. The rest would then just be general knowledge.

I once traded for 270 days just trading divergence taking $7000 to $47,000 over that period just to prove it can be done. There are people in this forum who still remember that from the Traders Secret Library where I was a regular webinar presenter. Happy Days.

As for fishing I will be going after the Easter horde have dissipated in a couple of weeks.