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Cable Update (GBPUSD)

  • #509,701
  • Jan 24, 2020 8:13am Jan 24, 2020 8:13am
Quoting krst8
{quote} Agree, i think we will touch 3065
Are you still holding unto this position? I'm seeing bulls all over the place. That H4 candle might be deceptive
  • #509,702
  • Jan 24, 2020 8:18am Jan 24, 2020 8:18am
Quoting Bydyke
{quote} Are you still holding unto this position? I'm seeing bulls all over the place. That H4 candle might be deceptive
He should be OK Bydyke, 3065 is the 1.618 extension of the A-D H1 bearish Gartley.

Guz
Charts don't drive price, market conditions drive price...
  • #509,703
  • Edited 8:32am Jan 24, 2020 8:19am | Edited 8:32am
so tanking after spike up , happy to access my trades first time today as ok , & waiting more to come riskless . ok if test 143 in gj & 3034 in gu today to settle for the week
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Attached Image
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #509,704
  • Jan 24, 2020 8:19am Jan 24, 2020 8:19am
If anything, I don't think the correction is done. Either at close or Sunday evening that we might see 1.3070.
Let's wait and see....
Lost....
  • #509,705
  • Jan 24, 2020 8:24am Jan 24, 2020 8:24am
The larger correction is irregular thats why the big spike up, its abc down abc up (spike) then 123 possibly 4 and 5 down smaller swings 3050 is looking likely, bear in mind targets for corrections can gap ie not reach them during a strong up trend.

The spike up which is part of the correction is obviously where some traders thought it was a trend continuation, if your fast there was some pips there to be had.
Follow The Markets Structure - Patience and Discipline
  • #509,706
  • Jan 24, 2020 8:27am Jan 24, 2020 8:27am
Quoting pipfarm
The larger correction is irregular thats why the big spike up, its abc down abc up (spike) then 123 possibly 4 and 5 down smaller swings 3050 is looking likely, bear in mind targets for corrections can gap ie not reach them during a strong up trend.
The level 1.3050 might be a stretch since it will negate that trend line.....
Lost....
  • #509,707
  • Jan 24, 2020 8:30am Jan 24, 2020 8:30am
Quoting gespiri
{quote} The level 1.3050 might be a stretch since it will negate that trend line.....

Yes but ask your self what is this trend, in my opinion the trend is only part of a triangle the third swing, so 3050 is highly likely more shorts to come , big drop to 2602 ish.

Check the daily and you will understand, plus the fact we hit weekly resistance so a retest of 2602 is highly likely

Dont be a bull, your only going to feel pain.
Follow The Markets Structure - Patience and Discipline
  • #509,708
  • Jan 24, 2020 8:34am Jan 24, 2020 8:34am
Quoting pipfarm
{quote} Yes but ask your self what is this trend, in my opinion the trend is only part of a triangle the third swing, so 3050 is highly likely more shorts to come , big drop to 2602 ish. Check the daily and you will understand, plus the fact we hit weekly resistance so a retest of 2602 is highly likely
I wouldn't write off 3050 just yet pipfarm, this is what the A-D Gartley fib levels shows.

Trade Safe.

Guz
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Charts don't drive price, market conditions drive price...
  • #509,709
  • Jan 24, 2020 8:36am Jan 24, 2020 8:36am
Quoting Guztro
{quote} He should be OK Bydyke, 3065 is the 1.618 extension of the A-D H1 bearish Gartley. Guz
Did you notice that while PA tanked from 3171 all the way to 3085, it did so grudgingly. 3065 might be a tall order today
  • #509,710
  • Jan 24, 2020 8:36am Jan 24, 2020 8:36am
Of course ,all opinions are respected
Follow The Markets Structure - Patience and Discipline
  • #509,711
  • Jan 24, 2020 8:39am Jan 24, 2020 8:39am
Quoting Bydyke
{quote} Did you notice that while PA tanked from 3171 all the way to 3085, it did so grudgingly. 3065 might be a tall order today

Yes it did it slow down after the big move down, hit the low support , the rest of the move is there to trap short before a corrective move up of which we are in now/
Follow The Markets Structure - Patience and Discipline
  • #509,712
  • Jan 24, 2020 8:41am Jan 24, 2020 8:41am
Long 3096, SL 3077. M5 average has caved in
  • #509,713
  • Jan 24, 2020 8:42am Jan 24, 2020 8:42am
Quoting Bydyke
{quote} Are you still holding unto this position? I'm seeing bulls all over the place. That H4 candle might be deceptive
my TP was not this level, as said i am having to about 2500-2800 something in my plan. But yes, i am still short since some time, about two weeks. I wanted to try something different with a long trade. But i think this trial will show that my skills are within scalping and nothing else :-) I feel most here in this forum are very short time daily traders i guess?! As i wrote earlier today, we are in a daily zone of nondescesion zone according to me, so i also belive I timed my entry of my trade wrong!

But question, when you say bullish, which timeframe you are thinking? I am always eager to learn!

i believe that in 1-2 weeks we will see a better picture of the long term trend.


Joking aside, we are in a 5 year descending channel :-)
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  • #509,714
  • Jan 24, 2020 8:52am Jan 24, 2020 8:52am
This was abc correction, not 3 waves pattern
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yes yes yes
  • #509,715
  • Jan 24, 2020 8:53am Jan 24, 2020 8:53am
See chart if your bearish

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Follow The Markets Structure - Patience and Discipline
  • #509,716
  • Jan 24, 2020 8:54am Jan 24, 2020 8:54am
Is it time to switch scalping tool on?
Risk Management is of utmost importance!
  • #509,717
  • Jan 24, 2020 8:59am Jan 24, 2020 8:59am
Quoting Moty
This was abc correction, not 3 waves pattern {image}

Oh yes it is, look at the 5 minute its A then the B which itself is an abc then C


Corrections do not just go abc , the b in the abc is the one that gets everyone

Ok we might fall short of my target of 117 , happens in corrections , there will be many shorts waiting there , so in that case we start looking for a continuation down 123 breaking the support from the correction which will be the low of the B of the correction or sometimes it can be 123 breaking down the top of A of the correction
Follow The Markets Structure - Patience and Discipline
  • #509,718
  • Jan 24, 2020 9:05am Jan 24, 2020 9:05am
The drop is here
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yes yes yes
  • #509,719
  • Jan 24, 2020 9:06am Jan 24, 2020 9:06am
Quoting RCtrader
Is it time to switch scalping tool on?
just my opinion but i think momentum is about to pick up going south.
in wondering about yourself, you forgot what you came here to be part of
  • #509,720
  • Jan 24, 2020 9:09am Jan 24, 2020 9:09am
Quoting Bydyke
Long 3096, SL 3077. M5 average has caved in
Out at 3096 as PA returns to M5 average with hi-lo on M5; taking no chances
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