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Cable Update (GBPUSD)

  • #540,021
  • Aug 1, 2020 9:42am Aug 1, 2020 9:42am
... on the dly chart below the red dash line is the breeched mthly desc t/line that joins 7188 with 3515, the 2nd full red line is the still intact mthly desc t/line that joins 5930 with 3515 and this runs close to the wkly desc t/line (light blue full line) that joins 4376 with 3515.

...wkly chart below..pretty self explanatory - breeched desc t/lines and channel tops (dashed lines) and just about a touch of that desc t/line that joins 4376 with 3515 at friday's weekly hi - 3170.
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Trader with an Edge.
  • #540,022
  • Aug 1, 2020 10:38am Aug 1, 2020 10:38am
Quoting Bones
this work is highly likely right ,Coreg is a super great contributor , theres likely another impulse in it, thats shorter than the last, after correction a of some kind thats not too deep Thats what I just said {quote}
Thank you Bones...I only try to convince traders that they don't have to run away from EW and harmonic patterns because some educators couldn't succeed with them...It's doable.
Always trade your own plan...I don't provide trading signals.
  • #540,023
  • Aug 1, 2020 10:45am Aug 1, 2020 10:45am
Once in a lifetime opportunity to sell and hold gold
Patience.....
  • #540,024
  • Aug 1, 2020 10:49am Aug 1, 2020 10:49am
Lets see a good consolidation and then what ought to happen is a decline in the Cable. The waiting is the hard part for many traders.

In the meantime silver explorers who are hitting it are a real nice place to be.
  • #540,025
  • Aug 1, 2020 1:09pm Aug 1, 2020 1:09pm
...price friday hi-current pullback lo is 100pips ....the biggest hi-lo pullback since the move up from 2252 was 190pips and only 3 have been over 100. There is a pattern of bullish hidden div on the 1hr (on my osc settings) - good so long as price stays above circa 3030. 1Hr though is @ a 2nd LL @ friday's lo so showing signs of weakness...4hr is @ a L at same place so general uptrend still very much intact on that t/f to weekly.
Trader with an Edge.
  • #540,026
  • Aug 1, 2020 1:25pm Aug 1, 2020 1:25pm
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yes yes yes
  • #540,027
  • Aug 1, 2020 2:00pm Aug 1, 2020 2:00pm
Here is a good time to try to mention the "rule" of the 'First Touch of the 200 SMA' that no one seems to believe.

I put "rule" in quotes because it is true only about 90% of the time, not 100%.

There was a first touch of the weekly 200 SMA this week in the GBPUSD.

Brief description of the "rule:" If the 200 SMA is descending and the price action is ascending (or vice versa) when they cross and it is the First touch in that time period in some time, price will come back to at least touch the 200 SMA wherever it is at the time in that time period within a "short" time.

This works in the 1 Hour, 4 Hour, Daily, and Weekly time frames. If price opposite crosses for the first time (in some time) in the 1 Hour time period then it will usually come back and touch wherever it is during the next hour, but at least in a few hours time.

I wrote about and gave examples of this "rule" here https://www.forexfactory.com/thread/...9#post12640819 but in typical ForexFactory fashion most blew it off as being hindsight, stupid, etc. or they brought up examples that are not the first touch or follow all the rules of this "rule."

I've been around the block a few times and I trade forex for a living, so I don't use stuff that doesn't work. This is not my trading strategy, I just use this "rule" for a good and profitable $$$ scalp when it becomes available.

Here this "rule" is available now on the weekly GBPUSD and I'm telling you about it now before it happens. There is even an example on the weekly chart from a few months back in December, 2019.

I have the GBPUSD weekly 200 SMA about 1.29017 with my broker. There is about an 80% chance price will come back to touch there this week (and maybe keep going -- who knows). If not this week (highly unlikely), then within the next few weeks.

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  • #540,028
  • Aug 1, 2020 2:54pm Aug 1, 2020 2:54pm
The weekends are where you can learn alot from this forum. Shame certain members who are very active during the week and keep messing up seem to be missing.
I think they get adrenaline rush from clicking buy and sell only and their full time job is making pretty charts.

More learning and less Rubbing Crystal ball/Photoshop.

Some members are very transparent (Clearly dont know how to manage risk)
  • #540,029
  • Aug 1, 2020 3:50pm Aug 1, 2020 3:50pm
Quoting mkvy
The weekends are where you can learn alot from this forum. Shame certain members who are very active during the week and keep messing up seem to be missing. I think they get adrenaline rush from clicking buy and sell only and their full time job is making pretty charts. More learning and less Rubbing Crystal ball/Photoshop. Some members are very transparent (Clearly dont know how to manage risk)
Hey Mkvy,
So let's analyze your post. Weekends are, where a lot can be learned from. What are you teaching us? That members go missing on weekends because they are active during the week?
They keep messing up because they get an adrenaline rush from buying and selling and making pretty charts and posting pretty charts and crystal ball predictions.
Perhaps I can learn from your transparency statement that some members are transparent, but hey ho, they don't know how to manage risk?
What have I learned, nada, zero, zilch?
Come on surely you can do better. A complete nonsensical post.
Cheers.
Trade to trade another day
  • #540,030
  • Aug 1, 2020 4:08pm Aug 1, 2020 4:08pm
If anyone wants to learn something this weekend, i would say stop trying to predict what the market is going to do next and where the market is going, instead study how it moves using multiple time-frames and then wait until the market is open and trade it.

Until you understand how it moves do nothing , save you money and tears.

Consistency comes from understanding how the market moves and then trading it accordingly, no system or indicator will ever come close to giving you success without an extremely good understanding of how markets move.
Follow The Markets Structure - Patience and Discipline
  • #540,031
  • Aug 1, 2020 4:25pm Aug 1, 2020 4:25pm
Quoting mkvy
The weekends are where you can learn alot from this forum. Shame certain members who are very active during the week and keep messing up seem to be missing. I think they get adrenaline rush from clicking buy and sell only and their full time job is making pretty charts. More learning and less Rubbing Crystal ball/Photoshop. Some members are very transparent (Clearly dont know how to manage risk)

... or maybe they have a life and aren't saddo's like us who are still prattling on at the w/e !
Trader with an Edge.
  • #540,032
  • Aug 1, 2020 5:04pm Aug 1, 2020 5:04pm
New SW Zone..
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Le$$ I$ More
  • #540,033
  • Aug 1, 2020 5:13pm Aug 1, 2020 5:13pm
Quoting Headland
{quote} ... or maybe they have a life and aren't saddo's like us who are still prattling on at the w/e !
Yean true, But theres no work outside of this at the moment, Furlough 5th Month now..
  • #540,034
  • Aug 1, 2020 5:14pm Aug 1, 2020 5:14pm
Quoting Roszey
New SW Zone.. {image}
Yes thats very possible... Have to watch that buying zone
  • #540,035
  • Aug 1, 2020 5:15pm Aug 1, 2020 5:15pm
Quoting Guztro
{quote} Then you haven't yet mastered the art of focus knkie . Many come here for guidance, but what they get are ego's flying all over the place. Nobody needs to show me how to trade, I've mastered trading. Some experienced traders come here to help, but these arguments just reminded me why I left a year ago in the first place. Sickening. Guz
Hello Guz,
I sent you a private message.

Joel
  • #540,036
  • Aug 1, 2020 5:16pm Aug 1, 2020 5:16pm
Quoting Wavegarrick
{quote} Hey Mkvy, So let's analyze your post. Weekends are, where a lot can be learned from. What are you teaching us? That members go missing on weekends because they are active during the week? They keep messing up because they get an adrenaline rush from buying and selling and making pretty charts and posting pretty charts and crystal ball predictions. Perhaps I can learn from your transparency statement that some members are transparent, but hey ho, they don't know how to manage risk? What have I learned, nada, zero, zilch? Come on surely you...
Yes i posted my view of next week already
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  • #540,037
  • Aug 1, 2020 5:21pm Aug 1, 2020 5:21pm
Quoting Headland
{quote} ... or maybe they have a life and aren't saddo's like us who are still prattling on at the w/e !


So sad isn't it

Working with your chart, I like the zone above.

I think we are in for a period of consolidation soon, but it looks to me we are building up to a break of the great TL

I rechecked my levels this morning for support.

Can't ignore the importance of that lower wick as Bones keeps reminding us.
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Compulsions can be hard to resist
  • #540,038
  • Aug 1, 2020 5:26pm Aug 1, 2020 5:26pm
Quoting Bones
ok check the monthly, note I read that monthly before it closed.... I looked & thought that was possible from past history from that zone the way it was going ,but it did go further than I thought in one go. It actually has a range over 800 which must break all July's from the last 10 years .You cannot call swings on range information alone, long term. I'm defiantly never going to pin it down to, it's July ,it has to happen September...I think that discussion is over now, market proved it. Theres something very unusual on the chart and that is a...
Thanks Bones

Please note, my comments about your criticism of Georginson was in the context of my discussion with Neil, and I said I thought your criticism of Georginson was fair.
I was not looking to have a go at you, but talking with Neil about the forum treatment of him and why I thought it was happening.
Peace
Compulsions can be hard to resist
  • #540,039
  • Edited 8:05pm Aug 1, 2020 7:54pm | Edited 8:05pm
Quoting trumps
{quote} So sad isn't it Working with your chart, I like the zone above. I think we are in for a period of consolidation soon, but it looks to me we are building up to a break of the great TL I rechecked my levels this morning for support. Can't ignore the importance of that lower wick as Bones keeps reminding us. {image} {image}
good one, i did not spot that mega trend line, 2 more to add by looking at the daily chart..

no matter how dum my system. things make alot of sense when it comes to profit targets. my main problem is profit target, most of my trades are in profit most of the time. its just knowing the best place to TP
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  • #540,040
  • Aug 2, 2020 1:24am Aug 2, 2020 1:24am
My View regarding the GU for this week. i will try Long at current price level .GU seems trying to create another high as i see on the pull back price struggle to break certain price level and fail to create new low. so there is Good chance price may create to new high in next week

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