Cable Update (GBPUSD)

You shouldn't post videos here. I just wasted atleast 30 mins watching Dusk Till Dawn clips, great film!

weekly if it if so them 61.8 fib with doji top to the left

day we can see the 61.8 and do we have a dt ??

thank you

I like it too

4 hour now we add the tl and fibs we know . 1 will it fake out of the tl ..2 will it break and then confirm to the high side . 3.. carry on to 50/38%bibs fo a bounce . See number 2 also … 4 it just carry’s on Down . So if we think that the top ?????!!! We look short . But as we know it could hit 59%come back up to the higher fibs .. so not that easy as the emas on the high charts are still long look

That above post I just put the fibs on .. but look at the moves .right on the fibs

open up the chart and look . That levels been a big range . And the next fib is now on the top . I hope I have not worn the pants off you all but one has to think this way . Your hard earned money and the hope to become as rich as Pat is on the table for you to realise hopefully . Regards E

Hi guys, I've not been doing much trading today, but writing up some notes about design to improve my charting skills.
I just saw this post and thought I'd share some with you. Studying Universal Principles of Design by William Lidwell, Kritina Holden and Jill Butler, amongst other books, and all your fine posts.

Will make all my design notes available sometime, but only on the letter C so bear with me!

Closure
A tendency to perceive a set of individual elements as a single, recognizable pattern, rather than multiple, individual elements. The tendency to perceive a single pattern is so strong that people will close gaps and fill missing information to complete a pattern if necessary, often this process is automatic and subconscious. A function of our innate preference for simplicity over complexity, and pattern over randomness.
Sometimes traders enter too early - without confirmation - because they close the pattern in their mind’s eye by supplying transitional elements that are not present. Closure is strongest when elements are simple, if a structure is too complex and a pattern requires more energy than that required to perceive elements individually, then closure will not happen.

Cognitive Dissonance
A tendency to seek consistency among attitudes, thoughts, and beliefs.
When beliefs agree, there is consonance and a state of comfort results.

People alleviate cognitive dissonance in one of three ways:
Reducing the importance of dissonant cognitions
Adding consonant conditions
Removing or changing dissonant conditions

When a situation involves incentives people may reduce dissonance by changing the dissonant condition (usually when the incentive is small) or by adding a consonant cognition (usually when the incentive is large)

Changing the way you think and feel about a dissonant situation that involves incentives is very dangerous when trading. The justification of risks is a serious matter and should be detailed in your trading plan, one of it’s major purposes, otherwise cognitive dissonance will influence traders to make stupid decisions.
Invest time and effort to understand how the trading environment creates cognitive dissonance and provide simple and immediate mechanisms in your trading plan to alleviate the dissonance. Mechanisms that are helpful and constructive and do not incentivize risk when it is not smart to do so. When justifying risks, use minimum compensation for doing so rather than increasing position sizes disproportionately. Know exactly what would contradict or otherwise invalidate your trade and either do not take the trade or cut it.

When the market is moving against their position a trader might justify ridiculous behaviour such as moving back the stop loss believing they will eventually be compensated, and that justifies the risk. Or worse, adding to the negative position. Similarly, a trader with an ambitious profit target might justify holding a profitable position instead of realizing profits when the market runs out of momentum, they may even lose money.
In general, trading should feel comfortable, which is a result of consonance between your trading plan, market conditions, and actual behaviour.

Common Fate
Elements that move in the same direction are perceived to be more related than elements that move in different directions, move at different times, or are stationary.
OXOOXOXXXOO
O O X XX O
X O OX O
Perceived relatedness is strongest when the motion of elements occurs at the same time and velocity, and in the same direction. As any of these factors vary, the elements are decreasingly related. One exception is when the motion exhibits an obvious pattern or rhythm, in which case the elements are seen as related. Although common fate relationships usually refer to moving objects, such as bars, lines, and candles on a chart, they are also observed with static objects that flicker, or alternate between colours, from dark to light, from red to green (a principle Heikin Ashi candles makes use of). Scalpers are especially sensitive to flickers and may perceive a relatedness between elements which is illusory, as a quirk of Gestalt perception.

Common Fate relationships influence whether elements are perceived as figure or ground elements. When certain elements are in motion (such as the current bars being formed) and other elements are static (previous bars / S&R) the moving objects will be perceived as figure elements, and stationary ones will be perceived as ground elements. When elements within a region move together with the bounding edge of the region, the elements and the region will be perceived as the figure. When elements within a region move together, but the bounding edge of the region remains stationary or moves opposite to the elements, the elements within the region will be perceived as the ground.

Consider Common Fate in your trading strategy, especially when deciding how to respond to information that has moving or flickering elements, such as candlesticks. Understanding the strength and direction of movements on the chart is achieved through an unconscious intuition of common fate elements. Knowing how we perceive related elements to move at the same time, direction and velocity, with the same frequency and intensity, helps us to read the price action better and prevent mistakes which arise from interpreting the figure-ground relation incorrectly, giving too much or too little attention to either figure or ground, or their interrelationship. We can always choose to pass over trades when we cannot group these elements, either because the variables are dissimilar or the motion does not form a recognisable pattern. We can also pay less attention to flickers, knowing they are likely to mislead us. In a range, when elements are moving within a bounded region, we can more easily achieve a figure relationship, or a ground relationship, when planning how to act or not, by paying attention to how the edges of the range are moving, or by changing the time frame (a range on a slow chart can be a trend on a fast chart). I like to consider the entire range as ground and usually wait until price moves out of the range - becoming the figure - and this is gauged through a strong common fate of all variables, which collectively appear to break out of the range with force.

Comparison
A method of illustrating relationships and patterns in system behaviours by representing two or more system variables in a controlled way.
People understand how the market works, and how their trading plan works, by identifying relationships and patterns in or between systems. One of the most powerful methods of identifying and understanding these relationships is to represent information in controlled ways so that comparisons can be made. It is vital to compare your trading plan to actual market conditions, and to compare live market conditions to the scenarios in your trading plan.
Use comparisons to convincingly illustrate patterns and relationships, such as defining an edge.

Constancy
The ability to perceive objects as having constant properties despite variations in how they are perceived eliminates the need to reinterpret those objects when they are perceived under different conditions - different timeframes for example. Perception involves more than simply receiving sensory inputs; rather, it is a process of continuously reconciling sensory inputs with memories about the properties of things in the world.

Size Constancy:
The size of objects is perceived to be constant, even though the change of time frame makes objects appear smaller or larger, the perception of the objects remains constant.
The objects which make up the head and shoulder pattern are size-constant with ‘memories’ of their properties, and they are perceptible across several time-frames. The relative size of the various attempts to push higher are what defines the pattern: the left shoulder, head, right shoulder, and the final failure test.

Colour Constancy:
Heikin Ashi candles help with this, but even Japanese candles should show colour constancy for each respective movement within a pattern; i.e red for a downtrend. Where the colour is not constant, this ‘anomaly’ may signify the pattern is compromised and extra vigilance is needed to confirm weakness or the integrity.

Shape Constancy:
Similar to size constancy - the best trades have a feeling of familiarity about them.
Consider multiple time frames when making trade decisions as variations in the environment can trick the senses and alter the perception of genuine trade opportunities, helping to distinguish between good opportunities and bad ones.

Avoid correction errors made by the visual processing system (and the greed system), which tries to maintain constancy by offsetting important variations across different background conditions… to a man with a hammer, every object looks like a nail.

this big daily channel.for big drop need reach upper band.v

That was longer than mine let’s just remembering this from the morning . The clue was in the song if you got it and just say have a good weekend

Closed ... weekly target not achieved but still in good profit... will fight another war another day.. have a nice weekend all..

sneeeky lol

Took a sneak long over the weekend at 13900. Let’s see where it goes from here

???

Will be looking for buys at 1.38 area till 1.42 area.

The logic, common sense, and insight that goes into designing/refining a system is far more important than the backtesting process or results.



Pic from Itchenor, West Sussex, United Kingdom

On 4hr, 3830 looks almost inevitable.

Perfect done candle close
Next week is a good sign. Awaiting level 1.39000 hold to get more bearish

yes , because it weekend , the spread could be bigger , so i better let it go first , ill ride second one . price still near there