Cable Update (GBPUSD)

Once my stop was hit at 3902, i never traded, being friday.

But... preserving profits made on weekly basis important.

And look for small pull back towards pivot on Monday and then sell off.

near 1.39000 area im watching it , since price close below

before that, a possible buy is there... 25 pips above 3860

yes , still if counter trend i will more carefully XD

Bearish trend expected

Got the same

Morning great chart for long so we can note your opinion long . So let me come up with short trade look .. so 1..On the week is the full doji and on the retrace we had a double top and again on the move down and move up this week as I s posted 3937 was again a pull back to a fib number and yesterday we had that move off it . So is that a top we are shorting off . Emas show long ..2.3840 area is bottom tl .. so bounce area . Break we go into a lower tl . 3. The bottom has 2 tails so we know we draw a tl from 2 tails . So the tl I have drawn needs to be hit .. 4 if it breaks the we look to the fibs and if you look at old tl s/r to . 2460 area was not tested .. and when I put the fibs on . And I am NOT just drawing lines just look what fib number comes out .. that’s my short case . And if you go back and find my post it says…not going to post here again untill 2550 gets hit . .. answers please on a post card put 100 pound a pip and what do you get

4300- 2450 is £185,000 gets you this . I have bought one before out of fx but please this is only my opinion trade your own trade .. I might set up my own trading house

Hi, Pat Chiko,
Do you mind to share your trading idea for this?
- I can see that your between the first position and later positions was about less than 2 hrs later, what's make you think that the price will go north instead of further down?

Thank you.

take of some noise more clear now . So we have the st and tl and fibs . Out of the red tl will se 38%fib . Normally short in out of tl comes up to confirm and vice vesa .. that’s me look forward to a new car lol . Take it easy guys and pleasure working with all opinions Regards as ever E

Hi everyone, hope you all had a good week and are enjoying the weekend. Looking at old notes again and this seems to hold up well. I hope someone gets value from it at least, I’m personally thinking about creating a one sheet using this system as the foundation.

The Roadcraft system is used for training police drivers in the uk, and teaches drivers to deal with everyday driving hazards systematically and especially during emergency response situations, high speed chases etc. Of course this is just the framework and every phase of the system can be expanded in great detail both theoretically and practically. I think it can be adapted to trading and is just as valuable here. There are worse systems anyway. This is simple and logical - which might help with driving on the pothole-ridden highway to hell that is cable.

Information:
The information phase is a constant, meaning to take in and USE information about the market environment and how it relates to your trading strategies. All the time. Especially the hazards. Information continuously evolves so it is important to scan for new information at every stage of the system. What is above and below, to the left, and emerging to the right, across a range of distances.

Position:
Taking a good position comes from good observational skills, taking a position so as to pass hazards smoothly and check there is a clear route to target. Making use of signs and structure, including the gaps / negative space.

Speed:
Speed of price is beyond a traders control, however a trader can make sure the price is actually moving enough to meet their target. If the ATR is 8 pips for the timeframe being traded and the target is 20 pips away, this has a low chance of success. If the ATR is 20 pips and the profit target is 8 pips away then the trade has a much better chance of succeeding within the expected timeframe, and may even surpass the target.

Gear:
In the context of trading gear refers to selecting an appropriate position size / risk for the trade.

Acceleration:
Once in position, consider how smoothly the price is accelerating towards the target. If momentum is stalling or the trade is in any way failing to meet expectations, the concept is no longer valid, so close the position. If the price is accelerating towards your stop then close the position and rethink what is happening, it does not matter if the right gear has been selected and the risk is acceptable. Then take in more information and look for a better position; in this way the system continuously renews and refreshes at each new hazard and opportunity.

Always stay in control of your vehicle!

Hi Elbert,
all too complicated for my brain. You are talking about 1.2440 this is way to far down.
Can you please do your analysis on monthly chart?

try to but the month chart does not show the second tail as on the week

she is a support/ resistance trader...rely on ranging markets (consolidation)..previous support is expected to be tested and hold i guess..She is very effective at knowing which levels are important and has great execution in these areas..IMHO she is an actual trader who will always make money over time, just because she aint afraid use her edge

And it flipping works great for her

On a weekly we are in an uptrend, dont you think?
Thank you for your valued opinion,
J

Hi Navin, I would never have thought Pat Chico is 'she', are you sure? Interesting..
We didn't here much from you this week. All good?

Now remember this is only my short opinion today and as we know things change so I might have a long view next week .. so bear with me top and bottom price came back to 50% fib . So the second fib if I am right (please correct me if I am wrong ) I draw from that top and it comes back at 62.8% plus multiple hits on that line .. then weekly sees doji and just below doji we have a double top !!!! then tl added it broke the inner tl yesterday and we are looking a bit higher to confirm that breakout .. if so we move down to 3450 area as marked ..that is major area I would say . Zoom in have a look and see what you think

One can only have great/enjoy weekend if only trading account has move positively from one point to another

When I look at Gbpusd it seems that the trend will continue down on Monday