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Cable Update (GBPUSD)

  • #619,081
  • Aug 25, 2021 3:03am Aug 25, 2021 3:03am
...piercing pattern candle on last 1hr (opposite to dark clour cover)...can bulls build on this ? 1hr below.
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Trader with an Edge.
  • #619,082
  • Edited 3:17am Aug 25, 2021 3:05am | Edited 3:17am
Quoting pipfarm
{quote} Still waiting for short entry, Last H1 higher low broken to the downside price now in sideways triangular range ready for breakout to the downside Weekly, Daily down, h4 upswing corrective, current H4 downtrend still intact , entry on 1H as above

Most traders only look at one timeframe , so if the trend is up on one timeframe they assume it will keep going without reference to the higher timeframe-s to see if the trend is a correction within the HTF trend.

I might be wrong and the H1 trend will continue higher but i would rather trade with the HTF and assume the current move up is corrective and wait for the resumption of the downtrend.

Of course if you read my post Friday, i do sometimes trade part of a corrective swing , usually into swing 3 if there is enough room to the old support now resistance in cables case.

Good luck all today with the trades.
Follow The Markets Structure - Patience and Discipline
  • #619,083
  • Aug 25, 2021 3:09am Aug 25, 2021 3:09am
For the short side , at the moment it looks safe to place our break out level as per the chart, if it changes at all i will update.

Trade at your own risk , this is for educational purposes only.


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Follow The Markets Structure - Patience and Discipline
  • #619,084
  • Aug 25, 2021 3:10am Aug 25, 2021 3:10am
Quoting hasib
{quote} Little bit unique thinking way to trade the market, how you use stop and how you close profit or loss. I am interested to know.
Good question.

To be honest, I am only confident enough to try this style with GU and EU. I have tried this with other instruments a couple of times and it went horribly wrong and had to close in huge losses (Even blown a couple of accounts).

With profits, I will start closing some at each round numbers and in this case, I am taking 40% out at 1.3800
With losses, I honestly haven't been hit trading GU with this style. Again, I try to do this around major levels. (I could be in between 300pips on negative). When/if it does happen that I pull the plug, I have 'CLOSE ALL' I make use of.

Hope I managed to answer your question.
  • #619,085
  • Aug 25, 2021 3:12am Aug 25, 2021 3:12am
Quoting gatenio
{quote} do you have positive swap for long?
Oh no, I don't.
What I mean is, I am only using proceeds from this LONGS to cover my negative swaps from my long-term shorts.

Hope it makes sense.
  • #619,086
  • Aug 25, 2021 3:13am Aug 25, 2021 3:13am
Quoting mysterio
Close sell. scalp buy. target YH. Stops to BE asap {image}
Close at 1.3732. Early but like to lock in 20 pips then take it easy for now
  • #619,087
  • Aug 25, 2021 3:18am Aug 25, 2021 3:18am
Quoting mysterio
{quote} Close at 1.3732. Early but like to lock in 20 pips then take it easy for now
I have set my SL to b/e but am tempted to take the bucks albeit half of what I was making last week (have to rebuild again!)
Insane in the Brain..
  • #619,088
  • Aug 25, 2021 3:20am Aug 25, 2021 3:20am
The 5 minute and weekly charts currently look so similar.
Small waves / Big waves and prophetic.
Compulsions can be hard to resist
  • #619,089
  • Aug 25, 2021 3:22am Aug 25, 2021 3:22am
Quoting BeeTogether
{quote} I have set my SL to b/e but am tempted to take the bucks albeit half of what I was making last week (have to rebuild again!)
Been there, haven't we all. Important not to change your trading though based on lower amounts as your strategy can change and you may hold off TPing and end up making it worse (again been there)

YH should reach then I may sell see what happens
  • #619,090
  • Aug 25, 2021 3:24am Aug 25, 2021 3:24am
Booked profit at 1.37339, will buy again on retrace.
  • #619,091
  • Aug 25, 2021 3:27am Aug 25, 2021 3:27am
... 2 x minor 1hr prev sw hi's and 4hr desc t/line breeched to upside in move up off that 1hr piercing pattern candle.....bulls in charge atm,, but still in 1hr range with prev 1hr/4hr sw hi x2 / 1hr range hi challenged now.

---------------------

re Pipfarm's post - I am sure a lot are seeing this up-move as corrective of a higher t/f trend, particularly given the last weekly close. 4hr though has now seen 1 x HH and an equal HH, and 2 x HL's. Let's see what happens

1hr below
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Trader with an Edge.
  • #619,092
  • Aug 25, 2021 3:40am Aug 25, 2021 3:40am
Quoting mysterio
{quote} Been there, haven't we all. Important not to change your trading though based on lower amounts as your strategy can change and you may hold off TPing and end up making it worse (again been there) YH should reach then I may sell see what happens
yeah totally! Last Monday I was tempted to tp at 13880 ish but with 13910 my tp I left it. Next thing I know I’m down 250 pips! Lol then took a short to break 136 which didn’t work either. Had to step away and come back with a rethink
Insane in the Brain..
  • #619,093
  • Aug 25, 2021 3:40am Aug 25, 2021 3:40am
Quoting Headland
... 2 x minor 1hr prev sw hi's and 4hr desc t/line breeched to upside in move up off that 1hr piercing pattern candle.....bulls in charge atm,, but still in 1hr range with prev 1hr/4hr sw hi x2 / 1hr range hi challenged now. --------------------- re Pipfarm's post - I am sure a lot are seeing this up-move as corrective of a higher t/f trend, particularly given the last weekly close. 4hr though has now seen 1 x HH and an equal HH, and 2 x HL's. Let's see what happens 1hr below {image}

Swing wise on 1H that equates to a lower low, lower high by a small amount, higher low and current swing can not say at the moment, if the current swing high ends as a lower high then we have the tops getting lower showing no interest to buy, having said that im not falling in love with a short until i see the break out to the downside and for sure will not take a long whatever happens.
Follow The Markets Structure - Patience and Discipline
  • #619,094
  • Edited 3:53am Aug 25, 2021 3:43am | Edited 3:53am
...range hi holding supply then. Should it break to upside that prev 1hr/4hr sw hi to 3786 awaits with 3772-79 a cluster of 2 x fibs and Dly R1, in it. 3772 is 61.8% of that 3786-3602 move

4hr below.
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Trader with an Edge.
  • #619,095
  • Aug 25, 2021 3:43am Aug 25, 2021 3:43am
TP taken now waiting for next opportunity
Insane in the Brain..
  • #619,096
  • Aug 25, 2021 3:43am Aug 25, 2021 3:43am
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yes yes yes
  • #619,097
  • Edited 4:14am Aug 25, 2021 3:48am | Edited 4:14am
Quoting Jolita
Quoting Bones
{quote} every real gap , what happens if I crank up the speed of my chart , {image}[/quote I noticed the gaps appear during news, weekends or when market is sleeping. Also depending which broker platform you use, internet speed etc. I compared 2 of my brokers. For this one I mostly use Heikin- Ashi type, wicks are longer, different candles, gaps less visible. I did compare with candle sticks. {image} {image} Now, with Etoro, gap is visible, was just nicely filled. {image} Here is some good explanation. https://www.forex.com/en-uk/educatio...-and-slippage/
...
yes your link says gaps can occur mostly at the weekend ,which is right
The reason a gap fills is because price never went there ,so stops and orders would be left & the market can't have that .
Every gap will be filled and I've seen crazy to do it .Recently the market hasn't gapped much at all.

I can assure people the central banks have no gaps because they fill every order nearly all the time ,it would have to be a flash crash type of event during the week in forex.That flash crash the other year gave many lows which I've never seen before .
There are so many junctions before the retail , not to mention what hardware/ software or what connection the retail guy has.
For all I know Alfie could be on wifi and a laptop running a 1 min tf ,his gaps are not real and most probably are personal to his platform and defiantly to his broker.

Low time frame gap traders must see the risk in trading something that can't be verified ,if those gaps were real it would be jumping everyones orders all the time.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #619,098
  • Aug 25, 2021 3:49am Aug 25, 2021 3:49am
Quoting pipfarm
{quote} Swing wise on 1H that equates to a lower low, lower high by a small amount, higher low and current swing can not say at the moment, if the current swing high ends as a lower high then we have the tops getting lower showing no interest to buy, having said that im not falling in love with a short until i see the break out to the downside and for sure will not take a long whatever happens.

re higher t/f's ie above 4hr...Dly has 2 x LH's and a LL so maybe start of a new downtrend? Wkly uptrend still intact but damaged and Mthly ranging with recent signs of strength (relative to the t/f.) Nothing to do with your analysis or your analysis technique - but just on PA - after last week's bearish thrust candle it's hard not to be 'conditioned' into thinking any up move is purely corrective.
Trader with an Edge.
  • #619,099
  • Aug 25, 2021 3:49am Aug 25, 2021 3:49am
Quoting Moty
{image}{image}
Is that the race to 1.38000?
  • #619,100
  • Aug 25, 2021 3:59am Aug 25, 2021 3:59am
Quoting Moty
{image}{image}
Nice chart looking to renter north at pivot
Insane in the Brain..
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