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Cable Update (GBPUSD)

  • #619,501
  • Aug 26, 2021 12:58pm Aug 26, 2021 12:58pm
Quoting thevisitor
{quote} Out for today, sl hit

look at the monthly, then weekly then daily and ask why u think buying to this place thinking there was a fair chance?
interested in your thoughts here

I promise im not making fun or anything but think it is important for us to reflect n trade setups
Perhaps just a bad trade?
  • #619,502
  • Aug 26, 2021 1:03pm Aug 26, 2021 1:03pm
Quoting nAVIN2007
{quote} U have a great way to setup your trades it is amazing how simple support and resistance is yet you are so effective.. market ranges 70% of the time and this is when u shoot cable in the ass almost every shot
To be able to take trades with technical analysis in requires a deep understanding of price movement,

Why it does what it does and what happens when it doesn’t move in the way that has been predicted/anticipated.

My method is based around Support & Resistance and a purely Price Action.
Since I have found the Support & Resistance methodology does really apply to all market and all time frames,

Support & Resistance takes six months of serious practice and use to feel comfortable applying it.

How long would it take to forecast accurately utilizing 100% technical methodologies?
At least 5-10 years depending on the individual’s analytical skills. It took me 8 years. (very slow learner)

PAT
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #619,503
  • Aug 26, 2021 1:23pm Aug 26, 2021 1:23pm
Quoting nAVIN2007
{quote} look at the monthly, then weekly then daily and ask why u think buying to this place thinking there was a fair chance? interested in your thoughts here I promise im not making fun or anything but think it is important for us to reflect n trade setups Perhaps just a bad trade?
Giving you these following chart to observe.

To write my thought process going to be long story.

Charts will help us to understand price action.
This is not trade signal, but my personal analysis.

Hope it helps

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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #619,504
  • Aug 26, 2021 1:40pm Aug 26, 2021 1:40pm
Quoting Theoak
{quote} Short in at 1.3736
2 X 38 PIPS
Attached Image (click to enlarge)
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Don't trade what you think. Just what you see!!!
  • #619,505
  • Aug 26, 2021 1:48pm Aug 26, 2021 1:48pm
Quoting Bigbul
{quote} yes i know bro ,but your experience show it, and i know this "W" and "M" shape from your post,,therefor for me this is pat strategy,thanks of your post it give me a lot of knowledge about trend and direction...good bless you,

The bigger problem for traders is knowing when to enter and where to place stops.
The only solution is technical analysis.
Since the process of understanding how to use technical analysis will take time it can be useful to study Price Action.
Since probably majority of traders are not analytical in nature it could be that most traders will find it useful to study to an analytical charts and articles and try several trade strategy to see which suits their own personal style of trading.

Choosing a trading strategy is important.
Since there are always several ways a price pattern can develop what a good strategy do provide you with guidance to the possible alternatives, the levels that confirm a move and when it breaks down.

With a good strategy, it is vital to have a firm view of when to enter, why you are entering and when to take profit, or take a loss.
Not to have this in your trading strategy will cause you more losses than you need take.

The key to successful and profitable trading is study and that means hard work.

It is well know that trading is a stressful profession and that in itself implies that it is not a simple pastime, even for institutional traders who have a wealth of information at hand.

However, there is enough information available to private traders these days and for the savvy who do their homework, there are good profits to be made.

Good Luck and trade well

PAT
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #619,506
  • Aug 26, 2021 1:49pm Aug 26, 2021 1:49pm
trade without looking at the price action
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yes yes yes
  • #619,507
  • Aug 26, 2021 1:51pm Aug 26, 2021 1:51pm
Quoting Wavegarrick
{quote} So Far so good Folks, Gu from a 4 hrly perspective. I am using retraces to suck in more sell trades. My weekly pivot at 1.37014 and a daily lower low remain crux. The hope continues. Trade safe, Cheers. {image}
Trading is what it is from a higher time frame perspective and when lined up with smaller t/frames it can become powerful. I like to trade with different currency pairs which I don't share here, but when I see the basics from highly respected traders here being omitted, I get very worried for prospective newbie followers. I once again ask all prospective followers here not to follow blindly with haphazard currency forecasts/predictions on other pairs. I was hoping for this to be a focused forum on GU and the dollar or pound index. but am afraid it ain't gonna be the case. I leave it at that.

For the time being, we have a new daily lower low and I look to add shorts.
Trade safe, Cheers.
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Trade to trade another day
  • #619,508
  • Aug 26, 2021 2:28pm Aug 26, 2021 2:28pm
Quoting shotshell
My thought is that the price has recovered now almost to the 200 day moving average - we appear to me to be in a downtrend - when the price broke through the 200 day avr. , it seemed to trigger a significant amount of selling - traders are worried about the approach of the death cross (50 day avr.) . I think we will re-test the lows of July at least - i'll begin to fade this rally to build a short position at the 200 day moving avr. {image}

So, a few days later with a short position established - not the best of entries, but I think they will work. Price action has brought the close back to the 200 day average & now closed below it again. Target is sub 1.36 - a retest of the lows of July.
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  • #619,509
  • Aug 26, 2021 2:46pm Aug 26, 2021 2:46pm
From the look of things we may see 1.31435 soon
The bulls may drag the bears to 1.377 again to test their ability....
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My telegram: https://t.me/avidforex
  • #619,510
  • Aug 26, 2021 2:50pm Aug 26, 2021 2:50pm
D1 secondary correction

H4 secondary trend

Will use H1 for entry at retest area with stop above the high

Time for the retest before continuation

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Follow The Markets Structure - Patience and Discipline
  • #619,511
  • Aug 26, 2021 3:03pm Aug 26, 2021 3:03pm
Quoting Pat Chiko
{quote} The bigger problem for traders is knowing when to enter and where to place stops. The only solution is technical analysis. Since the process of understanding how to use technical analysis will take time it can be useful to study Price Action. Since probably majority of traders are not analytical in nature it could be that most traders will find it useful to study to an analytical charts and articles and try several trade strategy to see which suits their own personal style of trading. Choosing a trading strategy is important. Since there...
Yes bro you are right, I have a strategy but not much expert in technical analysis I just use my formula, 90% wait and watch the market and 10% trade, and also enter after news.
  • #619,512
  • Aug 26, 2021 3:23pm Aug 26, 2021 3:23pm
since gu and gj are positively colerated here's a h&s on gj. Sell on touch of neckline
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  • #619,513
  • Aug 26, 2021 3:33pm Aug 26, 2021 3:33pm
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follow up from this mornings chart
  • #619,514
  • Aug 26, 2021 3:34pm Aug 26, 2021 3:34pm
Quoting Luke97
since gu and gj are positively colerated here's a h&s on gj. Sell on touch of neckline {image}
mmm they could be wrong
  • #619,515
  • Aug 26, 2021 3:41pm Aug 26, 2021 3:41pm
Quoting Luke97
since gu and gj are positively colerated here's a h&s on gj. Sell on touch of neckline {image}
Doesn't this 'pattern' suggest a buy? Or is it so bad that it is better to use it the other way around?
Air force
  • #619,516
  • Aug 26, 2021 3:44pm Aug 26, 2021 3:44pm
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H/S
  • #619,517
  • Aug 26, 2021 3:52pm Aug 26, 2021 3:52pm
Quoting Nordling00
Going to close my GU sells tonight, at the Wall Street closing. It's been a great bearish rally for a month I will post my chart when i took the profits, just before the WS closing
Closed my GU sells in 250 pips profit

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You have to have an IQ higher than 90 to interact with this user.
  • #619,518
  • Aug 26, 2021 3:58pm Aug 26, 2021 3:58pm
Quoting W0lfram
{quote} Doesn't this 'pattern' suggest a buy? Or is it so bad that it is better to use it the other way around?
Inverted head and shoulders. It formed previously. lets see how valid this one is. According to me Iwill look for sell at the neckline
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  • #619,519
  • Aug 26, 2021 4:04pm Aug 26, 2021 4:04pm
Quoting elbert3
{quote} mmm they could be wrong
They move mostly to the same direction only that one can make a bigger move than the other. When you identify a familiar pattern on one you dont blindly trade the other on the same direction but you observe the pattern the other pair has formed. It works for me almost all the time. Trade what you see....these are just my thoughts.
  • #619,520
  • Aug 26, 2021 4:40pm Aug 26, 2021 4:40pm
Quoting Luke97
{quote} They move mostly to the same direction only that one can make a bigger move than the other. When you identify a familiar pattern on one you dont blindly trade the other on the same direction but you observe the pattern the other pair has formed. It works for me almost all the time. Trade what you see....these are just my thoughts.
Yes your right in that thinking ,,we are in the middle ground at tis time ,,looking a a move out look you can see ema spreading wide ,, normally means price starts to move opening in the trend direction
..regards
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