Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#621,421
Sep 5, 2021 10:39am Sep 5, 2021 10:39am

Coreg2004
Joined Oct 2009 | Status: Trader | 5,631 Posts

Quoting Tim_isoara

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{quote} B finish up than Zero. The pattern it's invalid or not?

Ignored

Tim_isoara, I'm not sure I understand your question, so I will just write about my thought process at the moment the B wave was created. When the B swing couldn't get to 127.2% extension, I decided that ABC flat correction is forming, and the BC leg should have 5 waves to the downside. Based on this pattern, I set my target at 113%.
When the ABC (flat correction by my analysis) has been completed, I expect a new high @1.4418 to be reached. Do we get there? I have no idea. How this potential move will be subdivided? I have no idea. There are many roadblocks underway to the target, and many swings that can be traded independently on the smaller time frames. Hope it clears some doubts. If you have more detailed questions just ask.

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Always trade your own plan...I don't provide trading signals.

#621,422
Sep 5, 2021 10:47am Sep 5, 2021 10:47am

Coreg2004
Joined Oct 2009 | Status: Trader | 5,631 Posts

Quoting Mr.Burger

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{quote} I'm sure he's drawing irregular correction {image}

Ignored

Mr. Burger, irregular (expanded flat) B wave reaches 127.2-161.8% ext. and contains only two clear swings abc.

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Always trade your own plan...I don't provide trading signals.

#621,423
Sep 5, 2021 11:09am Sep 5, 2021 11:09am

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

it looks like ,
only this market is in a side box ,on a + note its off the extreme of that
trapped by those long wick candles

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On-site guru & also FF member's' psychiatrist, when not drinking tea

#621,424
Edited 11:26am Sep 5, 2021 11:14am | Edited 11:26am

donfriday
Joined Jan 2009 | Status: bye FF | 8,806 Posts

Quoting Coreg2004

Disliked

{quote} Tim_isoara, I'm not sure I understand your question, so I will just write about my thought process at the moment the B wave was created. When the B swing couldn't get to 127.2% extension, I decided that ABC flat correction is forming, and the BC leg should have 5 waves to the downside. Based on this pattern, I set my target at 113%. When the ABC (flat correction by my analysis) has been completed, I expect a new high @1.4418 to be reached. Do we get there? I have no idea. How this potential move will be subdivided? I have no idea. There...

Ignored

nice analysis

i was updating my chart this weekend and i came up with something similar to yours..

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MY OPINION NOT FINANCIAL ADVISE

#621,425
Sep 5, 2021 11:20am Sep 5, 2021 11:20am

donfriday
Joined Jan 2009 | Status: bye FF | 8,806 Posts

Quoting Mr.Burger

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{quote} I'm sure he's drawing irregular correction {image}

Ignored

its an expand flat when you look at july low when c move lower than A it mostly shoot very higher

MY OPINION NOT FINANCIAL ADVISE

#621,426
Sep 5, 2021 11:49am Sep 5, 2021 11:49am

Mr.Burger
Joined Jul 2021 | Status: 2022 target achieved! | 1,036 Posts

Quoting Coreg2004

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{quote} Mr. Burger, irregular (expanded flat) B wave reaches 127.2-161.8% ext. and contains only two clear swings abc. {image}

Ignored

ahh I see now 3-3-5 thanks for explaining, Correg2004

Daddy, Brother, Lover, Little Boy

#621,427
Sep 5, 2021 11:49am Sep 5, 2021 11:49am

Houtbay
Joined Nov 2020 | Status: Trader | 4,573 Posts

Coreg I follow a system of support and resistance which in its self forms a series of waves upwards or downwards. In each level of support or resistance I get a series of minor waves which you can classify abc. Currently we are in a corrective wave downwards as you have drawn in your abc wave, however we still currently remain in an upwave, however if a level of support lower down is broken then we change direction into a downward cycle.

#621,428
Sep 5, 2021 11:53am Sep 5, 2021 11:53am

kenny4real
| Joined Apr 2008 | Status: Trader | 671 Posts

Quoting Pat Chiko

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{quote} Hi Kenny, I really like your Bow..... nice to attract girls...... First off - don't get freaked out! Confidence is the biggest requirement for any trading system or style. Without it, you will fail regardless of how good your system is or isn't. What moves the market may change over time; and the dominant driving currencies may change over time; but the underlying mechanics of the market will never change regardless of all else. If you are a intra-day or swinger, your style or system may need to adjust to a changing market based on...

Ignored

Wow! Wow!! Wow!!!
Should I say this is the best thing I've read this whole year or one of the things?

Anyway, Thanks alot Pat...you touched alot of things and its just pure truth!

I'm a BTMM trader and sometimes setups don't align or something just go wrong with what I anticipated (which was supposed to be signature trade) and it just flops and wonder why?

. Like you said, I'm not overhauling my system but rather I'm trying to improve on it and as a matter of personal principles, I tell myself daily that: "I'm the best BTMM trader ever!" That helps boost my confidence and wants me to keep learning more.

Thanks once again!

#621,429
Sep 5, 2021 12:03pm Sep 5, 2021 12:03pm

kenny4real
| Joined Apr 2008 | Status: Trader | 671 Posts

Quoting ahsanhabib92

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I think most of the traders here are doing forex on Demo Account

Ignored

I don't think so.
I trade Live but I trade my demo account too.

#621,430
Sep 5, 2021 12:10pm Sep 5, 2021 12:10pm

Mr.Burger
Joined Jul 2021 | Status: 2022 target achieved! | 1,036 Posts

Quoting donfriday

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{quote} its an expand flat when you look at july low when c move lower than A it mostly shoot very higher

Ignored

yes of course, actually I'm not an expert on counting waves ( too ambiguous for me ), so I just use the oscillator to execute it

Daddy, Brother, Lover, Little Boy

#621,431
Sep 5, 2021 12:12pm Sep 5, 2021 12:12pm

Benjamin1981
| Joined Jan 2021 | Status: Analyser | 28 Posts

No Comments

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#621,432
Sep 5, 2021 12:17pm Sep 5, 2021 12:17pm

Wavegarrick
Joined Sep 2017 | Status: Trader | 4,360 Posts

Quoting ahsanhabib92

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I think most of the traders here are doing forex on Demo Account

Ignored

I think ahsanh is making a very empty and shallow statement, has not posted much on FF and let alone his prior post in March this year. I have seen a few responses to his post. Folks don't get drawn in by him. As far as I am concerned looking for prospective followers.
Cheers.

Trade to trade another day

#621,433
Sep 5, 2021 12:23pm Sep 5, 2021 12:23pm

Houtbay
Joined Nov 2020 | Status: Trader | 4,573 Posts

Wavegarrick I saw the other day that you are in South Africa. Holiday or visiting family? I live in Cape Town, lived a few years in the U.K in Nottingham, but could not get used to the weather.

#621,434
Sep 5, 2021 12:26pm Sep 5, 2021 12:26pm

PatienceFx
Joined Jun 2013 | Status: enjoying life | 23,848 Posts

Quoting Wavegarrick

Disliked

{quote} I think ahsanh is making a very empty and shallow statement, has not posted much on FF and let alone his prior post in March this year. I have seen a few responses to his post. Folks don't get drawn in by him. As far as I am concerned looking for prospective followers. Cheers.

Ignored

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#621,435
Sep 5, 2021 12:28pm Sep 5, 2021 12:28pm

Moty
Joined Dec 2017 | Status: Trader | 30,688 Posts

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yes yes yes

#621,436
Sep 5, 2021 12:51pm Sep 5, 2021 12:51pm

Wavegarrick
Joined Sep 2017 | Status: Trader | 4,360 Posts

Quoting Houtbay

Disliked

Wavegarrick I saw the other day that you are in South Africa. Holiday or visiting family? I live in Cape Town, lived a few years in the U.K in Nottingham, but could not get used to the weather.

Ignored

hi Houtbay,
Born and bred in South Africa, never been overseas besides Angola and Mozambique.
Cheers, Bud.

Trade to trade another day

#621,437
Sep 5, 2021 12:55pm Sep 5, 2021 12:55pm

BigNumbers
| Commercial User | Joined Jul 2021 | 3,279 Posts

Price at a strong resistance zone on the daily time frame..
Go to lower time frame and see the price action to find a possible sell entry...

Price may retrace back to the support level

Good Luck

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My telegram: https://t.me/avidforex

#621,438
Sep 5, 2021 1:57pm Sep 5, 2021 1:57pm

EnduranceFX
| Joined Sep 2021 | Status: Trader | 3 Posts

Quoting kenny4real

Disliked

{quote} Wow! Wow!! Wow!!! Should I say this is the best thing I've read this whole year or one of the things? Anyway, Thanks alot Pat...you touched alot of things and its just pure truth! I'm a BTMM trader and sometimes setups don't align or something just go wrong with what I anticipated (which was supposed to be signature trade) and it just flops and wonder why?. Like you said, I'm not overhauling my system but rather I'm trying to improve on it and as a matter of personal principles, I tell myself daily that: "I'm...

Ignored

Hey Kenny! Try making sure your signature trade is in line with the higher TFs. Try using the Smaller TF's to look for entries. For instance, If your D1 is trending down and the H1 has just made the initial L1 pushdown yesterday, then a London pat long today won't be a highly probable trade. Hope this helps. - Peace

#621,439
Sep 5, 2021 3:06pm Sep 5, 2021 3:06pm

KeenPips
Joined Dec 2015 | Status: Trader | 8,751 Posts

The GBPUSD market is sideways but in a bullish mode. On the daily time frame, price action is bullish. It broke out from a consolidation area on Thursday and there was a bullish follow-up on Friday. We may see a bullish continuation in the early part of this week, perhaps targeting a retest of the 1.39850 horizontal resistance area (purple) seen on the monthly time frame. Furthermore, technically, the price action has broken out of a falling channel (blue) and tackling a minor horizontal resistance at 1.38780 (magenta), which, if flipped as support, would see a further bullish drive. However, bears may seize upon bullish misstep to rotate price action southward to, perhaps, the 1.36030 handle (green).

I may be wrong. Trade safe and prosper. So, trade based on your own trading rules and analysis.

KP

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