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Cable Update (GBPUSD)

  • #623,921
  • Sep 16, 2021 9:48am Sep 16, 2021 9:48am
Quoting pipfarm
{quote} Sneaky Wavegarrick (said with affection) you knew that daily up move was corrective , well done buddy i guess all the signs were there with the rejections. Well done and well deserved
Thank you Pipfarm,
Yeah, it has been a tough couple of months for me with the rangy conditions, to the point that I started doubting my strategy. Fortunately been through it before so I knew better to just hang in and wait. Hopefully, I can also start plucking the fruits of my labour at some point, just like some of the very good traders here..
Once I establish my bias or view normally coupled with a sequence of daily lower highs and lows it becomes more simple for me. I wait for a retrace to my daily pivot and 50% or 61.8% fib retrace of the previous day high and low, before I enter my trades. So quite simple. Today was a bit tricky because the retrace went 78.6% of yesterday's high and low and at the speed, it went I thought crumbs I could be wrong let alone corrective. Never easy is it?
Anyway, still, a lot of hurdles to clear for bears to get out of the woods.
Have a great day.
Cheers.
Trade to trade another day
  • #623,922
  • Sep 16, 2021 9:48am Sep 16, 2021 9:48am
Quoting PElago
September 2021 Forecast High 1.38963 Low 1.33238 Bias: Bearish.
Current monthly high : 1.39128; I'm off by about 165 pips.
  • #623,923
  • Sep 16, 2021 10:00am Sep 16, 2021 10:00am
Quoting Wavegarrick
{quote} Thank you Pipfarm, Yeah, it has been a tough couple of months for me with the rangy conditions, to the point that I started doubting my strategy. Fortunately been through it before so I knew better to just hang in and wait. Hopefully, I can also start plucking the fruits of my labour at some point, just like some of the very good traders here.. Once I establish my bias or view normally coupled with a sequence of daily lower highs and lows it becomes more simple for me. I wait for a retrace to my daily pivot and 50%...

What do you think of that 3726 area on daily, my thinking is that because this is a continuation trade it will sail through it but would like to know if you think we might see a correction at that point.

thanks
Follow The Markets Structure - Patience and Discipline
  • #623,924
  • Sep 16, 2021 10:00am Sep 16, 2021 10:00am
Quoting stevepatt
{quote} GBP/USD H4 Observations Looks like my Pending Short has missed the "Boat" {image}

GBP/USD Pending Long Trade

Pending Long 1.37500 Target 1.38000 Stop 1.37200

Missed the Opportunities to Short (Working)

Looking for a Bounce back to 1.38000 RN and then further to the Downside
Attached Image (click to enlarge)
Click to Enlarge Name: 16th Sept 21 GBP_USD Pending Long Trade_20210916_15.49.png Size: 125 KB
  • #623,925
  • Sep 16, 2021 10:10am Sep 16, 2021 10:10am
Quoting stevepatt
{quote} GBP/USD Pending Long Trade Pending Long 1.37500 Target 1.38000 Stop 1.37200 Missed the Opportunities to Short (Working) Looking for a Bounce back to 1.38000 RN and then further to the Downside {image}
nice!
Daddy, Brother, Lover, Little Boy
  • #623,926
  • Sep 16, 2021 10:11am Sep 16, 2021 10:11am
Quoting pipfarm
{quote} What do you think of that 3726 area on daily, my thinking is that because this is a continuation trade it will sail through it but would like to know if you think we might see a correction at that point. thanks
we are playing into the weekly which will lead into the monthly IMHO this is just the start of a move deep long term

i think a few of us are actually thinking the same thing..hence the conviction in this set bias
Attached Image (click to enlarge)
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  • #623,927
  • Sep 16, 2021 10:12am Sep 16, 2021 10:12am
Lets see if we can capitalise the retracement:
update: long closed its not respecting.
Attached Image (click to enlarge)
Click to Enlarge Name: 245b1776ea644048a030ad6b0f8c6433.png Size: 130 KB
"Exchange of hands"
  • #623,928
  • Sep 16, 2021 10:13am Sep 16, 2021 10:13am
Quoting pipfarm
{quote} What do you think of that 3726 area on daily, my thinking is that because this is a continuation trade it will sail through it but would like to know if you think we might see a correction at that point. thanks
Yes, I think 1.37500 and perhaps your area at 3726 for an overshoot. If the daily closes above 1.37500 we could probably see a retrace back to 1.38000 and Stevepat sums it up well. We could look for more shorts there. Having said 1.3726 is crucial for bears and they need to clear it by tomorrow if they want a weekly lower low. We could be in for some nice moves today or tomorrow.
Cheers.
Trade to trade another day
  • #623,929
  • Sep 16, 2021 10:17am Sep 16, 2021 10:17am
Quoting Wavegarrick
{quote} Yes, I think 1.37500 and perhaps your area at 3726 for an overshoot. If the daily closes above 1.37500 we could probably see a retrace back to 1.38000 and Stevepat sums it up well. We could look for more shorts there. Having said 1.3726 is crucial for bears and they need to clear it by tomorrow if they want a weekly lower low. We could be in for some nice moves today or tomorrow. Cheers.

Cheers for that,

well lets hope we get the close below 3750 which is an old resistance area for that upswing and should help smash through the 3726 area


Have a great day
Follow The Markets Structure - Patience and Discipline
  • #623,930
  • Sep 16, 2021 10:35am Sep 16, 2021 10:35am
Quoting Mr.Burger
{quote} close on BE, USD on now --- think twice about buying lol {image}
re-entry at the better place --- Bullish on my 5th wave
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM15.png Size: 48 KB

--- re-entry at the same place if sl hit
Daddy, Brother, Lover, Little Boy
  • #623,931
  • Sep 16, 2021 10:39am Sep 16, 2021 10:39am
Quoting AlfieSolomon
Now its a risk free BUY , ADR completed But for 10-20 pips not expecting more
Closed 10+ pips
  • #623,932
  • Sep 16, 2021 10:41am Sep 16, 2021 10:41am
Quoting mysterio
No buys until 1.3750-60 area I had a sell signal but too close to news for me to consider Decent scalping day just need to hold on to gains If we retrace into the imbalance i will sell
Took the long scalp off of ADR/h1 demand

Made up for a dumb 11 pip loss on AU earlier. Sticking to GU no more flirting with other pairs

Good day overall, shame to miss the short but I guess got to follow rules

It might now drop a bit more to 1.3750 for a full retrace. I wont take any more past london close but if it happened during an active time would probably be a solid trade.

3 decent scalps all long on a short day overall. Still trying to find a happy medium between full on scalping and 'intraday' trading. Volume helping a lot with refining stops
Attached Image (click to enlarge)
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  • #623,933
  • Sep 16, 2021 10:43am Sep 16, 2021 10:43am
Bullish divergence Long in at 1.3778
Don't trade what you think. Just what you see!!!
  • #623,934
  • Sep 16, 2021 10:44am Sep 16, 2021 10:44am
Quoting MTF Test
{image}
I guess I have been lucky

Congratulation for those who made profit on XAU, GU Drop.

Cheers !
Fools Rushing
  • #623,935
  • Sep 16, 2021 10:46am Sep 16, 2021 10:46am
it is very easy to read the price, it is easy to find levels where price will turn, but why oh why it is so hard to trade and make money???
  • #623,936
  • Sep 16, 2021 10:48am Sep 16, 2021 10:48am
why it is so hard to be constantly profitable, even when you know where price will turn "to the pip" with very high accuracy?
  • #623,937
  • Sep 16, 2021 10:48am Sep 16, 2021 10:48am
Quoting genadi
it is very easy to read the price, it is easy to find levels where price will turn, but why oh why it is so hard to trade and make money???
Lol- I know the feeling. It takes time. It's all mindset/emotions.

Make sure you're as focussed as you can be, look after yourself outside of trading (diet exercise etc), plan your trades before you take them and don't overtrade. Journal. Good luck

Quoting genadi
why it is so hard to be constantly profitable, even when you know where price will turn "to the pip" with very high accuracy?
Careful with this- make sure you're not hindsight justifying the trade. Your mind is going to naturally remember all the times you were 'right' but didnt take the trade and forget the rest. I had been talking all week about the top after the run at 1.39 then short from the retrace at 1.3850, did I fully execute on them ? No, but the account is healthy and positive at the end of the week so the rest is just refinement and mindset.
  • #623,938
  • Sep 16, 2021 10:48am Sep 16, 2021 10:48am
Quoting genadi
it is very easy to read the price, it is easy to find levels where price will turn, but why oh why it is so hard to trade and make money???
because the demo account will never make money
Daddy, Brother, Lover, Little Boy
  • #623,939
  • Sep 16, 2021 10:51am Sep 16, 2021 10:51am
why you are making money while sticking to your rules and in the long run making profit, but then you try to little gamble, slightly deviate from your rules, and then you get beated so hard that all your hardly made profit melts away?
  • #623,940
  • Sep 16, 2021 10:51am Sep 16, 2021 10:51am
GBPUSD looking to short at 50 fibs. Watch PA
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM15.png Size: 63 KB
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