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Cable Update (GBPUSD)

  • #644,741
  • Dec 13, 2021 5:34am Dec 13, 2021 5:34am
Quoting LvMMT
{image} Good luck folks! God bless everyone!
Tell us please what made you decide to enter the market with 10 lots. And please also show us your losses!
  • #644,742
  • Dec 13, 2021 5:35am Dec 13, 2021 5:35am
Quoting Jprchua
Hello Pips, Good day. Just would like to get some knowledge from the pros. We had a breakout of the bearish trend line (Blue) next 4h candle clearly breaks passing the previous high, and the next four 4H candle retracement being the 4th having a long wick rejection from new trendline. the question is which support trendline are you going to draw? which one is correct? A, B or C? and why? which candle will you put/start the new resistance trendline? Thank you so much. -John {image}
I changed your lines a little bit
The basis is to draw correctly
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Trendlines H1,H4, SMC
  • #644,743
  • Dec 13, 2021 5:48am Dec 13, 2021 5:48am
Quoting Jprchua
Hello Pips, Good day. Just would like to get some knowledge from the pros. We had a breakout of the bearish trend line (Blue) next 4h candle clearly breaks passing the previous high, and the next four 4H candle retracement being the 4th having a long wick rejection from new trendline. the question is which support trendline are you going to draw? which one is correct? A, B or C? and why? which candle will you put/start the new resistance trendline? Thank you so much. -John {image}
and your question about support line....
but we have to stay above R to proove uptrend line
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Trendlines H1,H4, SMC
  • #644,744
  • Dec 13, 2021 6:04am Dec 13, 2021 6:04am
Quoting genadi
{quote} where were your stops and take profits when you entered the trade? where are SL and TP now?
My TP was 3280. Because for a combination of reasons I know that Friday's high will be violated. It is almost as sure as daylight. But then again, I had a SL in case I was wrong. I have a standard SL of 50pips when I enter very light. So I used 50 pips SL. However, if I wanted to be precise my stops would go a bit below 3220 low or even below 3209 (daily S1) if I want to incorporate pivots. The most important thing for me is to know the daily directional bias, which I know to be up. If that Friday high isnt taken out then price move isn't complete. It might go lower to confuse a lot of people, but not me. I will only invalidate my bias when some other factors come into play.

I banked the 14 pips because I felt it was a good way to start the day. I usually go for 10 - 30 pips as I said some days ago. Now I will wait for NY to dip, apply the fibs and jump aboard the up train again for a tap at least 3280. I hope NY gives me the chance. Just testing the order blocks and fibs stuff.
  • #644,745
  • Dec 13, 2021 6:11am Dec 13, 2021 6:11am
Sell Opened
  • #644,746
  • Dec 13, 2021 6:16am Dec 13, 2021 6:16am
Quoting pipibrasci
{quote} D1 CHART OVERVIEW. (2) {image}
H4 TF
Bounced off the 0.618/Upper channel line. Pin Bar closed above 0.382fib ret. level.

Target levels in still intact.

Safe.
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Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #644,747
  • Dec 13, 2021 6:16am Dec 13, 2021 6:16am
Quoting josip
{quote} I changed your lines a little bit The basis is to draw correctly {image}
Thank you so much.

I'll try to be more precise next time, only started charting recently. Still studying and learning.

Appreciate your response
  • #644,748
  • Dec 13, 2021 6:17am Dec 13, 2021 6:17am
Quoting Jprchua
{quote} Thank you so much. I'll try to be more precise next time, only started charting recently. Still studying and learning. Appreciate your response
u have to draw every day if u want go this way (trendlines)
Trendlines H1,H4, SMC
  • #644,749
  • Dec 13, 2021 6:21am Dec 13, 2021 6:21am
Quoting Jprchua
Hello Pips, Good day. Just would like to get some knowledge from the pros. We had a breakout of the bearish trend line (Blue) next 4h candle clearly breaks passing the previous high, and the next four 4H candle retracement being the 4th having a long wick rejection from new trendline. the question is which support trendline are you going to draw? which one is correct? A, B or C? and why? which candle will you put/start the new resistance trendline? Thank you so much. -John {image}
For a possible end to a down swing, I look for where strong up bars begin and see how they progress. Does the bar that you asked about with the very long tail have any up bars right after that show any kind of strength? I don't see any. In fact, the very first up bar after that is an inside bar. And then a strong down bar follows. So how can your marked bar be the end of the down move/beginning of an up move??

Move to the up bar with the long tail and you have a group of 4 up bars. You can see they are not extremely strong, but they do make higher highs, higher closes, and relatively small tails. So I would mark that red bar before the first green bar in the group as the end of the down swing, and that first green bar as the start of the up swing. Also compare with H1 to get more information.

You also marked a break of the bearish trendline. But look what happened there: a very strong red bar that dropped down to retest the level where the lows of 5 consecutive bars are sitting right near the end of the down swing. So, when you see that outside green bar, is it any surprise that price goes up after it? In this case, it happened to shoot up with another strong up bar to reach a resistance area. But calmer rises would have several up bars marching up to that resistance, or even some stalling by some profit takers doing some selling before continuing up..
To free Gazans of Hamas, use whatever it takes.
  • #644,750
  • Dec 13, 2021 6:29am Dec 13, 2021 6:29am
Quoting 3xtazzy
{quote} I really like your perspective, love the channel. Sometime it really confused me where to start the line, i will learn from your posts, sorry for my bad english {quote} that red candle really bother me from holding my position, i thought it was a inside bar and will lead to the downside {quote} get ready for 2022! He will be posting more videos Thanks to him, i have an awesome trading from 2 weeks ago. {image}
that red candle really bother me from holding my position, i thought it was a inside bar and will lead to the downside

That is one of the reasons that I use lagging indicators so that I see a direction decision is clear, and I then follow the leader. No need to guess or fret over conditions like you mention.

You had a down bias based on what you saw. Was it convincing enough to enter a trade? If not, then simply wait to see which direction price actually goes and then making another entry evaluation. If you find that over time, your entries prove to be in the wrong direction "too often" (you decide that metric), then your entry criteria need some refinement.
To free Gazans of Hamas, use whatever it takes.
  • #644,751
  • Dec 13, 2021 6:38am Dec 13, 2021 6:38am
Quoting DrDave
{quote} that red candle really bother me from holding my position, i thought it was a inside bar and will lead to the downside That is one of the reasons that I use lagging indicators so that I see a direction decision is clear, and I then follow the leader. No need to guess or fret over conditions like you mention. You had a down bias based on what you saw. Was it convincing enough to enter a trade? If not, then simply wait to see which direction price actually goes and then making another entry evaluation. If you find that over time, your entries...
I took a long position because it reaches 61.8 level and then price went to 78.6, causing larger drawdown. Again I forgot to wait for 1H or 4H candle to close before entering a trade.

Its not an optimal entry, should have waited for more confirmation. I will learn day by day, maybe I will add few indicators.

Did you mention MAs, or what indicator it is?
  • #644,752
  • Dec 13, 2021 6:40am Dec 13, 2021 6:40am
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  • #644,753
  • Dec 13, 2021 6:57am Dec 13, 2021 6:57am
Quoting 3xtazzy
{quote} I took a long position because it reaches 61.8 level and then price went to 78.6, causing larger drawdown. Again I forgot to wait for 1H or 4H candle to close before entering a trade. Its not an optimal entry, should have waited for more confirmation. I will learn day by day, maybe I will add few indicators. Did you mention MAs, or what indicator it is?
Did you mention MAs, or what indicator it is?

If you are referring to the lagging indicator that I mentioned, it does not really matter what you select if its input is price, because so many price-based indicators can have their parameters adjusted to give essentially the same information.

I have looked at various types of MA, MACD, stochastics, RSI, Donchian channels, and more. Just pick 1 or 2 and make changes in the parameters and see if this "smoothed" representation of price looks useful. Don't be afraid to try some seemingly absurd values: You might be surprised at what you see. Even if some of the settings look like total nonsense at the moment, there may come a time when you remember that odd looking plot and now see that you can make use of it.
To free Gazans of Hamas, use whatever it takes.
  • #644,754
  • Dec 13, 2021 6:57am Dec 13, 2021 6:57am
Quoting Jprchua
Hello Pips, Good day. Just would like to get some knowledge from the pros. We had a breakout of the bearish trend line (Blue) next 4h candle clearly breaks passing the previous high, and the next four 4H candle retracement being the 4th having a long wick rejection from new trendline. the question is which support trendline are you going to draw? which one is correct? A, B or C? and why? which candle will you put/start the new resistance trendline? Thank you so much. -John {image}
none of those are tl
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #644,755
  • Dec 13, 2021 6:59am Dec 13, 2021 6:59am
Quoting LvMMT
{quote} Closed +20 pips Good luck folks! God bless everyone!
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Good luck folks!
God bless everyone!
The only impartial feeling is love. It is also the only feeling of God.
  • #644,756
  • Dec 13, 2021 7:15am Dec 13, 2021 7:15am
Quoting DrDave
{quote} Did you mention MAs, or what indicator it is? If you are referring to the lagging indicator that I mentioned, it does not really matter what you select if its input is price, because so many price-based indicators can have their parameters adjusted to give essentially the same information. I have looked at various types of MA, MACD, stochastics, RSI, Donchian channels, and more. Just pick 1 or 2 and make changes in the parameters and see if this "smoothed" representation of price looks useful. Don't be afraid to try some seemingly absurd...


bring me 5 traders who use support and resistance, ask them to draw it out of same TF...i can bet they will not match all the 5 of them will draw is differently ..
MY OPINION NOT FINANCIAL ADVISE
  • #644,757
  • Dec 13, 2021 7:19am Dec 13, 2021 7:19am
Quoting LvMMT
{quote} {image} Good luck folks! God bless everyone!
Nice scalp as fast hand.
"Buy Cheap and Sell Expensive , Its Market Anyways where People Get profit"
  • #644,758
  • Dec 13, 2021 7:19am Dec 13, 2021 7:19am
price RT again. Let see if the rising TL will hold and make a move
"Buy Cheap and Sell Expensive , Its Market Anyways where People Get profit"
  • #644,759
  • Dec 13, 2021 7:21am Dec 13, 2021 7:21am
Edit, better swing low and swing high placement.
ICT OTE is really working at NY session, from 8.00 to 11.00 in the morning NY time.
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  • #644,760
  • Dec 13, 2021 7:26am Dec 13, 2021 7:26am
Quoting LvMMT
{quote} {image} Good luck folks! God bless everyone!
Where is your stop? Oh sorry I forgot, you can set it in the demo afterwards.
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