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Cable Update (GBPUSD)

  • #650,541
  • Feb 2, 2022 2:23am Feb 2, 2022 2:23am
Quoting Bones
{quote} so it's going back up there ?and higher {image}
H & S visible on 4 h.
Likely will complete right shoulder and possible reverse after the news.
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  • #650,542
  • Feb 2, 2022 2:27am Feb 2, 2022 2:27am
Quoting Georginson
{quote} Hello Leon, I agree with a need for a weekly close above 1.3565 for bulls to gain more advantage mine is now marginally at 1.3571. The previous decider of 1.3528 has ended it's course in January. February Decider is now 1.3571 which points at either 1.3900 or 1.3200. In summary ✓Weekly close above 1.3571 means 1.3900 is imminent this February; ✓Weekly close below 1.3571 means 1.3200 is imminent this February. Posting this means I'm going against my decision not to post any informational update on this thread due to toxic events...
Ah ok, Thanks George got it
Cheers
Leon
Trade to trade another day
  • #650,543
  • Feb 2, 2022 2:28am Feb 2, 2022 2:28am
A B C trading system explained

price above A = weak buy ; A is SL

price above B stronger buy A is SL

price above C strongest buy A is SL
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do not follow me 99.9999999% of times, rest you can lol
  • #650,544
  • Feb 2, 2022 2:30am Feb 2, 2022 2:30am
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #650,545
  • Feb 2, 2022 2:43am Feb 2, 2022 2:43am
Quoting Lastaccount
resistance around 1.3550 short 1.3535 for 1.3300
It can be helpful to see that there is resistance at a specified level as part of the criteria for determining a sell entry. But surely that is not enough, is it? Even if price drops a bit from there, that initial drop is not a confirmation that the up move is over: It is merely a signal that there is an attempt underway to end the up move, and now what plays out must be evaluated to see if direction has actually changed, or if it is merely another pullback in a continuation of the up trend.
To free Gazans of Hamas, use whatever it takes.
  • #650,546
  • Feb 2, 2022 2:46am Feb 2, 2022 2:46am
usdx , failed direct bull but still may range up , so playing carefully ! may zigzag rather in straight line . take care
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #650,547
  • Feb 2, 2022 2:54am Feb 2, 2022 2:54am
In buy mode, for now..
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  • #650,548
  • Feb 2, 2022 3:04am Feb 2, 2022 3:04am
Quoting Bainbrito
In buy mode, for now.. {image}{image}{image}
maybe buy mode, but not really buy action
  • #650,549
  • Feb 2, 2022 3:10am Feb 2, 2022 3:10am
i took short in supply where the imbalance is marked

got other stuff to do today so stop at BE and check back later

Bad habit of mine is, Cable starts a big bull move and I keep looking for shorts thinking its due a pullback and I wipeout so we'll see, I tend to look for reversals
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  • #650,550
  • Feb 2, 2022 3:17am Feb 2, 2022 3:17am
Quoting DrDave
{quote} It can be helpful to see that there is resistance at a specified level as part of the criteria for determining a sell entry. But surely that is not enough, is it? Even if price drops a bit from there, that initial drop is not a confirmation that the up move is over: It is merely a signal that there is an attempt underway to end the up move, and now what plays out must be evaluated to see if direction has actually changed, or if it is merely another pullback in a continuation of the up trend.
I think that Fear of Missing Out and I Sold it at the Top are two of the most prevalent drivers of selling because they are emotion drivers. Especially for trades that are targeting around 10 pips or so, does it really make a difference if you take the 10 pips near the start of a swing compared to taking them later in the swing? If you wait, you can get more details about the construction of the swing by examining smaller TFs, and likely will discover over time that examining smaller TFs before pulling the trigger keeps you from shooting yourself in the foot so often.
To free Gazans of Hamas, use whatever it takes.
  • #650,551
  • Feb 2, 2022 3:19am Feb 2, 2022 3:19am
Quoting mysterio
i took short in supply where the imbalance is marked got other stuff to do today so stop at BE and check back later Bad habit of mine is, Cable starts a big bull move and I keep looking for shorts thinking its due a pullback and I wipeout so we'll see, I tend to look for reversals {image}
I tend to look for reversals
It is very good to LOOK for reversals, and even better to wait to enter only after CONFIRMATION of reversals.
To free Gazans of Hamas, use whatever it takes.
  • #650,552
  • Feb 2, 2022 3:20am Feb 2, 2022 3:20am
Quoting Bainbrito
In buy mode, for now.. {image}{image}{image}
R1 is at 3555 and we shall be there soon
  • #650,553
  • Feb 2, 2022 3:28am Feb 2, 2022 3:28am
Quoting mysterio
i took short in supply where the imbalance is marked got other stuff to do today so stop at BE and check back later Bad habit of mine is, Cable starts a big bull move and I keep looking for shorts thinking its due a pullback and I wipe out so we'll see, I tend to look for reversals {image}
I m not sure 3547 is a real resistance, we can see if will come again. 3551 can be a resistance. 3527 is also important, must we wait the us report to see better?
  • #650,554
  • Feb 2, 2022 3:30am Feb 2, 2022 3:30am
Secret weapon.I may be wrong.

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POSTMASTER
  • #650,555
  • Feb 2, 2022 3:49am Feb 2, 2022 3:49am
Quoting DrDave
{quote} I tend to look for reversals It is very good to LOOK for reversals, and even better to wait to enter only after CONFIRMATION of reversals.
Look at this example.
TF1 smallest TF
TF2 middle TF
TF3 largest TF

TF3 has been going up without any retracements. I look at a chart that includes price bars and determine from PA that price is approaching a resistance level near the arrow of TF1 and is flattening a bit, so I sell. Price starts down, so of course, I called that one right, didn't I? But before it reaches my TP, I see price turns back up (attempt 1): No worries, my SL is far away. But look what TF2 is showing: Price could not go down far enough to turn down TF2 before TF1 returned up. Now all 3 TFs are going up. It doesn't look so good for my short position. Oh well, that is why I have a SL, isn't it?

Maybe instead of jumping in on a mere down move, it would have been better to wait until at least TF2 joined the down move? Look at attempt 2 and see if even that is enough.

On attempt 2, when TF2 turned back up, TF1 was also going up. So, isn't it logical that this would be a good place to look for a buy entry as ALL of the TFs below TF3 return up??? This FAILURE of TF1 and TF2 to meet the expectation of going down can turn into a SUCCESS of buying with an extended continuation. And with no confirmation that the direction changed, no sell entry was ever made.
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To free Gazans of Hamas, use whatever it takes.
  • #650,556
  • Feb 2, 2022 3:50am Feb 2, 2022 3:50am
Quoting maxi444
{quote} I m not sure 3547 is a real resistance, we can see if will come again. 3551 can be a resistance. 3527 is also important, must we wait the us report to see better?
Agreed 3547/8 area is minor resistance and the strong resistance @3600 which will determine if we're to move towards @3750 zone again.
Try the simple and make it for you ~
  • #650,557
  • Feb 2, 2022 3:57am Feb 2, 2022 3:57am
Quoting PatienceFx
{quote} {image} BONUS GOOGLE 20:1
hello patientfx
How do you identify an ABC that is in an upward order?
  • #650,558
  • Feb 2, 2022 4:00am Feb 2, 2022 4:00am
Quoting DrDave
{quote} Look at this example. TF1 smallest TF TF2 middle TF TF3 largest TF TF3 has been going up without any retracements. I look at a chart that includes price bars and determine from PA that price is approaching a resistance level near the arrow of TF1 and is flattening a bit, so I sell. Price starts down, so of course, I called that one right, didn't I? But before it reaches my TP, I see price turns back up (attempt 1): No worries, my SL is far away. But look what TF2 is showing: Price could not go down far enough to turn down TF2 before TF1...
great, but it will be good to know what is TF? take food or take failure?
  • #650,559
  • Feb 2, 2022 4:03am Feb 2, 2022 4:03am
Quoting clocktrade
{quote} Agreed 3547/8 area is minor resistance and the strong resistance @3600 which will determine if we're to move towards @3750 zone again.
the strong resistance @3600 which will determine if we're to move towards @3750 zone again.

I think that is not quite right. A resistance zone doesn't determine anything. It just marks an area where something has happened, and when price reaches it again, something might happen again. The zone itself does not mean anything, really. What determines if the price goes up to somewhere is if there are contracts available to buy at that level and if there are any traders willing to do the buying. If there are no contracts available to buy at that level, then clearly, it makes no difference how many potential buyers are in the crowd. Likewise, if there are plenty of contracts available to buy at that level but no one is willing to buy at such a price, then it makes no difference how many contracts area available to buy. It is the traders making (or not making) trades that determine if price will continue above 3600 or not.
To free Gazans of Hamas, use whatever it takes.
  • #650,560
  • Feb 2, 2022 4:08am Feb 2, 2022 4:08am
morning, shorts
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The only constant is change
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