Cable Update (GBPUSD)

It is collecting SL's in the meanwhile :-). I got mine at 1.30850. Fingers crossed.

You are new member, welcome to GU thread
Interesting chart view. How do you read the blocks?

waiting for 3050 test and breaks

SL hit on my buy. Good luck to those still holding. I have a problem of knowing the right thing but trying to scalp in the opposite direction and then getting caught out. Today is Friday. Asia kinda sold. Buying is a waste of time. Whereever London closes today they will still come back to it on Monday. I'm out.

Welp, SL hit, my plan going forward:
1. Bias remain bullish, and will enter Long if there is a close above dotted line, else no trade for the day.
2. If price never revisit the dotted line again, most likely it will just continue downward and establish a new bias (Bearish) for me, going forward the Daily pivot most likely will be at top (act as resistance), and will only look for ACD method Short setups (trade the bounce off pivot or Point A Up, or trade Point A Down).

I only change bias if:
1. In an uptrend, current day have a Support Pivot and price broke below it, enter the close below and SL above the pivot.
2. After a ranging period, price surge in a particular direction to show the way.

In the big picture, price is in macro downtrend, it is reasonable it wants to continue its Main Direction now after stalling / uptrending for some time.
Glad to have Short bias back.

GTG..fingers crossed

Monthly pivot at 3194 ignored. So that means we head down but the month might later turn bullish when same 3194 is broken up. Only thing now is the Russia-Ukraine war.

Thanks for the welcoming, definitely not new to the forex world nor to this forum, has been a lurker but decided to create an account to post my thoughts after transitioning from my regular job to full time trading, high time i make the switch to get out of the rat race

I assume the "blocks" you meant are the ones with green and red shade (box/block shape), green is TP and red is SL. If you're talking about the vertical green area, the starting point of the vertical green is the opening of London session.

ready to cut-- not sure on the PA. might buy lower. lets see

Edit-- I cut it. Need a spring on M1. lets see, i wanna buy lower

Edit-- trying lower

Gu : Now buy.


H1 up.

3090 ..up it goes.

my stop 3989

Seems like it is showing signs it will bounce back into my box, if close above thick purple line (Point A Down), then give another confirmation close upwards, then i will take a Long trade. Personally i adopt the "max 2 losses per day" rule, hit SL 1 time today already.

Added one more position at 1.30950, same SL and TP open

GU : M1

This is art.

Do minor pullbacks (like the one from 1.31045 to 1.30942, 14:59-15:02) shake you out?

When I manage to have great entries like that, I always get scared price is going to reverse and I might lose my profits, so I cut it after a pullback, which greatly diminishes my returns.

Buys Still Intact.. With more below. Unbothered is the new name

Didnt see any sign of bull yet. Still a swing lower to more lower. Wait for exhausted price

Let see 1.30800 level could be a good repeler

It did closed above Purple line, then immediately next candle gives a big bearish candle, I'm glad I havent entered Long yet, it would have already hit my SL as i would place the SL just below the recent low, it is important to wait for confirmation for another bullish continuation candle before going Long, I would want to see a more proper V shaped recovery to have more confidence.

Not ruling out the possibility that after this bearish candle it will revisit the dotted line, whether it does this or not doesnt bother me.
If it does, go Long, if it doesnt, the next trading day likely would have established a Downtrend and have a clear direction moving forward, bearish bias.