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Cable Update (GBPUSD)

  • #662,261
  • Jun 7, 2022 5:55am Jun 7, 2022 5:55am
... I guess the strong 104pip bounce up today (so far,) the wkly falling wedge, and May's mthly pinbar close are all suggestive of more overall upside (at some point.) Currently, and more locally, this prev 30min sw hi zone causing the obstacle in that respect.

wkly/mthly below
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Trader with an Edge.
  • #662,262
  • Jun 7, 2022 5:57am Jun 7, 2022 5:57am
Quoting Headland
{quote} They are the points of an expanding triangle...a possible reversal pattern at the top or bottom of a trend/range that may develop....this one is on 30min/1hr and the point 4 can be tradeable, (a fib ext of move 2-3) as well as the point 5 which may signal a follow thru above (in this bullish eg) point 4. Pt.5 comes at a fib retrace or ext of move 3-4, and it's target is a fib ext of move 4-5. Google it if interested. That's the basics. 30min below {image}
Hi Headland,

What is the indicator that you are using that shows the divergence on that expanding triangle at pt3?
  • #662,263
  • Jun 7, 2022 6:03am Jun 7, 2022 6:03am
Quoting Cobby
{quote} Hi Headland, What is the indicator that you are using that shows the divergence on that expanding triangle at pt3?
Hi, It's a custom-made proprietary indy that I lease from the originator, so can't share it I'm afraid. For a histogram oscillator try macd on 8/12/9 - setting (I used to use this on these settings years ago - got it from another trader.) For the line oscillator perhaps use a smoothed RSI on 14 for eg (plenty on this site - do a search.)
Trader with an Edge.
  • #662,264
  • Jun 7, 2022 6:04am Jun 7, 2022 6:04am
Scalping: Done for Today
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Intraday Trading is an Art _ hoda
  • #662,265
  • Jun 7, 2022 6:12am Jun 7, 2022 6:12am
Quoting hoda
Scalping: Done for Today {image}
I love your charts and scalps. Keep it up. Price is coming lower; it won't escape 2410.
  • #662,266
  • Jun 7, 2022 6:24am Jun 7, 2022 6:24am
Gold I am short. Tp 1844
  • #662,267
  • Jun 7, 2022 6:28am Jun 7, 2022 6:28am
The present market condition is worth risking more than 15 pips.

I didn’t check well, i was watching the 30M chart, I thought it was the H1 chart. I took a loss.

the market will be bullish if the H1 candle opens above 1.25066
My telegram: https://t.me/avidforex
  • #662,268
  • Jun 7, 2022 6:30am Jun 7, 2022 6:30am
NY should open here
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  • #662,269
  • Edited 6:56am Jun 7, 2022 6:34am | Edited 6:56am
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_________ a No brainer IMHO
Don’t focus on making $$$, focus on protecting what you have.
  • #662,270
  • Jun 7, 2022 6:36am Jun 7, 2022 6:36am
A lot of bouncing around the 12490-125 area a clean break below 12470 is needed for my bearish bias to be confirmed. Else the bulls could take an opportunity to go uptwards the 12550 area as mentioned by Whale (I think)
Insane in the Brain..
  • #662,271
  • Jun 7, 2022 6:39am Jun 7, 2022 6:39am
50% of today's current 104pip move up is @ 2482

1hr below
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Trader with an Edge.
  • #662,272
  • Jun 7, 2022 6:45am Jun 7, 2022 6:45am
In this downtrend, inverse HS pattern does not work in small timeframes: 15mins, 30mins, 1hr... useless. Keep your buys for below. Tomorrow is Wednesday and I will personally shoot this down to the bottom again. It's all or nothing. 2410 area or it hits my SL.
  • #662,273
  • Jun 7, 2022 8:00am Jun 7, 2022 8:00am
... 4hr close below
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Trader with an Edge.
  • #662,274
  • Jun 7, 2022 8:03am Jun 7, 2022 8:03am
Shorted GU, targeting 40 pips, we'll see.
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  • #662,275
  • Jun 7, 2022 8:08am Jun 7, 2022 8:08am
As long as price is above the bottom wick of todays 4h candle that hit the low.
only long for me.
the risk of pull back is huge, and i hate to be a bear when bulls decided to take the wheel.
they are climbing the stairs very fast than bears elevator.
  • #662,276
  • Jun 7, 2022 8:08am Jun 7, 2022 8:08am
...bounced @ the 50%

1hr below
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Trader with an Edge.
  • #662,277
  • Jun 7, 2022 8:12am Jun 7, 2022 8:12am
to go down will be hard while the classic divergence is still valid..

i would love to see a move up in NY from 1.2475-50
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MY OPINION NOT FINANCIAL ADVISE
  • #662,278
  • Jun 7, 2022 8:14am Jun 7, 2022 8:14am
...all the ema crosses re 10/20/50 are down right now
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Trader with an Edge.
  • #662,279
  • Jun 7, 2022 8:17am Jun 7, 2022 8:17am
Quoting donfriday
to go down will be hard while the classic divergence is still valid.. i would love to see a move up in NY from 1.2475-50 {image}
1.255 and back to 1.24
mmm.. interesting.
  • #662,280
  • Jun 7, 2022 8:18am Jun 7, 2022 8:18am
Quoting Whale;140240 55
As long as price is above the bottom wick of todays 4h candle that hit the low. only long for me. the risk of pull back is huge, and i hate to be a bear when bulls decided to take the wheel. they are climbing the stairs very fast than bears elevator.
correct, the next hour close is to be seen if hourly support forms.

This 9 am hourly candle did not hold.

Probably 10 am candle to hold.
Intraday only.
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