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Cable Update (GBPUSD)

  • #685,801
  • Sep 20, 2022 7:55am Sep 20, 2022 7:55am
Quoting Whale
{quote} imo price didnt grab the liquidity yet. waiting
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  • #685,802
  • Sep 20, 2022 7:59am Sep 20, 2022 7:59am
Quoting PatienceFx
this is not my code [ taken from google, very heavy on cpu ] {file}
Actually I think I've seen today's market range in one of the Elliott Chart patterns.
Don't have the drawing with me right now will verify and show it if possible.
Exhausted
  • #685,803
  • Sep 20, 2022 8:00am Sep 20, 2022 8:00am
forget double bottoms, this will cause diarrhea in all usd pairs
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  • #685,804
  • Sep 20, 2022 8:02am Sep 20, 2022 8:02am
Quoting Headland
{quote} Generally all 'fiat' currencies are basket cases and what you say is right, and someday there will be a day of reckoning, - but you're overthinking it. Trade what you see not what you think
Problem I have is that all I see is "Wow this decline is massive, must be due a retracement" For the life of me, I can't see a continuation down. Even with the move that's just been made, I don't see an extension down. I see a stop hunt before a move higher.
  • #685,805
  • Sep 20, 2022 8:02am Sep 20, 2022 8:02am
Quoting dantpm
The pound and euro tend to move in the same direction, not so much today.
If that were actually true, then EURGBP would spend most of its time flat. Does it?
To free Gazans of Hamas, use whatever it takes.
  • #685,806
  • Edited 8:13am Sep 20, 2022 8:03am | Edited 8:13am
Quoting PatienceFx
forget double bottoms, this will cause diarrhea in all usd pairs {file}
The man is an idiot. He has failed. He can mobilize the whole of Russian army and armament and still fail. The West are not going to let him succeed. For everything he brings against Ukraine, the West will supply Ukraine double. Putin will be demystified and destroyed by his own people. Death is calling him and he seems not to see the handwriting on the wall.

What a fool!
  • #685,807
  • Sep 20, 2022 8:06am Sep 20, 2022 8:06am
Quoting Headland
{quote} Typically the range hi and lo would be as shown, the highest hi (s) and lowest lo (s) that contain the rangy price action (see schematic below.) Very often but not always, don't we,? we see a range b/o and pullback inside the range or to it's extremes for a 2nd truer b/o? Today's 15min to 1hr gbpusd is a good eg of a range on those t/f's - ie no discernable trends on those t/f's, and a double top and bottom on them both at the range extremes - ie the range extremes held until one didn't - the lower one with price poking just below at the...
Thank you for explaination and I suppose we look at ranges differently because from that drawing for me it's all just random move until I see price pressing against support or resistance like in the drawing below, this type of moves are actually telling me where price might be heading.

Have to give credit to my mentor Adam Grimes.
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Plan your trades and trade your plan.
  • #685,808
  • Sep 20, 2022 8:06am Sep 20, 2022 8:06am
Quoting DrDave
{quote} If that were actually true, then EURGBP would spend most of its time flat. Does it?
If you look at the monthly chart it tends to be pretty flat.
  • #685,809
  • Sep 20, 2022 8:07am Sep 20, 2022 8:07am
Quoting MrFanciful
{quote} Problem I have is that all I see is "Wow this decline is massive, must be due a retracement" For the life of me, I can't see a continuation down. Even with the move that's just been made, I don't see an extension down. I see a stop hunt before a move higher.
You are trying to predict the market, no one knows what will happen. Unless you have a large sample (s) historical sample of these particular PA and/or fundy circumstances that point to what the greater probability (not certainty) is, as to what will happen next, then what you think is irrelevant, what we all think is irrelevant. Trade what you see - consistent with your edge.

Quoting Bryan5229
{quote} Thank you for explaination and I suppose we look at ranges differently because from that drawing for me it's all just random move until I see price pressing against support or resistance like in the drawing below, this type of moves are actually telling me where price might be heading. Have to give credit to my mentor Adam Grimes. {image} {image}
Absolutely I agree, - those images you post are good eg's of rising and falling triangles and can point to the probability one way or another.
Trader with an Edge.
  • #685,810
  • Sep 20, 2022 8:16am Sep 20, 2022 8:16am
Quoting Indiara
{quote} I was just having a look around while I wait for NY market and I think that until this is properly broken above or below, I will have to stay out. Still is interesting though, and is a good lesson in patience {image}
More likely to break below. That yellow trendline that I put on H1 is also the H2 going down, which is likely part of an H8 pullback, not part of an up continuation.
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To free Gazans of Hamas, use whatever it takes.
  • #685,811
  • Sep 20, 2022 8:19am Sep 20, 2022 8:19am
...2nd b/o of the 1hr range now and into a prev 30min sw lo zone = prev supp = pot supp, ie Pink zone below. Double top on 4hr now (gmt+3 4hr feed.) Not the most convincing downside b/o's so far?

1hr below
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Trader with an Edge.
  • #685,812
  • Sep 20, 2022 8:20am Sep 20, 2022 8:20am
EU already did 95 pips from top to bottom. GU is lagging behind. I knew GU would come back down but fear of missing out made be buy high. Let it come down stairs a bit. The 4hr candles are showing lower prices. Down is good it means tomorrow will actually be up after the shenanigans.
  • #685,813
  • Sep 20, 2022 8:21am Sep 20, 2022 8:21am
Hard day trading today. No clear direction. Unless this is going down again! I'm keeping out and retaining capital.
Don't trade what you think. Just what you see!!!
  • #685,814
  • Sep 20, 2022 8:22am Sep 20, 2022 8:22am
Just sharing.

Got this from Ayax.TSS in Elliott Wave Trading.
Seems plausible if the market moves accordingly.

Just for reference.
https://www.forexfactory.com/thread/...1#post14127671
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Exhausted
  • #685,815
  • Sep 20, 2022 8:22am Sep 20, 2022 8:22am
Surely everyone who places a trade is predicting the market? If you didn't think the market was going to go up, you wouldn't open a buy order right? If you thought the market was going to go down, you wouldn't open a buy order. By putting your TP and SL in a certain place, you're explicitly saying that you think there is a higher probability of price hitting your TP before it hits your SL right? To say otherwise would be to say that I'm putting them there on the off chance that this might work.
  • #685,816
  • Edited 9:01am Sep 20, 2022 8:22am | Edited 9:01am
Quoting Moty
eu can't drop below 1.0000 so the only way is up {image}
eu can't drop below 1.0000 so the only way is up
LOL. So sorry, man, if you went long on either EU or GU when the US30 dollar index is heading down.
To free Gazans of Hamas, use whatever it takes.
  • #685,817
  • Sep 20, 2022 8:24am Sep 20, 2022 8:24am
Sell off isn't over yet.
WARNING: This post warps space and time in its vicinity.
  • #685,818
  • Sep 20, 2022 8:26am Sep 20, 2022 8:26am
GU just pierced 1.14, let's see new low today.
Exhausted
  • #685,819
  • Sep 20, 2022 8:28am Sep 20, 2022 8:28am
Quoting MrFanciful
Surely everyone who places a trade is predicting the market? If you didn't think the market was going to go up, you wouldn't open a buy order right? If you thought the market was going to go down, you wouldn't open a buy order. By putting your TP and SL in a certain place, you're explicitly saying that you think there is a higher probability of price hitting your TP before it hits your SL right? To say otherwise would be to say that I'm putting them there on the off chance that this might work.
No, you are conflating prediction with probability. In placing a trade we are not predicting which way the market will go. We are playing the probabilities only, we cannot know whether it will win or lose on that particular occassion. If we do place a trade we should know from the large historical sample (s) of empirical evidence that gives rise to our edge, that there is a greater chance of our trade winning over losing, or if not, that when it does win in the particular circumstances you placed the trade (ie your edge set up) it wins more when it does win than when it loses when it loses, sufficient to realise a gain over any given sample. We are not predicting what will happen, how can we - we don't have the order books/trading plans of every market participant at that point in time, and any future point in time whilst our trade is open. There is a difference, and it is an important one.
Trader with an Edge.
  • #685,820
  • Sep 20, 2022 8:30am Sep 20, 2022 8:30am
The Canadian data helping to push the pound much lower. If we do go up I can’t see todays high being pierced
Insane in the Brain..
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