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Cable Update (GBPUSD)

  • #716,401
  • Dec 27, 2022 2:52am Dec 27, 2022 2:52am
Quoting BrainBucks
So, here's a thought, just in case any of you widely knowledgeable folks might wanna chip in to help clarify: I assume we all know how the market deals with gaps. I know I read once - and experienced it hundreds of times - that the markets will move to close gaps 99% of the time. Cool. Now, over the weekend, my broker closed shop 3hrs prior to official market close, and only re-opened 10hrs ago. Whilst my own broker (and I assume most of your brokers too) disabled trades, I know for a fact that the markets kept working. I closely followed Bloomberg...
chasing prices will make you lose Direction.

using TIME for direction and DOW reading is the best option to organize the market for better entries and exits.

M30 example:
BB= 48 bars in 1 day
ZZ= 12 bars for 6H reading
any OB/OS & Divergence indi's to confirm readings for entries and exits with Direction.
Notice: your trading TIME not TF.

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cheers,
"the public is not yet ready for it" W.D. GANN
  • #716,402
  • Dec 27, 2022 2:55am Dec 27, 2022 2:55am
USDCHF vs GBPUSD
The rise in the pound-dollar seemed to be due to the dollar falling, not the pound being bought.
The daily bar of the GBPUSD H4 chart was below CandleLow, but it has recovered a little, but it is in a downtrend.
If you have a different opinion, please guide me.
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  • #716,403
  • Dec 27, 2022 3:10am Dec 27, 2022 3:10am
Alright I follow my Plan

I am on with Sells and Target

70 - 100 Pips is what I want always Haha

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Once TP hit will update further
Shekh In Desert
  • #716,404
  • Dec 27, 2022 3:13am Dec 27, 2022 3:13am
Quoting BrainBucks
{quote} I guess we might be headed to close mentioned gap, after all
Whether a gap closes or not is not of much importance for me. I see that H1 is on a pullback in a larger up swing, with M15 expected to make a rally to be sold that takes H1 further down.
To free Gazans of Hamas, use whatever it takes.
  • #716,405
  • Dec 27, 2022 3:15am Dec 27, 2022 3:15am
Quoting BrainBucks
After the tug of war at 2100... Safe to say the BEARS have won that battle. For now
The bears on which time frame??? On H1, yes. The bears of D1, no. See my point?
To free Gazans of Hamas, use whatever it takes.
  • #716,406
  • Dec 27, 2022 3:16am Dec 27, 2022 3:16am
I am thinking 1.2061 then up all the way to 1.2134 before another round of selling.
  • #716,407
  • Dec 27, 2022 3:17am Dec 27, 2022 3:17am
Quoting BrainBucks
So, here's a thought, just in case any of you widely knowledgeable folks might wanna chip in to help clarify: I assume we all know how the market deals with gaps. I know I read once - and experienced it hundreds of times - that the markets will move to close gaps 99% of the time. Cool. Now, over the weekend, my broker closed shop 3hrs prior to official market close, and only re-opened 10hrs ago. Whilst my own broker (and I assume most of your brokers too) disabled trades, I know for a fact that the markets kept working. I closely followed Bloomberg...
Well I would say if you are into gaps you should take a sample of gaps on historical chart timeframe upon you Basically they are visible on smaller timeframes

Test it out and see whether it moves that way as you say and closes gap always

If so for a period of 6 months so I can say and if its happening you should try it on a small Live Account

If it works going forward you can devise a plan based on it

Try to TP Distance always more

And your account might keep growing
Shekh In Desert
  • #716,408
  • Dec 27, 2022 3:17am Dec 27, 2022 3:17am
gap or no gap sh.. happens
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  • #716,409
  • Dec 27, 2022 3:19am Dec 27, 2022 3:19am
Quoting sakimer
USDCHF vs GBPUSD The rise in the pound-dollar seemed to be due to the dollar falling, not the pound being bought. The daily bar of the GBPUSD H4 chart was below CandleLow, but it has recovered a little, but it is in a downtrend. If you have a different opinion, please guide me. {image}{image}
I see the GBPUSD Daily as being in a rally of a bigger down trend, putting an up bias currently.
To free Gazans of Hamas, use whatever it takes.
  • #716,410
  • Dec 27, 2022 3:20am Dec 27, 2022 3:20am
the consideration

if that falling wedge will work out, we can get over 1.2120
we will see how strong the resistance is at 1.2120 and how big is the interest in closing the gap on the usindex
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Trendlines H1,H4, SMC
  • #716,411
  • Dec 27, 2022 3:22am Dec 27, 2022 3:22am
Quoting DrDave
{quote} Whether a gap closes or not is not of much importance for me. I see that H1 is on a pullback in a larger up swing, with M15 expected to make a rally to be sold that takes H1 further down.
Yes, I can agree with you.

The point, however, is that I was incorporating a lesson I learned over the years to help me view my conviction with suspicion. Since last week, I'd been in favor of a BULLISH move. Earlier trading seemed to support what others here also viewed as a bull market.

But I closed my trades because of the lesson of gaps. So, even if we're eventually going to head back up, I still get to save myself either the SL hit happening right now for bulls, or the punishment of holding on to a losing position while the market aims to close a gap.

It's just the lesson there, is all.
  • #716,412
  • Dec 27, 2022 3:22am Dec 27, 2022 3:22am
GBPCAD must be on a roll now

As Gbpusd and Usdcad both bearish

I am going to expand my portfolio soon and include cross currencies as well such as GBPCAD
Shekh In Desert
  • #716,413
  • Dec 27, 2022 3:28am Dec 27, 2022 3:28am
Quoting ToSatisfy
{quote} Well I would say if you are into gaps you should take a sample of gaps on historical chart timeframe upon you Basically they are visible on smaller timeframes Test it out and see whether it moves that way as you say and closes gap always If so for a period of 6 months so I can say and if its happening you should try it on a small Live Account If it works going forward you can devise a plan based on it Try to TP Distance always more And your account might keep growing
When I read the book that brought the gaps to my attention, the author mentioned that from his own historical analysis, there is a 100% chance that gaps close 9 out of 10 times.

I read that book in 2011. The years that followed, from my own trades, experience and observations, I can tell you that I believe the writer was absolutely correct.

We don't even need to go too far to find validation. What's happening right now is another proof of how any trader who masters the gaps can profit from them.

Maybe someone else here will take note too and start observing.
  • #716,414
  • Dec 27, 2022 3:28am Dec 27, 2022 3:28am
Quoting sakimer
USDCHF vs GBPUSD The rise in the pound-dollar seemed to be due to the dollar falling, not the pound being bought. The daily bar of the GBPUSD H4 chart was below CandleLow, but it has recovered a little, but it is in a downtrend. If you have a different opinion, please guide me. {image}{image}
Thats the observation "GBPUSD still in downtrend"

And as per my setups thats true standing and valid

Currently I am following GBPUSD and USDCAD and below H4 confirms both being bearish
The former in a sustained bearish move
The latter just starting a bearish move

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Lets see further
Shekh In Desert
  • #716,415
  • Dec 27, 2022 3:30am Dec 27, 2022 3:30am
Quoting pipcenturion
I am thinking 1.2061 then up all the way to 1.2134 before another round of selling.
Looking good thus far.

Once and if price gets above 1.2081 the buy will be sustained until 1.2134
  • #716,416
  • Dec 27, 2022 3:33am Dec 27, 2022 3:33am
Quoting BrainBucks
{quote} When I read the book that brought the gaps to my attention, the author mentioned that from his own historical analysis, there is a 100% chance that gaps close 9 out of 10 times. I read that book in 2011. The years that followed, from my own trades, experience and observations, I can tell you that I believe the writer was absolutely correct. We don't even need to go too far to find validation. What's happening right now is another proof of how any trader who masters the gaps can profit from them. Maybe someone else here will take note too...
Nice Real Nice

If so an EA can be made on it

Have you thought about that

A Test on it would reveal everything
Shekh In Desert
  • #716,417
  • Dec 27, 2022 3:37am Dec 27, 2022 3:37am
Quoting pipcenturion
{quote} Looking good thus far. Once and if price gets above 1.2081 the buy will be sustained until 1.2134
But the BEARS aren't letting up so far
  • #716,418
  • Dec 27, 2022 3:40am Dec 27, 2022 3:40am
Quoting ToSatisfy
{quote} Nice Real Nice If so an EA can be made on it Have you thought about that A Test on it would reveal everything
Nope, I've never thought I'm smart enough to make an EA I've always had the impression that it's too technical a venture to embark upon.
  • #716,419
  • Dec 27, 2022 3:50am Dec 27, 2022 3:50am
Quoting BrainBucks
{quote} Nope, I've never thought I'm smart enough to make an EA I've always had the impression that it's too technical a venture to embark upon.
This one is Simple I think

The EA should look for gaps between bars with Y Pips distance
I Think any Programmer will program it for you for sure "BrainBucks" HAHA
Shekh In Desert
  • #716,420
  • Dec 27, 2022 3:56am Dec 27, 2022 3:56am
My broker did not report yesterday's candle so i was misinformed now i just saw it with another broker...So switch to short...
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