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Cable Update (GBPUSD)

  • #717,441
  • Jan 3, 2023 3:19am Jan 3, 2023 3:19am
Quoting elbert3
Is it buy back time ??
No, I would recommend looking for sell on highs. Watching price doing its job and when sell signal will appear you can go for it. Sentiment is trying to buy for more than a week. And it's all wrong. I was saying that for at least a week. Nobody was listening. Price will go up, sure why not, but main thing people should do is to sell GBPUSD when good signal appears. Why trying to buy when we clearly have bearish market with only retracements up?

And I'm not saying no one can't buy.. it's just bad idea if you get it wrong. I do buy if I want, but remember we should be mainly selling


SF
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  • #717,442
  • Jan 3, 2023 3:27am Jan 3, 2023 3:27am
my previous long entry was bad because i didn't
get conformation from all indi's
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yes yes yes
  • #717,443
  • Jan 3, 2023 3:28am Jan 3, 2023 3:28am
Quoting DrDave
{quote} The "trend" moves from TF-to-TF, so using multiple TFs can help guide your decision for direction to place orders. Just keep in mind that if you spot a trend on a larger TF, EVERY TF that is smaller than the trend TF is simply showing you how price is moving INSIDE of the trend TF. So despite what gyrations you see on the smaller TFs, the trade direction bias is not changed until you see some evidence that confirms that the trend TF has changed direction. And you WILL see "trends" develop on the smaller TFs that are both with the larger...
From higher to lower, exactly.. only this makes sense.

The thing about those trends on lower TF's, I mean how trustworthy is a trend on a 5 minute chart? Higher the TF, stronger the trend.
Also the moment you identify the trend on lower TF's like 5-minute, the trend is already over probably.. not useful for trading purpose at all.

While I understand what you're saying, I don't see the need to identify the trend on the lower TF's. Just my personal opinion. I think smaller TF's are just noise as many traders say.

Pro traders say that Daily TF is the best TF to trade on and I agree. Not too long, but long enough to provide you plenty of information and time to think about the trade.

What I think: M1 and M5 is horrible along with M15. Hardest TF's to trade on by far.. if 5% of traders are making money, then 0.001% are using these TF's and making money.
M30 acceptable, but still not that great. H1 the same.
H4 is just weird. Anomaly as I like to say. It creates a total confusion when looking at the H4 and Daily. One doesn't go with the other that well.
Daily the best. Weekly just too long and acts like H4, weird, and Monthly is the TF to identify the trend. Monthly and Daily are both great for trend. Daily is best for identifying where the trend will stop and rest for a little bit or resume..

These are just my opinions..

M1 Horrible
M5 Horrible
M15 Horrible
M30 Okay
H1 Okay
H4 Weird
D The Best
W Weird
M Second Best

Remember! This is my opinion only and how I see different TF's. If someone is actually making money on M1, then M1 is the best TF for them..
  • #717,444
  • Jan 3, 2023 3:29am Jan 3, 2023 3:29am
before.and after.
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  • #717,445
  • Jan 3, 2023 3:30am Jan 3, 2023 3:30am
Quoting dantpm
People trying to jump in long so MM's take everything short?
Might be filling long orders, important to keep in mind that.... today is the 1st day of the week, month, and year.
Success = Practice + Patience + Persistence
  • #717,446
  • Jan 3, 2023 3:30am Jan 3, 2023 3:30am
While waiting for GU entries, sideline to UJ. No more excuses this 2023. If price will not come to me, so be it.
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The market hides a perfect geometry.
  • #717,447
  • Jan 3, 2023 3:33am Jan 3, 2023 3:33am
UK S&P Mfg PMI
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #717,448
  • Jan 3, 2023 3:38am Jan 3, 2023 3:38am
Quoting TheWolf
{quote} From higher to lower, exactly.. only this makes sense. The thing about those trends on lower TF's, I mean how trustworthy is a trend on a 5 minute chart? Higher the TF, stronger the trend. Also the moment you identify the trend on lower TF's like 5-minute, the trend is already over probably.. not useful for trading purpose at all. While I understand what you're saying, I don't see the need to identify the trend on the lower TF's. Just my personal opinion. I think smaller TF's are just noise as many traders say. Pro traders say that Daily...
Its on system build. One of my system 1 Min only for GU. It give sell me at 1.2055 and out @ 1.1925 and SL 1.2075.
  • #717,449
  • Jan 3, 2023 3:43am Jan 3, 2023 3:43am
Probably 1970/75/80 then will test lows again.
Intraday only.
  • #717,450
  • Jan 3, 2023 3:48am Jan 3, 2023 3:48am
Exactly 1.19000 LoL..

Just as if there is something in the background moving the price and not supply and demand..
CON$PIRACY.
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  • #717,451
  • Jan 3, 2023 3:51am Jan 3, 2023 3:51am
Quoting TheWolf
{quote} From higher to lower, exactly.. only this makes sense. The thing about those trends on lower TF's, I mean how trustworthy is a trend on a 5 minute chart? Higher the TF, stronger the trend. Also the moment you identify the trend on lower TF's like 5-minute, the trend is already over probably.. not useful for trading purpose at all. While I understand what you're saying, I don't see the need to identify the trend on the lower TF's. Just my personal opinion. I think smaller TF's are just noise as many traders say. Pro traders say that Daily...
the trend can take hold in any TF, for example you enter M5 because you think the trend has started, but it is possible that only h1 will be a bullish candle. and the trend stopped..


this way of entering position does not work.
  • #717,452
  • Jan 3, 2023 3:53am Jan 3, 2023 3:53am
Quoting tiborf71
{quote} the trend can take hold in any TF, for example you enter M5 because you think the trend has started, but it is possible that only h1 will be a bullish candle. and the trend stopped.. this way of entering position does not work.
Trader One: LOOK! THE TREND! (looking at the M1 Chart)
Trader Two: Where!?

Trader One: Awww.. it's gone..

LoL
  • #717,453
  • Jan 3, 2023 3:53am Jan 3, 2023 3:53am
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  • #717,454
  • Jan 3, 2023 3:56am Jan 3, 2023 3:56am
Quoting Pat Chiko
UK S&P Mfg PMI{image}
Is there anything new we can hear tommorow from the Fed? I think we won't hear anything new, you?
  • #717,455
  • Jan 3, 2023 4:00am Jan 3, 2023 4:00am
Quoting TheWolf
Exactly 1.19000 LoL.. Just as if there is something in the background moving the price and not supply and demand.. CON$PIRACY. {image}
Yeah! Exactly. I heard someone on forum saying that using round numbers is fundamentally really nice idea. And it's right. I like to buy or sell second touch of high or low on 5m or 1m chart. But you still need to be on side of overall trend.

Check my picture what I mean. I use 10 pips grid. Can't find better entry, but this should explain it. I always wait for price to stop moving in trend, and when I see sideway move for a while I go for at least 10 pips profit. You can use small money account to trade 1 lot kinda easily.

Since stoploss is always below the entry. (High & low.. let's say 3 - 5 pips) this is very cool if you catch bigger move than 10 pips. You can double or triple the acc this way

SF
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  • #717,456
  • Jan 3, 2023 4:05am Jan 3, 2023 4:05am
Quoting TheWolf
{quote} From higher to lower, exactly.. only this makes sense. The thing about those trends on lower TF's, I mean how trustworthy is a trend on a 5 minute chart? Higher the TF, stronger the trend. Also the moment you identify the trend on lower TF's like 5-minute, the trend is already over probably.. not useful for trading purpose at all. While I understand what you're saying, I don't see the need to identify the trend on the lower TF's. Just my personal opinion. I think smaller TF's are just noise as many traders say. Pro traders say that Daily...
I think the main reason that few people can trade small TFs profitably is because they fail to scale-down the price objectives as they scale down the TF size, which is also related to scaling of the vertical movement of the price bars. That is, if you can reliably take 50 pips in a D1 swing, do you see price march along a straight path to the TP, or did it churn up-and-down on the way? If you are entering a swing on M5, it is HIGHLY unusual to be a swing of 50pips, but more likely to be a swing of 5-10 pips and OFTEN price WILL appear to simply march nearly directly to the TP. But if you scale down your view of the M5 and look at 30 second bars, you will again see the churning that you see of M5 bars inside of the D1 swing.

If you are actually entering such a trade on the D1 and never look at any other TF, then most likely all you see is bars moving in the trend direction with no idea at all how price moved INSIDE of the bars to finally get to 50 pips. But if you mark off the start and end times of the trade and look at the M5 TF, it would be surprising if there was not a trend moving in the OPPOSITE direction of the D1 trend direction during part of the time the trade was running.

It is helpful to consider that EVERY retracement being made to the larger TF is an ATTEMPT to reverse that larger TF. The smaller the TF making the attempt, the less likely it is is to succeed. But the ONLY way that the larger TF can finally reverse is if EVERY TF that is smaller is also in that reversed direction. This is REQUIRED because every TF smaller than that larger TF IS that larger TF! Smaller TFs are nothing more than "zoomed-in" views of what comprises the larger TF. So if you are a watcher/trader of H4 that is in a down swing but never look at the Daily chart, then you cannot know if the H4 down swing is a retracement to the Daily in an up swing, or if it is simply a trend continuation swing to the Daily in a down swing. That is, it is of great benefit to know if that H4 down swing is running inside of a bigger up swing or inside of a bigger down swing.

And also keep in mind that a big ship cannot turn on a dime, but a tug boat most certainly can. So while the ship is making its turn, the tug boat can be moving all over the place.
To free Gazans of Hamas, use whatever it takes.
  • #717,457
  • Edited 5:12am Jan 3, 2023 4:06am | Edited 5:12am
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H1 air B&B stops properties
  • #717,458
  • Jan 3, 2023 4:09am Jan 3, 2023 4:09am
Quoting SilentFather
{quote} Yeah! Exactly. I heard someone on forum saying that using round numbers is fundamentally really nice idea. And it's right. I like to buy or sell second touch of high or low on 5m or 1m chart. But you still need to be on side of overall trend. Check my picture what I mean. I use 10 pips grid. Can't find better entry, but this should explain it. I always wait for price to stop moving in trend, and when I see sideway move for a while I go for at least 10 pips profit. You can use small money account to trade 1 lot kinda easily. Since stoploss...
So, there is always something somewhere.. no double bottom on Hourly, but there was on M5 for example. It's interesting how the price ALWAYS has to retest the R or S before "running" away..

This is nice actually! This could prove like a great method on strong R and S levels. You identify S or R and then just wait as you say for price to slow down and create a pattern like double top or bottom or whatever it is.. Nice!
  • #717,459
  • Jan 3, 2023 4:11am Jan 3, 2023 4:11am
G/M, ...big across-the-board $ strength this day so far, with Dly S3 breached @ 140% of 30day adr traveled so far. That prev 1hr/4hr/minor dly sw lo zone that extends down to 1899 caught the initial big fall, Mthly S1 there too, with Wkly S3 just below that potential supp zone, circa 1895, and a longer-term 50% fib just below that @ 1889. Current pullback hi came to 23.6% of the fall so far. Below current dly lo next 'major' potential supp zone is the prev 4hr/minor dly prev sw lo zone to 1778 then 1762.

1hr below
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Trader with an Edge.
  • #717,460
  • Jan 3, 2023 4:17am Jan 3, 2023 4:17am
Quoting tiborf71
{quote} the trend can take hold in any TF, for example you enter M5 because you think the trend has started, but it is possible that only h1 will be a bullish candle. and the trend stopped.. this way of entering position does not work.
What TF is this? Isn't this a valid sell at the red vertical as a down trend continuation? And isn't this setup exactly the same no matter what the TF is, because of the fractal-like nature of financial time series?
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And using this way to enter positions DOES work for me. Here are example results--26 consecutive trades, 26 winners.
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To free Gazans of Hamas, use whatever it takes.
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