Cable Update (GBPUSD)

Quoting DrDave

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{quote} If the price is dropping or rising, stochastic is the worst indicator for to use. In those cases, where the stochastic is running at or near an extreme, it shows that you simply need to move to a higher TF. It's not the indicator that is the problem but rather how you are using it.

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Quoting palpite

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{quote} Of course not, no one knows where the price will stop on any given time frame.. The stochastic is an indicator for to use in consolidation, wait the price stop the movement and the stochastic will work very well.

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Quoting Jolita

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{quote} Coreg similar view, a bit lower maybe? {image}

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Quoting SnailFX

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{quote} I heard a lot of this indicators were used for stocks and don't necessarily work as good on FX.

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Quoting Whale

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{quote} its only me and you, i guess but will take one bite at the time.

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Quoting DrDave

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{quote} It is clear that you need to do some research into how the stochastic lines are calculated and how the plot looks on multiple TFs. There is no need at all to know where price will stop on any given TF. But if you truly understand what the stochastic is showing you, then you are able to understand how it is also useful when price is moving strongly in one direction by examining a range of TFs.

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Quoting Whale

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{quote} its only me and you, i guess but will take one bite at the time.

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Quoting palpite

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{quote} We have the example of today. The price is dropping and the stochastic is oversold in the most of the timeframes. If you try to buy, probably you will lose your money. {image}

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Quoting Houtbay

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Gold long at 1912

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Quoting DrDave

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{quote} Odd, but my GBPUSD charts have the stochastic in the overbought area for a many hours after GMT midnight, and then a fall to oversold area. But, as I said, go to higher TFs and you will NOT see the stochastic anywhere near the oversold area. The white vertical is GMT midnight. The green vertical is where the H1 stochastic reached 20. CLEARLY, H4 stocahstic at 50 is not even close to being in oversold. And do we even need to mention W1??{image}{image}{image}

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Quoting Jolita

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{quote} Monthly chart far away of going higher, there isn't any higher high yet. There is another support below 1.03. Can you see EW on monthly chart please?

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Quoting kk300

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{quote} Can you explain it on chart. For learning purpose

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Quoting Coreg2004

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{quote} Jolita, it would be a black swan for me and I had already seen one at 1.03. Seeing 2 in a lifetime has very low odds.

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Quoting kk300

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{quote} Maybe bones would disagree as his projection is bullish in monthly. I remember when Bones was explaining bearish engulfing monthly candle of may and June 2021 at month close. Who would have thought that Covid low will break into that Asian session. I personally didn't see that coming...

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Quoting Whale

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{quote} its only me and you, i guess but will take one bite at the time.

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Quoting Jolita

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{quote} Black swan from Hyde Park lake. Such beauty. {image}

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Quoting pipfarm

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{quote} I posted the chart set up a few days ago if you search my posts. However the understanding comes from knowing that a single daily swings tops and bottoms trends and corrections are to be found on H1. Every timeframe contains large and small swings , the small swings make the large swings or trends and corrections, focus on the larger swings to a build trends and corrections.

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Quoting BeeTogether

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{quote} my area is 12050. It briefly went below to 11980 a few weeks ago but the 120XX is relatively in tested in this current move

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