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Cable Update (GBPUSD)

  • #729,721
  • Feb 17, 2023 12:34am Feb 17, 2023 12:34am
Why was this Long not correct? Of course, I see it now why it failed.
I should have waited for at least one candle to break R (gray line) and confirms some Bull is still alive.

Not one candle broke the gray line.
Bad trade on my part, but I just woke up, so I'll forgive myself this one.
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  • #729,722
  • Feb 17, 2023 12:35am Feb 17, 2023 12:35am
Quoting SnailFX
{quote} Haha, well.. You are definitely correct, trend is down. I go with MN to identify the trend (real trend). I don't know why system suggested Long, it probably has some reason for doing it. This is a correction Wave on MN Chart, but trend is down. I don't look at trends on lower TF's, because they end sooner then I can figure them out. Maybe H4 or Daily could be good, I don't know. So, what I'm trying to say is, you are probably correct trend is back to being down, but we'll see.
The MN cycle is so long that I rarely get involved. I basically day trade now and only focus on one chart in H1.
Not using any other technical indicators and going by pattern structure alone. Although it is sometimes accurate, the analysis process is too subjective, which bothers me. But there is no way around it, after all, there is no perfect way to analyze.
All I can say is that I am still building a trading system.
Just follow the trend.
  • #729,723
  • Feb 17, 2023 12:38am Feb 17, 2023 12:38am
Let's go LONG 1.1938 no sl no tp...reason "for fun"
  • #729,724
  • Feb 17, 2023 12:40am Feb 17, 2023 12:40am
Quoting SnailFX
Why was this Long not correct? Of course, I see it now why it failed. I should have waited for at least one candle to break R (gray line) and confirms some Bull is still alive. Not one candle broke the gray line. Bad trade on my part, but I just woke up, so I'll forgive myself this one. {image}
Don't you need a candle on top of the gray line?
  • #729,725
  • Feb 17, 2023 12:40am Feb 17, 2023 12:40am
Bought GU 7 Feb low taken price should move upwards now for 30- pips stops today's lows
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  • #729,726
  • Feb 17, 2023 12:41am Feb 17, 2023 12:41am
Quoting Robinhood1
GU will not strengthen until Uchf finishes its impulse which is at this moment, under pressure but eventually sucumb
Starts around 0.9325
POSTMASTER
  • #729,727
  • Feb 17, 2023 12:44am Feb 17, 2023 12:44am
Quoting SnailFX
Why was this Long not correct? Of course, I see it now why it failed. I should have waited for at least one candle to break R (gray line) and confirms some Bull is still alive.
It happens to everyone - you get tricked into contrarian thinking. This is what markets are about.
But price never was bullish, not for a single candle.
If you wait longer and enter only after a retest of old resistance (then becoming support) you will get fewer trades but fewer failing trades as well.
But it is up to you, of course.
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  • #729,728
  • Feb 17, 2023 12:44am Feb 17, 2023 12:44am
Quoting AlfieSolomon
Bought GU 7 Feb low taken price should move upwards now for 30- pips stops today's lows {image}
Stops at breakeven for this
  • #729,729
  • Feb 17, 2023 12:51am Feb 17, 2023 12:51am
Quoting dantpm
{quote} 4hr chart is suggesting an orderblock at 1.192 ish that might slow it down. More at 1.186 on other timeframes.
checking TF M15, according to Elliott waves theory actually we are in wave 3. [wave 1 from ~1.2390>1.20 (390 pips)] - [wave 2 ~ 1.20>1.2270] - [wave 3 1.2270 (-390 pips) >>> ~1880]
chaos is just unknown order
  • #729,730
  • Feb 17, 2023 12:51am Feb 17, 2023 12:51am
1.21007+ is where to look for the SHORT.. this my opinion.

for my long u will be happy with 1.2013 for the coming London session
  • #729,731
  • Feb 17, 2023 12:51am Feb 17, 2023 12:51am
Quoting Waveskierrob
Let's go LONG 1.1938 no sl no tp...reason "for fun"
I like this "reason".
Just follow the trend.
  • #729,732
  • Feb 17, 2023 1:06am Feb 17, 2023 1:06am
Quoting eyefeelsix
keep on eyes {image}
almost there
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https://breakpullback.com
  • #729,733
  • Feb 17, 2023 1:10am Feb 17, 2023 1:10am
GU didn't get a lot of help from the Frankfurt open.
This downtrend doesn't look like it wants to give up!
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  • #729,734
  • Feb 17, 2023 1:12am Feb 17, 2023 1:12am
So the low of the week is being made today...But where?
  • #729,735
  • Feb 17, 2023 1:28am Feb 17, 2023 1:28am
Quoting dantpm
GU didn't get a lot of help from the Frankfurt open. This downtrend doesn't look like it wants to give up! {image}
it will go up eventually..
But the trend remain bearish on the htf.

price need to make 1 more correction upward for bring it down faster.
  • #729,736
  • Feb 17, 2023 1:30am Feb 17, 2023 1:30am
Quoting Whale
{quote} it will go up eventually.. But the trend remain bearish on the htf. price need to make 1 more correction upward for bring it down faster.
possibly at last resistance level 12030-50
Insane in the Brain..
  • #729,737
  • Feb 17, 2023 1:32am Feb 17, 2023 1:32am
Checking pa as crazy range down continues so da and likely daily close compete with 1907 and if so low can be below 1900. While looking early reversal attempts breaking up 1947 /1958 signals. Next good signal at 1965 and breakout signal around 1978. Lets see
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #729,738
  • Feb 17, 2023 1:33am Feb 17, 2023 1:33am
Quoting MrFanciful
So the low of the week is being made today...But where?
No one can know exactly where the low point is, not even once.
Let's follow the trend together.
Just follow the trend.
  • #729,739
  • Edited 1:57am Feb 17, 2023 1:43am | Edited 1:57am
Quoting BeeTogether
{quote} possibly at last resistance level 12030-50
hi bro.

look on @eyefeelsix chart. This is what im looking for.
i dont know if his rectangle will hit, but i want 3 big correction wave pattern and then insane impulse down.
  • #729,740
  • Feb 17, 2023 1:47am Feb 17, 2023 1:47am
Quoting Waveskierrob
Let's go LONG 1.1938 no sl no tp...reason "for fun"
Closed 1.1950 for +12 nice ones....
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