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Cable Update (GBPUSD)

  • #785,061
  • Edited 8:53am Oct 22, 2023 8:43am | Edited 8:53am
Quoting knkie
{quote} I'm a Bull if day closes above 2170

one of the main resistance levels is around 1.22000.
he has yet to break through this.
come on bulls.

important news is coming on tuesday and i think it will give the bulls a boost.
  • #785,062
  • Oct 22, 2023 9:49am Oct 22, 2023 9:49am
Quoting tiborf71
{quote} one of the main resistance levels is around 1.22000. he has yet to break through this. come on bulls. important news is coming on tuesday and i think it will give the bulls a boost.
yes, I have a Weekly level @ 2220
So if the day closes above 2170 i would expect a 50 pip run.

could be wrong though.
I try not to predict but to react to movement.
But in the weekend its fun to hypothesize.
in wondering about yourself, you forgot what you came here to be part of
  • #785,063
  • Oct 22, 2023 9:53am Oct 22, 2023 9:53am
Quoting knkie
{quote} yes, I have a Weekly level @ 2220 So if the day closes above 2170 i would expect a 50 pip run. could be wrong though. I try not to predict but to react to movement. But in the weekend its fun to hypothesize.
yes, with analysis we always assume some direction.
  • #785,064
  • Oct 22, 2023 9:54am Oct 22, 2023 9:54am
Quoting tiborf71
{quote} yes, with analysis we always assume some direction.
its why i hate news events.
they should only have financial news in te weekend and then let traders have fun during the week
in wondering about yourself, you forgot what you came here to be part of
  • #785,065
  • Oct 22, 2023 9:56am Oct 22, 2023 9:56am
Quoting navk
{quote} Coreg : I never do for such target. But let me ask you where you want buy entry to be ? For 1.24xx target ? And stop loss ?
Quoting Coreg2004
{quote} {quote} Moty, it's still almost 2 hours to go, but there is the possibility that GU will make today the ID bar. If this happens be ready on Monday to trade this formation. {image}
navk, this is not a trade recommendation. I merely pointed out the setup of the ID bar. It's up to you how you will trade it. Here is the idea https://www.dailyforex.com/forex-art...ide-bars/93594
Also, you can find many videos on YouTube explaining the topic. I hope it helps.
Always trade your own plan...I don't provide trading signals.
  • #785,066
  • Oct 22, 2023 10:15am Oct 22, 2023 10:15am
Quoting knkie
{quote} yes, I have a Weekly level @ 2220 So if the day closes above 2170 i would expect a 50 pip run. could be wrong though. I try not to predict but to react to movement. But in the weekend its fun to hypothesize.
all strong resistance can be broken through, only the right conditions are needed. nothing is certain, only a high probability or not.
  • #785,067
  • Oct 22, 2023 10:17am Oct 22, 2023 10:17am
Quoting Coreg2004
{quote} {quote} Moty, it's still almost 2 hours to go, but there is the possibility that GU will make today the ID bar. If this happens be ready on Monday to trade this formation. {image}
navk, this is not a trade recommendation. I merely pointed out the setup of the ID bar. It's up to you how you will trade it. Here is the idea https://www.dailyforex.com/forex-art...ide-bars/93594
Also, you can find many videos on YouTube explaining the topic. I hope it helps.

Added.
Quoting Coreg2004
{quote} {quote} I don't trade gold. I only play the devil's advocate with someone who does. Price didn't reverse in the potential zone for wave 4 invalidating current labeling. For shorts, the price has to get inside the channel. {image}
Here is a recent example of how the ID setup played out in Gold.
Attached Image (click to enlarge)
Click to Enlarge Name: XAU 10.20 dailyEOD.png Size: 46 KB
Always trade your own plan...I don't provide trading signals.
  • #785,068
  • Oct 22, 2023 10:27am Oct 22, 2023 10:27am
Quoting dantpm
{quote} Austraiilian / USD Seems to suggest a downtrend. I am not that good on grasping higher time frames. What do you think? {image}
We have a better view on 4hr
Attached Image (click to enlarge)
Click to Enlarge Name: Triangles_AShortStudyinContinuationPatterns2_2-bdc113cc9d874d31bac6a730cd897bf8.png Size: 56 KB


A very powerful chart because the EQL is re-tested from a lower high
More time in the market, does not mean you trade better!
  • #785,069
  • Oct 22, 2023 11:02am Oct 22, 2023 11:02am
Quoting dantpm
{quote} Мне нравится тренд MACD. Предлагаемые вами настройки отлично подходят для тренда, но не обязательно...
I have MACD 3.8.3. It shows the price path more smoothly. Your health, eat honey!
  • #785,070
  • Oct 22, 2023 11:26am Oct 22, 2023 11:26am
Quoting BeeGold
{quote} I have MACD 3.8.3. It shows the price path more smoothly. Your health, eat honey!
These two are pretty close.
My hunch is that trading in the direction of the black line [edit when the black line is above the center line trade up, below trade down] below would be more profitable than trying to trade both directions with the macd or just above and below the center line.
Do you have another suggerstion?
Attached Image (click to enlarge)
Click to Enlarge Name: Screen.png Size: 30 KB
  • #785,071
  • Oct 22, 2023 11:47am Oct 22, 2023 11:47am
Quoting Coreg2004
{quote} navk, this is not a trade recommendation. I merely pointed out the setup of the ID bar. It's up to you how you will trade it. Here is the idea https://www.dailyforex.com/forex-art...ide-bars/93594 Also, you can find many videos on YouTube explaining the topic. I hope it helps. Added. {quote} Here is a recent example of how the ID setup played out in Gold.{image}
INSIDE BAR/ HARAMI Set up

Thank you, Goreg, for sharing such insightful and valuable knowledge and on how to identify Inside Bar setups.( I used the term as Harami- they are the same).

As trading moves into the new market cycle, many banks and market makers have developed and been using their own Algo and AI to evaluate market conditions and gain an advantage in their trading.

Attached, I've two charts below (Daily and H4 TF) showing the latest IB/Harami set up on GU, that should be read with the trade setup.

Sometimes, we try to stereotype these setups as straightforward, but Algo and AI have begun to recognize these familiar setups used by retail traders and manipulate them.
In this case, the Inside Bar/Harami setup was manipulated.
Instead of following the normal flow, the market began to trap sellers.They collapse the sell order by moving(rejecting) price from the demand zone.
This can be seen as the price began to reject lower prices at the Daily/H4 demand zone. (with QM setup is an additional weightage)

As a proactive trader, I took the necessary step of going long last Friday, in anticipation that the price would go up to fill the Fair Value Gap (FVG) above.
This is a normal course for the price as it seeks to find easy liquidity zones to fill its order book.


NOTE : I did not add any Elliott Wave (EW) counts to these charts as it would clutter or congest them with too much information.
Therefore, I omitted them.

If I have missed any points on the setup discussed above, please do not hesitate to correct me.
As a Newbie, I am always open to constructive views and comments.

Thanks in advance.
Pat CHIKO..
Attached Image (click to enlarge)
Click to Enlarge Name: gu 052.jpg Size: 201 KB

Attached Image (click to enlarge)
Click to Enlarge Name: gu 053.jpg Size: 213 KB
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #785,072
  • Oct 22, 2023 12:00pm Oct 22, 2023 12:00pm
Quoting Pat Chiko
{quote} INSIDE BAR/ HARAMI Set up Thank you, Goreg, for sharing such insightful and valuable knowledge and on how to identify Inside Bar setups.( I used the term as Harami- they are the same). As trading moves into the new market cycle, many banks and market makers have developed and been using their own Algo and AI to evaluate market conditions and gain an advantage in their trading. Attached, I've two charts below (Daily and H4 TF) showing the latest IB/Harami set up on GU, that should be read with the trade setup. Sometimes, we try to stereotype...
I see that you are also a bull, there are already two of us.
LOL.
  • #785,073
  • Oct 22, 2023 12:06pm Oct 22, 2023 12:06pm
Quoting tiborf71
{quote} I see that you are also a bull, there are already two of us. LOL.
I went in on last Friday with real time posting.
Series of posting before and after that explain and justify on WHY, I took the long trades.

Quoting Pat Chiko
{quote} GU Scalping LONG{image}
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #785,074
  • Oct 22, 2023 12:08pm Oct 22, 2023 12:08pm
Quoting Pat Chiko
{quote} INSIDE BAR/ HARAMI Set up Thank you, Goreg, for sharing such insightful and valuable knowledge and on how to identify Inside Bar setups.( I used the term as Harami- they are the same). As trading moves into the new market cycle, many banks and market makers have developed and been using their own Algo and AI to evaluate market conditions and gain an advantage in their trading. Attached, I've two charts below (Daily and H4 TF) showing the latest IB/Harami set up on GU, that should be read with the trade setup. Sometimes, we try to stereotype...
thanks , yeah may work for short leg up to 1.2300. lets see where market actually open and head !
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly.png Size: 11 KB
Click to Enlarge Name: GBPUSDDaily.png Size: 13 KB
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #785,075
  • Oct 22, 2023 12:20pm Oct 22, 2023 12:20pm
Quoting fontu
{quote} thanks , yeah may work for short leg up to 1.2300. lets see where market actually open and head ! {image} {image}
The first thing I look for set up is market structure.
As you can see from the chart below, market structure already broken to the upside.

And it's making HL from last Friday moves.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 054.jpg Size: 242 KB
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #785,076
  • Oct 22, 2023 12:33pm Oct 22, 2023 12:33pm
Quoting Pat Chiko
{quote} The first thing I look for set up is market structure. As you can see from the chart below, market structure already broken to the upside. And it's making HL from last Friday moves.{image}
If your market structure reading and Elliot wave counts are not on the same side of possible price movement, which bias would you follow?
More time in the market, does not mean you trade better!
  • #785,077
  • Oct 22, 2023 12:59pm Oct 22, 2023 12:59pm
Quoting Fardeen1209
{quote} If your market structure reading and Elliot wave counts are not on the same side of possible price movement, which bias would you follow?
As previously stated, market structure is of paramount importance, dictating the subsequent plotting of EW counts based on fractal analysis.
Once a correct interpretation of structure is obtained, plotting Ew yields the accurate starting point of the fractal.

This ensures that the count is always aligned with the underlying structure.
This is how I does it.
Need to ask Gorec his intreperation on this issue as I always seek his view on this.
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #785,078
  • Oct 22, 2023 1:17pm Oct 22, 2023 1:17pm
Quoting Pat Chiko
{quote} The first thing I look for set up is market structure. As you can see from the chart below, market structure already broken to the upside. And it's making HL from last Friday moves.{image}
spot on! I was looking for 88.2% as the reversal point but it reversed a bit earlier.

Overall market is bull in my opinion
  • #785,079
  • Oct 22, 2023 1:55pm Oct 22, 2023 1:55pm
Quoting Jolita
Above 12200 good to long, as daily attempted to make HH, but it's low chance to continue. I think bigger chance to reach 11800 soon
  • #785,080
  • Oct 22, 2023 2:25pm Oct 22, 2023 2:25pm
Quoting Pat Chiko
{quote} The first thing I look for set up is market structure. As you can see from the chart below, market structure already broken to the upside. And it's making HL from last Friday moves.{image}
Your charts are such a beauty to behold.
Full of instructions yet so simple and logical.
Thanks for all you do on this forum.
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