Cable Update (GBPUSD)

Quoting 7154Superman

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{quote} I scalped a few longs and shorts on Thursday and Friday with profit as usual. Currently, I have 1 EUR/USD short position in place. TP = Open. Current progress so far: 11 Level 1 (demo) accounts are finished at +100% ROI. 4 Level 2 (Live) accounts are finished at +100% ROI. 7 Level 2 (Live) accounts started with $100. 4 Level 3 (Live) accounts started with $400. Current Net Equity results from best to worst: #2 Level 3 = $423.10 (+5.78%) (4 trading days) #3 Level 3 = $419.62 (+4.91%) (4 trading days) #1 Level 3 = $416.26 (+4.07%) (9 trading...

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Quoting Nordling

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{quote} Question though: Should we identify and follow the candlestick patterns before or after they form? Since i asked this question myself i won't be blaming you with patronising and stuff

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Quoting Waveskierrob

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{quote}

Attached Image (click to enlarge)

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Quoting Nordling

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{quote} Question though: Should we identify and follow the candlestick patterns before or after they form? Since i asked this question myself i won't be blaming you with patronising and stuff

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Quoting DrDave

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{quote} Now I understand how so many people confuse your cup with your head. {image}

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Quoting Jade Gate

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{quote} Good question. Cable is being somewhat squeezed from both ends. Always wait for the candlestick (whichever time frame) to complete forming. But your question is about candlestick patterns and that is another kettle of fish. I also have been expecting cable to head south given the collection of wicks and resistance at the 61.8 fib, but there are now also a collection of ma's kicking in both below and above, hence the squeeze. Further compounded by USD weakness, one might conclude that cable weekly chart is currently in a continuation pattern...

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Quoting DrDave

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{quote} If a candlestick pattern has not yet formed, then there is no pattern to follow: The pattern is only a pattern after it is formed.

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Quoting hoda

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GU: Daily T.F Chart Patterns: Head and Shoulders. {image}

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Quoting Nordling

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{quote} Thanks a lot! That was very informative on technicals. You seem experienced and knowledgeable. So i wanna ask another question if i may. you mentioned fib retracements and ma's. Which one would be the best fit for putting pending orders? Let's say i want to go long. Should i place my buy limit on ma's or fib retracements? Based on your experience, which one provides the sweet spot between not missing out on the opportunity but also not high risk?

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Quoting Jade Gate

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{quote} hang on a min, just let me get my crystal ball out...... damn, it says, can't choose, they are both delicious and desirable But crystal ball aside, if I had to pick, I'd go with a pending order above the 61.8 fib, because if cable can clear those 200ema/200sma's on weekly chart, it's gonna fly

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Quoting KeenPips

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GBPUSD price action on the daily time frame is within the 1.25310/1.27590 horizontal channel (blue). Presently, it is sideways at the middle part of the channel where it is tackling the1.26500 horizontal resistance. The dominant technical structure is bearish. I may be wrong. Trade safe and prosper. KP {image}

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Quoting Nordling

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{quote} Sorry for bombarding with questions It's just that i am still trying to find the balance between FOMO and risk Thx again, i will keep those in mind

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Quoting Jade Gate

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{quote} And isn't that every trader's dilemma? Finding the balance between FOMO and risk. Doesn't matter how long you've been trading, that is always at the core of every decision you make. Over time, you get better at keeping your finger OFF the trigger, and waiting until you see a long term set up for a significant right shoulder move that is likely to be sustained for some time (more than 30 days, longer the better). And you find a risk balance that works for you (including how much room you give your stops). And just to complicate things...

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Quoting Zebi

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ill look to short in 2hours and 10 minutes when the 4H candle closes

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Quoting Zebi

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{quote} im gona get a sell signal on 4H candle close so im jumping in little early and took a small short at 2653 since its friday...it feels unnatural when im not short such a big hourly green candle thats begging to be retraced since yesterday the monthly gave a sell signal LOL...ll short more sunday nite and monday so thats that like the old greaseball said in goodfellas https://youtu.be/veg0cHBspNY?t=131

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Quoting hoda

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GU: Daily T.F Chart Patterns: Head and Shoulders. {image}

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