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Cable Update (GBPUSD)

  • #835,681
  • Aug 20, 2024 4:57am Aug 20, 2024 4:57am
Quoting Griffinx
{quote} Hi Navk, will you send me too?
sure
Intraday only.
  • #835,682
  • Aug 20, 2024 5:02am Aug 20, 2024 5:02am
Quoting navk
{quote} I am short. If breaks higher, prepared to take loss. Frankly speaking, I am yet to find a system to trade pullback

As an example:
Cable is at 1.3000 atm, it pulls back to 1.2975 but are you saying you have no system to recognise you could take a buy at 1.2975?
Don't Leave Money on the Table
  • #835,683
  • Aug 20, 2024 5:04am Aug 20, 2024 5:04am
Quoting HaLBot
{quote} As an example: Cable is at 1.3000 atm, it pulls back to 1.2975 but are you saying you have no system to recognise you could take a buy at 1.2975?
May be no, may be yes.

Once the price dips below 1.2976 ( today ), i will avoid taking longs today.
Intraday only.
  • #835,684
  • Aug 20, 2024 5:05am Aug 20, 2024 5:05am
Quoting HaLBot
{quote} As an example: Cable is at 1.3000 atm, it pulls back to 1.2975 but are you saying you have no system to recognise you could take a buy at 1.2975?
price from 3013 to 2976 is wick of daily candle if it breaks below.

so , i avoid taking longs
Intraday only.
  • #835,685
  • Aug 20, 2024 5:08am Aug 20, 2024 5:08am
Quoting HaLBot
{quote} As an example: Cable is at 1.3000 atm, it pulls back to 1.2975 but are you saying you have no system to recognise you could take a buy at 1.2975?
If the price closes bullish, I avoid taking short until it tests r1 of daily.

Technically, I have to go short only after asian low, but may days, many times, i do not follow this rule
Intraday only.
  • #835,686
  • Aug 20, 2024 5:14am Aug 20, 2024 5:14am
Quoting navk
{quote} price from 3013 to 2976 is wick of daily candle if it breaks below. so , i avoid taking longs

I'm only using this as an example, what I mean is you have no setup for pullbacks?
Pullbacks are where I make my most money

I miss the first thrust candle
Price pullsback allowing me to buy in

Like in this 5 minute example, missed this thrust candle because I was distracted on social media, maybe I get another chance
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 21 KB
Don't Leave Money on the Table
  • #835,687
  • Aug 20, 2024 5:17am Aug 20, 2024 5:17am
Quoting HaLBot
{quote} I'm only using this as an example, what I mean is you have no setup for pullbacks? Pullbacks are where I make my most money I miss the first thrust candle Price pullsback allowing me to buy in
Thrust candle is quick money.

Pull back money is slow.

Frankly speaking, i am yet to find a proper pull back system, i end up being looser
Intraday only.
  • #835,688
  • Aug 20, 2024 5:21am Aug 20, 2024 5:21am
Quoting navk
{quote} Thrust candle is quick money. Pull back money is slow. Frankly speaking, i am yet to find a proper pull back system, i end up being looser

I was looking at buying in then said 'Yeah, Na' lol
Only to see it move up quickly and thinking that was a prime opportunity and I missed it
Don't Leave Money on the Table
  • #835,689
  • Aug 20, 2024 5:21am Aug 20, 2024 5:21am
Quoting HaLBot
{quote} I'm only using this as an example, what I mean is you have no setup for pullbacks? Pullbacks are where I make my most money I miss the first thrust candle Price pullsback allowing me to buy in Like in this 5 minute example, missed this thrust candle because I was distracted on social media, maybe I get another chance {image}
I have this MA trading system.

But... theoretetically, once r1 is tested, 40 pips rise, it might fall to achieve daily range.

This is only theory, not successful yet
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM5.png Size: 11 KB
Intraday only.
  • #835,690
  • Aug 20, 2024 5:28am Aug 20, 2024 5:28am
Quoting navk
{quote} I have this MA trading system. But... theoretetically, once r1 is tested, 40 pips rise, it might fall to achieve daily range. This is only theory, not successful yet {image}

Going by your own chart there it was a perfect buying opportunity for 18 pips if you took the entire buy or at least 15 pips
Don't Leave Money on the Table
  • #835,691
  • Aug 20, 2024 5:29am Aug 20, 2024 5:29am
G/M, more bullishness with an upside break 1st of the Asian hi, then y/day's hi, with price achieving a new current wkly hi /around Wkly R1 pivot @ the current dly hi, just below Dly R1, and just into the dly part of the prev 4hr/dly/minor wkly sw hi zone = pot res that extends up to 3045 current yrly hi. Asian lo is presently the current dly lo.

4hr (with 10/20/40 ema crosses graphic) below.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 25 KB
Trader with an Edge.
  • #835,692
  • Aug 20, 2024 5:29am Aug 20, 2024 5:29am
Quoting HaLBot
{quote} Going by your own chart there it was a perfect buying opportunity
yes.

Even for thrust candle also, a perfect system.

But, I am not comfortale with this system for pull back entry
Intraday only.
  • #835,693
  • Aug 20, 2024 5:31am Aug 20, 2024 5:31am
The market still has room for 1.306ish, until completely sure of sell confirmations I don't see bears taking it from the bulls
Keep the Lights on then you can catch the rise from the dark.
  • #835,694
  • Aug 20, 2024 5:34am Aug 20, 2024 5:34am
...price seems to be in a rising equidistant channel on 1hr right now.

1hr below
Attached Image (click to enlarge)
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Trader with an Edge.
  • #835,695
  • Aug 20, 2024 5:38am Aug 20, 2024 5:38am
Quoting navk
{quote} Thrust candle is quick money. Pull back money is slow. Frankly speaking, i am yet to find a proper pull back system, i end up being looser
sorry to crash the chat guys

The Ross Hook system/method is brilliant for pullbacks, as they only show up in a trending environment (these are basically Gann pull backs too)

you can trade it how you like but I personally for years only take set ups clear of the 10 simple moving average - they have the highest probability of working and I don't like playing less than perfect set-ups

Gann said in his works when the trend is on, you'll only get a 1-3 day correction/pullback and then back to the trend - leave the trickier pull backs to others that are less probable to work
  • #835,696
  • Aug 20, 2024 5:47am Aug 20, 2024 5:47am
Quoting Thtpro
{quote} sorry to crash the chat guys The Ross Hook system/method is brilliant for pullbacks, as they only show up in a trending environment (these are basically Gann pull backs too) you can trade it how you like but I personally for years only take set ups clear of the 10 simple moving average - they have the highest probability of working and I don't like playing less than perfect set-ups Gann said in his works when the trend is on, you'll only get a 1-3 day correction/pullback and then back to the trend - leave the trickier pull backs to others...
Hi. yeh, I came across that and some of his other stuff many years ago - good guy.

I use a bullish or bearish hidden divergence (re my 2 x oscillators) method. Price has to pullback to a pre-identified potential rbs or sbr level (ie a previous swing hi or lo respectively) on the next higher t/f (which must be trending, and preferably the one above that too,) And then react with good/classic PA candle (s) as trigger for entry on close, at the potential rbs/sbr level/zone/fib (s,) whilst the oscillators on that higher t/f are still pointing up for uptrend/down for downtrend. Price must also be @ a potential HL/LH on that higher t/f too. That is pretty much the basis of it. I am though more wary when price is well extended from adr/awr etc...

So you are effectively dropping down a t/f to find an entry into a trend that exists on @ least the next higher t/f. Sometimes you can drop down another t/f and find a regular divergence/osc extremes earlier entry too.
Trader with an Edge.
  • #835,697
  • Aug 20, 2024 5:57am Aug 20, 2024 5:57am
Quoting Thtpro
{quote} sorry to crash the chat guys The Ross Hook system/method is brilliant for pullbacks, as they only show up in a trending environment (these are basically Gann pull backs too) you can trade it how you like but I personally for years only take set ups clear of the 10 simple moving average - they have the highest probability of working and I don't like playing less than perfect set-ups Gann said in his works when the trend is on, you'll only get a 1-3 day correction/pullback and then back to the trend - leave the trickier pull backs to others...
thanks. i will look at discription
Intraday only.
  • #835,698
  • Aug 20, 2024 6:10am Aug 20, 2024 6:10am
...current yrly hi @ 3045 looks @ least vulnerable to an upside break @ some point. Nothing on the dly chart above it until the prev sw hi zone = pot res that leads to 3142 last yr's hi, with similar above, dating back to 2022. Steep rise on this t/f, off 2665 (a 2nd LL,) 2873 a H, 2798 (HL) and there will be a 1st HH when it prints fractally - this @ today's hi or higher.

dly below
Attached Image (click to enlarge)
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Trader with an Edge.
  • #835,699
  • Aug 20, 2024 6:11am Aug 20, 2024 6:11am
Immediate resistance level seems to be 13010. A break above could take us to the yearly high area. Not much in data today either. Not sure if the CAD news later will effect the PA in anyway
Insane in the Brain..
  • #835,700
  • Aug 20, 2024 6:29am Aug 20, 2024 6:29am
Quoting BeeTogether
Immediate resistance level seems to be 13010. A break above could take us to the yearly high area. Not much in data today either. Not sure if the CAD news later will effect the PA in anyway
Hi, yeh someone/something is protecting that level - the prev 1hr sw hi zone = pot res leading to current dly hi @ 3013.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 16 KB
Trader with an Edge.
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