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Cable Update (GBPUSD)

  • #840,101
  • Oct 1, 2024 7:25am Oct 1, 2024 7:25am
Quoting ScalaFX
{quote} already done this, sorry Im still in vacations in Dubai and only trading when I see good opportunity to trade, not so much time to analyze, now adding 2nd batch {image} {image}

Nice so when do you expect it to start moving up as i see you are in drawdown and do you have a stop loss or are you one these sheiks with unlimited funds


EURUSD D1 correction or downside swing demand is likely to be at the previous higher low swing low 1.1001
Follow The Markets Structure - Patience and Discipline
  • #840,102
  • Oct 1, 2024 7:29am Oct 1, 2024 7:29am
Quoting pipfarm
{quote} Nice so when do you expect it to start moving up as i see you are in drawdown and do you have a stop loss or are you one these sheiks with unlimited funds
ADR is a really good tool to employ when looking for intraday reversal zones. Markets do violate them and continue trending, they are not perfect, however they develop as markets trend, and aggregate where the market is likely to make a reversal.
Discouragement is the language of the devil. Results over hype.
  • #840,103
  • Oct 1, 2024 7:31am Oct 1, 2024 7:31am
Took long eu
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yes yes yes
  • #840,104
  • Oct 1, 2024 7:32am Oct 1, 2024 7:32am
Quoting imjoshbrown
{quote} ADR is a really good tool to employ when looking for intraday reversal zones. Markets do violate them and continue trending, they are not perfect, however they develop as markets trend, and aggregate where the market is likely to make a reversal.

Really, unfortunately the daily range can vary so much that personally i would not call it a good marker for price action, look at the last 25 D1 bars and tell me you can predict ADR using the average, even though we are in rather large range today , any move up is only very short term

Better to use price action as a confirmation if your expecting adr to be met for the day, look at my trades on the 4 yen pairs i traded yesterday, no need for ADR just look for reversal patterns.
Follow The Markets Structure - Patience and Discipline
  • #840,105
  • Oct 1, 2024 7:35am Oct 1, 2024 7:35am
My friend Beetogether. Check your Inbox. A mail from me sent.

Good luck
Market Structure is the King.....
  • #840,106
  • Oct 1, 2024 7:36am Oct 1, 2024 7:36am
Want to go long, but no sign of bulls.
With courage, patience, and discipline, success is a matter of time.
  • #840,107
  • Oct 1, 2024 7:37am Oct 1, 2024 7:37am
Quoting Abeylyn
My friend Beetogether. Check your Inbox. A mail from me sent. Good luck
got it buddy replied back..

Good luck mate
Insane in the Brain..
  • #840,108
  • Oct 1, 2024 7:38am Oct 1, 2024 7:38am
Quoting pipfarm
{quote} Nice so when do you expect it to start moving up as i see you are in drawdown and do you have a stop loss or are you one these sheiks with unlimited funds EURUSD D1 correction or downside swing demand is likely to be at the previous higher low swing low 1.1001
pipfarm, is to early to set a stop loss while this is swing trade, I see 1060 is max that price can slide, if slides more I will think what to do, cut or hedge, GU too 3270-60 is max I think, big potential for buy from me
People don't plan to lose. They lose because they don't plan.
  • #840,109
  • Oct 1, 2024 7:42am Oct 1, 2024 7:42am
Quoting imjoshbrown
{quote} ADR is a really good tool to employ when looking for intraday reversal zones. Markets do violate them and continue trending, they are not perfect, however they develop as markets trend, and aggregate where the market is likely to make a reversal.
Yes
For example
Eu adr low is 1.10744
I took long from there
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yes yes yes
  • #840,110
  • Oct 1, 2024 7:47am Oct 1, 2024 7:47am
Quoting Whale
I see only long from here. long 1.3318 Sl 1.329 tp open.
correction.

out with 3 pips profit

i will short soon.

1.327 is the real target on 4h
  • #840,111
  • Oct 1, 2024 7:48am Oct 1, 2024 7:48am
Well if Moty says ADR trading is good it must be

No offense meant but i just find it hilarious that someone who is on the biggest losing streak ever can back what another trader says.


Of course price will make a correction at some point.
Follow The Markets Structure - Patience and Discipline
  • #840,112
  • Oct 1, 2024 7:48am Oct 1, 2024 7:48am
Quoting pipfarm
{quote} Really, unfortunately the daily range can vary so much that personally i would not call it a good marker for price action, look at the last 25 D1 bars and tell me you can predict ADR using the average, even though we are in rather large range today , any move up is only very short term
I appreciate the quote! In my opinion, ADR is best used as an intraday indicator, not a long term indicator as in your scenario, painting highs and lows based on an average of the past handful of days, not the past month.

Why? Great question!

How many traders do you know are holding positions from 25 days ago? If they are, they aren't in this forum, passing around information because they are institutional traders that work for liquidity providers (and most of them have been replaced with automated systems back in 2018). Most retailers open and close trades within 1-5 days, many of which who mistakenly hold over the weekend (never recommended, a discussion for another time) - Since the dealing desk is only offering the bid-ask spread for 5 days at a time, and within those 5 days, the market trends for a portion of the time (usually, it's not always the case) - then a maximum ADR is 5 days. Based on price action for most weeks, trends move within the week for only 2-3 days before terminating/consolidating and then continuing, or reversing price. Therefore, I use an ADR of 3 days, and occasionally shift to 5-day ADR, depending on the context.
Discouragement is the language of the devil. Results over hype.
  • #840,113
  • Oct 1, 2024 7:53am Oct 1, 2024 7:53am
Quoting pipfarm
Well if Moty says ADR trading is good it must be
ADR lines start at the beginning of the day with MASSIVE gap - and as the market trends, the high and low slowly tighten up and come together. It's all about context. They serve as GREAT reference points, but they are delayed indicators. Which means you need to observe how they paint, and learn the behavior at the extremes (near the lows and highs). It takes time! And a LOT of patience.
Discouragement is the language of the devil. Results over hype.
  • #840,114
  • Oct 1, 2024 7:54am Oct 1, 2024 7:54am
Quoting imjoshbrown
{quote} I appreciate the quote! In my opinion, ADR is best used as an intraday indicator, not a long term indicator as in your scenario, painting highs and lows based on an average of the past handful of days, not the past month. Why? Great question! How many traders do you know are holding positions from 25 days ago? If they are, they aren't in this forum, passing around information because they are institutional traders that work for liquidity providers (and most of them have been replaced with automated systems back in 2018). Most retailers open...

Appreciate your post but i have no time for this, fact is all markets make corrections and impulses , it is up to you which ones you trade all i was saying is that personally i find adr unreliable because average is not the same as what happens on a bar by bar basis.

Good luck with your trade, a corrective move will happen at some point
Follow The Markets Structure - Patience and Discipline
  • #840,115
  • Oct 1, 2024 7:59am Oct 1, 2024 7:59am
Quoting ScalaFX
{quote} already done this, sorry Im still in vacations in Dubai and only trading when I see good opportunity to trade, not so much time to analyze, now adding 2nd batch {image} {image}
hi there, hope you are enjoying my city charm, be careful with your longs, price could dip over the next week/s to 1.31, thats the max as i see it
  • #840,116
  • Oct 1, 2024 7:59am Oct 1, 2024 7:59am
Quoting pipfarm
{quote} Appreciate your post but i have no time for this, fact is all markets make corrections and impulses , it is up to you which ones you trade all i was saying is that personally i find adr unreliable because average is not the same as what happens on a bar by bar basis. Good luck with your trade, a corrective move will happen at some point
All good! We agree to disagree but all markets have limits. ADR helps me identify those key zones. Trade well!
Discouragement is the language of the devil. Results over hype.
  • #840,117
  • Oct 1, 2024 8:01am Oct 1, 2024 8:01am
Quoting imjoshbrown
{quote} Why? Great question! How many traders do you know are holding positions from 25 days ago? If they are, they aren't in this forum, passing around information because they are institutional traders that work for liquidity providers (and most of them have been replaced with automated systems back in 2018).
WaveGarrick has trades open in profit for almost a year now. And he is a retail trader. He just has loads of patience and trades systematically.
  • #840,118
  • Oct 1, 2024 8:04am Oct 1, 2024 8:04am
Quoting pipfarm
{quote} Appreciate your post but i have no time for this, fact is all markets make corrections and impulses , it is up to you which ones you trade all i was saying is that personally i find adr unreliable because average is not the same as what happens on a bar by bar basis. Good luck with your trade, a corrective move will happen at some point
Yes, it's also unreliable for me. Most especially in the trending market. Though may be fine during a range trade.

Using it as a basis for trade entry without other foot print is suicidal.
Market Structure is the King.....
  • #840,119
  • Oct 1, 2024 8:06am Oct 1, 2024 8:06am
Quoting Mitiblotch
{quote} WaveGarrick has trades open in profit for almost a year now. And he is a retail trader. He just has loads of patience and trades systematically.
I'm impressed! Markets are too volatile for me to take that kind of risk. I'm in, out, and done on an intraday and intraweek basis.
Discouragement is the language of the devil. Results over hype.
  • #840,120
  • Oct 1, 2024 8:07am Oct 1, 2024 8:07am
Sell limit 1.33315
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