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Cable Update (GBPUSD)

  • #842,201
  • Oct 17, 2024 2:40am Oct 17, 2024 2:40am
Quoting HaLBot
Euro 1.0853 and Cable 1.2978 buys SLs in place

Okay so sold my first Cable buy at 2989, 11 pips and bought again at 2986. If Euro pumps from here then Cable will follow and wanting at least 1.3000 or even 1.3010
I like doing that because it gives the money for the next trades as long as you buy in again lower than the price you sold your buy scalp for it's a better outcome, but if you have to buy in again higher than where you sold then you may as well have stayed in the trade
Anyway see how this pans out
Don't Leave Money on the Table
  • #842,202
  • Oct 17, 2024 2:56am Oct 17, 2024 2:56am
Quoting Pat Chiko
{quote} BTC Daily On Daily,
BTCUSD
Here is my newbie guessing for scalping on MTF.


Monthly Time Frame
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On the monthly chart, we observe a textbook Elliott Wave structure with waves 1, 2, 3, and 4 completed.
Wave 4 has respected the 50% Fibonacci retracement level perfectly, and the price action is now poised to advance into wave 5.

Typically, wave 5 surpasses the high of wave 3, so a continuation to the upside is expected.
However, once wave 5 completes, we may witness a significant correction, potentially targeting the low of wave 4 for a retracement.




Weekly Time Frame
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The internal structure of wave 4 is somewhat complex, forming a WXY correction.
We see a sequence of three waves down, followed by three waves up, and another three waves down, leading to a convoluted but completed corrective pattern.

Crucially, this correction respected key Fibonacci levels, producing a bullish engulfing pattern, which could signal the continuation of the trend and a possible break above wave 3’s high.



Daily Time Frame
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On the daily chart, the price action appears choppy, as Bitcoin often exhibits volatile behavior.
The current Elliott Wave count suggests we are in wave 3, following the completion of wave 1 and wave 2.

The internal subdivisions indicate a series of impulsive moves, with wave 3 likely in progress.
This is characteristic of strong upward momentum typically seen in wave 3 phases.



4-Hour Time Frame
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Zooming into the 4-hour chart, the structure becomes clearer.
The completion of wave 2 from the higher time frames sets us up for a robust wave 3 advance.

Fibonacci extensions from the previous impulse leg project potential resistance levels, notably at the 61.8% and 78.6% extensions.
After reaching these levels, a minor correction is anticipated, providing an excellent opportunity for scalpers to enter long positions during the pullback.


1-Hour Time Frame
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On the 1-hour chart, I am closely monitoring for a break of structure, ideally on the 1-hour or 4-hour charts, which would indicate the onset of an ABC corrective pattern.
This would align with a potential retracement in wave 3. If this occurs, scalpers like myself will look for opportunities to go long at the conclusion of the ABC correction, utilizing Fibonacci retracement levels, three-wave corrections, and bullish engulfing patterns as entry signals.


Guessing and my hope as scalper (Summary)

BTC may continue its upward trend, as we are likely in the midst of wave 3 of 5—historically the strongest wave in a trend.
Should price action break structure to the downside, it would likely initiate an ABC correction, offering another prime opportunity to capitalize on the retracement.

The key strategy is to await the pullback, apply Fibonacci levels, and position for the continuation of the uptrend after the corrective move completes.

As always, wait for confirmation of structure breaks (structure, structure, structure)to guide my next moves in this volatile yet promising wave cycle.

Good luck to all, hope my guess is wrong., like usually it were
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #842,203
  • Oct 17, 2024 2:56am Oct 17, 2024 2:56am
Quoting HaLBot
{quote} Okay so sold my first Cable buy at 2989, 11 pips and bought again at 2986. If Euro pumps from here then Cable will follow and wanting at least 1.3000 or even 1.3010 I like doing that because it gives the money for the next trades as long as you buy in again lower than the price you sold your buy scalp for it's a better outcome, but if you have to buy in again higher than where you sold then you may as well have stayed in the trade Anyway see how this pans out
i try and do that too. It’s about working out the areas for me. Gotta also be glued to the screen too lol
Insane in the Brain..
  • #842,204
  • Oct 17, 2024 2:58am Oct 17, 2024 2:58am
Quoting Abeylyn
Quoting BeeTogether
Morning all, so far 12990 rejecting let’s see if we can get over 13000 and have an area to short from. Some US data today and some Uk and US tomorrow. Next week is pretty quiet so it could just be trading PA and technicals[/quote Good morning there... Looking at the position of 4 hr. trend Intraday Swing, price needs to pullback and going for a buy is not my own way. Therefore to look for a Sell, need to stand aside to watch until fighters takes price to killing range. It's a nice day for extra vigilant scalpers. Have
...
if we break above 130 a move to 13015-25 might be the ceiling unless US data is poor. 13025 is a good shorting area as that could be a straight down 75 to the 12950 area I have been talking about recently
Insane in the Brain..
  • #842,205
  • Oct 17, 2024 2:58am Oct 17, 2024 2:58am
G/M, 30day adr bearish dly candle y/day. Today so far, a 1st false downside b/o of the Asian lo then Y/day's lo. Asian lo is presently the current dly hi. 1hr and 4hr in general downtrends. 1st downside fib is 2958, (61.8% 2665-3434,) Wkly S2 is @/around 2954, and Dly S1 @/around 2952. The 1st 3+ fib cluster to the downside now is way down @ 2733-29.

1hr below
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Trader with an Edge.
  • #842,206
  • Oct 17, 2024 3:01am Oct 17, 2024 3:01am
long 2987

tp 3025

sl 2973

goin to bed..this is just a countertrend bounce long for me cause lower prices are inevitable
short trump and go long the deepstate
  • #842,207
  • Oct 17, 2024 3:02am Oct 17, 2024 3:02am
Quoting Zebi
long 2987

No Zebi go short mate
Don't Leave Money on the Table
  • #842,208
  • Oct 17, 2024 3:03am Oct 17, 2024 3:03am
Quoting BeeTogether
{quote} i try and do that too. It’s about working out the areas for me. Gotta also be glued to the screen too lol

Yes for sure but that's what I love doing, have zero problem glued to the trading screen

Keeps me of the streets
Don't Leave Money on the Table
  • #842,209
  • Edited 3:59am Oct 17, 2024 3:05am | Edited 3:59am
Long at : 1.2988
sl : 1.2970(Sl moved to : 1.3060)
Tp: TBD
--------------------
Buy limit at : 1.3072
SL : 1.3060
Tp : TBD
------------------
  • #842,210
  • Oct 17, 2024 3:06am Oct 17, 2024 3:06am
Quoting Pat Chiko
{quote} BTCUSD Here is my newbie guessing for scalping ....
Hi Pat, This level of analysis should not go uncommented on. It's not a market I trade, (I do however glance at it from time to time,) but I appreciate your analysis nonetheless. It's good to see 'analysis.' Thank you for your efforts.
Trader with an Edge.
  • #842,211
  • Oct 17, 2024 3:09am Oct 17, 2024 3:09am
Quoting HaLBot
{quote} Okay so sold my first Cable buy at 2989, 11 pips and bought again at 2986. If Euro pumps from here then Cable will follow and wanting at least 1.3000 or even 1.3010 I like doing that because it gives the money for the next trades as long as you buy in again lower than the price you sold your buy scalp for it's a better outcome, but if you have to buy in again higher than where you sold then you may as well have stayed in the trade Anyway see how this pans out
Closed buy scalps 2978, 2981 and 2982 with one runner 2986, euro buy trades 0854 and 0853 still in play
Don't Leave Money on the Table
  • #842,212
  • Oct 17, 2024 3:09am Oct 17, 2024 3:09am
Quoting Nordling
{quote} I love how this thread is able to tear anyone apart, this is the real trading floor I love you all!
Nord,

You remind me of myself many moons ago.
When I first joined FF, I was around 17 or 18, just like you, with a few friends trying to figure out what forex was all about.
But back then, we were quite clueless ( the real word is stupid), with limited resources to learn from.

Looking at you now, though, your fluency and command over finance, economics, and all the technical jargon are truly impressive.
You’re far ahead of where I was at your age.

Despite the constant challenges and occasional trolling by the senior members on FF, I eventually grew, maybe just 5% smarter now than when I first started!

I have to commend you for your efforts in sharing knowledge for others to learn.
Even now, at 40, I continue to learn from you and a few others.

So, thank you.
Keep posting!
For some, your insights may be invaluable; for others, they might miss the point.
It all depends on how hungry they are for knowledge.


Pat Chiko aka Pat Waveskie

P/s Keep focusing like Türkiye Dad and Chinese Mom
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #842,213
  • Oct 17, 2024 3:13am Oct 17, 2024 3:13am
Quoting Zebi
long 2987 tp 3025 sl 2973 goin to bed..this is just a countertrend bounce long for me cause lower prices are inevitable
Sleep well Zeb.

You need a lot of enery to fight with other when you woke up later.

BTW, don't let you GF sleep on the floor. Stop Harassing Her
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #842,214
  • Edited 3:36am Oct 17, 2024 3:26am | Edited 3:36am
...the Asian hi/current dly hi was a 1st test on the deeper/wider 4hr part of that prev 1hr/4hr sw lo zone = pot sbr that starts @ 2982, from the underside of it. It held as sbr, sending price south to current dly lo. It is being tested again now, @ the current hi. @ current dly lo - a prev 1hr/4hr minor sw hi then lo zone = pot rbs/supp from a while ago.

The shadow of y/day's v. bearish dly candle looms over any upside p/back presently! There are however repeating patterns of bullish regular div of varying historical potential 'strengths' on 1hr, 2hr and 4hr, @ 2973/74 current dly lo.

4hr, then downside fibs below.
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Attached Image
Trader with an Edge.
  • #842,215
  • Oct 17, 2024 3:28am Oct 17, 2024 3:28am
Quoting Pat Chiko
{quote} Nord, You remind me of myself many moons ago. When I first joined FF, I was around 17 or 18, just like you, with a few friends trying to figure out what forex was all about. But back then, we were quite clueless ( the real word is stupid), with limited resources to learn from. Looking at you now, though, your fluency and command over finance, economics, and all the technical jargon are truly impressive. You’re far ahead of where I was at your age. Despite the constant challenges and occasional trolling by the senior members on FF,...
Hahaha thanks man! It's nice that you see me that way, i am just trying my best. I put my arrogance behind and it did wonders. Now i am thankful for what i have, feeling lucky that i see the sun rising another day, and i can see the god/universe rewarding me with friends, wisdom, joy, peace and profits But like anything else, it will be given and then eventually be taken away. So i am trying to enjoy it while it lasts it was quite a drastic change, from being a materialist to a spiritual person.

Beauty is in the eye of the beholder, so thank you and thanks to anyone who find my posts useful and satisfying
You have to have an IQ higher than 90 to interact with this user.
  • #842,216
  • Oct 17, 2024 3:30am Oct 17, 2024 3:30am
Quoting pipfarm
Short only ( do not like trading from 5 minute but seemed ideal) Labels on chart moved but you can see there was an abc correction then a break down of B low then the old resistance retest and then price trends down, ideal entry would of been on the retest after the break down but i missed it. {image}

Just over 1-1 R on that trade , not bad for the M5 timeframe, lets see what comes next
Follow The Markets Structure - Patience and Discipline
  • #842,217
  • Oct 17, 2024 3:43am Oct 17, 2024 3:43am
Quoting pipfarm
{quote} Just over 1-1 R on that trade , not bad for the M5 timeframe, lets see what comes next
Hi. Great pattern though wasn't it?
-----------------------------------------

...so that 4hr pot sbr mentioned above is holding again, (for now at least,) ...price just touched bottom of the prev 1hr sw hi zone = pot res that formed there on 1st attempt to get north of it.

1hr below
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Trader with an Edge.
  • #842,218
  • Oct 17, 2024 3:54am Oct 17, 2024 3:54am
Quoting Headland
{quote} Hi Pat, This level of analysis should not go uncommented on. It's not a market I trade, (I do however glance at it from time to time,) but I appreciate your analysis nonetheless. It's good to see 'analysis.' Thank you for your efforts.
It's AI-generated...
Air force
  • #842,219
  • Oct 17, 2024 4:04am Oct 17, 2024 4:04am
Quoting W0lfram
{quote} It's AI-generated...
Hi. Whatever, I appreciate some actual analysis.
------------------------------------------------------

...testing current dly lo, and gmt+3hrs 4hr closes bearish-bodied but with wicks, maybe a bearish-bodied inverted hammer?

4hr below
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Trader with an Edge.
  • #842,220
  • Oct 17, 2024 4:07am Oct 17, 2024 4:07am
Quoting Orand
Long at : 1.2988 sl : 1.2970(Sl moved to : 1.3060) Tp: TBD -------------------- Buy limit at : 1.3072 SL : 1.3060 Tp : TBD ------------------
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