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(GBP/USD Update) Billionaire's Club

  • #21
  • Dec 16, 2024 5:18am Dec 16, 2024 5:18am
i hope the targets were met
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  • #22
  • Edited 8:36am Dec 16, 2024 8:23am | Edited 8:36am
Quoting Abeylyn
{quote} I will appreciate it if you can just pull out a chart and give your own analysis as well. Counter 4 hour trend traders may see the need to learn from it. Come up with an analysis for everyone to see. It's a live market that teaches allofus the precise direction to follow. All analysis on GU are welcome here... with supporting chart . Thanks friend.
Mr. Lyn,
I would be happy to, but I do not even know how to post a chart. I looked at the GU this morning and price appreciation has continued methodically since the opening gap down. Appears that this price action could be controlled profit taking imho. looks as if pull back price points were aggressively bought.......time to follow the shrimp boat until they get done fishing. The 4am 1 hr candle says a lot to me. one thing i try to always remember, the rich never pay retail, if i were involved in the market i would still be hopeful for execution of the GTC limit order, per our previous correspondence. good fortune if you are trading the US market and thank you for starting this forum, it is refreshingly constructive. Sharing = learning.
"The Rich Never Pay Retail"
  • #23
  • Dec 16, 2024 8:23am Dec 16, 2024 8:23am
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  • #24
  • Dec 16, 2024 9:58am Dec 16, 2024 9:58am
Quoting Abeylyn
GBP/USD UPDATE 16/12/24 {image} Daily Chart trend is bearish, Daily Candlestick is bearish, 4 hour trend is bearish. Significant Remark: Price is ranging in a lower time frame below 30min. An indication that price will either breakout of the minor resistant or support zone after series of movement inside the channel. Minimum required movement shall be in Zigzag formation to any direction. Immediate Objective: Looking to Sell at the moment and pick main profit around support zone.. The analysis favored a scalper because of the primary intention to...
Resistant on this chart has failed to hold. There is nothing a trader following 4 hour trend could do than to take minimum loss... Todays price action basically work in opposite direction of what we noticed on chart last week.

Nest resistant level to watch out for Short is located between 1.2697 and 1.2718.

Hoping to see a nice price action to go short.
Market Structure is the King.....
  • #25
  • Edited 10:52am Dec 16, 2024 10:13am | Edited 10:52am
Quoting Abeylyn
{quote} Resistant on this chart has failed to hold. There is nothing a trader following 4 hour trend could do than to take minimum loss... Todays price action basically work in opposite direction of what we noticed on chart last week. Nest resistant level to watch out for Short is located between 1.2697 and 1.2718. Hoping to see a nice price action to go short.
that may be correct but, there was a good case on daily PA to take a small long position sometime during the Asian session, imho. good example of how every trader has a fingerprint and it is sometimes counter productive to classify observation as "right" or "wrong"
my experience has taught me that sometimes, a very small position validates probable observation, without a lot of risk the process seems to become easier to absorb into my collective trading consciousness....... just food for thought. missed opportunities are always valuable my friend.
looking at the daily chart again, i would be comfortable holding longs up to 1.2883, would expect some sort of pull back around that area. the daily entry opportunity was 1.2616 or better imho. After the close today we can re-assess entry strategy but i almost exclusively use GTC limit orders.

There will probably be sell orders starting @ 1.2713 area, the next daily battleground imho. I am just using the charts provided here by FF for all my analysis here, just FYI software is completely inconsequential in my experience.
"The Rich Never Pay Retail"
  • #26
  • Edited 11:22am Dec 16, 2024 11:11am | Edited 11:22am
Quoting teprewitt23
{quote} that may be correct but, there was a good case on daily PA to take a small long position sometime during the Asian session, imho. good example of how every trader has a fingerprint and it is sometimes counter productive to classify observation as "right" or "wrong" my experience has taught me that sometimes, a very small position validates probable observation, without a lot of risk the process seems to become easier to absorb into my collective trading consciousness....... just food for thought. missed opportunities are always valuable...
Really nice to have you on these thread.

My trading style is working in contrarian to yours which give a good learning curve for improvement where necessary.

Yeah! the daily buy opportunity was at 1.2611 for me. Entry limit with 30 pips Stoploss. It's also important to emphasize that sometimes, daily entry can be overturned at the Intraday resistant zone earmarked for entry today. However, trading safe require looking for a deep pullback to at least 4 hourly swing before looking for a short. Where price is positioned at the moment.

Next resistant after these zone is 1.2883 which serves as a major Resistant zone but I have a conviction that price may break the low @ 1.2611 to create a new low before pullback to 1.2883.

Let's see how price unfold.

Truly, sometimes trader has no choice than manage associated risk.
Market Structure is the King.....
  • #27
  • Dec 16, 2024 11:22am Dec 16, 2024 11:22am
Quoting Abeylyn
{quote} Really nice to have you on these thread. My trading style is working in contrarian to yours which give a good learning curve for improvement where necessary. Next resistant after these zone is 1.2883 which serves as a major Resistant zone but I have a conviction that price may break the low @ 1.2611 to create a new low before pullback to 1.2883. Let's see how price unfold. Truly, sometimes trader has no choice than manage associated risk.
Thank you for inviting me, i also find honest, respectful, exchange of ideas beneficial to learning.
"The Rich Never Pay Retail"
  • #28
  • Dec 16, 2024 2:06pm Dec 16, 2024 2:06pm
GU Short @ 1.2683 stoploss 1.2712

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Market Structure is the King.....
  • #29
  • Edited 2:35pm Dec 16, 2024 2:23pm | Edited 2:35pm
Quoting Abeylyn
GU Short @ 1.2683 stoploss 1.2712 {image}
do you have TP area? was your trigger MA? imho possible new support level, low volume end of day can be tricky time for entry or continuation. Could be a good entry for liquidity sweep during Asian session, and possible continuation of daily tend (false break out). I hope it becomes a profitable position.
"The Rich Never Pay Retail"
  • #30
  • Dec 16, 2024 2:33pm Dec 16, 2024 2:33pm
Quoting teprewitt23
{quote} do you have TP area?
Main objective is to break the low @ 1.2611 to a new low.

However, 1st Takeprofit can be just 20 pips @ 1.2663 to enable me have a free ride...
Market Structure is the King.....
  • #31
  • Dec 16, 2024 2:44pm Dec 16, 2024 2:44pm
Quoting Abeylyn
{quote} Main objective is to break the low @ 1.2611 to a new low. However, 1st Takeprofit can be just 20 pips @ 1.2663 to enable me have a free ride...
daily closing price below 1.2672 would be advantageous to your strategy, again I hope your position becomes profitable the daily trend is certainly in your favor sir.
imho there should be significant sellers starting at or around 1.2713.
"The Rich Never Pay Retail"
  • #32
  • Dec 16, 2024 2:52pm Dec 16, 2024 2:52pm
Quoting teprewitt23
{quote} daily closing price below 1.2672 would be advantageous to your strategy, again I hope your position becomes profitable the daily trend is certainly in your favor sir. imho there should be significant sellers starting at or around 1.2713.
Hi pal, i sent you a dm.. if you join there are a few videos that will probably help you
  • #33
  • Dec 16, 2024 7:18pm Dec 16, 2024 7:18pm
Quoting teprewitt23
{quote} daily closing price below 1.2672 would be advantageous to your strategy, again I hope your position becomes profitable the daily trend is certainly in your favor sir. imho there should be significant sellers starting at or around 1.2713.
If you don't mind, I would like to know why daily close below 1.2672 is significant to going Short.... And 1.2713 being a core area for sellers.

In reality, all relevant trading zone can be seen at a glance but identifying those important level takes an extra intelligence.

I will appreciate your time on explaining my concern.

Thanks.
Market Structure is the King.....
  • #34
  • Edited 7:53pm Dec 16, 2024 7:38pm | Edited 7:53pm
Quoting Abeylyn
{quote} If you don't mind, I would like to know why daily close below 1.2672 is significant to going Short.... And 1.2713 being a core area for sellers. In reality, all relevant trading zone can be seen at a glance but identifying those important level takes an extra intelligence. I will appreciate your time on explaining my concern. Thanks.
trust me, it is not intelligence, it is an extensive accumulation of losses and 33 years of determination.

As you already know, nothing is absolute and everything is subjective. With that said the close above 1.2672 would be slightly bullish because of a close above the previous daily open. Since today's close was above Friday's high that was even more bullish as it closed above the entire range of Friday's candle. Again this just indicates slightly higher probability, no certainty. As for the determination price of selling orders, that is simply the untested low of daily candle for Wednesday (If I recollect accurately) Its significance is simply the most recent untested daily low before the two days of selling (again if I recollect accurately). I will look at the chart again to check my accuracy. I checked the chart here of FF and I did remember accurately, so hope that helps in some way and I can't reiterate this enough....... Every single trader sees price action differently. If you are committed to your short, I would recommend adjusting your SL. With that said there are good realities in your favor: overall trend, fundamentals, Friday's price action. There is a strong probability that the daily wick on Friday's candle will be defended by the participants.
Good Luck Abe
"The Rich Never Pay Retail"
  • #35
  • Dec 16, 2024 8:25pm Dec 16, 2024 8:25pm
Quoting Abeylyn
GU Short @ 1.2683 stoploss 1.2712 {image}
Stoploss on this trade adjusted to 50 pips from entry and Take profit at 1.23xxxx.

Risking 0.05% of Capital Base.
Market Structure is the King.....
  • #36
  • Dec 16, 2024 8:34pm Dec 16, 2024 8:34pm
Quoting Abeylyn
{quote} Stoploss on this trade adjusted to 50 pips from entry and Take profit at 1.23xxxx. Risking 0.05% of Capital Base.
can I call you Abe?
hope you did that of your own accord, to be completely honest, that makes me a little uncomfortable. I am only interested in sharing my experience, that always comes from failure and determination. I hope you will get a good opportunity for profit and mostly I hope it was insightful as to how I interpreted current GU market structure.
"The Rich Never Pay Retail"
  • #37
  • Dec 16, 2024 8:37pm Dec 16, 2024 8:37pm
Quoting teprewitt23
{quote} trust me, it is not intelligence, it is an extensive accumulation of losses and 33 years of determination. As you already know, nothing is absolute and everything is subjective. With that said the close above 1.2672 would be slightly bullish because of a close above the previous daily open. Since today's close was above Friday's high that was even more bullish as it closed above the entire range of Friday's candle. Again this just indicates slightly higher probability, no certainty. As for the determination price of selling orders, that...
Yeah! seen why 2713 is important... Its also subjective because sometimes prices bounces off from this point as well . The best is to revise Stoploss to accommodate the gap.

At this point, it is immaterial even if this trade is not successful. All necessities has been considered.

Though have my own way of reading daily candle, I will subject this recommendation to test and within 7 days draw conclusion on its functionality.

Just 18 years experience here senior bro. 33 is a pretty long one.....

Thanks.
Market Structure is the King.....
  • #38
  • Edited 10:23pm Dec 16, 2024 10:07pm | Edited 10:23pm
Quoting Abeylyn
{quote} Yeah! seen why 2713 is important... Its also subjective because sometimes prices bounces off from this point as well . The best is to revise Stoploss to accommodate the gap. At this point, it is immaterial even if this trade is not successful. All necessities has been considered. Though have my own way of reading daily candle, I will subject this recommendation to test and within 7 days draw conclusion on its functionality. Just 18 years experience here senior bro. 33 is a pretty long one..... Thanks.
Abe,
I just zoomed out on my chart that I trade from and found a daily target that was left behind by strong bullish PA in April of this year. Interestingly it is the high of a daily bar on the 22nd of April 2024 @ 1.23924 so from my own personal trading experience this is a high probability target before any strong bullish breakout price action may occur, good luck to you sir. It is the last, untested, downside target of this year! This will be very interesting.
That level 1.23924 will also be a completely valid buy signal as well as take profit.......again good luck
"The Rich Never Pay Retail"
  • #39
  • Dec 16, 2024 10:45pm Dec 16, 2024 10:45pm
Quoting teprewitt23
{quote} Abe, I just zoomed out on my chart that I trade from and found a daily target that was left behind by strong bullish PA in April of this year. Interestingly it is the high of a daily bar on the 22nd of April 2024 @ 1.23924 so from my own personal trading experience this is a high probability target before any strong bullish breakout price action may occur, good luck to you sir. It is the last, untested, downside target of this year! This will be very interesting. That level 1.23924 will also be a completely valid buy signal...
It's fine that you are now seeing my own observation....

Then from 1.23xx, we can be thinking of bullish run to 1.28xx..

Also important to note that even if we both agree on a blueprint, our agreement is still subjective until validated by price...
Market Structure is the King.....
  • #40
  • Dec 16, 2024 10:51pm Dec 16, 2024 10:51pm
Quoting teprewitt23
{quote} can I call you Abe? hope you did that of your own accord, to be completely honest, that makes me a little uncomfortable. I am only interested in sharing my experience, that always comes from failure and determination. I hope you will get a good opportunity for profit and mostly I hope it was insightful as to how I interpreted current GU market structure.
Yeah! Abe is also fine.

It's nice getting you down to discuss practical trading.

For me, this is the ONLY valid process to becoming completely successful. Where all successful professionals shared valued experience and identify reasons for differences in thought/opinion...

Live Interactive trading session..

Thanks bro.
Market Structure is the King.....
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