Cable Update (GBPUSD)

they don't like answering questions....

CABLE

The above sound like comic story.

But look at cable chart now.
Same as the script above.




I'm here in this thread because I’m more interested in the thought process than trade signals.
Everyone has their own style—some like scalping on lower timeframes (LTF), while I prefer using the H4 timeframe for scalping.

For me, understanding how others set up their trades helps me improve and stand on my own two feet, instead of always relying on someone else for entry points, SL & TP..

It’s like the difference between being given a fish and learning how to fish—I’d rather learn to fish.

Sure, some people just post entry numbers, and that’s totally up to them.
But for me, it’s all about learning and earning.

Here’s a setup I’m looking at right now.
Got it from a friend’s email—not sure where she snagged it from.
(if it is illegal, i will take this chart down)

G/M, a consecutive bullish dly candle y/day after the initial p/back of Mon's hi. So far today price @ the hi has made a 1st upside b/o of asian hi and y/day's hi, upside of Wkly R1, and is challenging the 4hr and dly parts of the prev 1hr/4hr/minor dly sw hi zone = prev res that extends up to last wk's 2524 hi. Dly R1 runs thru top of this @/around 2523. 2 x longer-term fibs @ 2533 and 2540. 1hr is in a general uptrend now and 4hr if not, is @ least bullish. Intraday is bullish so far.

1hr below

EU

almost home

Trading will break you and make you

the learning curve is hard but the reward is sweet

nice post
How do you set your target ?

GJ

Sure you have good sleep last night, with this worthy set up and result

p/s I just observe on the thought process. No trades taken from here.
Learning from the Bees.

open computer to see charts . with bear set up yt till 1st confirmation 2576 intact . better 2606 though , now precise weekly pull back goes to 2520/22 . 20 pips +- pk here or next 20 pips _+ 2680.
anyway 2522 may tough to deal next ! even breaks may tank any moment before 2575!!if continue tilting head then may correct towards pullback to 2448/30 !!
so range probably going 2520+20 to 2430 today with Next US high impact news to next day after effects.
so now long running with sl below 2485 to see

I’m still thinking about it—sometimes my brain doesn’t cooperate with a good answer.

I’m open to suggestions though.
Learning from what others see can spark new ideas and help connect more brain cells, especially when it’s a different perspective from mine.

Thanks in advance

...next prev sw hi zone above the one to 2524 (last wk's hi) on 4hr and dly is the prev 1hr/4hr/dly sw hi zone = pot res to 2575 that extends up to 2575-current yrly hi. Clusters of other potential res factors to the upside I have are;

a. 2570-80 Wkly R2 and 2 x fibs incl 61.8% 2811-2100
b. 2609-15 1 x fib = 38.2% 3434-2100, Wkly R3, and Mthly R1
c. 2626-44 2 x fibs incl 76.4% 2811-2100and Dly R3

108% of 13wk awr already traveled so far this week.

4hr below

I dunno bout him,
But from your entry to your profit target there is a big gap which we called probability for price to push in that particular direction.

This is why, we have many traders focus so much on the perfect entry only to see price push a little in his favour then later price stopped him out.

A trade is carried out like:
#1 Fundamental + Technical Reasonings (why price to have higher chance to push in that particular direction than the other, and less likely the opposite way)
#2 entry (which gives low risk and Drawdown- in favour of #1)
#3 Partial target (usually a place where the market stopped by and decide whether to continue or reverse)
#4 At the partial target (depending on the time span market took to unfold from your entry to your partial, the dynamism of the market to absorb up-to-date news (speeches, economic news, shock news), will decide the probability for price to continue or it will change course of the whole scenario (is it a transitory news or a momentum one)
#4.5 Add-ons (this is the place where we can decide whether we will add new postion, if we still perceive price will push more in favour of your original trade)
#5 Final target (meaning the trade was well managed and everything you've expect have had happened)
# 6 Price reverse after final target or it continue in your direction- the idea you've traded is much worse/better than you thought (always leaving some trailing position to eat these price movement, as long as price have no signals it will reverse)

That requires us a good
#1 Fundamental Analysis - or access to good resources.
#2 Technical Analysis- To get a good entry point, pertial target, Final target.
#3 Actively monitoring our trade- Dont be a lazy arse, where you put on a trade then you go, cause you are trading not investing!
#4 Be flexible, and ready to change with the dynamics of the market events.

My #1 FA is abitrary, cause they are very very few traders i have seen who constantly make the right decision and be in the right trade without FA, their system makes them be on the right side majority of the time.


Each of what i have said is very well explained by pit and floors traders of late 70s or early 80s in Market Wizards by Jack Schwager

Yes yes yes
Out at 1.25227

...easy pickings for the bulls on lower t/f's after the bounce from asian hi that followed the small p/back from 2513. Move up has just poked it's head above that prev 1hr/4hr/dly sw hi zone that extends to 2524-last wk's hi...probably tripping some buy stops up there? That blue zone shown @ top of chart below is a prev minor 1hr sw lo zone = pot sbr from 7th Jan, that was untested. 1st fib cluster to downside is currently 2497-93, (3, assuming current dly hi stays good.

118% 13wk awr traveled now so far this week, and 60% of 30day adr so far today.

1hr below

...are the bulls 'on one?' Next stop last mth's/current yrly hi @ 2575 for them? You will see on dly chart below that 2524 (last wk's hi) was a 1st test of bottom of the prev sw hi zone = prev res = pot res to said 2575, (last mth's/current yrly hi,) as price edges a little further into the bottom of this zone @ current dly hi. This in turn was a 1st test of bottom of the prev sw hi zone = prev res = pot res to 2607. Coexistent potential res zones result, so we could see more supply emerge emerge up to 2607, if tested by price?

dly below

no false breakout after all. next target could be 1.2600 or the upper channel.

Hi, thanks mate, didn't notice that channel. Have put it on my dly chart.

dly below

Post critical level 2525 pa , possible bounce to very strong supply zone over it , perhaps till high impact news ! Any will all longs before 1 hour before news !

come on mister dow

GU heading to maybe 126 before BoE tomorrow. GJ on the other hand. Trapdoor opened over night to 191!

14 pip floating DD left