Cable Update (GBPUSD)
Hahahaha... I'm glad I'm not the only one thinking that. "Jeeze ben, just shut up!"
It's not just a predictive indicator... no, it's the BENdicator.
Anyway, pretty predictable bounce off the support level. 1.98 has been hard to breach. Looks like we're going to whip around the 365 SMA for a bit.
BENdicator nice one
The pips are there for the taking the problem is, it is not rocket science but we treat it like it is and they we fail, his calm calculated method wins over our super technical ways.
i like how when 62ema on the h1 got taken out, a huge run followed immediately, it's definately a traded level, historacally most moves over this keep going up for a few days, 1.9730 base was test and held aswell that'll bring some bulls back to the game.
Might get a few uptrend days to just hold and hope on
If you've never tried Abuawad's method maybe you should.
This is what it indicated yesterday (see attached).
Basically Abuawad's method says: If a H4 candle closes or opens above or below one of his pricelines, provided the O/C is not in the Unknown Area (yellow lines), price WILL move to the next priceline (target or S/R line, in that direction).
The white doji just above 19770 (and preceding and succeeding candle) indicated price should reach target 1 19799, which it did.
The next two candles indicated price would reach target 2 19853, which it did.
The next candle was so forceful it virtually rode all the way to the target 3 19892.
Just a lucky punch? It happens too regularly (I don't think I've ever seen a failure) - price moves to the next priceline - to be a fluke.
Not to say that it is always easy, and sometimes there are deep retracements first (SL is set 15 pips away from the entry, on the preceding triggerline - so if you entered just above 19770, your SL would be 19716).
Also once price does get to the next priceline, you can't simply assume it will continue on - sometimes there is a sharp reversal. In yesterday's particular case, the decisive H4 penetration of the blue downtrend line might have made one suspect a big upmove was on, and one should cling on for dear life.
Maybe his method is worth a try...
PS The above is just my understanding of how his method works, it's not "official" in any sense. Also the line values are good but not perfect, you should probably allow a few pips "slack".
Can I say “here is the student who beat the teacher in this method”. I’m really happy that you transfer it here in this way… better than me.
