Cable Update (GBPUSD)
Crwys Road,?! Duw..duw, just bought back loads of memories. Rented an attic there once upon a time. Now live out in the sticks.where snakes and computer crashes r absolutely free. Looked up ur thread 2day...will be visiting regular. If your ever this way give us a bell.. thanx 4 your help and fun..
Cloggie that was brilliant... loads of reading and consolidating for me over the w/e
I always use the analogy of a river, I wait for it to flow and then join the ride, so a short at resistance, I would not sell high, I would sell low and buy lower. I know it may sound confusing, but I wait for a confirmation of direction so yes I miss out on the exact top, at least I won't miss out on the direction and risk getting stopped out because I jump the gun.
I see every level as its own, and a significant level, such as the DP or a SR on H4, will be tested as resistance, then will give, then will fake, then will be tested as support, unless all those 4 PA interactions happen it will remain a resistance and yes the higher probality setup then would be to sell the level. But you have to give it a chance, you have to let the PA tell you what it wants and don't anticipate a move.
I always use the analogy of a river, I wait for it to flow and then join the ride, so a short at resistance, I would not sell...
A futures trader I know describes it like a train leaving the station .. you want to jump aboard just as it starts to gather steam after leaving the station & you want to hop off as it is slowing again just before arriving at the next station.
I understood it intellectually but did not really get it iin a practical way until you came along with all your examples of how this works in real time ...
Look at your M5 and Hourly and go back. Also it is the 38.2 extension of the DP and it is the 61.8 of the pole of the bear flag, using the previous swing high on M5, and the whole play was a basic pivot play within a consolidation using only a couple of key levels, the DP, one SR and the low. As most guys (and girls) here know, I keep things very simple, find a level, if it goes, find the next one, if it holds find one lower, and play the PA in between them. But the main reason I picked on you guys was the arbritary nature of your stops and the...
I love to keep things simple, even more simpler than you
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Yes, I think I see it, although I do not follow fibs
I love to keep things simple, even more simpler than you
But I do think market-psycho plays a more important role than the cold analyses you are able to make, so bare with me if I sometimes make calls which cannot be explained by calculations....
