Disliked{quote} This is my take on the GBPUSD, the transition phase and change of market type. TDI exhibits HH's and has moved into a Bullish Range (>60) indicating an uptrend on H4 but D1 still bearish (<60) indicating a downard trend. MBL has now switched to below the 40 level PA Exhibits LH's Regards, Erol {image} The complete Guide to RSI is really opening my eyes to the interaction between the TDI & PA from just watching this pair!Ignored
Good detailed analysis and plan worked out.
Remember ... CONSISTENCY is very important, therefore maintaining a consistent approach is very important. It is not about being right. We trade what we see on our charts and that form our beliefs of the market.
As Dr Van Tharp put it: "We do not trade the markets. We trade our beliefs about the markets."
Attached short pdf for reading on transformation.
I traded GU following the TMS basic entry rule and seeing the Price Action.
There is a potential for a market type change when Tokyo session yesterday so I see that as a good potential trade. Yesterday UK data supported GBP strength and we need to see if this will hold today and tomorrow. There is not PA to confirm a reversal yet but D1 is looking nice for Day chart traders. We must watch if GU will go into wide range sideways.
Good Trading this week!
Attached File(s)
matrix-mini-book-van-tharp.pdf
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett