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Cable Update (GBPUSD)

  • #428,381
  • Apr 14, 2016 11:37am Apr 14, 2016 11:37am
Quoting PatienceFx
my favourite movie {image}
please don't stop
tell us your favorite color,food and music as well
In trading, you have to be defensive and aggressive at the same time
  • #428,382
  • Apr 14, 2016 11:46am Apr 14, 2016 11:46am
Quoting Davit
{quote} please don't stop tell us your favorite color,food and music as well
color = green
food = pips
music = profits

  • #428,383
  • Apr 14, 2016 11:53am Apr 14, 2016 11:53am
http://www.forexfactory.com/attachme...1&d=1460651389

Would have thought you might want to know what other valuable info is contained in your image...
  • #428,384
  • Apr 14, 2016 12:08pm Apr 14, 2016 12:08pm
h4 closed another tail , but possible weakness for bulls , i may be wrong , setting sl 1.4135

Attached Image
  • #428,385
  • Apr 14, 2016 12:08pm Apr 14, 2016 12:08pm
Next sell @1.4170?
  • #428,386
  • Apr 14, 2016 1:19pm Apr 14, 2016 1:19pm
Looking to close this trade for a loss at - 20 pips would be cool (last nights buy) - thinking there is a little up move here into asia ..
Worse case 30 - 40 pip loss .. close end of wall st .. calling it work in progress (system that is ) but you learn more when your at a loss thats for sure ..
  • #428,387
  • Apr 14, 2016 1:25pm Apr 14, 2016 1:25pm
Closed my Gu longs +42pips
PA is weak on bulls so taking what I can for now
It could test 1.40-14030 and solid level for longs
Usually Fridays are profit taking day so wont surprise me Bears taking this step lower.
In trading, you have to be defensive and aggressive at the same time
  • #428,388
  • Apr 14, 2016 1:29pm Apr 14, 2016 1:29pm
Taking AU short from major pivot
Attached Image (click to enlarge)
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In trading, you have to be defensive and aggressive at the same time
  • #428,389
  • Apr 14, 2016 1:32pm Apr 14, 2016 1:32pm
Quoting dean1star
Looking to close this trade for a loss at - 20 pips would be cool (last nights buy) - thinking there is a little up move here into asia .. Worse case 30 - 40 pip loss .. close end of wall st .. calling it work in progress (system that is ) but you learn more when your at a loss thats for sure ..
don't let it get to you
losing trades its natural.Yesterday I closed 10Losses in a row (small losses) but end up nailing +325pip on NU more then made up and lot more.
So keep honing your entries.
green pips
In trading, you have to be defensive and aggressive at the same time
  • #428,390
  • Apr 14, 2016 1:34pm Apr 14, 2016 1:34pm
it's important to zoom in and check what's up with price action on smaller time frames. Here's the M5 chart. You can notice that this is a complete mess. Price rangebound and movement is erratic. Why do you want to get caught up in this range ??
Attached Image (click to enlarge)
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  • #428,391
  • Apr 14, 2016 1:38pm Apr 14, 2016 1:38pm
Quoting asgcorp
it's important to zoom in and check what's up with price action on smaller time frames. Here's the M5 chart. You can notice that this is a complete mess. Price rangebound and movement is erratic. Why do you want to get caught up in this range ?? {image}
Hi friend
Difference is I love range.I make good money trading range.Its weird that range scares the crap out of people but its the best time scalping and fast account building
I look for it often

Best way to trade range is direction of probable breakout not both ways.Should it break out you would be in best position.If not then you get out with $$
I most likey will get in on GU longs should it test low mini swings 4130-40
In trading, you have to be defensive and aggressive at the same time
  • #428,392
  • Apr 14, 2016 1:38pm Apr 14, 2016 1:38pm
Quoting Davit
{quote} don't let it get to you losing trades its natural.Yesterday I closed 10Losses in a row (small losses) but end up nailing +325pip on NU more then made up and lot more. So keep honing your entries. green pips
Likewise Davit - nice quota of pips you have there .. Green pips.
  • #428,393
  • Apr 14, 2016 1:39pm Apr 14, 2016 1:39pm
now leave those level boxes on the chart from M5 and zoom out to H4. Plot important turning levels, the key levels are around 4300 and 4030-40 area.

Clearly the better strategy atm is not getting caught up in action on M5 chart, rather trade the following.

sell below 4120 SL 25 TP 4030-40 / alternatively buy above 4180 SL 25 TP 4300.

hope this helps.
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  • #428,394
  • Apr 14, 2016 1:44pm Apr 14, 2016 1:44pm
Quoting Davit
{quote} Hi friend Difference is I love range.I make good money trading range.Its weird that range scares the crap out of people but its the best time scalping and fast account building I look for it often Best way to trade range is direction of probable breakout not both ways.Should it break out you would be in best position.If not then you get out with $$ I most likey will get in on GU longs should it test low mini swings 4130-40
now that's a true what I'm saying is that what's the point getting caught up in micro range, if the major range high/lows are already established on the chart.

Playing a 300 points wide range is a better deal then 150 points right?
  • #428,395
  • Apr 14, 2016 1:56pm Apr 14, 2016 1:56pm
Quoting asgcorp
{quote} now that's a true what I'm saying is that what's the point getting caught up in micro range, if the major range high/lows are already established on the chart. Playing a 300 points wide range is a better deal then 150 points right?
Very true but lot of traders like making $$ daily and sometimes market just ranges.One should develop 2 strategies one for trending another for ranging
I go in and out of both styles depending market conditions.
In fact made over 2k pips on AC on range alone in March.Can back this up with stats if needed
In trading, you have to be defensive and aggressive at the same time
  • #428,396
  • Apr 14, 2016 1:57pm Apr 14, 2016 1:57pm
current outlook on GBP USD: since we broke out @ asian of the large volume cluster @ 4220 next large cluster of interest lies @ 4060 region, so that's where we are headed atm.

My take remains the same: 4220 large volume cluster was broken with strong volume move. Also 4180 was rejected with strong volume.
Therefore we are headed lower to re-test swing lows near 4000 4060 is a decent cluster of interest however this will not contain price action.

Overall trend atm remains bearish, targets are initially 4060 and for the next week looking for price to reach/test 3960 before a next leg up to do 4480.

Only strong H4 candle close above 4180 will void the above scenario in terms of removing bearish bias atm.
Attached Image
  • #428,397
  • Apr 14, 2016 2:02pm Apr 14, 2016 2:02pm
the important point that should not be taken lightly is that we got rejected at quarter pivot huge supply area in that region.
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  • #428,398
  • Apr 14, 2016 2:15pm Apr 14, 2016 2:15pm
What do I do? One says go long, one says go short, then one says wait. I'm so confused. Can someone please help me?
My rsi is at 50, my macd crossed over, we are in a channel, mfi is up, cci is below 80, adx is flat, momentum is down, I have 4 pivots on my chart, range is contracting, the 3ema crossed under the 2 ema, price is sideways, we are in a range, we are in a value area, ma is pointing down but price is above it, the distribution is bell shaped,vol is low but it was high, there must be news tomorrow, the 5min says sell, the 10 min says sell, the 15 min is wait, the hourly is sideways, the 4 hr left a pinbar, today is thursday, weekly held, brexit unknown, Yellen bisexual, Trump is an idiot, I want a tesla, and I love chocolate. Anyone?
  • #428,399
  • Apr 14, 2016 2:23pm Apr 14, 2016 2:23pm
In order for the GBPUSD to keep its bearish trend, it would have to make a lower low, below the 1.4000 level.
  • #428,400
  • Apr 14, 2016 2:26pm Apr 14, 2016 2:26pm
Thank you!
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