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Cable Update (GBPUSD)

  • #433,641
  • Jun 28, 2016 4:25am Jun 28, 2016 4:25am
Quoting Lock
{quote} taken out Recap: m30 period C was not able to stay above early morning high at 13354. Then it went down and closed inside overnith range below 13336. Now m30 period D is acceptin price below that level after having taken out the weak half back ref at 13322. And now 13300 is round weak. {image}
Please in your view which one is better 15m or 30m for day trading
  • #433,642
  • Jun 28, 2016 4:29am Jun 28, 2016 4:29am
Quoting adetola99
{quote} Please in your view which one is better 15m or 30m for day trading

I generally didn't go below 30 min period. My market profile is always set to m30. (exluding the cumulative for weeks, months, years: in those cases I'll use H4 or day periods)
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  • #433,643
  • Jun 28, 2016 4:31am Jun 28, 2016 4:31am
in the meanwhile up and down GB open: great uncertainty for now. And this level coincides exactly with yesterday GB range mid point (or half back if you like)
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  • #433,644
  • Jun 28, 2016 4:50am Jun 28, 2016 4:50am
Quoting Lock
{quote} I generally didn't go below 30 min period. My market profile is always set to m30. (exluding the cumulative for weeks, months, years: in those cases I'll use H4 or day periods)
Your entries are on 30m chart?

what do you think of 15m and 5m (just want to know your reason for this time frame in detail)
  • #433,645
  • Jun 28, 2016 5:04am Jun 28, 2016 5:04am
buy 1.3350 target something about 1.40 1.42
  • #433,646
  • Jun 28, 2016 5:04am Jun 28, 2016 5:04am
Quoting adetola99
{quote} Your entries are on 30m chart? what do you think of 15m and 5m (just want to know your reason for this time frame in detail)
Yes they are on 30 min chart. I think that 15m and 5m are not enough to have a good perspective of what is really going on(intraday). The risk using less then 30 is to be mislead by false "signals". Let's have a look to current m30 chart (market profile): GB E period was inside D, then F break above that balance and if you are using m30 you can go with this long putting your SL right below E high. This is a licit trade if you are fast enough. In this case M15 was right too, anticipating the breackout but M5 was totally wrong giving you at least 2 false entries to the down and before those, an other one false as long. (Considering the same breakout from inside bar technique)

Furthermore m30 is used by many systems around (intraday) and so it is a good edge to scout weak refs.
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  • #433,647
  • Jun 28, 2016 5:14am Jun 28, 2016 5:14am
Quoting Lock
{quote} Yes they are on 30 min chart. I think that 15m and 5m are not enough to have a good perspective of what is really going on(intraday). The risk using less then 30 is to be mislead by false "signals". Let's have a look to current m30 chart (market profile): GB E period was inside D, then F break above that balance and if you are using m30 you can go with this long putting your SL right below E high. This is a licit trade if you are fast enough. In this case M15 was right too, anticipating the breackout but M5 was totally wrong giving you at...
Thank you for that constructive answer I can now make my conclusion on which time frame to stick with I was using 5m, 15m but I get a lot of fake out before the move goes my way.
  • #433,648
  • Jun 28, 2016 5:16am Jun 28, 2016 5:16am
Quoting adetola99
{quote} Thank you for that constructive answer I can now make my conclusion on which time frame to stick with I was using 5m, 15m but I get a lot of fake out before the move goes my way.
You're welcome!
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  • #433,649
  • Jun 28, 2016 5:39am Jun 28, 2016 5:39am
Attached Image (click to enlarge)
Click to Enlarge Name: Support n Resistance.png Size: 44 KB
  • #433,650
  • Jun 28, 2016 5:49am Jun 28, 2016 5:49am
Quoting Lock
{quote} taken out Recap: m30 period C was not able to stay above early morning high at 13354. Then it went down and closed inside overnith range below 13336. Now m30 period D is acceptin price below that level after having taken out the weak half back ref at 13322. And now 13300 is round weak. {image}
What is your chart template?! it looks like a level from a 80s arcade game. Have you shared a copy and an explanation of how to use it?
So many in the Commercial section want to make me rich! :o
  • #433,651
  • Jun 28, 2016 5:52am Jun 28, 2016 5:52am
A visual recap: today range is inside yesterday range as today value is inside yesterday value. It can spike from here but don't forget the weak references it is coming from below.

preUS could open with a gap higher and in that case it will find itself inside yesterday gap down (so inside a multipass gap: great sign of indecision.

Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 187 KB
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  • #433,652
  • Jun 28, 2016 5:55am Jun 28, 2016 5:55am
Quoting FX-Flux
{quote} What is your chart template?! it looks like a level from a 80s arcade game. Have you shared a copy and an explanation of how to use it?

It's only a market profile tool. Nothing strange. You'll find an initial source here.
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  • #433,653
  • Jun 28, 2016 6:13am Jun 28, 2016 6:13am
Nearing the end of the Monthly candle, so waiting for a drop on this play.
NFP next week should create some action.

Considering also that an up move might coincide with the new monthly candle to continue the move.

Staying Short.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-h1-oanda-division4.png Size: 92 KB
  • #433,654
  • Jun 28, 2016 6:33am Jun 28, 2016 6:33am
I really don't know: the only thing that can avoid a strong liquidation of all this move up is a good US gap up capable of supporting for more above. Right now the references below are ugly especially the cluster at 13321.

Let's see.
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  • #433,655
  • Jun 28, 2016 6:34am Jun 28, 2016 6:34am
my strongly advise close you short guys.
  • #433,656
  • Jun 28, 2016 6:36am Jun 28, 2016 6:36am
Quoting Lock
{quote} It's only a market profile tool. Nothing strange. You'll find an initial source here.
please can you help with this indicator on mt4
  • #433,657
  • Jun 28, 2016 6:42am Jun 28, 2016 6:42am
Quoting Lock
{quote} It's only a market profile tool. Nothing strange. You'll find an initial source here.
Excellent info.
So many in the Commercial section want to make me rich! :o
  • #433,658
  • Jun 28, 2016 6:59am Jun 28, 2016 6:59am
Quoting adetola99
{quote} please can you help with this indicator on mt4
Well it's plenty of different kind of market profile tools (mq4 ) on the main discussion thread. Some of them do not work anymore on current build. I'm currently using a beta "of my own" (It's a mod of a previous old version that should work anyway.) Try it if you like.
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  • #433,659
  • Jun 28, 2016 7:04am Jun 28, 2016 7:04am
Now, preUS gap higher. If the gap resists it could povide support for continuation above skipping those ugly refs below. Otherwise, everything below will be liquidated.
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  • #433,660
  • Jun 28, 2016 7:18am Jun 28, 2016 7:18am
Quoting Lock
{quote} Tokyo cluster at 13318 taken out, let's see if it is able to take out some more fo the yesterday GB minus divelpment aboveor not. (13336-13382) If not and if it is goning to stay and accept price below Tokyo high (13336) let's consider the weak references below starting with 13294 (previous gb hb) and 13350 round is weak.
The GB minus development has been finally removed right now. And we still have yesterday weak references above to take out if, (I repeat: if) the preUS gap higher will be preserved as support against all the weak refs below.

next above: 13400 and 13450. Below: a lot to count
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