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Cable Update (GBPUSD)

  • #447,481
  • Jan 19, 2017 5:43pm Jan 19, 2017 5:43pm
Quoting Bones
2 in a row that should worry you
On the contrary, when top Head and Shoulders formations start to appear during a downtrend, this is a powerful confirmation that the downtrend is solid and about to resume.

Shorting TOP head and shoulders patterns during a clear downtrend is a high reward low risk trading setup because you are betting WITH the trend.

Same thing for BOTTOM Head and Shoulders, buy them when they appear during an UPtrend.

In fact playing these reverse Head and Shoulders is one of my favorite trading setup, while most traders only use H&S as reversal patterns.
  • #447,482
  • Jan 19, 2017 6:00pm Jan 19, 2017 6:00pm
ok post the information where you got that from


Quoting Mr Breakout
{quote} On the contrary, when top Head and Shoulders formations start to appear during a downtrend, this is a powerful confirmation that the downtrend is solid and about to resume. Shorting TOP head and shoulders patterns during a clear downtrend is a high reward low risk trading setup because you are betting WITH the trend. Same thing for BOTTOM Head and Shoulders, buy them when they appear during an UPtrend. In fact playing these reverse Head and Shoulders is one of my favorite trading setup, while most traders only use H&S as reversal patterns....
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,483
  • Edited 6:33pm Jan 19, 2017 6:13pm | Edited 6:33pm
Quoting Bones
ok post the information where you got that from {quote}

I got these valuable lessons from the School of Hard Knocks and after studying thousands of charts.

Any technical analysis specialist knows that a bullish chart pattern (let's say an ascending triangle) is even more powerful if the trend is ALREADY up.

Same thing for a bearish chart pattern (let's say a huge shooting star), it is even more powerful if the general trend is ALSO down.

Most traders do the exact opposite, they look for bullish patterns when the trend is down and research bearish patterns when the trend is up. In other words, they try to pick tops and bottoms, a losing trading strategy in the long run.

Looking for chart patterns that confirm an existing trend is a highly rewarding activity, trust me on this one.
  • #447,484
  • Jan 19, 2017 7:43pm Jan 19, 2017 7:43pm
Quoting mades
another untradeable day on this pair.
The only decent move was to buy the pullback to the 50% Fibonacci level (at the start of the American session) and pocket at least 40 pips.
Unfortunately I was full of NyQuil at that moment and unable to trade
  • #447,485
  • Jan 19, 2017 8:13pm Jan 19, 2017 8:13pm
GBP/USD has now broken the 1.2340 resistance level.

A breakout during the boring Asian session should always be taken seriously.

Let's see now...
Attached Image (click to enlarge)
Click to Enlarge Name: cablebreakout.png Size: 182 KB
  • #447,486
  • Edited 9:06pm Jan 19, 2017 8:51pm | Edited 9:06pm
By the way, did you notice the nice inverted Head and Shoulders on the cable (30-min)?

Here we have a clear uptrend (in the short term of course) AND a (bullish) bottom Head and Shoulders formation that says BUY.

A pullback to the tilted neckline and I will buy this baby.

Take a look.
Attached Image (click to enlarge)
Click to Enlarge Name: inverted_HS.png Size: 151 KB
  • #447,487
  • Jan 19, 2017 9:12pm Jan 19, 2017 9:12pm
maybe there's an obvious actual pattern on the daily that sounds like two bums


Quoting Mr Breakout
GBP/USD has now broken the 1.2340 resistance level. A breakout during the boring Asian session should always be taken seriously. Let's see now... {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,488
  • Jan 19, 2017 9:18pm Jan 19, 2017 9:18pm
Quoting Bones
maybe there's an obvious actual pattern on the daily that sounds like two bums {quote}
Would you care to elaborate my friend?
  • #447,489
  • Jan 19, 2017 9:28pm Jan 19, 2017 9:28pm
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2017-01-20_03-27-51.png Size: 89 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,490
  • Jan 19, 2017 9:38pm Jan 19, 2017 9:38pm
Quoting Bones
Screenshot 2017-01-20_03-27-51.png;2147906 {image}
Ok, so how about this one here (see daily chart below)?

Now we have an entirely different (and bearish) scenario...
Attached Image (click to enlarge)
Click to Enlarge Name: gbp_dollar.png Size: 187 KB
  • #447,491
  • Jan 19, 2017 9:41pm Jan 19, 2017 9:41pm
Hi Breakout you cant draw tls like that its higher and it will break
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,492
  • Jan 19, 2017 9:49pm Jan 19, 2017 9:49pm
Quoting Bones
Hi Breakout you cant draw tls like that its higher and it will break
Your trendline is no more valid than mine and vice versa.

For each bullish trendline I can show you 10 other equally valid bearish trendlines.

There are no mathematical formulas that will allow us to draw the "correct" trendline.

Drawing the right trendline takes years and years of experience and chart studying.
  • #447,493
  • Jan 19, 2017 9:56pm Jan 19, 2017 9:56pm
ok your tl will hold then and visa versa with mine

Quoting Mr Breakout
{quote} Your trendline is no more valid than mine and vice versa. For each bullish trendline I can show you 10 other equally valid bearish trendlines. There are no mathematical formulas that will allow us to draw the "correct" trendline.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,494
  • Jan 19, 2017 10:04pm Jan 19, 2017 10:04pm
Quoting Bones
ok your tl will hold then and visa versa with mine {quote}
We could both win at the end, since we are obviously trading on different time frames.

I am looking for intra-day mini trends while you are swing trading on the daily charts, or so it seems.

In any case, good luck, the most important thing is to make money.
  • #447,495
  • Jan 19, 2017 10:13pm Jan 19, 2017 10:13pm
im just saying there is a tl there but it's respected to the pip
Attached Image (click to enlarge)
Click to Enlarge Name: tl Screenshot 2017-01-20_04-18-36.png Size: 82 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #447,496
  • Jan 19, 2017 10:18pm Jan 19, 2017 10:18pm
Quoting Bones
im just saying there is a tl there but it's respected to the pip {image}
Ok, so what is your plan then (buy/sell entry point, stop, take profit), if I may ask ?
  • #447,497
  • Jan 19, 2017 10:51pm Jan 19, 2017 10:51pm
The cable (and other major currencies) are waiting for the VERY important European Central Bank's decision (due at 7:45 AM EST) and the - always wild - US Jobless Claims report (8:30 AM) to make a move.

This should be interesting (meaning fasten your seat belt...)
  • #447,498
  • Jan 19, 2017 11:24pm Jan 19, 2017 11:24pm
Inserted Video
  • #447,499
  • Edited 11:49pm Jan 19, 2017 11:38pm | Edited 11:49pm
Quoting Aleksbuk
http://www.youtube.com/watch?v=IyG9DpQLR6U
With all due respect Aleksbuk, after watching your videos all you are basically saying (using different time frames and with a few exceptions) is that the cable could go up ...or down.

It would be more interesting and informative to hear stuff like "I am buying here, my stop is here, my take profit is here and here is the logic behind my decision."

Or, "I am currently flat until I get a valid trading signal".
  • #447,500
  • Jan 20, 2017 12:07am Jan 20, 2017 12:07am
Red line is matter now until Tokyo close
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDmH41.png Size: 32 KB
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