Did you buy it then? Cable. What do you think for a target?
Peronally I’d go for the median line of the Fork The 'A’s the low. its half way between the 1.217 and 1.618 ext of AB, its not to far from D where AB=CD and its the median line!
Hi, BRV! It’s a proposal … I am tracking that area, the price is not yet in the zone of my interest. The cable is struggling at a strong area and needs to move with momentum to the next zone above, which is the area I am targeting. If I get the signal I am waiting for, my first profit target will be the next resistance on the 4 hour chart. One thing I learn to do is to wait patiently for my trade set up to form; I am a short-term swing trader, not a scalper. Trade safe.
Hmmmm…No I will go for the D on the 5, also the high of last two swings its getting late volumes dropping
Yeah agree with pretty much all of that hence the near target, thanks for the imput, confirmed my decision Cheers
And stopped for 30 pips. Thanks for that, a nice 30 pips I wasn’t expecting. Might look in again tomoro, nice too see a good Trader analyse a chart. Cheers
Starting to look pennantish? Is it ok to post here or am I meant to be a silent observer?
Meant for members who believe in top down analysis: i.e. using higher time frames (e.g. weekly, daily and 4H) to analyse the market before moving down to lower time frames (e.g. 1 hour and 15 minutes). Personally, I believe a thread is more useful when other members can contribute, share ideas and offer helpful critique. Trade safe.
Ok gotcha I wiill just post the crosses your covering and yes I use top down I trade the 5 but the 1 the Daily and the Weekly are all open and thoroughly analysed
Great! You may post on other pairs. The real issue is using a top-down approach to gain a profitable edge over the market and also help fellow traders understand how they can become better traders. I viewed your thread ‘Chart Porn’ and you seemed to limit contributions to only your approach. As you know there are many perspectives on price action trading, but the bottom line should be on being consistently profitable.
Here’s an update on my plan to long GBPUSD upon price rejection of the Weekly Pivot (WP). In the 4-H chart attached, price rejected the trendline and moved upwards in rejection of the WP. That was what I was looking for before considering a trade to the north. How far the trade will go I don’t know but my profit target is at the next major resistance zone. I have moved my stop loss to lock in some pips. Trade safe.
Gbp weekly and daily are both bearish not much to see except a vertical line. Price is rallying on the hourly but may be a ‘dead cat bounce’ Price stalling at the median line of the green fork but if price remains bullish short term I would think the intersection of the two forks at 1.328 would be an obvious target
Hi, BRV! We trade differently. However, a simple top-down analysis beginning from the weekly time frame through the daily and to the 4H will show you that cable had never breached the low it created on July 7 and there have been several attempts to do so since. Closer analysis of the order flow context and market structure would indicate that the bulls are gaining an upper hand. I made 100 pips on the trade and when it got to the immediate 4H resistance zone, price was struggling and I exited the trade. I am now rejoining the market for a bull trade after another signal I saw on the 4H chart. Trade safe.
Cool different methodology same opinion. I’m not trading Cable today but my theoretical target was just hit, looking more bullish
Looking more bullish indeed. I saw this during my weekly analysis on Sunday. Trade safe.
I am now tracking GBPUSD, GBPNZD and GBPCAD. If price retraces to the daily pivot (DP) and bounces off it, it will be a good time to consider entering trade to the north. That level is in confluence with the immediate 4H support zone. Trade safe.
That level is in confluence with the immediate 4H support zone.
Although the EURUSD may appear to bear north at the moment, the momentum is weak. A better appreciation of the market is that it is in a range at the moment but the major direction is more towards the south. Trade safe.
AUDUSD is currently within a strong weekly S/R zone and the long-term momentum still favors a further push upwards. However, a rejection of the zone by price may be the first signal for a southward push. Trade safe.