Idk what u guys arguing about but i remember that in pipschool technicals and fundamentals both matters. And when we have now this situation in spain i would sit on side line for couple of days, this is extreme situation and noone knows what can happen.
USDX and Cable divergence on the daily. i would think on a daily this is very powerful. usdx is making higher highs while cable isnt making lower lows. weāve also been in accumulation lately it looks like. ICT is bullish on the dollar he said in the last video. i signed up for price charts and it looks like dollar is going higher and cable is going lower. 4H market flow is bearish. i would like to see a retracement to 1.566 but thats probably just wishful thinking lol be nice tho.
EDIT: also usdx/cable divergence on 4H
Hopefully, as 1.566 being the OTE from July 19 high to todayās low. I am a buyer at 1.5480, if we get there during asia tonight.
Just remember to bare in mind that divergences on the HTF may not happen instantlyā¦ I was also looking for the bulls to take control but it seems today there was simply just a lack of smart moneyā¦ Seems todays movements were just retail drivenā¦
Quite on the fence about the direction were headed, but im a little swayed to say the cable could see a test of the low on July 12thā¦
Running the stops at this level and then a possible continuation upward? If that is the case, there is a much larger OTE this could possible occur in (zoom out and check the 4H cable)ā¦
Been flat all week, dont really wanna participate when things are so unclear - to me anywayā¦
That said, the cable 5480 level (weekly S1) is looking far too clean, wouldnt be surprised to see a run at that tomorrow - possibly news driven?
Will GBP try to raid the 1.5470 level, now that AAPL has missed?
Iām flat as well looking For shorts tho nothing clear yet. SanJ hasnāt the divergent already happened? If you go to the daily thereās a triple divergence one forming now it looks like.
Is this the divergence your referring to?
Cable - Left
USDx - Middle
Fiber - Right
This shows the Fiber and USDx are in sync, higher highs matched with lower lows in the fiber. But as you said the cable has a USDx and SMT divergence happening - both bullish indicating accumulation in the cableā¦
According to divergences this should see the cable trade higher now, but as we are looking at a divergence on the HTF, it could be some time before we see a rally in priceā¦
This is what i have been looking at for a possible bounce in the cable:
A stop raid on the lows of 12 July would still be within the wider OTE areaā¦
But as we stand, i think i may be swayed towards the short side, but that area highlighted (5465 - 5380) will be an interesting area to watch, especially at the daily support levels which fall in that area
Yes thatās what I was referring to. But I was thinking the USDX is rightā¦and they manipulating the cable to go higher. So it should be going down at some pointā¦and I was thinking long term. Thatās where my thoughts came from. But Iām not as seasoned as you lol thats just how I reasoned it. I was looking at the same bounce shorter term. And hopefully it bounces into an OTE short at 1.566ā¦But I dont wanna trade against my bias which is shortā¦
I think we re on the same page but Iām looking for shorts for awhile and tryin not to rush lol practicing patience and stalking :-Dā¦I edited my last post not sure if youāll see it do Iāll stick it hereā¦I was thinking its gonna bounce I saw the OTE long you are looking at and Iām hoping it vbounces from there into 1.566 short OTE
Btw any good books youād recommend SanJ?
The 1.2136 50%fib of all time low to all time high of fiber has proved to be a significant resistance as mentioned in my last post, I still see this as being a hurdle to the up side.
The next support for fiber is 1.1870 (06/2010)
Iām still bearish- roll on a pull back to that fib.
I would also be on high alert for an S&D day or two. These seem to appear when the market is getting ready to turn, to shake out as much street money as possible before a move. The fiber is stacking stops above at 1.2150 and the cable is stacking below at 1.5480. If they were both stacked on the same side of the range from the last 2 days, we might have a better idea to where they are going.
Also the trend had been bearish to this pointā¦Iām thinking it breaks up because most people are short. Stops them out and catches people in a long position. Hopefully it reaches that OTE then reverses short again. But things dont usually play out the way I see them. Hopefully Iām getting better tho.
Apologies for the late reply, just got homeā¦
Tbh, i must admit im generally not much of a reader, so i guess im not the best person to ask. But one which ive seen highly recommended is the Market Wizards - which ive got downloaded, just not got round to really cracking into itā¦
I also agree, trade with the direction of the HTF trend, picking tops and bottoms can be done, but never really worked out in my favourā¦ The above charts i posted was just to show im expecting some sort of bullish action soon, but the current trend is looking bearish and thus thats where my trades should be focusedā¦
Just as a general rule, remember to not let your bias sway what is clearly infront of you. Ive been in situations where my bias has got the better of me and ruined trades in which the charts are saying something completely differentā¦ I think its good to have a bias, but you need to be able to look at and re-analyze with an open mind when the chart is showing something elseā¦
Anyway im no expert - and i hope thats not how my posts are coming across, im here to learn, and have much to learn just as everybody else
Iām reading new market wizards rights now actually. Iād recommend it. Iām bearishā¦but right now Iām seeing bullishness like you but Iām waiting until I see bearishness to take a trade. Because I think thatās where price wants to go. I hurt myself trading against my bias a couple weeks ago lol thatās why Iām not looking for longs.
Market wizards is a great read! Here is a link to a bunch of other book for download. The link has been posted here before but I have found some real gems in there so if you havenāt seen it check it out.
AAPL is not a leading indicator or an indicieā¦
Also woo hoo 300 posts
Get on my levelā¦
Thank you I go through about 2 books a week. Itās how I kill time at work.
Also apple didnāt even budge did it? What was it like .5%? Iāve still made a pretty good return on it.
was tempted to set another limit buy order on cable at 1.5480ishā¦ same reasons as yesterdayā¦ but decided to wait since Iād be doing a counterflow trade and had to minimize risk and would be putting the SL below the mid figā¦ RR would just not really justify the risk I guessā¦
(above allā¦ psychologically its important for me to grow my new little live account a bit;) duh)
anywaysā¦ waiting for more clarity and maybe an OTE along with itā¦
good luck and happy hunting