shandy
i think we are experiencing a shift in channel on daily
more over, 4hr have strong confluences
1, head and shoulder
2. bullish gartley
Ah yes, silly me!!
Now now boys, no arguing… 
Will we see a bounce at this level?
The weekly chart is at a major support level we might get a short term bounce before a break through if any.
Daily chart is at an extension from the previous swing, the bullish engulfing bar on the daily signals a possible reversal.
Short entry taken at yesterdays daily close. Stop is place below the low, target 1.5900.
First half closed @ 1.6172, 157 pips gain. Stop move to break even.
Didn’t have to wait long for this entry to profit. First half closed @1.5774, 171 pips gain. Stop move to b/e.
good job man, keep pipping
looks like a good trade.
Loving the clear concise entries and decent gains definitely encouraging stuff for a person trying to gain confidence for a strategy that’s a little more long lived than the odd 20 pip intraday scalps
Second half close @ 1.6287, 272 pips gain.
Daily chart showing reversal candle formation at a possible extension/wave completion. We might see a rally before it dip lower. Long entry taken after yesterdays close, stop loss placed below the low, profit target 1.4950.
That’s a nice place to take profit - G/U seems to have run into a wall at 1.63, lots of 4H dojis and hanging men & shooting stars, kinda involves fading the daily trend but then CoTs are bearish (not sure if it’s a good thing given that a mass stoploss on shorts would result in a bullish spike?). Just chiming in on cadarkitek’s ideas thread but imo the amount of hanging men/pin bars on virtually every sub-daily time frame is all too beckoning - then again that’s where most of the trigger happy fast money traders get washed out (myself included), esp with (edit) usd negative forecast for usd retail sales etc which are coming up in 3h or so possibly giving the pound some false bullish support - guess we’ll find out the verdict soon enough
Well said, those dojis is a sign of the market slowing down. I think it still has room to go higher I will be looking to go Long again on dips.
Turns out usd decided to surprise us with even worse figures after all, so much for the post christmas consumer hype - should help keep cable in the air that little bit longer lol. Guessing you’d be bullish to 1.6410-1.6450 based on rough weekly point of view?
Higher actually, all the way up to 1.6800, it may take a while, but its possible we might see it reach that level in the coming weeks.
Second half closed at b/e.
Hi Cadarkitek, thanks for your efforts in teaching otthers to make it in this difficult business. Pls my question is how do you take half profit and let the second half ride for more pips? For example, if i place a trade say .1, how do i take half profit at 50pips and allow the rest to ride to 80pips before i close it?
Theres two way to do this. Say the trade size is .1 what you do is close .05 and the other .05 will stay open until you choose to close it or you can also do two separate orders of .05 each and set different target levels for both. Not all platforms allows this. With some platforms what you have to do is buy or sell an amount in the opposite direction of your trade to close out a portion. For eg. if you long 200,000 units to close out a portion say half you would have to sell 100,000 units.
cadarkitek seems you were right about the overall bullishness in G/U at least today anyway - at time of writing price had climbed from the asian high ~1.6200 (strong influence from E/G cross selling & a little influence from ITA trade balance?) to be rejected at 1.6350 testing heavily around 1.6338 (where E/G stalled at ~0.8790). Although I may have only been noticing positive correlation of movement against my fading the trend, watching the upticks it seemed there was alot of larger bullish movers fiercely defending 1.6338 (noticed what looked like a triggered stop - sudden gap of 3-4 pips upon initial touches). That combined with plenty of bullish E/G moves that were responded to momentarily by bullish cable ticks. Back to the topic by the time I’d gotten back to writing this it’d more than reversed off the 1.6338 level and managed to actually break 1.6350 testing a weekly low from november (1.6380). In terms of trend & momentum plenty of higher lows & higher highs, consecutive green bars on larger time frames and since london on smaller ones as well although grudgingly at that (dojis & long wicks all the way even through london lol). Also on smaller time frames there were alot of low quality pin bars (tucked in the opposite side of PA) that would have made some rather bad entries (a lot of potential shooting stars - bearish - turned out to be inverted hammers- bullish). Got a feeling a lot of the bullishness comes early pricing in and sentiment toward tomorrows forecasted increase in CPI & RPI but that’s just a thought.
Gotta say hats off for being able to sit through those ~100 pip targets try as I might I just don’t feel I have the patience/confidence to look for anything more than a breakout/retrace for step up/step down of more than ~10-20 pips
Seems we have two different trading personality. Whether it be 20 or 100 pips profit you have to exercise some form of patience to succeed in this business of trading. Also you have to believe in your strategy once it has been tested and prove to work by back testing on historical data and in live market conditions.