GBP/USD Neutral until otherwise
s3.tradingview.com/s...shots/w/WSjPvpz3.png
Where’s it going ? . . . I’ve no idea until it does go is the answer to that one. I have no bias . . . MONEY>GAIN>PROFIT . . . I follow the MONEY and it’s all there in the PRICE action to see. Nothing fancy, keep it simple and don’t over think things.
Markers are all there on the chart and there’s nothing much above to shake it’s resilience to carry on its present path. Pull backs are being bought and as I write any SUPPORT has held at the 62% FIB on the last three swings and 62% now coincides with the “look to the left” SUPPORT. Beneath that are the obvious 60m 100 and 200EMAs along with an UPOC (not to be confused with NPOC so I’ve changed the acronym).
Basic rule of play is (10>20)>(40>80) = BUY and conversely (10<20)<(40<80) = SELL.
Sounds easy but it’s just the start of the process and there are plenty of nuances to this style of trading which takes time to learn. Each component needs to be looked separately AND in conjunction with everything else.
I’ve marked with BOXES where the Basic rules applies as a standalone strategy but due diligence will show you when even the basic rule should be questioned when combining the marker information . . . I’ve popped one of them up for Monday in fuchsia around the 2pm mark.
ATM the basic SELL rule is nearly in play but not quite.
NB. I don’t take all these trades that are marked . . . I wish I could but as I follow 6 X majors in detail and a couple of Indices, I just don’t have the ability to take every trade as many will be happening across the board at the same time.
Good luck . . . happy to answer any questions if you have them.
TS
Where’s it going ? . . . I’ve no idea until it does go is the answer to that one. I have no bias . . . MONEY>GAIN>PROFIT . . . I follow the MONEY and it’s all there in the PRICE action to see. Nothing fancy, keep it simple and don’t over think things.
Markers are all there on the chart and there’s nothing much above to shake it’s resilience to carry on its present path. Pull backs are being bought and as I write any SUPPORT has held at the 62% FIB on the last three swings and 62% now coincides with the “look to the left” SUPPORT. Beneath that are the obvious 60m 100 and 200EMAs along with an UPOC (not to be confused with NPOC so I’ve changed the acronym).
Basic rule of play is (10>20)>(40>80) = BUY and conversely (10<20)<(40<80) = SELL.
Sounds easy but it’s just the start of the process and there are plenty of nuances to this style of trading which takes time to learn. Each component needs to be looked separately AND in conjunction with everything else.
I’ve marked with BOXES where the Basic rules applies as a standalone strategy but due diligence will show you when even the basic rule should be questioned when combining the marker information . . . I’ve popped one of them up for Monday in fuchsia around the 2pm mark.
ATM the basic SELL rule is nearly in play but not quite.
NB. I don’t take all these trades that are marked . . . I wish I could but as I follow 6 X majors in detail and a couple of Indices, I just don’t have the ability to take every trade as many will be happening across the board at the same time.
Good luck . . . happy to answer any questions if you have them.
TS
Hope you took advantage :)
As I said above "the basic SELL rule is nearly in play but not quite" and that's why it's essential not to have a bias.
At 12.15 GMT a BUY signal did come into play . . . STOP below last LOW and best target at the upper ADR band but mindful of UPOC and not being greedy I'm all done at UPOC for nearly 50 - spread.
CPI . . . yes it probably helped bump it up at 1.30 GMT but it essentially came in as forecast so no great surprise other than releasing pent up orders. Commentators having a whale of a time now justifying the move and that's their job so to be expected. My job is to make money and that involves taking risks although minimising with STOPS in place.
All the best TS