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It looks to me like cable is getting ready for another fall to start next week I've tried to explain in the chart..
Lepiricus,
Not to spoil but your party, but this is how I look at.
GBP on weekly (screenshot 1024) has just taken off from SHI's
lower line & LRC(2) support (white line) (indicator posted by you)
and well supported by MM [0/8].
Looking at Daily chart (screenshot 1023), taken off from the lower
line of LRC(2) and SHI & very close to MM [-1/8]
Finally looking at H4 (screenshot 1022), close to upper line of
LRC(2) & SHI, it has support at around 1.9620 area, but we have
yet to see the resistance! What we see on upper line of channel's
may be the beginning of a trend on a higher timeframe!
I expect it go all the way to 2.0020 (MM [4/8] on daily) area and meet
resistance at EMA 55 (aqua line), and if that is taken out, expect
2.0500, thats where SHI's median line & MM [2/8] is !!
Its that simple for me and I see its range bound between
1.95 & 2.05 for now....which is quiet many pips to trade well.
I attach a monthly chart too (screenshot 1025) .... just waiting
for SHI to repaint, that candle which is outside the channel will get
back in and once done, we will be at the bottom of SHI channel !!
Kind of remote viewing, huh?
Mukesh
Mukesh,
You pushed my hand pahdna and I want you outside rite now !
once the moving average/MACD thingie had settled in and everyone was comfortable with it, i was going to talk about my absolutelst bestest thing to put on a chart since mushrooms and pepperonni's and you beat me to it with those silly SHI thingies !
in the real world we call them LINEAR REGRESSION CHANNELS and here you know them as "SHI channels", which are very similar but not quite the same thing.
using LRC channels, one sees the "normal" tops and bottoms of the channel the currency is moving in, depending on the timeframe ! Used normally, they ARE the LINES that are passed when one says "breakout" or "breakdown", as the price has to "break" out of something and that something is the LRC lines ! They come in plain and simple, supersized and the version i prefer "grand marnier !"
extremely accurate, wonderfully predictable and rather necessary, they are (essentially) two trend lines drawn parallel to each other based on normal regression of the currency, and as such are yet another one of those things the banks are using --- in fact, if a currency is topped on its major channels, you will see the currency GO DOWN, even if some released news was positive, cause thats the TREND channel and forex (says he, polishing his nails against his imported cashmer sweater) IS THE MOST TREND HAPPY TRADING INSTRUMENT IN THE WORLD !
Ive taught about LRC so often that ive already got the lessons in memory -- let me dig em out and soon you also will know more than 98.6% of the rest of the world.
the first one enclosed is from a few years ago and is the first page to a series of lectures given back then --- the second is from my quotetracker charts and shows the last few months of GU ---- forget all the lines and bumps and numbers, cause i aint taught about those yet, so they dont exist !
ill dig the rest out, or some of the latest stuff, cause LRC next best thing to whatever IS the best thing (cause if you use it well, it will give you LOTS more of whatever IS the best thing)
after I do that, i would wish to find some way to change my title from "senior" member to something more suitable, like perhaps "grand poobah of the LRC"
enjoy and trade well
PLEASE NOTE -- on the following chart, I was obviously in a VERY optimistic mood, as i state to BUY at the lower LRC --- in point of truth, while i still am optimistic, WAIT for upside signals before you automatically just go long, as channel tops and bottoms are the breakout points of song and fable !
mpHi MP,
I like your sense of humor, keep it up.
I do use LRC and at times they do line up with SHI. The advantage
with SHI is that it redraws lines automatically when the trend changes,
and with LRC, it repaints by narrowing or broadening the channels, but
doesn't pull them to follow the price.
I understand you love your LRC's, but go with her for a while, I mean
SHI, you may find her to your advantage.
Have fun!
Mukesh
===========================================
you should see what i took off of it so as to make it easier to read !
but a first clue to LRC activity is how the prices will hit ONE line and then make its way down to the other line, similar to bols, etc. During ALL periods of trading, one can actually place a year long trade based on them alone, although volitile periods will cause them ole dreaded drawdowns till price gets to the other line.
GU is not the "smoothest" running currency in this world, but there are others that one simply takes their trade at the bottom and sells at the top, shorting the move down and sitting back, lets the trade just ride !
in ALL timeframes, along with support and resistance and a couple other things, they are the "breadwinners" of forex, exalted by the gods and the reason we own texas now (sometimes one has to wonder if sam houston was right in wanting it to begin with !)
enough of philosophy
mpVery very true MP,
There are pairs that are so much range bound between these
channels that there is nothing to study or worry about, just
to trade the top & bottom of the channel, personally I prefer the
higher timeframes.
Mukesh
Hi MP,
I like your sense of humor, keep it up.
I do use LRC and at times they do line up with SHI. The advantage
with SHI is that it redraws lines automatically when the trend changes,
and with LRC, it repaints by narrowing or broadening the channels, but
doesn't pull them to follow the price.
I understand you love your LRC's, but go with her for a while, I mean
SHI, you may find her to your advantage.
Have fun!
Mukesh=================================================
"keep it up !" --- do you think i would go near THAT !
but in the interests of truth in posting, ah Laddie, I have to 'fess up a bit ---- I CHEAT !
ive not yet found LRC's to love on the MT4 charts without hand drawing them myself, BUT i use my trusted "quotetracker" charts, with three pairs of LRC's and they show me EVERY trend direction the currency is going thru, with the smallest "range" one showing wheter we are about to break out or not (or at least, as you say with "where is resistance", the point to WATCH for that action !)
unless im wandering around in a fog, which i do often, MT4 does not have these LRC's which makes the SHI a decent alternative, but im sure a good LRC lives out there somewhere !
but the first chart is MT4 daily with my own LRC's drawn in and above the present price lives a LOT of resistance, although i would easily bet on the 50% fib point as a good bet ! RIGHT NOW, shes got to get above 9857 to continue, but my little MACD/ma crossover thingie shows its got strength !
my problem with the SHI is all those "reverse here", "take two steps forward to there", "stop and reverse direction while putting down your pastrami sandwich over here" ------- all that STUFF on the chart drives me nutzoid !
my second chart is a 6 month, daily of GU on my quotetracker charts, and we see that its broken out, as shown on the MT4 chart also, with a halfway LRC point at the 2.0081 area where there is STRONG resistance !
According to the bols and a couple of sneaky little overlays i use, 1.9911 is the resistance to break at the moment, before we continue the trip to that point.
The third chart is a 3 YEAR, WEEKLY showing MAJOR LRC and trend direction, where we see GU is actually in a MAJOR UPTREND, with a secondary intermediate DOWNTREND at the momemt and looking for a present bottom at 1.9184, and is showing me that while we have upside in the short range, theres more downside ahead ---- THIS is why I mention, every now and again, "what goes up must come down"
The fourth chart is a 2 year, monthly chart which continues the MAJOR UPTREND and more clearly shows us the downside move that GU is presently in !
SO YA TAKES YOUR PICK AND PUTS DOWN YOUR MONEY ! ----- depending on the timeframe you wish to play, having a long or a short or both will pay off, as long as your margin can handle the terror of the moves GU plays !
of course, there is that "little" something that happens a lot, and thats the "intraday reversal from the main trend so the shorts can get their licks in also" point that causes SO MUCH pain for the young "uns as they watch drawdowns rapidly approach those "killers of profit and accounts, but ya'll know MY feelings about those !
FOREX, next to incest --- the best game a family can play !
enjoy and trade well
oh yeah --- YOU gonna show ME charts ?????
WE DONT NEED YOUR STINKIN CHARTS --- WE GOTS OUR OWN !!!!!!
chuckle, chuckle, chuckle
LAST THING --- check the LRC and 10 day on the DOW, remembering how GU reacts to its movements --- seems it got a story to tell also !
mp
Less is better
How can one possibly read that kind of maps? Less is better I think.
Gosh, MP - never knew it was possible to trade futures in Spiders Webs!
How can one possibly read that kind of maps? Less is better I think.
quite neat on your setting , may you share the indicator and the template?
is it non-lag dot with xpMa stuff?
MP -- need reading glasses maybe ??
How can one possibly read that kind of maps? Less is better I think.
===================================================
joking aside, you are far from the first to comment about my charts, but truth be told, once one is using them one ignores everything but what youre looking for.
the advantage of these is that you can see every possible situation and if you care to, plot it out to the 12th of never !
when trading, im usually on the H1 for trend and the rest of the timeframes for flips, scalps and holds --- what youre looking at are research charts and they supply a whole lot of information that works for me, i guess !
My trading charts go from 2 - 4 hours on the 15 min to 15 seconds on the one minute and 0.005 on the scalping chart, so normally Im not looking at that much !
===================================================
joking aside, you are far from the first to comment about my charts, but truth be told, once one is using them one ignores everything but what youre looking for.
the advantage of these is that you can see every possible situation and if you care to, plot it out to the 12th of never !
when trading, im usually on the H1 for trend and the rest of the timeframes for flips, scalps and holds --- what youre looking at are research charts and they supply a whole lot of information that works for me, i guess !
My trading charts go from 2 - 4 hours on the 15 min to 15 seconds on the one minute and 0.005 on the scalping chart, so normally Im not looking at that much !I thought you did the 2x10 point cables which got you $1000 per week for the last 2 years? Why do you need charts and indicators for that?
I thought you did the 2x10 point cables which got you $1000 per week for the last 2 years? Why do you need charts and indicators for that?
=====================================================
you must be new in town sailor !
THAT is a throwaway trade i simply do for beer money --- I have also been known to trade like all the rest of humanity once in a while, and am considered fair to middlin at it ---- of course, thats MY observation !
mp