Unless the breaker is what keeps it from buying, I see it attacking more highs aiming for 1.30900. A bit ambitious for a day, but it's cable.
Red lines are previous daily highs, blue lines are previous daily lows, greens are targets or order blocks. And the gold line is the breaker that I'm weary of. If it trades below the stop loss then it will break structure and trade lower. But after the linked good trade called last night, I'm taking my chances.
It knocked me out but I re-entered. I thought that might happen with such a tight stop loss.
New position already
But this was my original Idea that I should've stuck with.
Red lines are previous daily highs, blue lines are previous daily lows, greens are targets or order blocks. And the gold line is the breaker that I'm weary of. If it trades below the stop loss then it will break structure and trade lower. But after the linked good trade called last night, I'm taking my chances.
It knocked me out but I re-entered. I thought that might happen with such a tight stop loss.
New position already
But this was my original Idea that I should've stuck with.
Note
I see what I did wrong now, the fib should've been drawn from the first price action that broke the high. So the one directly above is the correct fib.Just made equal highs with a previous daily high. Another sign that it's a definite buy. Looking for a second retracement now. See here that it touched the red line and started retracing. Another buy opportunity.
Note
Buliish order blockNote
Placed a buy as it bounced off the top of the order block. Note
I should've been more patient as it now trades into the order block.Note
Ugh. I should've looked at the lowest order block first.Note
I'm over trading with 3 positions. At this point, I'm just gonna take a short win if I can get it. aiming for 1.30400. Just my personal doings.Trade active
Dollar is going lower but so is GBPUSD, divergence happening so hopefully we'll see a burst soon.Closed on trade with only 5 pips profit. I only need two trades running.
Note
As soon as the DXY Falls through this support, we should see the explosive move from GBPUSD... Hopefuly. Here's the DXY. Note
Explosive move came but not in the form I wanted. After I saw that I just reset my take profits to just short of previous highs at 1.30120 because I don't like holding trades that don't move like this after/near London close. So another 8 pips and 17 pips. Plus the other 5 pips from earlier and thats 30 pips total. I'll take it.Considering I had 65 pips over night from the previous linked idea that's a total of 100 pips today on Cable. Calling it a day. (Trade from earlier)
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
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You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.