GBP / USD

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sqa said:
I think your chart needs to zoom out a little. :)

I scalp post news events.. sometimes that's just for 10-20 pips, sometimes it's for much more.. I set my TPs based on areas I think price might take out before reversing (like, if it were to trip stops and cause people to punch short, and then screw everyone by doubling back, I'd either want to enter there or have my TP there.) -- (to expand on this; I love the 'what would price have to do to screw the most people possible, and bet on that happening, type of trade.)

I'm working into longer timeframes, but I want to apply different methods to them, such as ICT's work or something akin to what Shop does.. as far as the small timeframes go though, I'm very much settled on my scalping methods.
 
Ah, np. Though the zoom out bit also applied to where the previous day's Low was. Screwing the most amount of people normally means taking out the week's high & low, which it did to the downside, though not quite the high side.
 
Thinking more on "How would you screw the most amount of people on this news release?" trading style, I realize the important question truly is: where does the big players have their money right now?

In the Cable case today, they ran up, but protected the Week High/previous high levels (just off a multi-year high), then took out the bottom for anyone that went long after that drop last week.
 
Here's a viewpoint combining OI with volume.

5ntxqsG.png


According to Matt Simpson:

A reduction of Net Longs on CFTS data along with an increase of bearish volumes on the Futures last week does leave room for further losses this week for GBP pairs. Open interest however also saw a reduction so I still suspect that current losses are corrective and GBP will resume its bullish structure soon enough.
Source: http://www.thinkforex.com/market-analysis/traders-corner/2014/07/28/back-to-the-futures-volume-and-cots-analysis/#.U9XnmGOLXao

See also: http://fxgears.com/forum/index.php/topic,382.msg6463.html#msg6463

At least we are seeing some movement.
 
This is what iv'e got... technical based only
 

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Fib Confluence at its best
 

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Here's a little thing about cable. Some time ago there was this 'fly on the wall' interview with a bank trader in London.
Early morning, on the train, there was only 2 numbers he needed to know, the high and low of the Asian.

So tomorrow morning, there is cable news, may be GBP negative, so watch where the 'kick off' point is in price.

BTW 6771 was that point today on the way up, it is a level that ICT talked about in a few of his videos.

Edit: should say that often it doesn't matter in which direction, still the same level.
 
I've been away so this is a bit dated but may interest some.

I took a quick peek at Cable when it was dropping hard late in a week and used a Wolf Wave tool to see what it showed. The story is in the images.

1. The possible target

2. What happened

You can see another line of interest. I changed its colour and traced it back to its point of origin.

3. Originated 30 November 2010 (...a long-lasting ripple. They say the charts have memory... ;) )
 

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Peterma said:
Here's a little thing about cable. Some time ago there was this 'fly on the wall' interview with a bank trader in London.
Early morning, on the train, there was only 2 numbers he needed to know, the high and low of the Asian.

So tomorrow morning, there is cable news, may be GBP negative, so watch where the 'kick off' point is in price.

BTW 6771 was that point today on the way up, it is a level that ICT talked about in a few of his videos.

Edit: should say that often it doesn't matter in which direction, still the same level.

Well, I cannot really remember the news, but here is what happened the next day.

Lol, the second image, cannot seem to delete the first one
 

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Here are daily and weekly Wolfwave charts. Weekly suggests a long way to drop or a long sideways delay or both.

More about these waves from ICT in the summary by slugFX here:
http://fxgears.com/forum/index.php/topic,339.msg5592.html#msg5592 (#31).
 

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I went long the Asia Elephant while everyone was freakin out,
Took some off to bye some beans...
 

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sqa said:
I was expecting it was some Aussie slang. I've got 0 clue. ;D

That's two of us then... :))

I'm just guessing Dan means a big move (Elephant) during the Asian session (Asia) = Asia Elephant. At first I wondered if he meant to post in the Guppy thread, but nope, right chart. I guess he got us thinking :)
 
I think he's using ICT's "Elephants in the Pool" analogy happening during the Asian session.

Maybe? :-\
 
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