True 1000%. The winning traders (the 5%) have a system with a built-in mathematical edge, use proper management and trade with total discipline. The others just make random calls (no edge), let their losses run, cut their profits short and usually ...

Cable Update (GBPUSD)

They clearly don't because drawing the correct trendline and support and resistance line is not an easy task, far from it. And even if they find the correct trendline (or S&R) they usually lack the discipline and money management skill needed to ...

Cable Update (GBPUSD)

Not really, trendlines are not random "lines in a sand" that we can draw anywhere as we see fit, because the concept of trendlines itself is based on a primordial technical analysis idea : markets trend. At any given time, there is only one correct ...

Cable Update (GBPUSD)

Hahahaha, yes, that's the main problem with technical analysis On time frame X the market is saying : "Look, buy me, I am way oversold!" On time frame Y the market is saying : "Hey, listen to me, I am bearish, short me!" On time frame Z the ...

Cable Update (GBPUSD)

It is always very interesting to see how other traders draw (and react to) common chart patterns like trendlines.

Cable Update (GBPUSD)

Hi, So you think the cable will touch the support line you drew and then go up, if I understand you correctly, yes? Here is the same chart and the same time frame again. But look, this time we have an entirely different and very bearish scenario, ...

Cable Update (GBPUSD)

Strange. According to the books an up trendline starts with the lowest low on the chart (see red circle on the chart below), and yet you decided to ignore that lowest low and conveniently selected the second pivot low to draw the "correct" ...

Cable Update (GBPUSD)

Excellent, you definitely know how to play breakout.

Cable Update (GBPUSD)

Here is an uptrend line of the cable (1h). Look how many times the price cut through the line without invalidating the uptrend. Don't try to draw perfect textbook trendlines, it's a waste of time and energy. PS: Did you notice the breakout?

Cable Update (GBPUSD)

Oh yeah? And what makes you think that the candle on the chart (black circle on the pic below) is not also part of your up-trend line (and in that case the price is indeed cutting through your up-trendline and you will have to redraw it)? ...

Cable Update (GBPUSD)

Not sure I understand your comment. You have a cryptic way of expressing your ideas.

Cable Update (GBPUSD)

Once again Bones GBP/USD does NOT respect trendlines to the T, it always cuts through the price. 100% pure text-book trendlines rarely exist anyway, that would be too easy, anyone with a ruler could make a fortune that way.

Cable Update (GBPUSD)

The problem Bones is that you are simply drawing trendlines that support your bullish point of view, and ignoring the rest. It is always dangerous to proceed that way, look at the market from both sides, long AND short.

Cable Update (GBPUSD)

Sure, here we go. EU is consolidating inside an ascending channel on the 4h chart. This is usually a bearish configuration, a breakout to the downside is the next probable move.

Cable Update (GBPUSD)

We humans love to buy things at a low price, it's our nature. However, in the Stock, futures and Forex market, betting against a downtrend is ALWAYS a bad idea. Sure there is always a retrace like you said, but that retrace could happen after ...

Cable Update (GBPUSD)

Sure, a breakout of these 2 resistance trendlines is always possible, but betting on that breakout is a high risk low reward type of situation. When you see that kind of extremely bearish chart, think about short selling, not buying. There is no ...

Cable Update (GBPUSD)

Sorry to disappoint you but your down trendline is not really a trendline, there is too much space. You cannot just draw a line between 2 points and call it a trendline. Here is the daily equivalent of your "trendline" on your weekly chart (see ...

Cable Update (GBPUSD)

Bones, if you could consistently predict where a currency is NOT going in the next few hours/days/weeks you would make a fortune with no-touch binary options, or even plain-vanilla put and call options!

Cable Update (GBPUSD)

Excellent idea, looking forward to it. Take care now. Over and out.

Cable Update (GBPUSD)

Alright, whatever, we will talk about this later, too tired now. Good night and have a good weekend.

Cable Update (GBPUSD)