GBP/USD 4hr Setup in The Daily Time Frame

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Rolston
Can you show a gbp/usd chart demonstrating the run down to 4hr support and your buy area at 5564, also your blue / red ma's what are these set at, can you explain a little more the logistics on the gbp/usd chart? How/where does it tell you for support/rest levels or do you work these out separately, when I try to work them out I start from the daily with close correllation to the ATR ranges.

 

[rolston]

support

15 at 5727

30 at 5714 ( DP)

1Hr at 5690

4Hr at 5582

 

[rolston]

eur/usd Support and Rist

15 support at 3312

30 support at 3297

1Hr Rist at 3367

4Hr support at 3174

 

[rolston]

GBP/USD

Rist at 5804 to 5816 Most brake

( Can look for pull back around here)

I am playing for a brake off 5816

 

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Morning Rolston.
Whats (DP)?

 

[rolston]

Daily pivot point

 

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When you say 'playing for a break off 5811' what do you mean exactly. Are you going to short her there.

 

[rolston]

hiting monthly pivot point here

 

[rolston]

break to the upside (Long)

 

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ATR's up 1.5800 or 1.5829 and down 1.565

 

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OMG long!!

 

[rolston]

what is atrs

 

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But didnt you just say 'can look for a pullback' are you saying after the pullback or are you saying you are looking to enter long at exactly around 5816 (even though she will be at the top of ATR?

 

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what is atrs

Average True Range

 

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Generally, I have found that if the ATR up is at around level 2 @ 1.5800 and level 1 @ 1.5829 it tends to pullback or go back down to the low ATR, in this case, @ 1.565 - therefore I'm always wary at these levels. Seems to usually happen for some reason.

 

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Another thing I have picked up along my travels, is a technique by Ed(Edward) Burke who won a forex competition for $250k in 2006/08.

 

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She's just bounced back up of an up trendline thats cutting through the ATR so I've gone long at 1.5768 for a bit. She's pretty bullish this morning, hopefully she will get to your 5816.

 

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Great big 30 pip candle did you see it, gulp, for the downside! Some bad news! I usually jump out when these arrive.

 

[rolston]

take some profit here

 

[rolston]

1Hr chart