GBP/USD 4hr Setup in The Daily Time Frame

[rolston]

5 min rist at 5749

15 min at 5770


30 min at 5770

 

[rolston]

can pull back to 5min support at 5738

 

[targus+]

Are you long, Rolston?

 

[rolston]

need to hold here or we will be moving down to 4hr support at 5662

 

[targus+]

Should we stay long?

 

[targus+]

Phew. That was hard work, she seemed bearish all the way up!

 

[rolston]

15 min rist at 5770

5 min support at at 5736

 

[targus+]

I keep being drawn to the daily candle, looks like an downtrend could be developing, what do you think Rolston, what are your view on the daily/weekly?

 

[targus+]

Should we stay long?

:clap:

Shorts later?

 

[targus+]

Shorts now Rolston?

 

[targus+]

Rolston, have a short figure in mind?

 

[targus+]

5862?

 

[rolston]

5872 look at short may brake

 

[rolston]

tight stops

 

[targus+]

Previous days highs 5840 and 5861 so, in theory, she might get to 5885? I'm short now to the new higher low.

 

[targus+]

Not sure what to do here Rolston? I might not be able to babysit this one, I might have to set a take profit and yesterdays daily close was 58001 (30+pips up) from previous days close?

 

[targus+]

What I mean is how do I gauge the timeframes in relation to this?

 

[rolston]

i allways take profit at Rist and hold % off a trade

you most understand trading MTFA

 

[targus+]

Many thanks, Rolston. I remember reading a little about George Lane, renowned trader, who used the 5 min t/f on a regular basis and enhanced the schochastic indicator during his time as a corn trader. To my shame, I have not read a single book about trading, everything I know or have come across is on the internet, I might order all the books of Darvas. See you and ATR/MTFA tomorrow.

 

[rolston]

Rist at 5901 and 5920

Most brake 5920