Gbp/usd

[FXTrader]

Good morning! If you shorted the euro near 1.4700, you're a happy camper now. While that trade is working my attention is drawn to the cable. I'll be looking to get long near 2.0450 and 2.0400. Yesterday and last night there were some nice bounces off 2.0500.

[milliard]

Not sure of your time zone on that potential trade, but wouldn't that upside s&r flip at 2.05 need to be negotiated & tested first to check any supply lurking atop that level?

There's a recent well traded channel under here from October that looks like it's tempting price back inside. Could be a bit of a banana skin for pre-emptive longs around here.

[FXTrader]

The trade setup was sent out just after the NY open Price was testing the initial Value Level 2.0450 and went up to 2.0500. There were a few chances at that trade before it went down during the Asian session and hit the second Value Level area of 2.0400 and came back up to the 2.0450 area. As you pointed out, support does turn into resistance many times but only when the conditions are right.

2.0500 could still act as a strong resistance but because of where we are at with these Value Levels I think it'll break. If not, that's ok too, because the long from the 2.0400 area is a free trade now.

It's important to note that these Value Levels target key turning points in the market and are extremely accurate. They usually pull in 100 plus pips. If it's a trend trade then you can let them work and you can get several hundred pips. Pay close attention to these levels and learn to trade around them.

[milliard]

Ah, I see. Well, that puts a bit more meat on the bones.

It now offers a bit more substance to the initial post.

Good luck & good trading.

[milliard]

	Quote:	FXTrader
	1) As you pointed out, support does turn into resistance many times but only when the conditions are right. 2) It's important to note that these Value Levels target key turning points in the market and are extremely accurate. 3) Pay close attention to these levels and learn to trade around them.

Could you maybe expand a little on the above comments at all? especially the 1st & 3rd paragraphs above.

I'd be interested in hearing your views on who or what determines these value levels & which of the various market participants consider them to be accurate. Interesting points though!

I agree, conditions effect the behaviour of price at specific area’s or zones. And there are smart operators working their edge at varying levels up & down the price grid. So, I guess value & conditions mean different things to different participants.

For instance, as an aggressive spec I’m certainly interested at these round number levels down here at this previous accumulation zone. But only because of the heightened (prev) activity it attracted & the fact it harbours decent each-way traffic. That alone ensures I can work my patch efficiently as long as that (psychological) activity remains heightened.

My buddies trading further out have no interest whatsoever in relinquishing their shorts until this lower top behaviour signals it’s done & dusted.

First signs of that would be a willingness to hold & base off one of these lower steps down here, with 2.05 maybe showing initial signs.

I guess we all nurture our own views & interpretations of what constitutes value & reasonable risk, otherwise it would be a very boring marketplace.

[Art Krantz]

Could be wrong Andre, but it smells like a Sam Seiden or Scott Kaminski/Marketwise supply-demand thingy?!

All well & good etc, but I'll take the "extremely accurate" pronouncements with a large swig of malt.

I don't have any problems with the concepts & foundations of what these fella's teach at all, after all it's based on smart observation. But it aint all fluffy & straightforward as they make out.

Give me a multi dimentional technical graph & a well lit peak/trough grid anytime of the day (on any timeframe you care to offer it on).

Let the supply-demand grunts lead the attack & cut a swathe through the brambles.

I'm more than happy to sit in behind them & let them take the flak

[milliard]

That maybe so Mr Krantz, I guess all will be revealed in the fullnessss of time.

What interests me more however, is how comes you got promoted so swiftly to the rank of premium trader with a trading I.Q of only 5% & a measly contribution of a dozen posts

You in the pocket of the site admin per chance? Pulling your usual underhand tactics?

[Art Krantz]

	Quote:	milliard
	You in the pocket of the site admin per chance? Pulling your usual underhand tactics?

Nope.

They simply recognize (& it reflects) the revered, confucius like quality of the contributions young man! Keep plugging away & you'll too earn your trading stripes grasshopper!

“It aint what you say it’s the way that you say it - and that’s what gets results” da de da de de, de da…..

Hell, I got those Bananarama chicks spinning around in my head now. The blonde one looks hot though in that teeny, little black number

[milliard]

You’re a goddamned disgrace sir.

You’ll be telling me you (front ran) longed that momentum/confirmation? candle down there at the 0360 shunt next

If you did, mind the gap – those hairy assed pound bears haven’t done feeding yet!...or maybe it's a double bluff & you actually got yourself a decent leg in for a change?

Bring on the TIC(s) as quick as you like, lets spill a little more blood & then kick the weekend into action!

[Art Krantz]

Yep. You got exactly what you wished for today buddy boy. Lower highs & lows still rule the grid.

We're smack in the midst of your aforementioned accum range. Shorts still have the upper hand into todays numbers.

They'll run this north into New York Andre, so I'm going to hang onto the long.

If I don't Anna-Maria will skin my hide

I'd rather take flak from you than have her hollerin in my ear!