M6B1! trade ideas
discretionary trading 6.4.20 Looking at decisions that are discretionary in order to handle the charting on the 6B: British Pond futures ( apologies for spelling errors in advance...I have made a discretionary decision to not spellcheck ). Trading is always going to require discretion ...and this is good if you have some level of understanding. There is really no escape from avoiding at least some discretionary decisions that a program will not "consider" because of the math...but that you will see, and that matters. Remember: when you enter the market...from that point the market will generate new data that is relevant...yet is not factored into the programing. If you REALLY want to eliminate all discretion.... then take the bars off the chart and have buy and sell signals...and see how that goes. Discretion is required for trading and it is probably better to think of it as a reflection of the ambiguity of the market for buyers and sellers. It is not you and there are some things that will not be programmed well...but your brain can see it...if you look.
BP near potential turning pointNice profit potential of 6:1 reward to risk to final target
Can be traded in Futures or forex with $GBPUSD
British Pound - Breakout of RangeA ton of markets have been range bound these past few months and we're finally starting to see evidence that some of these ranges are going to break. British Pound is providing a great opportunity short as it breaks below it's range. A lot of potential to the downside with no solid demand coming in until much further below. Could see a breakout today and into next week. Get those shorts ready!
British Pound - one more leg lower or already bottomed?Being British it is difficult not to be gloomy about one's currency, especially when you look at this chart going back to the global financial crisis. However, while the red count would suggest another leg lower it also suggests that this could be a final leg lower to complete the move. For the sake of an alternative I have included a blue count that suggests the bottom is already in with the bottom coinciding with the 38.2 fib extension of waves (i) to iii). Now which one is it?
6B1if the line L1 is broken with force there will be a probability of going up.
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DISCLAIMER: As a trader you should consider your own risk:reward ratio and do proper lot sizing according to your margin and leverage level. Not every idea is a valid trade. This analysis is a trading idea, not a trading signal for you.
BRITISH POUND FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)The market is in a critical position.
At the moment there is a great probablity that it could returns to the level 1.2587 . but if it ever breaks with power the 1.2340 . it will return to the level of 1.1994
