Control Bars for GU

Attached is the hourly chart of GU. This pair is just meandering with no specific direction. It has been ranging for quite sometime with good support from below but has not been able to make a break to the upside. Again, i have marked the high range control bar from 2 days back and you can see that today morning, the high of this bar, acting as support now, was tested and the price has since bounced about 30 pips.

This pair looks quite weak and hopefully, today's MPC meeting minutes should give it a specific direction. I expect it to go down but lets see.

Control Bar on 15M in GU

Attached is the 15M chart of GU with the control bar marked as A. It is the bar with the highest range and as you can see, ever since it appeared , it has kept the price within itself. You can see how the high and low of this bar has acted as good resistance and support.

So, for this trading, all that you need to do is identify control bars. For now, just have a look at your chart and choose the bar with the highest range. That should be your control bar and then trade off it with small SL and TP.

Control Bar on GU

Attached is the 1H chart of GBPUSD. The control bar has again been marked as A. It is very simple and easy to locate. You can see that the price has kept bouncing off the highs of the control bar. The high of the bar serves as a good support after it has been broken. It has bounced 3-4 times now and each time , you could have easily made 30-40 pips. I had taken a short on EURGBP and long on GBPUSD as per the control bars and have already closed each of them for 40 pips. Had taken them with a SL of 20 pips. Easy !!

Updated chart with control bar in GU

Attached is the 5M chart of GU...In an earlier post, i had marked A and B as control bars. You can see how the highs and lows of these bars have acted as good support and resistance. Between B and Z, you see a test of its high which acted as resistance and price went down. At Z, you have a break and retest of the low of bar B. A short there would have yielded 30 pips easily. Again at Y and X, you see a retest of its lows which again acted as resistance and price going down. As the market is slow, you dont see big moves at Y and X.

Control Bars for GU

Attached is the chart for GU with the control bars marked....watch out for PA around the lows and highs..idea is to enter long near the lows if PA is good and short near the top if PA says so...if the bars are broken, go short/long accordingly....

Beautiful long off Control Price Point in GU

Attached is the chart now which shows price retracing to control price point (5956) and then rushing up again by 35 pips so far....35 pips earned with 0 DD !!