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-   -   Cable Update (GBPUSD) (https://www.forexfactory.com/thread/10378-cable-update-gbpusd)

IPMan Nov 25, 2020 3:48pm | Post# 561161

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Well that was unfortunate. But this confirm bulls are still in control. Will watch another opportunity.

MozzChops Nov 25, 2020 3:50pm | Post# 561162

{quote} Hi, So you are only trading as a long or short trades holding a trade for how long. and are you a swing trader.
Yes. Swing trade. One direction. Average hold time 3 weeks. Example cable my total risk will be around 2% and reward will be around 10%. If it goes in my direction I add on pullbacks so could get to 15-20% account gain on this one trade. For me itís all about consistency. If you can consistently make 30% a year you are up there with the very best. But most people donít want to hear that. They want hundreds of % a year. Just remember. Making 30% a year I have about the same probability of loosing 30% a year. Now do the maths when you expect 300% a year

Fix-it Nov 25, 2020 4:01pm | Post# 561163

{quote} Yes. Swing trade. One direction. Average hold time 3 weeks. Example cable my total risk will be around 2% and reward will be around 10%. If it goes in my direction I add on pullbacks so could get to 15-20% account gain on this one trade. For me itís all about consistency. If you can consistently make 30% a year you are up there with the very best. But most people donít want to hear that. They want hundreds of % a year. Just remember. Making 30% a year I have about the same probability of loosing 30% a year. Now do the maths when you expect...
Yes this makes good sense to me , I would like to get to this stage. At present I am trying to add to my account Quickly, so i have to baby sit because i started this game as a hobby and now i want to do this properly. I started with £100 .

MozzChops Nov 25, 2020 4:08pm | Post# 561164

{quote} Yes this makes good sense to me , I would like to get to this stage. At present I am trying to add to my account Quickly, so i have to baby sit because i started this game as a hobby and now i want to do this properly. I started with £100 .
If you have to babysit you are risking waaaaayyy too much. I put trades on and walk away relying on price alerts. I sleep very well at night and over weekends.

Aim for consistency first. The rest is just rinse and repeat. Trading is rather boring really

Fix-it Nov 25, 2020 4:14pm | Post# 561165

{quote} If you have to babysit you are risking waaaaayyy too much. I put trades on and walk away relying on price alerts. I sleep very well at night and over weekends. Aim for consistency first. The rest is just rinse and repeat. Trading is rather boring really
Yes thank you for your advice. it was nice to talk to you.

Headland Nov 25, 2020 4:43pm | Post# 561166

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... with less than 20mins to the close of my Daily candle it is looking as though it will close bullish. Price has again challenged that prev 1hr/4hr sw hi zone to 3398 with dly R1 @ 3398 with 88.6% of 3482-2675 near the top of that and the 4376-3482 desc t/line there too. Price has been rebuffed by sellers @/around the current dly hi, 5 times today including the when the current dly hi was first printed- visible on 5min chart.

Above this pot res zone and we are in the bottom of that wide prev dly/wkly/mthly sw hi zone to 3482 then 3514. In this zone wkly R2 is @/around 3404, then that multi year mthly desc t/line (2.1162-7188) circa 3420, wkly R3 @/around 3495 and mthly R3 @/around 3498. Dly below.

A break of the multi year desc t/line at least still seems the greater probability if the daily candle closes bullishly - which seems likely, particularly if it doesn't have too much of an upper wick. Whether the bulls are strong enough to challenge and break the prev sw hi's @ 3482 then 3514 remains to be seen and we might know more on the close of the wkly and mthly candles if price hasn't already. Conversely, the rising Wedge on the dly is suggestive of a downside break of that wedge, and that is the only bearish sign I see on t/f's 1hr to mthly presently. This is not to say that this won't change as price discovery takes place overnight/tomorrow.

U.s Thanksgiving Bank Hol tomorrow. Any announcements re brexit deal progress will likely rock price one way or the other - to what extent we won't know till it happens.
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Mcbeaners Nov 25, 2020 4:55pm | Post# 561167

{quote} Not speaking out of turn I presume. my first position is currently at break evens. people calling the bull this morning were 75 points down during the day.. of course now itís up they congratulate themselves for being right. Yet this was the price when shouting up, this morning. shouting g up at the top of a range ?? letís talk when the bears from here are >75 down there is a long term trend and a big elephant in the room one in which most are completely ignoring whilst zoomed into their 30 minute chart. if you take out my stop Iíll congratulate...
back in the saddle from my day away. ...

you can call me out on my entry (fair enough) but i don't just trade cable, i trade crude (i was up 3 buck today on zero retrace- now less so), all the dollar pairs, gold, silver and copper. i go around looking for the same signature more or less. if you see me on a thread it's cause i see something. if i had more time i'd probably do better. as it is i'm ok with it as it is the price to paid working with so many different instruments.

Catempire Nov 25, 2020 5:03pm | Post# 561168

Would be a 6th consecutive Green candle tomorrow (if it closes up).

13486 is the previous high on the year.

Iím reassured that with a lack of any US financial news, a mildly more optimistic FOMC & fundamentals on the UKs horizon.

bears will have their way.

will we breach new monthly highs first?

hopefully not

VM. Nov 25, 2020 5:05pm | Post# 561169

So we finish near high, but with 1.34 still not even tested. And this is on the day when we had some bad news for UK. Not quite sure what this means for tomorrow. I guess bulls would like to run to 1.35, but time is running out for them to do this. UK-EU trade talks are on the verge of collapse, and no amount of bullishness will save GBP if they do break down.

Mcbeaners Nov 25, 2020 5:07pm | Post# 561170

https://www.tradingview.com/chart/r63FUXse/

i posted this 6b chart earlier, this one updates for those who might fight it useful feel free to book mark it. i was watching it all day ping-ponging against my resistance levels but when it came time to ping my sell order @ 1.3398 it stalled. there is a volume profile ledge around 1.3386ish not a big but strange that they could and take out the stops.

so looking at the tape i'm moving my sell order higher, the tape does have some accumulation in it. the trend is up so go with it.

Catempire Nov 25, 2020 5:07pm | Post# 561171

{quote} back in the saddle from my day away. ... you can call me out on my entry (fair enough) but i don't just trade cable, i trade crude (i was up 3 buck today on zero retrace- now less so), all the dollar pairs, gold, silver and copper. i go around looking for the same signature more or less. if you see me on a thread it's cause i see something. if i had more time i'd probably do better. as it is i'm ok with it as it is the price to paid working with so many different instruments.
Dude I’m not calling anyone out in particular, the context of this conversation was mearly highlighting it was far to early to say that bears had it wrong, this still hasn’t breached, closed or held new highs from Monday & most of the bears here are riding very wide stop losses.

it is a different strategy to the 10-30pips here and there & I was just making an example.

I trade penny stocks as a day job so equally not always focussed with the time or incline to bother with small swings.

for me it’s a position trade which needs a bit of time to either get going or close out.

gl anyways - no offence meant to anyone, none of us always get it right that is nature of the beast.

Mcbeaners Nov 25, 2020 5:10pm | Post# 561172

its all good. i'm not offended at all. just making putting my cards on the table.

Hutch Nov 25, 2020 5:21pm | Post# 561173

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It's odd cable first went down then up for the third day in a row. This makes good trading patterns.
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Catempire Nov 25, 2020 5:24pm | Post# 561174

It's odd cable first went down then up for the third day in a row. This makes good trading patterns. {image}
U.K. sellers US buyers ??

soulreader Nov 25, 2020 5:37pm | Post# 561175

{quote} U.K. sellers US buyers ??
Only dollar weakness

soulreader Nov 25, 2020 5:40pm | Post# 561176

It's odd cable first went down then up for the third day in a row. This makes good trading patterns. {image}
Do you have same pattern for MT5 ??

Hutch Nov 25, 2020 5:45pm | Post# 561177

{quote} Do you have same pattern for MT5 ??
Sorry I don't have. I tried MT5 and it's more technically advanced than MT4 but it lacks too many custom indicators.

b_hand Nov 25, 2020 6:40pm | Post# 561178

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{quote} U.K. sellers US buyers ??
I'm short. Dxy D1 looking to the upside.
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b_hand Nov 25, 2020 7:38pm | Post# 561179

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GU dailyClick to Enlarge

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DivineSnap Nov 25, 2020 10:45pm | Post# 561180

I shorted at 1.3360, I hope this will come down soon. Had a TP of 1.33 which was nearly hit yesterday. Should had just taken it.

I think I see a bull flag forming on H4 on DXY.


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