Cable Update (GBPUSD)

15 pips from today's low, not a big deal in the range i mentioned.

Gbpusd lagged behind eurusd as nr4 already burst down ! May try fast move down , at least breaks previous low !
Anyway burst is important , may next do the rest !

Whale, check the daily chart. There have been two consecutive days with the ID bar, and Friday's low was taken out. I'm just saying.

The link in my signature is my TE. It currently says i have 65% winrate with 2.45 profit factor which means i have a little over 2:1 RR on average. So i can say that news trading treats me good so far.

What do i look for? From a technical perspective, i implemented Moving Averages (special thanks to Jade) and currency strength meter to my strategy to boost the odds in my favor.

For example, let's say CPI report tells me to buy USD. It's cool but which pair should i short? Eurusd? Gbpusd? Aud? Nzd? Xauusd? Or should i go long on usdchf? Usdjpy? Usdcad? So many different options to choose from.

So i look at the short term trend on the pair. Using moving averages (thanks to Jade ) to make sure i am buying a strong pair or selling a weak one and not the other way around.

This was basically how my technical setup looks like.

My fundamental setup completely depends on the news report, i don't try to guess the report. I just wait until they are published, i read the report and decide if it's good or bad for the currency. Which is a little complicated and will take pages of comments about econometrics

I don't look at the headline numbers, you know the red or green numbers you see on the calendar are irrelevant. Because governments tend to generate(make up) those numbers to fit into their narrative & political agendas. Since headline is all media cares about.

And there are generally more important things in the report rather than the headline. For example, NFP. Permanent jobs are much more important than the headline NFP. You can have a headline NFP on steroids with many temporary jobs added, which won't prevent USD from falling bc market care about the permanent sectors more.

There are nuances like this to almost every report and i fear i have to write a book about it if i want to talk about all

Hope it helps brother

yeah winrate is overrated I ask that for a specific reason because he is trading news which is highly volatile he is successful so I'm guessing he has a high win rate

my lovely pair to trade this year

Let me take my prfts here , NOW............................

This is the only way I can see this.

Even better over the last 7 years

thank for the warning bro, i don't really know the meaning of it, im trading ID in other ways and i dont see it now.

im saying for more than a month, for what i see, 1.2841 is the boarder to 1.375
if the week close below i will maybe think otherwise.

Picture of a guy phoning his broker to go LONG GU about 7 weeks ago...

Keep note that a continuous fall toward 1.2680s without retrace would give that level a good support for a good bounce later...

Started longing here , NOW..........................

Start long 1.2805

Buying GU 1.2805
EU 1.0626

(*added chart*)
y'day daily close 1 pip above yearly hl2
max target 1.312 if I have patience

Longed E. here NOW and added long in BP as shown................

Last four post.....same

Gu 1.2805
Eu 1.0626

though now taken 1st tp at 2800 , but likely continue down bear for next sr 2754/40 , good cover over night by gbpusd . take care

testing previous low , breaks and hold should test next sr 2792 and 72 and as likely last 3rd of this present swing , should always care as spikes random may play ups while down with a possible bottoming temporarily even !

DXY

Clear break below 1.0570 then we can expect a dollar pair rally but if it holds bulls don't expect anything much at all....

time to go long


eu is also at support