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Cable Update (GBPUSD)

  • #474,321
  • Edited 2:45am Jan 30, 2019 2:34am | Edited 2:45am
What's prompted this little Rally????

Okay all orders filled...
Buy @ 1.3072 covering
Buy @ 1.3084 covering
Buy @ 1.3092 main trade TP @ 1.3104 total = 6.5% and i'm done for the day, anymore will be the cream...

Thought 3060 would hold but very close to hedging my buys then small rally made it an early night for me....
Don't Leave Money on the Table
  • #474,322
  • Jan 30, 2019 2:47am Jan 30, 2019 2:47am
https://www.financialjuice.com/asset...ges/comp_4.gif
Cable climbs above 1.31 as pound regains some poise
Cable rises to session highs on the day ForexLive I'm not hearing of any specific headline that is driving the move here but price now touches a high of 1.3115 on the day and buyers are looking to test...


Who knows?! Could be prepping to slam it down later....
  • #474,323
  • Jan 30, 2019 2:47am Jan 30, 2019 2:47am
Trend line on 1hr acting as resistance, through it look for more upside...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1 30 Jan 19.png Size: 48 KB
Don't Leave Money on the Table
  • #474,324
  • Jan 30, 2019 2:59am Jan 30, 2019 2:59am
Quoting Doji Star
{image} Cable climbs above 1.31 as pound regains some poise Cable rises to session highs on the day ForexLive I'm not hearing of any specific headline that is driving the move here but price now touches a high of 1.3115 on the day and buyers are looking to test... Who knows?! Could be prepping to slam it down later....
Cheers Doji Star....
Don't Leave Money on the Table
  • #474,325
  • Jan 30, 2019 3:18am Jan 30, 2019 3:18am
Quoting HaLBot
{quote} Cheers Doji Star....
Which one? Bullish or bearish?
  • #474,326
  • Jan 30, 2019 3:22am Jan 30, 2019 3:22am
Quoting geektrader
{quote} Which one? Bullish or bearish?
The bullish rally we just had prior to current 1hr candle, it had to be brexit related as was 51 pips long, but seems like a lot of people scratching their heads wondering why it happened but was good for my account....
GBP news @ the bottom of the hour beware...
Don't Leave Money on the Table
  • #474,327
  • Jan 30, 2019 3:24am Jan 30, 2019 3:24am
Quoting Doji Star
{image} Cable climbs above 1.31 as pound regains some poise Cable rises to session highs on the day ForexLive I'm not hearing of any specific headline that is driving the move here but price now touches a high of 1.3115 on the day and buyers are looking to test... Who knows?! Could be prepping to slam it down later....
Loool..disgusting to see some named "technical analysts" get paid..being surprised wondering why and attaching stupid resistance levels!!!

When from yesterday fall to 1.3055, my only first resistance was set at 1.3115-20, not 1.31 no s***
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #474,328
  • Edited 10:56am Jan 30, 2019 3:31am | Edited 10:56am
Weekly s 1.30550

Weekly r Tp 1.33075
  • #474,329
  • Jan 30, 2019 3:32am Jan 30, 2019 3:32am
Quoting RickM
{quote} That is a great way to trade but WOW, you open so many trades. You must me increasing your trade size each time if I am correct. May I ask if you trade this style with a set plan
Yes, if I want to keep my profit at the end,I must increasing my lot size but with some (magic) math calculations for the steps,.. for first OP I use MACD and stochastic combined..if my indicators give wrong signal and my first order floating loss , and then for the next trades my algorithm ( I use auto-bot to do this) will take over for the rest ....the key is proper Risk Management (lot,balance/equity.max.DD,range,etc.)

My raw chart for Market Analysis :

Attached Image (click to enlarge)
Click to Enlarge Name: SS-GU(30.01.19).gif Size: 29 KB
  • #474,330
  • Jan 30, 2019 3:37am Jan 30, 2019 3:37am
I'm having an early night(nightime here in OZ) but I'll leave you with this little gem from the 70s...The A Team, americans doing what comes natural, shooting the hell outa anyone, blowing shit up, crashing vehicles and driving cars of the road with helicopters......LOL

'I love it when a plan comes together" John 'Hannibal' Smith

Inserted Video
Don't Leave Money on the Table
  • #474,331
  • Jan 30, 2019 3:37am Jan 30, 2019 3:37am
Thatīs called martingale or grid, both only look good at a first look, both are prone to kill your account.
  • #474,332
  • Jan 30, 2019 3:44am Jan 30, 2019 3:44am
Quoting geektrader
Thatīs called martingale or grid, both only look good at a first look, both are prone to kill your account.
in your opinion, whichever comes first... is chicken or egg?
  • #474,333
  • Jan 30, 2019 3:54am Jan 30, 2019 3:54am
Quoting HaLBot
What's prompted this little Rally???? Okay all orders filled... Buy @ 1.3072 covering Buy @ 1.3084 covering Buy @ 1.3092 main trade TP @ 1.3104 total = 6.5% and i'm done for the day, anymore will be the cream... Thought 3060 would hold but very close to hedging my buys then small rally made it an early night for me....
This is named martingale trading.
Advice for you to go play in the Casino, you might win faster and bigger amount by doubling tripling..etc on your losses..or at worst you loose it all in a very bad day but risk to reward much better than gambling in forex.
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #474,334
  • Jan 30, 2019 3:59am Jan 30, 2019 3:59am
Quoting xandi
{quote} Ahhah..thank for sharing your trades, i thought you were long much higher, 28xx.. Nice trades you had, hope you close it with good profit, but imo the time is reducing that possibility...all the best, bro*
Good day Xandi and all other traders
POSTMASTER
  • #474,335
  • Jan 30, 2019 4:01am Jan 30, 2019 4:01am
Quoting Ill-b-back
Retest zone below IMO {image}
Nice chart
POSTMASTER
  • #474,336
  • Jan 30, 2019 4:03am Jan 30, 2019 4:03am
POSTMASTER
  • #474,337
  • Jan 30, 2019 4:35am Jan 30, 2019 4:35am
Quoting ChiForex
{quote} This is named martingale trading. Advice for you to go play in the Casino, you might win faster and bigger amount by doubling tripling..etc on your losses..or at worst you loose it all in a very bad day but risk to reward much better than gambling in forex.
Wondering who you were talking too....
No I'm not about using matingale, I give that system no merit....
I was expecting GBP to climb from 3090 but it pulled back, so put on two covering trades but all with SLs, as 3060 area was looking like strong support I believed it wouldn't go lower but climb back to 3100. Then we got that 51 pip rally......very nice
However I was also prepared to hedge trades instead of losing $150.00 and it's my account so my rules and there's no panic when my trades are 20/30 pips down as nothing for Cable to move 30 pips in 3 minutes...
I'm not asking anybody to trade my trades but I will usually post my entries as find it more honest that way instead of saying you put a trade on 3 hours ago and you made 50 pips.....Just this time everything happened so fast I couldn't post my entries..
Forever since I first started trading I see prop traders do not trade like retail traders and that's what I want, the ability to trade like they do. Prop traders don't use charts and indicators like retail traders because if they did the oppotunity to make money would have past...
I know this because my broker has a trader, Adam who operates a trading room( trading AUD/USD) you can attend everyday if you have an account with them, and the software he uses is called 'Market Profile' and I run a simplified version on MT4
In 3 weeks 3 days my account has risen 250% and I'm flying and don't intend to hit the ground. My days of blowing up accounts are over...
Don't Leave Money on the Table
  • #474,338
  • Jan 30, 2019 4:39am Jan 30, 2019 4:39am
Quoting geektrader
Thatīs called martingale or grid, both only look good at a first look, both are prone to kill your account.
Hi Geetrader
Not if its done with skill.
I was asking hnsx99 whether he/she had a plan for this MEME style of trading. I trade many of these systems myself so I am always interested to read how other traders handle their draw down and their money management decisions.
I said WOW because there is a few trades happening here.
Trading thin liquidity at the boundary of the charts
  • #474,339
  • Jan 30, 2019 4:47am Jan 30, 2019 4:47am
Quoting HaLBot
{quote} Wondering who you were talking too.... No I'm not about using matingale, I give that system no merit.... I was expecting GBP to climb from 3090 but it pulled back, so put on two covering trades but all with SLs, as 3060 area was looking like strong support I believed it wouldn't go lower but climb back to 3100. Then we got that 51 pip rally......very nice However I was also prepared to hedge trades instead of losing $150.00 and it's my account so my rules and there's no panic when my trades are 20/30 pips down as nothing for...
Matingale has a bad name because many traders always think they have to double up on every entry to win, only fools do that. There are other methods to this madness that pay big $ if you trade grid strategy's outside the box.
Trading thin liquidity at the boundary of the charts
  • #474,340
  • Jan 30, 2019 4:48am Jan 30, 2019 4:48am
Sorry Halbot, I of course meant Hnsx99.

Sorry, martingales and grids WILL always fail one day, wonīt waste time discussing it further :-) Everyone Iīve seen in my 20 years of automated trading that has been using grids or marts and was smart to "knew better" and "mine wonīt crash", have blown their accounts, often after fantastic gains - and thatīs the danger with those systems, you are just moving the drawdown into the future and it will happen "at once", killing the account in one day. Youīll see.
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