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Cable Update (GBPUSD)

  • #488,241
  • Aug 3, 2019 7:04am Aug 3, 2019 7:04am
Quoting Neil0163
{quote} Yeah I stay off those charts stress free trading
Higher timeframes stress me out, 1m chart trading is no stress at all if you look at them for long enough
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  • #488,242
  • Aug 3, 2019 7:12am Aug 3, 2019 7:12am
Quoting HRTrading
{quote} Higher timeframes stress me out, 1m chart trading is no stress at all if you look at them for long enough
the lower time frame is m1-m5. just an unexpected vibration.
but maybe only for me.
  • #488,243
  • Aug 3, 2019 7:18am Aug 3, 2019 7:18am
Quoting HRTrading
{quote} Higher timeframes stress me out, 1m chart trading is no stress at all if you look at them for long enough
I find it less stressful than sitting in front of the computer all day I can set my trades and go about my day easy life.
  • #488,244
  • Aug 3, 2019 7:20am Aug 3, 2019 7:20am
Quoting tiborf71
{quote} the lower time frame is m1-m5. just an unexpected vibration. but maybe only for me.
Nope, not at all, it may seem like that if you only switch there every so often, I spend 95% of my time on 1m and the rest checking the higher TF, but that's only because it fits my trading style, most people lose money on the 1m charts as they are sooo dependant on indicators and can't trade without them, indicators won't really help you there.

I trade naked, maybe draw a few lines that's it. I only trade high return setups, so maybe 1 trade a day at most, some days none, and thats on the 1m charts lol.
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  • #488,245
  • Aug 3, 2019 7:24am Aug 3, 2019 7:24am
Quoting HRTrading
{quote} Nope, not at all, it may seem like that if you only switch there every so often, I spend 95% of my time on 1m and the rest checking the higher TF, but that's only because it fits my trading style, most people lose money on the 1m charts as they are sooo dependant on indicators and can't trade without them, indicators won't really help you there. I trade naked, maybe draw a few lines that's it. I only trade high return setups, so maybe 1 trade a day at most, some days none, and thats on the 1m charts lol.
I understand.
if it works then it's good.
  • #488,246
  • Aug 3, 2019 7:26am Aug 3, 2019 7:26am
Quoting Neil0163
{quote} I find it less stressful sitting in front of the computer all day I can set my trades and go about my day easy life.
You think 1m charts have to sit behind the computer all day? I place trades with single digit stop loss, how is that stressful or having to sit behind the pc all day?
Attached Image
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  • #488,247
  • Aug 3, 2019 7:41am Aug 3, 2019 7:41am
Quoting Neil0163
{quote} I find it less stressful than sitting in front of the computer all day I can set my trades and go about my day easy life.
Actually high timeframe is very profitable if we know how to trade them,the problems for most of people is they think small timeframe can make a quick money ..

But they didnt realise that the more quickly the money comes..the more quickly it goes too
  • #488,248
  • Aug 3, 2019 7:45am Aug 3, 2019 7:45am
Quoting HRTrading
{quote} You think 1m charts have to sit behind the computer all day? I place trades with single digit stop loss, how is that stressful or having to sit behind the pc all day? {image}
Guess it what's works for you I set two trades on GU 4 weeks ago and cashed out at 1.21 with 1200 pips guess it depends on your trading style
  • #488,249
  • Aug 3, 2019 8:00am Aug 3, 2019 8:00am
Let's make it simple terms

For those who trade 1 minutes chart then you need hold and close your trades in the next minutes when the signal occur

For those who trade 5 minutes chart then you need hold and close your trades in the next 5 minutes when the signal occur

For those who trade 30 minutes chart then you need hold and close your trades in the next 30 minutes when the signal occur

For those who trade 60 minutes chart then you need hold or close your trades in the next 60 minutes when the signal occur

For those who trade 4 hours chart then you need hold or close your trades in the next 4 hours when the signal occur

And so on with the daily,weekly and monthly

And the same with your profits and loss...you can profits or loss minutes by minutes...hour by hour...day by day...week by week

This is the most simple psychology analogy

So which one are you ?
  • #488,250
  • Aug 3, 2019 8:08am Aug 3, 2019 8:08am
Quoting DailyChart
Let's make it simple terms For those who trade 1 minutes chart then you need hold and close your trades in the next minutes when the signal occur For those who trade 5 minutes chart then you need hold and close your trades in the next 5 minutes when the signal occur For those who trade 30 minutes chart then you need hold and close your trades in the next 30 minutes when the signal occur For those who trade 60 minutes chart then you need hold or close your trades in the next 60 minutes when the signal occur For those who trade 4 hours chart then...
I trade d1.
I disagree with why I should close the next day.
  • #488,251
  • Aug 3, 2019 8:10am Aug 3, 2019 8:10am
Quoting tiborf71
{quote} I trade d1. I disagree with why I should close the next day.
Do i said to close on the next day ?
Read again before comment
  • #488,252
  • Aug 3, 2019 8:43am Aug 3, 2019 8:43am
Quoting DailyChart
{quote} Do i said to close on the next day ? Read again before comment
I'm sorry, but my translator doesn't say 100%.
  • #488,253
  • Aug 3, 2019 8:47am Aug 3, 2019 8:47am
Quoting tiborf71
{quote} I'm sorry, but my translator doesn't say 100%.
Dont need said sorry
We are learn one each others
Everyone Is No 1 if we stay humble ✌
  • #488,254
  • Aug 3, 2019 8:57am Aug 3, 2019 8:57am
Quoting Neil0163
{quote} Guess it what's works for you I set two trades on GU 4 weeks ago and cashed out at 1.21 with 1200 pips guess it depends on your trading style
Cool bro, it's true, do whatever works for you.

I execute trades on the 1m charts but may even hold for a few days or longer depending what I see on the HTF, I don't always cut and shut in the same day, but a lot of trades I do.
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  • #488,255
  • Aug 3, 2019 9:17am Aug 3, 2019 9:17am
A lot of people lose money quickly on 1m charts as they have not learnt how to trade them and manage their risk.

Like on this picture I attached, I put a SL of 10.2 pips as my accepted risk on that trade. (Which I probably should of placed below that last low, but oh well)

The little blue line above was my TP target, which I was looking for 68 pips on that trade.

So risk to reward slightly above 1:6

But then again, this is what I find works for me, it may not work for anyone else.
Attached Image
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  • #488,256
  • Aug 3, 2019 9:20am Aug 3, 2019 9:20am
And most likely had I been sitting behind the screen all day I would of re-entered again somewhere specific in that chart, but I do not sit behind the screen ALL day.. yet.. haha
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  • #488,257
  • Edited 12:45pm Aug 3, 2019 9:28am | Edited 12:45pm
Impressive millionaire success stories, wow!

Back to GBPUSD TA though.

A few takeaways from EG weekly chart:

1) EG likely close to a major turning point
2) Faces strong res from overhead supply + res from expanding trn on weekly
3) Either EURUSD will dump big time soon
4) or GBPUSD is nearing it's cycle lows

Re-test of current cycle lows could be interesting.
Quarterly range says bears still have a valid target near 1950 before cycle completes.
Until this changes - only interested in short selling any rips.
GU remains subdued until *bulls can produce meaningful HH sequence on daily.

PS: added/edited a few hours after initial post. See below. A few reputable shops targeting 1.10 GU end of year.
Maybe EG weekly triangle will break out to the upside then...
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  • #488,258
  • Aug 3, 2019 11:07am Aug 3, 2019 11:07am
Quoting asgcorp
{quote} It's not as simple as this. Prop firms that trade spot FX in GU use HFT algos for intra-day trading. Mostly algos running the show (obviously, not MT4 EAs). They leave certain prints/hints as they operate. If you can learn to spot certain patterns (not harmonic/EW BS) they leave on the chart you can make good money on that.
Hi mate, I was really just referring to the counter trend move usually made early, before NY takes the good price and turns it into profit by going with the trend.
Usually...
Come with me if you want to live....
  • #488,259
  • Aug 3, 2019 12:42pm Aug 3, 2019 12:42pm
interesting note by MUFG. A few reputable shops now targeting 1.10 GBPUSD.

MUFG Research discusses GBP outlook in light of revising down GBP/USD targets. MUFG now targets GBP/USD around 1.10 and EUR/GBP around 0.97 by year-end.

"We now consider leaving the EU without a deal as the most likely scenario and hence have lowered our GBP forecast levels accordingly. Parliament forcing a general election but then the Conservatives and the Brexit Party winning is our likeliest scenario.

We believe rate cuts would be forthcoming and now expect two 25bp cuts in December and January following a no-deal or disruptive departure. With our 60% probability now attached to no-deal , we see GBP/USD decline to close to 1.1000 by year-end," MUFG notes.
"We expect some GBP recovery in 2020 based on measures taken through restarted negotiations to ease the negative impact and based on the assumption of fiscal stimulus implemented to counter the economic impact in the UK," MUFG adds.
  • #488,260
  • Aug 3, 2019 12:43pm Aug 3, 2019 12:43pm
this sort of makes me think that maybe I'm missing something with EG weekly setup...
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