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Cable Update (GBPUSD)

  • #518,441
  • Edited 2:17pm Apr 30, 2020 1:53pm | Edited 2:17pm
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #518,442
  • Apr 30, 2020 2:26pm Apr 30, 2020 2:26pm
Most professional Forex traders do not waste their time trying to trade short time frame charts. Instead, they spend their precious time taking in the bigger picture of the market, through careful and skilled analysis of the higher time frames. Higher time frame charts contain a more accurate and meaningful view of what is taking place in a market. Successful Forex trading is not about spending massive amounts of time staring at the charts until your eye balls burn. To succeed in the markets you have to develop a meaningful perspective that allows you to see the aggregate bias in a market, and higher time frames simply do a better job at this than lower time frames.
Thus, most professional traders spend their time analyzing time frames of the four-hour chart and higher, the one-hour time frame can be useful for refining entries, but anything less than this and you are simply rolling the dice. So, step one to trading like a professional is to fully accept that higher time frames display a much more accurate and useful view of the market than their noisy lower-time frame counter parts. The bottom line is that to fully develop your Forex trading skills you need to learn to trade the higher time frames before you do anything else.
• Trading frequency
As a result of trading higher time frame charts, many pro traders are much more precise and efficient than their amateur counter-parts. One of the primary mental road-blocks that prevent so many traders from making the consistent money they desire, is erroneously believing that interacting with the market more, and trading more, will result in them making more money.
The truth of the matter is that trading more frequently has no positive effect on your trading results. In fact, statistics show that traders who trade relatively infrequently consistently make more money on average than day traders and traders who trade very frequently.
So, most professional traders trade higher time frames, and as a result of this they trade less frequently than what most people might think.
  • #518,443
  • Apr 30, 2020 2:31pm Apr 30, 2020 2:31pm
Bones, as long as new high is not made @Ozalid's scenario is in play when the new high is made ( as indicated per @gespiri chart) we will have a different ball game.
For me, everyone can have own rules on how to trade a particular pattern.
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Always trade your own plan...I don't provide trading signals.
  • #518,444
  • Apr 30, 2020 2:44pm Apr 30, 2020 2:44pm
Quoting mkvy
Most professional Forex traders do not waste their time trying to trade short time frame charts. Instead, they spend their precious time taking in the bigger picture of the market, through careful and skilled analysis of the higher time frames. Higher time frame charts contain a more accurate and meaningful view of what is taking place in a market. Successful Forex trading is not about spending massive amounts of time staring at the charts until your eye balls burn. To succeed in the markets you have to develop a meaningful perspective that allows...

Copied text from Nial Fuller's guide. You don't follow these guidelines because you play at low intervals. Which does not exclude that an experienced trader who knows what he is doing can make a fortune at low intervals
  • #518,445
  • Apr 30, 2020 2:48pm Apr 30, 2020 2:48pm
I think this scenario is very much valid to happen

stop loss blue line
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  • #518,446
  • Apr 30, 2020 2:59pm Apr 30, 2020 2:59pm
Quoting ozalid
{quote} Copied text from Nial Fuller's guide. You don't follow these guidelines because you play at low intervals. Which does not exclude that an experienced trader who knows what he is doing can make a fortune at low intervals
i hate getting in crappy arrangements like this but i dont get this guy? all ive ever seen him do is take the piss out of people who trade short term, like is your life that boring you just talk bad about people preferred trading types. i just dont get it, the most successful 7 figure traders i know scalp and day trade, i dont get this guys argument and im seeing it everyday, really starting to psis me off as others are noticing, didn't wanna talk live this as i really enjoy this forum but fuck man.
  • #518,447
  • Apr 30, 2020 3:06pm Apr 30, 2020 3:06pm
Quoting joesherwood
{quote} i hate getting in crappy arrangements like this but i dont get this guy? all ive ever seen him do is take the piss out of people who trade short term, like is your life that boring you just talk bad about people preferred trading types. i just dont get it, the most successful 7 figure traders i know scalp and day trade, i dont get this guys argument and im seeing it everyday, really starting to psis me off as others are noticing, didn't wanna talk live this as i really enjoy this forum but fuck man.
People come and go here . People even come back under a different name because the have made a fool of themselves. Try not to let them get to you . Just trade and ignore the ones that get to you . Regards E
  • #518,448
  • Apr 30, 2020 3:10pm Apr 30, 2020 3:10pm
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  • #518,449
  • Apr 30, 2020 3:11pm Apr 30, 2020 3:11pm
Quoting ozalid
{quote} Copied text from Nial Fuller's guide. You don't follow these guidelines because you play at low intervals. Which does not exclude that an experienced trader who knows what he is doing can make a fortune at low intervals
Ozalid, agree...last year (May-June) I swing traded EA and my results were as follow: trade taken in W_3 18.5 pips/day, trade taken in W_4 less than 11 pips/day... it's not for me this type of trading. Of course, I have nothing against it if someone likes this type of trading. Do what suits you best.
Always trade your own plan...I don't provide trading signals.
  • #518,450
  • Apr 30, 2020 3:16pm Apr 30, 2020 3:16pm
Quoting joesherwood
{quote} i hate getting in crappy arrangements like this but i dont get this guy? all ive ever seen him do is take the piss out of people who trade short term, like is your life that boring you just talk bad about people preferred trading types. i just dont get it, the most successful 7 figure traders i know scalp and day trade, i dont get this guys argument and im seeing it everyday, really starting to psis me off as others are noticing, didn't wanna talk live this as i really enjoy this forum but fuck man.
I don't care. Everyone chooses the style that suits them. It's about making money no matter what style. I have nothing to play on a monthly or five-minute time frame. Same link multiple time frames when opening positions
  • #518,451
  • Apr 30, 2020 3:18pm Apr 30, 2020 3:18pm
Quoting Coreg2004
Bones, as long as new high is not made @Ozalid's scenario is in play when the new high is made ( as indicated per @gespiri chart) we will have a different ball game. For me, everyone can have own rules on how to trade a particular pattern. {image} {image} {image}
Nice charts! I'm thinking like your second scenario. I don't like when corrective waves exceed the impulsive wave. I know it's a valid count (e.g. flat), but conceptually it doesnt make sense to me.
  • #518,452
  • Apr 30, 2020 3:19pm Apr 30, 2020 3:19pm
Quoting ozalid
{quote} Copied text from Nial Fuller's guide. You don't follow these guidelines because you play at low intervals. Which does not exclude that an experienced trader who knows what he is doing can make a fortune at low intervals
well said.. i trade frequently and i am profitable. If you know what you are doing then you can trade as much as you can. Remember its all a psychological warfare out there.
Le$$ I$ More
  • #518,453
  • Apr 30, 2020 3:22pm Apr 30, 2020 3:22pm
Quoting Coreg2004
{quote} Ozalid, agree...last year (May-June) I swing traded EA and my results were as follow: trade taken in W_3 18.5 pips/day, trade taken in W_4 less than 11 pips/day... it's not for me this type of trading. Of course, I have nothing against it if someone likes this type of trading. Do what suits you best.
Exactly. Trade so that you feel good about this style. There is multidimensionality on the stock exchange. Channels, patterns etc. are at all time intervals only known with another profit in pips
  • #518,454
  • Apr 30, 2020 3:23pm Apr 30, 2020 3:23pm
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interesting formation below and look at the one forming now .. will history repeat ??
  • #518,455
  • Apr 30, 2020 3:31pm Apr 30, 2020 3:31pm
Quoting Roszey
{quote} well said.. i trade frequently and i am profitable. If you know what you are doing then you can trade as much as you can. Remember its all a psychological warfare out there.
Yep. Everything is going on in our head and beliefs. As I used to start playing, the peak was to earn a 5% deposit per week. Now I know that making a 100% deposit for a week or two with a good distribution of charts and good mental predispositions such as no fatigue, no God effect etc. is nothing extraordinary
  • #518,456
  • Apr 30, 2020 3:34pm Apr 30, 2020 3:34pm
Quoting ozalid
{quote} Copied text from Nial Fuller's guide. You don't follow these guidelines because you play at low intervals. Which does not exclude that an experienced trader who knows what he is doing can make a fortune at low intervals
Im only trying to help you guys. i see the mistakes being made day in day out
  • #518,457
  • Apr 30, 2020 3:36pm Apr 30, 2020 3:36pm
Quoting elbert3
{quote} People come and go here . People even come back under a different name because the have made a fool of themselves. Try not to let them get to you . Just trade and ignore the ones that get to you . Regards E
will keep in mind. Thanks E
  • #518,458
  • Apr 30, 2020 3:37pm Apr 30, 2020 3:37pm
Quoting ozalid
{quote} I don't care. Everyone chooses the style that suits them. It's about making money no matter what style. I have nothing to play on a monthly or five-minute time frame. Same link multiple time frames when opening positions
exactly mate, good words
  • #518,459
  • Apr 30, 2020 3:38pm Apr 30, 2020 3:38pm
Quoting Roszey
{quote} well said.. i trade frequently and i am profitable. If you know what you are doing then you can trade as much as you can. Remember its all a psychological warfare out there.
  • #518,460
  • Apr 30, 2020 3:42pm Apr 30, 2020 3:42pm
Quoting shahab8b
{quote} Nice charts! I'm thinking like your second scenario. I don't like when corrective waves exceed the impulsive wave. I know it's a valid count (e.g. flat), but conceptually it doesnt make sense to me.
shahab8b, I share your view...GU can poke above prior high (making irregular B) then reverse and go low (flat correction)...retracement in scenario #1 after potential W_5 was to shallow to qualified it as (a) corrective wave...
Always trade your own plan...I don't provide trading signals.
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