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Cable Update (GBPUSD)

  • #520,841
  • May 16, 2020 1:49am May 16, 2020 1:49am
the price can retrace a bit towards daily pivot point around 1.2145 for a dip to 1.2057.

Then from 2057, it may retrace to 1.2191 area.

The key thing is ...it may get supported at 1.2100 it self.

so watch out if frankfurt/ london sessions, 1.2100 holds or breaks.
Intraday only.
  • #520,842
  • May 16, 2020 1:53am May 16, 2020 1:53am
Quoting DailyChart
{quote} Peace is good But sorry I am not accept any student Good luck with your long or short but remember " Trend is Your Best Friends But Strong bias is Your disaster in trading " If your TA show buy then I am 99% believe that you have a wrong system unless you still using your range illussion for buy or sell again Just Trade it - Don't Date It
I agree 100% that the trend is your friend but sometimes one might just be friends with a trend that is close to the end, hence range will help detect that. I took sometime to understand your selling bias which is right and never have a strong bias too is spot on

Respect and regards.
Data + Stat + Risk/Emotions Management
  • #520,843
  • May 16, 2020 2:05am May 16, 2020 2:05am
Quoting trumps
{quote} At some point yes, when it really starts to hurt. By that stage, the market will likely be ready to turn.
But I wonder why the market should hurt. Lol... Except you have bottomless equity, or trade 0.01 for a $10k account, there should be a stop loss on trades. If the SL hits then refresh and move on to the next trade. Isn't it that simple? And of course, there isn't anybody who doesn't take losses from time to time, but that loss shouldn't put a dent on the account.
  • #520,844
  • May 16, 2020 2:15am May 16, 2020 2:15am
Quoting Mitiblotch
{quote} But I wonder why the market should hurt. Lol... Except you have bottomless equity, or trade 0.01 for a $10k account, there should be a stop loss on trades. If the SL hits then refresh and move on to the next trade. Isn't it that simple? And of course, there isn't anybody who doesn't take losses from time to time, but that loss shouldn't put a dent on the account.
Apart from skill development, it looks like trading is a challenge of emotions, greed, ego, and logic.
Compulsions can be hard to resist
  • #520,845
  • May 16, 2020 3:05am May 16, 2020 3:05am
Quoting trumps
{quote} Myfxbook is much worse, with 79% long. Average short price from 2164 Average long price from 2371 Major Support is broken, I see lots of numbers being quoted in this thread and bullish statements, but almost zero explanation or reasoning. I think some are holding their longs, are too deep in DD to take the loss, and are now imagining things.
The % is not as important, the average price is. For example, it can go towards 2350 and both retail longs and shorts will be fucked. Just an example. The % varies with every move...if it was relevant, prices would always go just one way, until forever. Because if GU kept dropping, longs would keep increasing up to 100% and with such logic(go against the % majority), it would never go up. So its much more complex than that.
Everyone can see the chart, but only a few can actually read it.
  • #520,846
  • May 16, 2020 3:19am May 16, 2020 3:19am
Quoting OnlineAddict
{quote} The % is not as important, the average price is. For example, it can go towards 2350 and both retail longs and shorts will be fucked. Just an example. The % varies with every move...if it was relevant, prices would always go just one way, until forever. Because if GU kept dropping, longs would keep increasing up to 100% and with such logic(go against the % majority), it would never go up. So its much more complex than that.
Sorry, that notion of continual direction is nonsense.
Margin calls, limited equity, people don't keep adding and adding and adding non stop are 3 immediate reasons that come to mind.

At some point, traders would and do, flip direction.


I think you are clutching at straws to validate your original statement I quoted.
Compulsions can be hard to resist
  • #520,847
  • May 16, 2020 3:57am May 16, 2020 3:57am
Quoting trumps
{quote} Sorry, that notion of continual direction is nonsense. Margin calls, limited equity, people don't keep adding and adding and adding non stop are 3 immediate reasons that come to mind. At some point, traders would and do, flip direction. I think you are clutching at straws to validate your original statement I quoted.
No, I don't. I said retail newbs will be short after such a move. So the % is not relevant. Everytime we have a strong bull ending, it seems the strongest and retail newbs are buying into it. Same with strong bear. Thats when either corrections or reversals happen.
Everyone can see the chart, but only a few can actually read it.
  • #520,848
  • May 16, 2020 3:58am May 16, 2020 3:58am
Quoting OnlineAddict
{quote} The % is not as important, the average price is. For example, it can go towards 2350 and both retail longs and shorts will be fucked. Just an example. The % varies with every move...if it was relevant, prices would always go just one way, until forever. Because if GU kept dropping, longs would keep increasing up to 100% and with such logic(go against the % majority), it would never go up. So its much more complex than that.
Forex is never a one sided market, prices work in cycles and each trend has expiration period. At the end of each trend, there will be a very aggressive movement to cut most trades off and hence another trend will start. Most believers of the just ended trend will still be believing in the continuation of such trend and hence price will keep reversing against them before they will realise another trend has taken place.

Now my take is that this current trend will end between 1.2080 - 1.1986 then the buying trend will take effect to at least 1.27 - 1.28 region. In the medium term price will still find its way through to 1.35 before this year end.

This is my view which isn't in any way an advise for anyone to follow but can be looked at to see if it helps in any way.

Cheers!
Data + Stat + Risk/Emotions Management
  • #520,849
  • May 16, 2020 4:23am May 16, 2020 4:23am
Quoting OnlineAddict
{quote} No, I don't. I said retail newbs will be short after such a move. So the % is not relevant. Everytime we have a strong bull ending, it seems the strongest and retail newbs are buying into it. Same with strong bear. Thats when either corrections or reversals happen.
That's the case with strong moves into support/resistance, not breaking support/resistance (which Cable has just done).
It's more complicated, needs analysis.
Compulsions can be hard to resist
  • #520,850
  • May 16, 2020 4:26am May 16, 2020 4:26am
Attached Image (click to enlarge)
Click to Enlarge Name: CamScanner 05-16-2020 12.19.54_1.jpg Size: 136 KB
yes yes yes
  • #520,851
  • May 16, 2020 4:44am May 16, 2020 4:44am
Quoting Moty
{image}
Still hold????
  • #520,852
  • May 16, 2020 4:48am May 16, 2020 4:48am
Hi Guys,

This is my view for the pound for the next few trading days.

I see a downtrend channel, which if broken to the downside will take us to the 23.6 fibo of the 1.35 - 1.14 rally, which is 1.1900.

If not on the other hand can take us to 1.22200, which is the 38.2 fibo and it doesn't hold, we either see it to 1.24650 or back to the downside of the channel.

Currently 1.21000 stands at the 38.2 fibo from the 1.32-1.14 rally, so for me this is a decision area.

I kept my sells opened, so that I can take advantage of a move to the downside.

This is what I see and what I will be expecting for next week.

Stay safe and green!
Attached Image (click to enlarge)
Click to Enlarge Name: GBPBreak.jpg Size: 289 KB
Patience and Discipline.
  • #520,853
  • May 16, 2020 6:22am May 16, 2020 6:22am
Hello folks in less than 48 hours my fate will be known. Just so worried here & could not sleep through the night. This is the only equity I have got & my life depends on it.

Please where can I check live update for GU ? With only15 pips from price 1.2104 and it will be margin call to zero. I have made an unforgiving mistake. I didn't edge my buys. Signal providers has finished me.
  • #520,854
  • May 16, 2020 6:38am May 16, 2020 6:38am
Quoting silolo
Hello folks in less than 48 hours my fate will be known. Just so worried here & could not sleep through the night. This is the only equity I have got & my life depends on it. Please where can I check live update for GU ? With only15 pips from price 1.2104 and it will be margin call to zero. I have made an unforgiving mistake. I didn't edge my buys. Signal providers has finished me.
mate..
how about just consider it loss..
at trading we can’t put our position or trading at risk or pressure like that..not healthy way..
not a wise thinking we are if like play like that..
take care..
just for a cup of coffee...
  • #520,855
  • May 16, 2020 6:42am May 16, 2020 6:42am
Quoting silolo
Hello folks in less than 48 hours my fate will be known. Just so worried here & could not sleep through the night. This is the only equity I have got & my life depends on it. Please where can I check live update for GU ? With only15 pips from price 1.2104 and it will be margin call to zero. I have made an unforgiving mistake. I didn't edge my buys. Signal providers has finished me.
Xe.com
Not exactly reliable but if you are anxious to look at prices, check that.
  • #520,856
  • May 16, 2020 6:47am May 16, 2020 6:47am
XE is just a bunch of random numbers during the weekend. This is a bit better:
https://www.ig.com/en/weekend-trading
Everyone can see the chart, but only a few can actually read it.
  • #520,857
  • May 16, 2020 6:52am May 16, 2020 6:52am
Quoting silolo
Hello folks in less than 48 hours my fate will be known. Just so worried here & could not sleep through the night. This is the only equity I have got & my life depends on it. Please where can I check live update for GU ? With only15 pips from price 1.2104 and it will be margin call to zero. I have made an unforgiving mistake. I didn't edge my buys. Signal providers has finished me.
I am sad to hear your story. There is a chance that it does a retracement due to it making a breakout. There is room on both sides according to fibonnaci levels. What is the amount of capital that you are trading on?
Risk Management is of utmost importance!
  • #520,858
  • May 16, 2020 6:55am May 16, 2020 6:55am
Quoting silolo
Hello folks in less than 48 hours my fate will be known. Just so worried here & could not sleep through the night. This is the only equity I have got & my life depends on it. Please where can I check live update for GU ? With only15 pips from price 1.2104 and it will be margin call to zero. I have made an unforgiving mistake. I didn't edge my buys. Signal providers has finished me.
If your life depends on your trading account you should be trading, For your life to depend on it you shouldn’t be trading, you should be keeping that into the bank account to keep you ticking over, additionally not to be an idiot but you shouldn’t be trading if you can’t sleep if you have running losses, losses are part of the game no one can avoid them no matter how good you are it’s how you deal with them up there makes you successful, also You really really really shouldn’t be trading if you can’t keep up with your positions, it’s actually not a signal providers fault the way I’m reading it it’s actually yours, even though I don’t agree with signals, your risk management must be off or your account is hardly anything, all I can say is good luck.

im not tryna be mean at all, i support all in here, and try and be helpful as much as possible but its the harsh reality of this industry.

Learn to trade, then actually trade.

Its like somebody yesterday asking moty to run their accounts, we trade and keep updates on here to get a way from that shitty perception lol.
  • #520,859
  • May 16, 2020 6:57am May 16, 2020 6:57am
Quoting Stefan90csk
Hi Guys, This is my view for the pound for the next few trading days. I see a downtrend channel, which if broken to the downside will take us to the 23.6 fibo of the 1.35 - 1.14 rally, which is 1.1900. If not on the other hand can take us to 1.22200, which is the 38.2 fibo and it doesn't hold, we either see it to 1.24650 or back to the downside of the channel. Currently 1.21000 stands at the 38.2 fibo from the 1.32-1.14 rally, so for me this is a decision area. I kept my sells opened, so that I can take advantage of a move to the downside. This...
cool vision, ill put mine up sunday night, have a good weekend stefan!

see you still got those sells running?
  • #520,860
  • May 16, 2020 6:59am May 16, 2020 6:59am
Quoting OnlineAddict
XE is just a bunch of random numbers during the weekend. This is a bit better: https://www.ig.com/en/weekend-trading
Do these rates also rhyme with market rate at weekly open?
Data + Stat + Risk/Emotions Management
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