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Cable Update (GBPUSD)

Quoting joesherwood
a good friend told me its not where you at to succeed in anything at life, its where your minds at. i think i can speak for all here, when we all started we didn't have money coming out of are ears, we have all looked on our trading platforms and seen red and been worried, its about learning and staying composed, its just part of the journey, speaking from experience dude losing money at 18 when i was working full time on minimum wage sucked, my life had hardly began and i was losing, its not what happens it how you deal with it, if you wanna talk...
Well written. For me, the basis of commerce is understanding this pyramid where psychology is the most important foundation. I am not perfect and I make mistakes. Then I come back to this pyramid. I had some mistakes last week but this is part of the trade. Funny are some traders who consider themselves gurus. As a salesman suggests that he has only profitable transactions and does not make mistakes, in my opinion he is lying.
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Be careful @1.20 weekly support.
Quoting joesherwood
a good friend told me its not where you at to succeed in anything at life, its where your minds at. i think i can speak for all here, when we all started we didn't have money coming out of are ears, we have all looked on our trading platforms and seen red and been worried, its about learning and staying composed, its just part of the journey, speaking from experience dude losing money at 18 when i was working full time on minimum wage sucked, my life had hardly began and i was losing, its not what happens it how you deal with it, if you wanna talk...
Tell that to my mother-in-law.....
Lost....
Quoting gespiri
{quote} Tell that to my mother-in-law.....
haha
I do not understand why to masturbate at the weekend where the price will be after opening the market. It can be anywhere. No one in this forum knows about this.
Quoting ozalid
{quote} Well written. For me, the basis of commerce is understanding this pyramid where psychology is the most important foundation. I am not perfect and I make mistakes. Then I come back to this pyramid. I had some mistakes last week but this is part of the trade. Funny are some traders who consider themselves gurus. As a salesman suggests that he has only profitable transactions and does not make mistakes, in my opinion he is lying. {image}
nice pyramid bro, very useful, all the fakes on social media is what ruin people like us in here who trade real and we admit are wins and losses, to them its all a persona, which then make their "students" give up when they hit red, its sad.

im actually bit disappointed when I tell someone my main source of income as that the start off most conversations for people my age, as I know they have seen 10+ ads that day of making "£500 a day if you have a spare 5 mins on your phone."
Quoting sherazali
{quote} My friend, there is no doubt in the trend the gbpusd is on the downside and needs to get down around more than 400 pips more before it gets the support. Just try to understand that market work in waves so yes the slight pullback is possible and you can get the price. But if the opening gap is huge which currently suggests than pullback might not be possible anyways the price will retest the 1.2000 level before making the lower lows you can cut that trade at that point. Never lose more than 1% of your capital in a single trade. Forex is nothing...
Wow I'm glad about the incisive nature of your analysis, it is worth paying much attention to.

Check year 2013 monthly chart, you will see a decline of 1500 pips from January to March, then a retracement from that same March to April before 600 pips fall in May and about 200 pips retracement that same May.

This 2020 so far has seen a decline of 1800 pips from January to March, then a retracement from that same March to April, now a potential 600 pips fall in this May (1.2599 - 600pips) = 1.2000, then 200 pips retracement will likely follow to probably end this May at 1.22 region.

Check most month of May ranges... May 2013 (600 pips range) May 2018 (568 pips range) May 2019 (618 pips range) I did pick out month of Mays with much ranges

Now this May 2020 range being 500 pips range so far can do up to 580 - 620 pips range which implies price can touch 1.2020 (August 2019 Low) or 1.1980 (January 2017 Low)

In summary, I'm not ruling out 1 16 in the future but it's definitely not this May. Price will have to move to at least 1.23 region before another slide if it will ever happen.

Then there has not been a year from 2010 - 2019 that price hasn't moved above and below the opening price by 250 pips or more even in Brexit year 2016 this still happened. Also check 2013 monthly chart, you will see price first sold by 1500 pips from January to July before making a remarkable bull run to end the year bullish by 1770 pips rise from low.

In this 2020, price will still find its way through to 1.34/1.35 region and being cut with these low prices will bring long term catastrophe.

Just my humble view not advise for anyone to follow.

I hope this helps in some capacity. Cheers!
Rejections spur me for greatness!!!
Quoting joesherwood
{quote} nice pyramid bro, very useful, all the fakes on social media is what ruin people like us in here who trade real and we admit are wins and losses, to them its all a persona, which then make their "students" give up when they hit red, its sad. im actually bit disappointed when I tell someone my main source of income as that the start off most conversations for people my age, as I know they have seen 10+ ads that day of making "£500 a day if you have a spare 5 mins on your phone."
People by nature like to have stability and confidence. They won't find it on the stock exchange.
Quoting Georginson
{quote} Too early to confirm the gap down, I saw it trading at 1.2081 weekend trading but main market will open in about 15 hours time, which can still trade higher by then. In most towards opening time price trades higher. Then if you are lucky to escape this, never trade with Money you cannot afford to lose. There will be better days ahead of you, please do not do anything you will regret later.

The NADEX. Minimum deposit is $100. BIG leverage. The longest trade in duration though is 1 week. All Regulated and completely legit. You can scalp BINARY OPTIONS. Many popular FX pairs. Sorry for your losses.
Be humble or be humbled.
Quoting Temujin
{quote} The NADEX. Minimum deposit is $100. BIG leverage. The longest trade in duration though is 1 week. All Regulated and completely legit. You can scalp BINARY OPTIONS. Many popular FX pairs. Sorry for your losses.
This statement was made to calm a fellow trader with suicidal thoughts... Thanks for your feedback.
Rejections spur me for greatness!!!
Quoting Georginson
{quote} Wow I'm glad about the incisive nature of your analysis, it is worth paying much attention to. Check year 2013 monthly chart, you will see a decline of 1500 pips from January to March, then a retracement from that same March to April before 600 pips fall in May and about 200 pips retracement that same May. This 2020 so far has seen a decline of 1800 pips from January to March, then a retracement from that same March to April, now a potential 600 pips fall in this May (1.2599 - 600pips) = 1.2000, then 200 pips retracement will likely follow...

U reminded me one of my friend in here
Her name is marcieny that have very strong bias when trading
Quoting DailyChart
{quote} U reminded me one of my friend in here Her name is marcieny that have very strong bias when trading
ha ha..
leave her alone mate
just for a cup of coffee...
Quoting DailyChart
{quote} U reminded me one of my friend in here Her name is marcieny that have very strong bias when trading
Oh dear lord, my scolding teacher is back again....I need some saving...
Rejections spur me for greatness!!!
https://www.forexfactory.com/news/99...ly-at-negative

GBP ⛷⛷
The grind never stops
Quoting DailyChart
{quote} U reminded me one of my friend in here Her name is marcieny that have very strong bias when trading
Hey
I understand your point of view, you trade what you see on the chart rather than having strong bias one way or another. Majority have buy or sell psychology. Some feel very uneasy when selling others when buying. So seller look for sell even when trend is up and others try to catch falling knife because of psychology of buying. The day person overcome the art of riding with the current trend, they become successful until they just chase price and suffer losses...
sell strength in falling markets, and buy weakness in rising markets.
Quoting Moty
the gap down suppose to bring price to the bottom of the channel. no big deal {image}
bro close the buys....
The grind never stops
GU is looking to hit more support probably until the end of this month.

First stop at 1.1950
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Set GOAL, REACH and REPEAT.
Quoting Georginson
{quote} In summary, I'm not ruling out 1 16 in the future but it's definitely not this May. Price will have to move to at least 1.23 region before another slide if it will ever happen. T!
Do you have a crystal ball? I’ve started trading in 2006. I remember during financial crisis in 2008, I went long on GBPUSD when it collapsed from 2 to 1.9, and I thought it had dropped 1000 pips and there was no way it wouldn’t retrace. Then I held into my losing position for a very long time. Since that experience, I learned you better expect the unexpected. You may or may not be correct in your analysis. I am not worried about you as you seem like a seasoned trader and know how to manage your positions. But I am worried about the newbies who are reading these kind of strong directional bias and follow them, only to realize their account is gone.
Quoting shahab8b
{quote} Do you have a crystal ball? I’ve started trading in 2006. I remember during financial crisis in 2008, I went long on GBPUSD when it collapsed from 2 to 1.9, and I thought it had dropped 1000 pips and there was no way it wouldn’t retrace. Then I held into my losing position for a very long time. Since that experience, I learned you better expect the unexpected. You may or may not be correct in your analysis. I am not worried about you as you seem like a seasoned trader and know how to manage your positions. But I am worried about the newbies...
Noted mate. I will adjust accordingly.
I did mention that my analysis isn't in anyway a trading advise to anyone, I only stated my bias based on my analysis. In all honesty anything can happen in this market a typical example is this recent March where 1800 pips move happened within two weeks.
Rejections spur me for greatness!!!
trading in certain direction always helps, whether it is long or short.

this month, One can expect 1.1985 or below, 1.1805
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Intraday only.
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