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Cable Update (GBPUSD)

  • #525,281
  • Jun 4, 2020 5:20am Jun 4, 2020 5:20am
Quoting Bydyke
{quote} At about 2pm GMT yesterday, PA which had hovered around 2560 ran up back to 2600. That was a prelude for the move of the day, which should have been southwards. But to give traders some confusion, PA was pushed up above the day’s hi to 2614 with H1 posting a bull-coloured pin bar. But subtly, the bear run began and it would take a touch of ingenuity to have spotted it at that time. Conveniently, during the Asian session, the bear run opened up and this has taken us to 2500 (114 pips). This was the move of the day that should have happened...
Sure
but who are they?
Does anyone know one of them?
HOw does one become a member of that club?
Do they call each other and decide to be crooked at a certain time of day?

Id just like to hear someone pinpoint who these people are ... and i dont mean in a movie, but in real life.
in wondering about yourself, you forgot what you came here to be part of
  • #525,282
  • Jun 4, 2020 5:24am Jun 4, 2020 5:24am
If GU price action retraces to the 1.25500/1.25680 area, which is the 61.8 Fib zone of the recent significant downward swing on the H4 time frame, we are likely to have a southward turnaround for a bearish continuation.

I may be wrong. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #525,283
  • Jun 4, 2020 5:25am Jun 4, 2020 5:25am
Quoting knkie
{quote} Sure but who are they? Does anyone know one of them? HOw does one become a member of that club? Do they call each other and decide to be crooked at a certain time of day? Id just like to hear someone pinpoint who these people are ... and i dont mean in a movie, but in real life.
The banks and large prop firms are the 'Who'

I used to know this propriety trader Adam who said on a number of occasions "Price moves in the direction that hurts the most traders"

He would often say while in his trading room that 'Trapped' traders are having to close positions...
Don't Leave Money on the Table
  • #525,284
  • Jun 4, 2020 5:30am Jun 4, 2020 5:30am
Quoting ongtrumvn99
{quote} target 1.2842 {image}
up
Attached Image
SCALP WIN
  • #525,285
  • Jun 4, 2020 5:30am Jun 4, 2020 5:30am
I think a move towards 2560 would be a good sell for close to 100 pips
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 35 KB
Compulsions can be hard to resist
  • #525,286
  • Jun 4, 2020 5:31am Jun 4, 2020 5:31am
Quoting elbert3
{image} that’s me done short again . It did break the tl as we see so that’s my target to that breakout
I believe the primary target of this bullish move is 2548, which is the H1 average. Then at the close of the hour, what it does there will tell us the direction of the day
  • #525,287
  • Jun 4, 2020 5:34am Jun 4, 2020 5:34am
Quoting Bydyke
{quote} I believe the primary target of this bullish move is 2548, which is the H1 average
Makes a whole lot of sense, I'm targeting 2550 too so it must be right
Don't Leave Money on the Table
  • #525,288
  • Jun 4, 2020 5:34am Jun 4, 2020 5:34am
Short now 2538. Stop today high
Intraday only.
  • #525,289
  • Jun 4, 2020 5:36am Jun 4, 2020 5:36am
Quoting mkvy
The biggest failing i see with 99% of the posts here is that they are trying to predict where the price is going to go with all manner of lines and indicators , instead of just following the price. I dont use fibs, i dont use horizontal s?r, i dont use pivots and idont use news I do use stoploss
What you just said sounds smart, but in the end it helps nobody. How do you just follow price without using anything at all? Just a stop loss. Sincerely, this makes no sense. And I mean this respectfully. You can ignore everything else, but also condemning S and R sounds funny and phony at the same time. Good luck.
  • #525,290
  • Jun 4, 2020 5:37am Jun 4, 2020 5:37am
Entered short 1.25376
Set GOAL, REACH and REPEAT.
  • #525,291
  • Jun 4, 2020 5:43am Jun 4, 2020 5:43am
  •  Rgkc
  • | Joined Dec 2010 | Status: Never stop learning about forex! | 419 Posts
[quote = navk; 12982649] Curto agora 2538. Pare hoje alto [/ quote]
I follow
1st tp - 1.2486
2nd tp - 1.2466
Studing..............
  • #525,292
  • Jun 4, 2020 5:43am Jun 4, 2020 5:43am
Enter short @1.2535 waiting for a down train
  • #525,293
  • Jun 4, 2020 5:43am Jun 4, 2020 5:43am
still short for me..
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM15-04Jun-1740.png Size: 69 KB
live your life heartfully..
  • #525,294
  • Jun 4, 2020 5:43am Jun 4, 2020 5:43am
Quoting mkvy
The biggest failing i see with 99% of the posts here is that they are trying to predict where the price is going to go with all manner of lines and indicators , instead of just following the price
Following the price is recipe for disaster as price on lower time frames changes quickly which will technically lead to chaotic trading actions. The best I know is identify top and bottoms, join the buy side when the bottom is near or or continue buying when the bottom is seen and/or join the sell side when the top is near or continue selling when the top is seen.

Now the major question is how do you get the conviction to stay on buying or selling side... Indicators and oscillators have been designed to spot these actions but they all come with flaws and shortcomings... Hence the use of ranges will help determine whether the current trend is still in progress or about to reverse.

Ranges show the capacity with which an exchange rate can move from one zone to another at a given time. The use of ranges helps reduce risk and prompts accuracy. A defensive range approach waits for certain ranges to occur before placing entries.

For instance the minimum weekly range in the last 13 weeks is 225 pips. Now if defensive range had been applied this week the first sell entry would have been at 1.2548 (being 225 pips range of 1.2323 - 1.2548). With this system there will only be reliance on retracement of price and not assumptive analysis of where price will move to which can be wrong and expose one's equity.

I will create a thread on this ranges if there is any interest on it.
Data + Stat + Risk/Emotions Management
  • #525,295
  • Jun 4, 2020 5:44am Jun 4, 2020 5:44am
gonna risk a buy here 1.2530 with SL 1.2510 lets see

daily bullish 4h bearish 1h bearish 30mins bullish 15mins bullish

so lets see how it goes
  • #525,296
  • Jun 4, 2020 5:46am Jun 4, 2020 5:46am
I would also like to know what people mean by just "following price", without any other reference(s) upon which to make trading decisions.

So market prints a down bar on a watched time frame, and we sell?
Market prints an up bar on a watched time frame and we buy?

Sound like old school purest theory without any practical application to make a profit, unless someone could kindly point it out
Compulsions can be hard to resist
  • #525,297
  • Jun 4, 2020 5:50am Jun 4, 2020 5:50am
Quoting msniper
gonna risk a buy here 1.2530 with SL 1.2510 lets see daily bullish 4h bearish 1h bearish 30mins bullish 15mins bullish so lets see how it goes
Somehow I see the validity on your long. H4 chart shows a possible retest of 1.2590 or a spike higher before it goes down. But 2 hrs more till the h4 candle closes for me. May be more than an hour from now my stochs might show me an alignment of a bull in lower timeframes.
Attached Image (click to enlarge)
Click to Enlarge Name: GUh4.png Size: 11 KB
Set GOAL, REACH and REPEAT.
  • #525,298
  • Jun 4, 2020 5:54am Jun 4, 2020 5:54am
Quoting trumps
I would also like to know what people mean by just "following price", without any other reference(s) upon which to make trading decisions. So market prints a down bar on a watched time frame, and we sell? Market prints an up bar on a watched time frame and we buy? Sound like old school purest theory without any practical application to make a profit, unless someone could kindly point it out
If this is a reference to what I typed earlier come out straight and ask for clarity.
Data + Stat + Risk/Emotions Management
  • #525,299
  • Edited 6:07am Jun 4, 2020 5:55am | Edited 6:07am
Quoting knkie
{quote} Sure but who are they? ... and i dont mean in a movie, but in real life.
I like that... real life.

Anyway, I am sure you know that what we are doing is called speculating on foreign exchange. Now, in the days of the Gold standard or the fixed exchange rates, countries through their Central Banks had no worries as to whether their currencies fell or not. But with the era of floating exchange rates, it became another kettle of fish altogether.

Speculators, like you and me can destroy a currency in a twinkle. I believe you know the economics. If your exchange rate is high, it will hurt your exports and ultimately your GDP and vice versa. It becomes hydra-headed when you add the political angle. Have you now seen why the Central Banks must defend the currencies with all they have got. And if you also have to use market makers, commercial banks, syndicates as well as targeting the sessions where most traders are asleep, why not? It's a noble job for the country.

Now, are they crooks? That's another ball game altogether
  • #525,300
  • Jun 4, 2020 5:57am Jun 4, 2020 5:57am
Quoting MarunCable
{quote} Somehow I see the validity on your long. H4 chart shows a possible retest of 1.2590 or a spike higher before it goes down. But 2 hrs more till the h4 candle closes for me. May be more than an hour from now my stochs might show me an alignment of a bull in lower timeframes. {image}
its a risky long cause 1h still bearish but lets see
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