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Cable Update (GBPUSD)

  • #525,301
  • Jun 4, 2020 5:59am Jun 4, 2020 5:59am
Quoting msniper
{quote} its a risky long cause 1h still bearish but lets see
It's worth a shot =)
Set GOAL, REACH and REPEAT.
  • #525,302
  • Jun 4, 2020 5:59am Jun 4, 2020 5:59am
Quoting despichtt
'BOE's Hauser: Negative rates won't happen in the near-term'
This is not true sorry!

https://www.theguardian.com/business...-business-live
  • #525,303
  • Jun 4, 2020 6:01am Jun 4, 2020 6:01am
Quoting HaLBot
{quote} 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...
ok, thats clear.
I always wondered who was meant by "crooks".

But now i want to know something else:
Do you think they coordinate this pain for retail traders? OR d you think they independently know where the pain is and it just works out in a big move when they happen to do the same thing?
in wondering about yourself, you forgot what you came here to be part of
  • #525,304
  • Jun 4, 2020 6:09am Jun 4, 2020 6:09am
Quoting knkie
{quote} ok, thats clear. I always wondered who was meant by "crooks". But now i want to know something else: Do you think they coordinate this pain for retail traders? OR d you think they independently know where the pain is and it just works out in a big move when they happen to do the same thing?
Well they all trade the same way and they know exactly where the Buy and sell orders are located as well as SLs, the banks see all this info.....

This prop trader I used to know Adam said when a new trader came in to the firm they didn't care if he/she didn't make any money for the first 6 months just that they didn't lose money.
So with that sort of training you learn to trade the way the banks/Prop firms want you to trade plus instant access to market moving news....

Makes me laugh when people here call them crooks, they are employed by the firms to make money, it's as simple as that...If your not making money trading, your to blame no one else.
Don't Leave Money on the Table
  • #525,305
  • Jun 4, 2020 6:11am Jun 4, 2020 6:11am
Quoting Bydyke
{quote} 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...
thanx for the answer
Im not trolling ...i really am interested.

To be honest: i dont really understand the fundamentals of finance.
I have always seen Trading charts as reflextions of emotions, primarily Fear.
Fear to lose or fear to not take profit on time.
This leads to certain behavioural trades and at certain triggers that lead to a move we can jump on.
I dont think i can influence big moves like the big banks.
So for me its all just probability and finding the right triggers....
Whether thats forex, stocks, gold or interest rates....
in wondering about yourself, you forgot what you came here to be part of
  • #525,306
  • Jun 4, 2020 6:14am Jun 4, 2020 6:14am
Quoting HaLBot
{quote} Makes a whole lot of sense, I'm targeting 2550 too so it must be right
H1 has closed and all we got was a doji that got to 2543. Is that the high of the day? I don't think so. Before PA will take a definite plunge downwards it will most likely touch 2557, at the least. That is where Aki's H4 top band is
Attached Image (click to enlarge)
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  • #525,307
  • Jun 4, 2020 6:18am Jun 4, 2020 6:18am
Quoting HaLBot
{quote} Well they all trade the same way and they know exactly where the Buy and sell orders are located as well as SLs, the banks see all this info..... This prop trader I used to know Adam said when a new trader came in to the firm they didn't care if he/she didn't make any money for the first 6 months just that they didn't lose money. So with that sort of training you learn to trade the way the banks/Prop firms want you to trade plus instant access to market moving news.... Makes me laugh when people here call them crooks, they are employed by...
im on the same page.
personal responsibility is important in trading.
If i lose money its my own fault.

Capital Preservation is the most important lesson.
in wondering about yourself, you forgot what you came here to be part of
  • #525,308
  • Jun 4, 2020 6:19am Jun 4, 2020 6:19am
There's no volume in this drop... I think 1.2560 and than will drop
  • #525,309
  • Jun 4, 2020 6:22am Jun 4, 2020 6:22am
Quoting Bydyke
{quote} 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
mm not that sure now waiting for it to break my tl but its stopped short ,may be trying to confirm that last move uo 2545 so if it breaks long again for 30 pips and re look
  • #525,310
  • Jun 4, 2020 6:24am Jun 4, 2020 6:24am
Not my chart but makes good sense.
Attached Image
  • #525,311
  • Jun 4, 2020 6:24am Jun 4, 2020 6:24am
Quoting knkie
{quote} im on the same page. personal responsibility is important in trading. If i lose money its my own fault. Capital Preservation is the most important lesson.
when your new in a trading room all they want you to do is look for possible trades ,then you have to get the ok or the higher pro traders make any trades
  • #525,312
  • Jun 4, 2020 6:26am Jun 4, 2020 6:26am
Quoting knkie
{quote} thanx for the answer Im not trolling ...i really am interested.on. I dont think i can influence big moves like the big banks. So for me its all just probability and finding the right triggers.... Whether thats forex, stocks, gold or interest rates....

Of course, you are quite right. That is what speculation is all about. The Central Banks watch the market all the time like we do and intervene when it is necessary. The don't get involved all the time and that is why we make money. And even when they do, some other persons benefit. Also, when you put yourself in their own shoes, you can flow with them. In fact, that is why in this market, there are all kinds of traders. There are people who trade only news or NFP or FOMC and they make cool money.

At the end, one thing is clear: the market accommodates all
  • #525,313
  • Jun 4, 2020 6:28am Jun 4, 2020 6:28am
Attached Image (click to enlarge)
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15 min under 50 ema but we have crossed. So I am in short on that flip I played before but need to break the tl to go lower .
  • #525,314
  • Jun 4, 2020 6:30am Jun 4, 2020 6:30am
Quoting Bydyke
{quote} Of course, you are quite right. That is what speculation is all about. The Central Banks watch the market all the time like we do and intervene when it is necessary. The don't get involved all the time and that is why we make money. And even when they do, some other persons benefit. Also, when you put yourself in their own shoes, you can flow with them. In fact, that is why in this market, there are all kinds of traders. There are people who trade only news or NFP or FOMC and they make cool money. At the end, one thing is clear: the market...
agreed.
thats why no one method is correct or incorrect.
But in the end: price never lies.
You either got it right or wrong.
in wondering about yourself, you forgot what you came here to be part of
  • #525,315
  • Jun 4, 2020 6:31am Jun 4, 2020 6:31am
Quoting elbert3
{image} 15 min under 50 ema but we have crossed. So I am in short on that flip I played before but need to break the tl to go lower .
Like the new charts Elbert
Don't Leave Money on the Table
  • #525,316
  • Jun 4, 2020 6:34am Jun 4, 2020 6:34am
Attached Image (click to enlarge)
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clean chart . Is it long now or false we are at 38%pulback on the doji top the above x is 61.%
  • #525,317
  • Jun 4, 2020 6:40am Jun 4, 2020 6:40am
Quoting Georginson
{quote} If this is a reference to what I typed earlier come out straight and ask for clarity.
I wasn't responding to you, I didn't even read your post until just now.
I was responding to the post made by mkvy about the need to just "follow price".

The same post you quoted.
Compulsions can be hard to resist
  • #525,318
  • Jun 4, 2020 6:41am Jun 4, 2020 6:41am
Quoting Georginson
{quote} 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...
Thats exactly the situation when you trade on 5 minutes charts
  • #525,319
  • Jun 4, 2020 6:41am Jun 4, 2020 6:41am
Quoting HaLBot
{quote} Like the new charts Elbert
i have gone Technicolour lol its demo so that i can show the charts , and i am trying to trade it with bigger lots and trying to keep it at 15% of the entrance fee, plan to get to 1 million lol ,
  • #525,320
  • Jun 4, 2020 6:41am Jun 4, 2020 6:41am
Quoting knkie
{quote} agreed. thats why no one method is correct or incorrect. But in the end: price never lies. You either got it right or wrong.
Absolutely
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