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Cable Update (GBPUSD)

  • #525,861
  • Edited 12:14pm Jun 6, 2020 11:59am | Edited 12:14pm
Quoting Georginson
{quote} Price dropped by 400 - 550 pips on different occasions which is what validate it as a double top but got broken yesterday which led to the question of where the top could be.. I believe more in detailed explanation of price movements than chart uploads
Please, not a double top as Bones said it. Reversal patterns (H&Sh, double top/bottom, V shaped reversal) happen at price extreme as a terminal move with RSI or any other oscillator’s extreme or divergence.
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  • #525,862
  • Jun 6, 2020 12:33pm Jun 6, 2020 12:33pm
Thiago Pereira, [06.06.20 14:27]
What I need is to appear at the start of the candle, now appears after starting the candle in 1min graphics appears 20 to 40sec later, This indicator is very good only appears mostly after starting the candle. Thank you very much!!
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File Type: mq4 SMA CrossOver_Justin.mq4   6 KB | 193 downloads
  • #525,863
  • Jun 6, 2020 12:43pm Jun 6, 2020 12:43pm
Quoting shahab8b
{quote} Please, not a double top as Bones said it. Reversal patterns (H&Sh, double top/bottom, V shaped reversal) happen at price extreme as a terminal move with RSI or any other oscillator’s extreme or divergence. {image}
Thanks shahab8b....this is helpful
Data + Stat + Risk/Emotions Management
  • #525,864
  • Jun 6, 2020 12:56pm Jun 6, 2020 12:56pm
GBPUSD, similar to other good charts here, strong R zone @ 1.273-1.278, but overall bullish for now
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  • #525,865
  • Jun 6, 2020 4:40pm Jun 6, 2020 4:40pm
Quoting rahadian1
very nc week {image} i still hold some buy, i think we can go 1.28 {image} good luck next week guys
Same think here
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  • #525,866
  • Jun 6, 2020 6:37pm Jun 6, 2020 6:37pm
almost finish develop bearish gartley in H4 ?

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  • #525,867
  • Jun 7, 2020 2:35am Jun 7, 2020 2:35am
Quoting Georginson
{quote} 1.2790 max before crash back to 1.1980
if you are right , then you short the retrace OK. it can be small body Weekly candle close to correct the next top.
weekly is saying buy no doubt.
just Buy it on next mid -Thursday that is the B.
Maybe...
trade what you feel comfortable.
If skills could be acquired by watching, every dog would be a butcher. Turk
  • #525,868
  • Jun 7, 2020 3:29am Jun 7, 2020 3:29am
Quoting Zircon
{quote} if you are right , then you short the retrace OK. it can be small body Weekly candle close to correct the next top. weekly is saying buy no doubt. just Buy it on next mid -Thursday that is the B. Maybe... trade what you feel comfortable.
660 pips move already from low, can do 720 pips move being a target at 1.2790 area before 800 pips gradual crash. Classic example is June 2013.
Data + Stat + Risk/Emotions Management
  • #525,869
  • Jun 7, 2020 4:18am Jun 7, 2020 4:18am
This is what I am seeing. I might be wrong. Trade Safe.

Cheers
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WARNING: This post warps space and time in its vicinity.
  • #525,870
  • Edited 7:07am Jun 7, 2020 4:39am | Edited 7:07am
Quoting joesherwood
Hello all, it’s been a good few days now since I stepped away from my account after having a bad beginning of the week, if you missed it I lost 4% on shorting the pair, across some scalps. this is not me moaning whatsoever, this is what the market does, I Will always say the good and bad in my trading experience, despite your win rate or whatever you lose it it’s just part of it it’s how you recover. Thankfully the losses were not drastic as I stuck to my RM and not me deposits. however another lesson learned. Which is the most important part. This...
Geeeez M8 don't stress too much about 4% but it is a good thing your concerned about it, shows you realise the situation and not in denial
Some of my really bad days I wished I had only lost 4%
My understanding of how the banks and big prop firms trade is they have a maximum drawdown of 20% because a trader can recover from it fairly easily but anything below that it gets a lot harder....
Don't Leave Money on the Table
  • #525,871
  • Edited 7:39am Jun 7, 2020 7:07am | Edited 7:39am
FA
Fanatasitc employment figures on Friday- then pound rallied into liquidity level- under short accumulation and sold off into the POC
China appear to have a vaccine
The UK - if they do bring in neg rate will be a long time waiting
UK China relations not good
Especially, if UK bans Huwaei equipment
Also PM and Chancellor not getting on

Latest news
Boris Johnson is looking to further boost business to get it to return - and a major speech has been prepared
Trump builds a wall around the White House
FOMC meet this week- important

Tec
I prefer clear sentiment - as this is what will focus the minds of the portfolio managers- when they have to adjust their positions
The pullback on Friday was long covering for the weekend-
We had tested into a liquidity level- nice sell location actually
They did accumulate a sell position into Friday's high
Closed at the POC

There has been a reduction in selling the dollar
FOMC due this week.........so this must weigh on senitment.

Best trade I think is CADJPY- decent figs on Friday, opec news and as long as there is a risk on bias= which I think there should be
China figues beat estimates...
Will check fixing
Even if strength returns on the dollar this will benefit the CAD
No CAD news this week

As the pound is a risk currency - it will be affected as such.

MAIN RISKS WITH THE POUND:

Risk in infections
Boris Johnson blocking Huwaei which will bring a response from China
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Look ahead, Macro=Direction, Levels & Structure = Entry
  • #525,872
  • Jun 7, 2020 7:14am Jun 7, 2020 7:14am
Quoting HaLBot
{quote} Geeeez M8 don't stress about 4%, some of my really bad days I wished I had only lost 4% It's a good thing your very concerned about losing 4% My understanding of how the banks and big prop firms trade is they have a maximum drawdown of 20% because a trader can recover from it fairly easily but anything below that it gets a lot harder....
haha thanks mate, yeah not really the % just the streak of losses you get me, thats what bummed me out, be doing this long enough to not keep going in with the same trades, anyway past is past

say it happened Monday, i was like wow i haven't done this this long to make mistakes like that lol

new week ahead
Joe


good to see you back mate
  • #525,873
  • Jun 7, 2020 7:22am Jun 7, 2020 7:22am
[quote=SFundamental;12988208]FA Fanatasitc employment figures China appear to have a vaccine The UK - if they do bring in neg rate will be a long time waiting UK China relations not good Especially, if UK bans Huwaei equipment Latest news Boris Johnson is looking to further boost business to get it to return - and a major speech has been prepared Trump builds a wall around the White House

I would be extremely cautious about taking this newly minted coronavirus vaccine(if one exists yet?). Vaccines take around 18 months to fully develop so I myself wouldn't be going anywhere near it for at least two years....wait and see what effect it has on a sizeable portion of people, but you need to make your own minds up. I've never had a flu shot believing it's better to cop the flu once a year to help my immune system. Once I get to an age where my immune system is dropping maybe then I'll get the yearly flu injection...
The ones in power in China run an organised crime syndicate known as Communism where no one in that country has any political freedom. Communism has murdered at least 120 million people making Hitler, one of the most hated individuals in the world, small fry. Some historians put their murder rate at 250 million but I'm being a bit conservative.
So the rise of this criminal organisation is going to cause friction in the West where we value freedom of speech, although some here, brain washed by the communists, think you have no right to free speech!!!
Peter Wright's autobiography 'Spy Catcher' gives you a really good understanding of the aims of Communism which is total world domination.
Don't Leave Money on the Table
  • #525,874
  • Edited 7:36am Jun 7, 2020 7:26am | Edited 7:36am
Quoting joesherwood
{quote} haha thanks mate, yeah not really the % just the streak of losses you get me, thats what bummed me out, be doing this long enough to not keep going in with the same trades, anyway past is past say it happened Monday, i was like wow i haven't done this this long to make mistakes like that lol new week ahead Joe good to see you back mate
There are two types of traders in the world, ones who have lost money and ones who are going to lose money

I believe the loses are what makes a better trader. Many times I read or watch traders who have blown many accounts but then go on to be the best traders out there.
Don't Leave Money on the Table
  • #525,875
  • Jun 7, 2020 7:44am Jun 7, 2020 7:44am
Quoting HaLBot
Quoting SFundamental
FA Fanatasitc employment figures China appear to have a vaccine The UK - if they do bring in neg rate will be a long time waiting UK China relations not good Especially, if UK bans Huwaei equipment Latest news Boris Johnson is looking to further boost business to get it to return - and a major speech has been prepared Trump builds a wall around the White House I would be extremely cautious about taking this newly minted coronavirus vaccine(if one exists yet?). Vaccines take around 18 months to fully develop so I myself
...
Hal- I have seen what they have done-and am pro democarcy 100%.
I feel genuinley sorry for the people in that part of the world -with what they have to endure
But when trading -I have to look through the market with different eyes
The "vaccine" is just one part of it...but a significant one, as price moves on these stories
Look ahead, Macro=Direction, Levels & Structure = Entry
  • #525,876
  • Jun 7, 2020 7:54am Jun 7, 2020 7:54am
Quoting SFundamental
I feel genuinley sorry for the people in that part of the world
Why, they also do good things and they really care about their own people. Did you miss how fast they were on zero regarding covid in Wuhan? Look at the mess most people in the West still living. Sarc..

Life is great!!
  • #525,877
  • Jun 7, 2020 8:00am Jun 7, 2020 8:00am
Quoting despichtt
{quote} Why, they also do good things and they really care about their own people. Did you miss how fast they were on zero regarding covid in Wuhan? Look at the mess most people in the West still living. Sarc..
I do remember them allowing people to fly all over the world infecting countries whilst they closed internal travel in China
I also know they have been trying to buy businesses that have been affected by COVID 19 in the West
And the people in Hong Kong and Tiawan who live under their constant threats.
But apart from that they are lovely
Look ahead, Macro=Direction, Levels & Structure = Entry
  • #525,878
  • Jun 7, 2020 8:04am Jun 7, 2020 8:04am
Quoting despichtt
{quote} Why, they also do good things and they really care about their own people. Did you miss how fast they were on zero regarding covid in Wuhan? Look at the mess most people in the West still living. Sarc..
Ask yourself mate who created covid in the first place. They know what they are doing Mate. One just got to be observant that is all.
It is all about the foreign exchange market.
  • #525,879
  • Jun 7, 2020 8:05am Jun 7, 2020 8:05am
Quoting SFundamental
{quote}{quote} Hal- I have seen what they have done-and am pro democarcy 100%. I feel genuinley sorry for the people in that part of the world -with what they have to endure But when trading -I have to look through the market with different eyes The "vaccine" is just one part of it...but a significant one, as price moves on these stories
I apologise if you thought I was attacking you thinking you were pro communist. That was not my intention at all just to make people aware that vaccines usually take 18 months to develop.
Then thinking about the UKs stance on Huiwei got me thinking about China's standing with the West right now. A chinese general stated publically around 20 years ago that China and America cannot coexist and they might not publically say that now but I'm sure they think and are actively working to that objective. If America goes down were fucked in West....So peoples of the free world should stop trying to bring America down and realise our freedoms have been hard won by people who sacrificed their lives. Australia owes an eternal debt of gratitude to America because without their help we would not have been able to stop the Japanese in WW2.

So again sorry for any misunderstanding as I knew you were talking about the effects on the markets
Don't Leave Money on the Table
  • #525,880
  • Jun 7, 2020 8:11am Jun 7, 2020 8:11am
Quoting despichtt
{quote} Why, they also do good things and they really care about their own people. Did you miss how fast they were on zero regarding covid in Wuhan? Look at the mess most people in the West still living. Sarc..
Whenever I post or chat about the ills of China I make it very clear it's the communist and not the people. I fully support any race colour or creed to exist and be prosperous in this world....
Don't Leave Money on the Table
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