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Cable Update (GBPUSD)

  • #545,741
  • Sep 2, 2020 2:20am Sep 2, 2020 2:20am
Aaaaaand I'm out. (SL) Trade safe everyone, see you tomorrow
Emotional Control. Process, not outcome.
  • #545,742
  • Sep 2, 2020 2:24am Sep 2, 2020 2:24am
Hourly 100ma comes in @ 3324 it's where I'll be looking to buy although might not respect it
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Don't Leave Money on the Table
  • #545,743
  • Sep 2, 2020 2:30am Sep 2, 2020 2:30am
...1hr was looking potentially H&Sy from the asian hi wasn't it ? so not surprised re the down move really....Daily S1 now. ...bottom of a minor 1hr prev sw hi zone = prev res = pot rbs but it's very minor. 3321-17 next 2 x fibs....
Trader with an Edge.
  • #545,744
  • Sep 2, 2020 2:35am Sep 2, 2020 2:35am
Quoting LifeRider
Have you ever noticed how it often doesn't reach the obvious target, stops short very near, retraces, and then hits through it with force? Is it just me? If it wants to respect a level it will bounce clean off, but when it's broken, it first goes up (or down) to it, and then "gathers momentum" to break it. Does it makes any sense to you?
Glad to help who's willing to listen/learn.

The solution is easy, Patience is the key.

Many loose bcoz they hurry to enter the market, worrying of missing opportunities.

I gave an example before that Pro trader should be just like Pro Casino Gambler who waits for Casino weakest moment to strike it..

Doing so..it doesn't matter if you're a bull or bear anymore

For example, If GU said important support for today is 1.3330, do not buy there wait for near 1.33 or 1.3280 and timing and monitoring price action is crucial..

Even if you might miss some opportunities sometimes but at least you always minimize your risk considerably..

Briefly in a phrase, enter the market when pair is very exhausted..dying..last breath
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #545,745
  • Sep 2, 2020 2:35am Sep 2, 2020 2:35am
Quoting ChiForex
{quote} Gbp might come back one day but the path gonna be loooong rough tough & bumpy
What's a loooong time for you?
Compulsions can be hard to resist
  • #545,746
  • Sep 2, 2020 2:37am Sep 2, 2020 2:37am
153 pips recovery from high... Not bad. Now it may surge up some tens of pips again.
Data + Stat + Risk/Emotions Management
  • #545,747
  • Sep 2, 2020 2:37am Sep 2, 2020 2:37am
Quoting danizani95
I think today is gonna be bullish. Looking for a good price to buy
Bought. H1 and H4 bullish
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  • #545,748
  • Sep 2, 2020 2:41am Sep 2, 2020 2:41am
...23.6% downside extension of yesterday's pip range at the current lo.
Trader with an Edge.
  • #545,749
  • Sep 2, 2020 2:43am Sep 2, 2020 2:43am
Quoting LifeRider
Have you ever noticed how it often doesn't reach the obvious target, stops short very near, retraces, and then hits through it with force? Is it just me? If it wants to respect a level it will bounce clean off, but when it's broken, it first goes up (or down) to it, and then "gathers momentum" to break it. Does it makes any sense to you?
It creates an opportunity to produce liquidity.
For example, a bear may see this as a long term reversal, go short and place a stop around 1.35 or so.

Then, the market goes "thank you, I'll have that stop to fill my short order at a great price".
Compulsions can be hard to resist
  • #545,750
  • Sep 2, 2020 2:47am Sep 2, 2020 2:47am
Quoting trumps
{quote} It creates an opportunity to produce liquidity. For example, a bear may see this as a long term reversal, go short and place a stop around 1.35 or so. Then, the market goes "thank you, I'll have that stop to fill my short order at a great price".
yes sir,

30m & 4h is buy for me.
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  • #545,751
  • Sep 2, 2020 2:50am Sep 2, 2020 2:50am
... short but gainful session for me.....done for now - may have an hour or so this london afternoon. G/L all.
Trader with an Edge.
  • #545,752
  • Sep 2, 2020 2:50am Sep 2, 2020 2:50am
Almost everywhere staying hedged. Indicators might be smarter than I am...
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Maadik Hugiis. IQ 69.
  • #545,753
  • Sep 2, 2020 2:51am Sep 2, 2020 2:51am
Wedge pattern is holding. Potential massive fall from here to the lowest lowtrend.
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  • #545,754
  • Sep 2, 2020 2:57am Sep 2, 2020 2:57am
Broken neckline should be tested right on the 38 weekly pivot, before falling heavily again. That would be the ideal point to sell.
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Observation is the path to discovery.
  • #545,755
  • Sep 2, 2020 2:58am Sep 2, 2020 2:58am
Quoting LifeRider
Have you ever noticed how it often doesn't reach the obvious target, stops short very near, retraces, and then hits through it with force? Is it just me? If it wants to respect a level it will bounce clean off, but when it's broken, it first goes up (or down) to it, and then "gathers momentum" to break it. Does it makes any sense to you?
The scenario you outline happens all the time unless your in a raging rally. In fact I seem to have an innate ability to put my TPs just where this happens LOL
Say right now you set TP @ 3350 and price will hit 334990 and back off 10 pips, it might do this several times b4 breaking thru and taking out your TP.
I don't know exactly what's going on in the background but maybe it's all linked to peoples fear and greed, so some inexperienced traders could be cashing out early or algos set their TPs a little b4 points of resistance
Don't Leave Money on the Table
  • #545,756
  • Sep 2, 2020 3:02am Sep 2, 2020 3:02am
Quoting M77
Wedge pattern is holding. Potential massive fall from here to the lowest lowtrend. {image}
Yes. I mentioned this wedge the other day. It is hard to believe, but it actually can fall to the 1.28++ area before all is said and done.
This is not a prediction. Just an observation.
Observation is the path to discovery.
  • #545,757
  • Sep 2, 2020 3:04am Sep 2, 2020 3:04am
Quoting Alorente
Broken neckline should be tested right on the 38 weekly pivot, before falling heavily again. That would be the ideal point to sell. {image}
Why don't you go long to this area? Long in at 1.3339
Don't trade what you think. Just what you see!!!
  • #545,758
  • Sep 2, 2020 3:07am Sep 2, 2020 3:07am
the drop is here , and it's here to stay .
more drop to come
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yes yes yes
  • #545,759
  • Sep 2, 2020 3:08am Sep 2, 2020 3:08am
Quoting Alorente
{quote} Yes. I mentioned this wedge the other day. It is hard to believe, but it actually can fall to the 1.28++ area before all is said and done. This is not a prediction. Just an observation.
My guess: BREXIT news will kick into action. Till now too optimistic expectations drove the pound to the upside. A reality check is coming quickly, negotiations UK-EU are stalling.
  • #545,760
  • Edited 3:19am Sep 2, 2020 3:08am | Edited 3:19am
Quoting Alorente
Broken neckline should be tested right on the 38 weekly pivot, before falling heavily again. That would be the ideal point to sell. {image}
The rebound to test the M15 neckline at R38 will actually form the H1 right shoulder (attached). When and if that neckline breaks, the final target would be 1.3175. This is where we may be going before we turn to 1.35 and beyond.
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Observation is the path to discovery.
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