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Cable Update (GBPUSD)

  • #546,541
  • Sep 6, 2020 3:57pm Sep 6, 2020 3:57pm
hold like this for 10 minutes
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yes yes yes
  • #546,542
  • Sep 6, 2020 4:05pm Sep 6, 2020 4:05pm
Quoting Moty
hold like this for 10 minutes {image}
the market will fall back in your favor
  • #546,543
  • Sep 6, 2020 4:07pm Sep 6, 2020 4:07pm
Quoting knkie
{quote} my 2 cents says: Gap Down at the open on H1
And voila
in wondering about yourself, you forgot what you came here to be part of
  • #546,544
  • Sep 6, 2020 4:09pm Sep 6, 2020 4:09pm
If this is true:
https://twitter.com/pmdfoster/status...04329040842753
(see also: https://www.forexlive.com/news/!/bre...he-eu-20200906
https://www.ft.com/content/9906e0d4-...reType=nongift
)

then UK-EU trade deal is already dead, and what's more, UK plans to renege on its treaty obligations. Johnson is a big fan of Latin; he may learn the hard way that pacta sunt servanda is not just some old saying.

I also like the timing, just before the market opens.
  • #546,545
  • Sep 6, 2020 4:15pm Sep 6, 2020 4:15pm
Quoting VM.
If this is true: https://twitter.com/pmdfoster/status...04329040842753 (see also: https://www.forexlive.com/news/!/bre...he-eu-20200906 https://www.ft.com/content/9906e0d4-...reType=nongift ) then UK-EU trade deal is already dead, and what's more, UK plans to renege on its treaty obligations. Johnson is a big fan of Latin; he may learn the hard way that pacta sunt servanda is not just some old saying. I also like the...
Sneaky moves tend to happen when London shuts- less volume to fight
Look ahead, Macro=Direction, Levels & Structure = Entry
  • #546,546
  • Sep 6, 2020 4:21pm Sep 6, 2020 4:21pm
Quoting Moty
hold like this for 10 minutes {image}
Yeah, but my problem is the spread. I really like my broker, but that's the only problem I have with them... for the first half hour or so after open on Sunday afternoon (US time), the spread on a lot of pairs if really wide. So even if a gap is in my favor, it usually doesn't pay to try to close quickly.
  • #546,547
  • Edited 5:02pm Sep 6, 2020 4:23pm | Edited 5:02pm
Why my T/P is set at 1.3254 but my order was triggered at 1.3264 ??? => my 650$ was taken away !

i trade at ICMarkets => can i claim them ?

in the chart, you easily see price dropped to 1.2347 !!!!

Please help
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  • #546,548
  • Sep 6, 2020 4:25pm Sep 6, 2020 4:25pm
Quoting Ratmach
{quote} Yeah, but my problem is the spread. I really like my broker, but that's the only problem I have with them... for the first half hour or so after open on Sunday afternoon (US time), the spread on a lot of pairs if really wide. So even if a gap is in my favor, it usually doesn't pay to try to close quickly.
the annoying part is that the next hour always changes the direction of the market and then we wait until it falls back in our favor
  • #546,549
  • Sep 6, 2020 5:17pm Sep 6, 2020 5:17pm
Sold G/U at 1.32563, SL and TP open for now.
It may well fill the gap, but I don't really care. I feel the risk/return ratio is good here, GBP is unlikely to gain much today, not with all the Brexit news stacked up like this over the weekend. A drop, on the other hand, may be spectacular, even in the Asian session. Will reassess in the morning.
  • #546,550
  • Sep 6, 2020 5:42pm Sep 6, 2020 5:42pm
Quoting titan6868
Why my T/P is set at 1.3254 but my order was triggered at 1.3264 ??? => my 650$ was taken away ! i trade at ICMarkets => can i claim them ? in the chart, you easily see price dropped to 1.2347 !!!! Please help {image} {image}
The issue is the spread; before the market opens, a broker may easily have a 20 pip spread (and more for some brokers), say 1.3250/1.3270. So your TP was triggered, however it could not be filled at your TP price 1.3254 due to low liquidity. So it was filled at the best available prices, with average 1.3264.

Honestly, you are lucky, it could have hit your SL; if there was a gap up for 10 pips, it would most likely hit your SL and fill your stop-loss order at even higher prices. If you want to hold positions over the weekend (and maybe even overnight, depending on your broker), SL should be wide enough to withstand big spread. I prefer removing SL altogether and not depend on broker's goodwill.
  • #546,551
  • Sep 6, 2020 7:29pm Sep 6, 2020 7:29pm
13hours workout done, how is going all ( i mean good evening all )

Sunday workout, strong finished i want some more cow
  • #546,552
  • Sep 6, 2020 8:00pm Sep 6, 2020 8:00pm
US and Canada bank holiday... uhhh....
  • #546,553
  • Sep 6, 2020 8:27pm Sep 6, 2020 8:27pm
Important levels to watch today

1.32428 (as support)

1.33288 (as resistance)

All the best everyone!
  • #546,554
  • Sep 6, 2020 8:32pm Sep 6, 2020 8:32pm
out from my short at 1.32600 at be for the all friday .
so now i am back to 290$ aiming for 350 and higher to withdraw 100 .
for 33 pips.
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yes yes yes
  • #546,555
  • Sep 6, 2020 9:04pm Sep 6, 2020 9:04pm
Quoting Bones
A bullish longer term idea is thats a perfect double bottom ,with space and a slightly lower 2nd point. Moty pointed out this investing chart at the time we were there -which has that flash crash to the left at the same point . Any other chart I have seen has different levels as far as I knew it was an unknown low from volatility. Something I never seen before. But indeed, it did rally hard from that level. Regardless - the fact the tl lines with the pivot is a problem for now, this year maybe, especially if it makes that wave 4 down.Current impulse...
my midterm target is between 1.38 to 1.43
do u see that happening or impossible at the moment ?

of course correction can happen maybe to 1.306x before continue rallying up

GBP index still in up trend i dont see any bearish sign
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  • #546,556
  • Sep 6, 2020 10:10pm Sep 6, 2020 10:10pm
Quoting titan6868
Why my T/P is set at 1.3254 but my order was triggered at 1.3264 ??? => my 650$ was taken away ! i trade at ICMarkets => can i claim them ? in the chart, you easily see price dropped to 1.2347 !!!! Please help {image} {image}
Yes it was definitely the spread that killed your trade and in the past I've been caught out by it and didn't get my money back when I questioned the trade.
It's a mistake you'll do once and never again, as V.M suggested don't have a SL in place @ Asia opening.
Other options are to close all trades Friday or to hedge trade then it doesn't matter what happens @ Asia opening.
It's in the realm of possibility an important person in the UK is assassinated sending Cable down 1000 pips it'll happen so fast you'll be filled at the best possible price which could actually be hundreds of pips away from your stop and then you could end up owing your broker thousands which you'll refuse to pay and they will set their legal department on to you.
Other possibilities are world shattering events over the weekend that do exactly the same to Cable at Asia opening.
I believe it's criminal of brokers to not fully explain and for traders to understand the ramifications of opening spread situations or widening spread on news events. News event was how I got caught.
Even the best traders in the world can be decimated by these events and one such event I recommend you read up on is the 'Swiss Crash'
My opinion is close ALL trades Friday during NY session then you'll relax and enjoy the weekend
Don't Leave Money on the Table
  • #546,557
  • Sep 7, 2020 12:22am Sep 7, 2020 12:22am
Inserted Video
  • #546,558
  • Sep 7, 2020 12:55am Sep 7, 2020 12:55am
Quoting knkie
{quote} i agree monthly broke a resistance level It reacted downward on the weekly. now we just have to see if the reaction turns back up or continues down. Bit of a guess but my 2 cents says: - Gap Down at the open on H1
Hi, how do you always know/guess correctly if it will open with a gap or not?
  • #546,559
  • Sep 7, 2020 1:10am Sep 7, 2020 1:10am
Quoting Moty
out from my short at 1.32600 at be for the all friday . so now i am back to 290$ aiming for 350 and higher to withdraw 100 . for 33 pips. {image}
why Moty you would have waited before entrying the buy the market is still falling and you would have been in more profit from the sell
  • #546,560
  • Sep 7, 2020 1:24am Sep 7, 2020 1:24am
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