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Cable Update (GBPUSD)

Quoting spatel522
{quote} damn those are some harsh words...you have been slinging people left and right today.
if you knew what he did to me July you would understand my pain, i was holding a sell and contacted him about it, he claimed it would fall that i should be patient, each time i wanted to enter a buy he would disagree and tell me to add more sell, long story cut short, i decided to stop listening to him and i closed all my sell position and entered a buy, i was able to recover a lost of about $12k and made $25k from the buy and till date the market hasn't sold back to the price he kept telling me to hold, the annoying part is that he blocked me when i stopped added more sell positions
Quoting epzero
{quote} if you knew what he did to me July you would understand my pain, i was holding a sell and contacted him about it, he claimed it would fall that i should be patient, each time i wanted to enter a buy he would disagree and tell me to add more sell, long story cut short, i decided to stop listening to him and i closed all my sell position and entered a buy, i was able to recover a lost of about $12k and made $25k from the buy and till date the market hasn't sold back to the price he kept telling me to hold, the annoying part is that he blocked...
Haha well have at it then, $12K is no joke! But good to hear that you made $25K back
Quoting spatel522
{quote} Haha well have at it then, $12K is no joke! But good to hear that you made $25K back
if you can take time to read all his post you will understand where my complains are coming from, how can someone who is a swing trader enter a buy in this market??? he started selling the market since 1.25 so what is the point of buying when you have sell positions are 1.25, 1.26 , 1.27 , 1.28 and 1.29 so did he forget that each time he posted. we are all watching and reading his post, yesterday after cable sold, market started buying and he said market is going to buy till it get to 1.35 and yesterday's low was the low for this month, now look what happened today, new low and the month isn't half way, so what use is he to this thread? when all he says doesn't work. I have said the market will sell heavily today and only those who took me seriously enjoyed the rally
Let's continue with my live commentary on Brexit; hope people read it, because so far, I was correctly predicting next moves.

The picture is now entirely clear. EU gave UK government until the end of the month to withdraw the bill that would contravene Withdrawal Agreement. Will UK government do that? 100% not. The bill is therefore to be discussed in Parliament next week (this is called "second reading"). Third reading, accompanied with the vote, will probably happen one week after. Assuming Commons vote for it, the bill will move to Lords, that will probably reject it. It then moves to Commons again, and if passed for the second time, will become law. At this point, all hell breaks loose, EU starts legal action against UK and stops trade negotiations, and pound sterling falls through the floor (if it did not do so until that time).

Let me make it absolutely clear.
1) EU will not withdraw the ultimatum.
2) UK government will not withdraw the bill.

So what can derail the scenario above?
1) Commons may vote against the bill. I am very sceptical about this. This will only happen if in Conservative party, there will be about 50-60 principled politicians that would vote against the government, despite very severe threats from Johnson & Co. Last autumn, Johnson purged Conservative party of almost all people with any principles. To suddenly find 50 of them would be miraculous.
2) Johnson's actions (or validity of the bill) may be challenged in Supreme Court. However, I doubt such a challenge will be successful. UK is sovereign (and always was, by the way), and it can choose to break any treaty it signed. It is very dishonourable, very reputation-damaging, it goes against all British statesmanship principles existing for hundreds of years, but it is not illegal, and this is all that counts.
3) Lords can amend the legislation, removing the very clauses that create the issue. I will have to read more about how likely this is, but I think it is probably the best chance to stop the madness.

Barring the possibilities above, I see nothing else.

So, in the words of great Bette Davis:
Inserted Video
A new Bearish SW Zine has formed in the DTF that means we should expect another bearish Daily CS tomorrow. Simple.
But expect some pullbacks
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GU has moved 700pips but can move more.
Le$$ I$ More
Quoting VM.
Let's continue with my live commentary on Brexit; hope people read it, because so far, I was correctly predicting next moves. The picture is now entirely clear. EU gave UK government until the end of the month to withdraw the bill that would contravene Withdrawal Agreement. Will UK government do that? 100% not. The bill is therefore to be discussed in Parliament next week (this is called "second reading"). Third reading, accompanied with the vote, will probably happen one week after. Assuming Commons vote for it, the bill will move to Lords, that...
UPDATE: I found another possibility to stop the bill from passing in its current form, see above.
Quoting DailyChart
{quote} What is the difficult ? you see sell at the Top @London Open {image}
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Quoting VM.
Let's continue with my live commentary on Brexit; hope people read it, because so far, I was correctly predicting next moves. The picture is now entirely clear. EU gave UK government until the end of the month to withdraw the bill that would contravene Withdrawal Agreement. Will UK government do that? 100% not. The bill is therefore to be discussed in Parliament next week (this is called "second reading"). Third reading, accompanied with the vote, will probably happen one week after. Assuming Commons vote for it, the bill will move to Lords, that...
you haven't said anything meaningful IMO people want to know the effort of the news and how it will aid their trading, is the market going to sell or buy? that is what people want to hear and not all this copy and paste news
Quoting epzero
{quote} if you knew what he did to me July you would understand my pain, i was holding a sell and contacted him about it, he claimed it would fall that i should be patient, each time i wanted to enter a buy he would disagree and tell me to add more sell, long story cut short, i decided to stop listening to him and i closed all my sell position and entered a buy, i was able to recover a lost of about $12k and made $25k from the buy and till date the market hasn't sold back to the price he kept telling me to hold, the annoying part is that he blocked...
Well, you owe Georginson. Not to try finding bottoms/tops in a strong trend is probably the most important lesson in trading. For scalping it's ok, but not to hold long-term losing positions and especially not adding to them. Yes, you paid a lot for the lesson, but you will now remember it. Many traders before you (myself included) made this mistake and became better by remembering the pain it caused them. Suffering is a great teacher.
Quoting VM.
{quote} Well, you owe Georginson. Not to try finding bottoms/tops in a strong trend is probably the most important lesson in trading. For scalping it's ok, but not to hold long-term losing positions and especially not adding to them. Yes, you paid a lot for the lesson, but you will now remember it. Many traders before you (myself included) made this mistake and became better by remembering the pain it caused them. Suffering is a great teacher.
The reason i won't stop attacking him is because tomorrow he will come and post another range nonsense again and the market will go against all his post, i don't want someone else to be a victim of his bad trade, for someone who said the months can't fall more than 600pips two days ago , he should be ashamed seeing that yesterday already made it 700pips plus, if i were him i will go offline for some days and try to have a new trading system because i am very sure he has been losing money since 3 months ago. I may not be a swing trader but i said market will sell even when it was still buying around 1.348. i posted chart on how far the market can fall not because of any special system but because of brexit talk and what it is doing to the pounds for two weeks now i have been bearish and it has paid off well.
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Quoting epzero
{quote} you haven't said anything meaningful IMO people want to know the effort of the news and how it will aid their trading, is the market going to sell or buy? that is what people want to hear and not all this copy and paste news
Not sure it's meaningless (and it is not copy and paste). A lot of people don't track the news or don't have knowledge of UK political landscape and process. I distill the news and also give an informed view on how probable some scenarios are. I hope it helps someone, if not, well, at least it helps me organise my thoughts.

I think it is clear from what I post that the crisis will escalate, so general direction in my view is lower, and selling the spikes should be profitable. But retrace can of course be significant, we went 500 pips down in 4 days. I can't produce entry points and sell levels without looking at tomorrow's pricing action, sorry. From today, 1.277-8 is a strong support, and when price breaks 1.277, it will likely drop fast. This is in no way an advise, these are my thoughts that I will use in my trading.
Quoting zizoo
Get a load of yesterday's daily candle. A supposed reversal pinbar R.I.P price action bulls {image}
up against a 185p candle day before and look left consolidation ,in an already bearish weekly
Internet + Demo = Expert
i apologize to anyone who took buys on behalf of trades i posted yesterday, i thought it went without saying that you are not here to blame others. i have to leave this thread, it has not helped recently at all. GL everybody, no hard feelings (i lose money all the time). i gotta find something else to occupy my time, dick waving is getting tiring.
Quoting nessus94
{quote} This thread is a lost case only gamblers, its black or red here, 1,28 or 1,35 no money managment, pure casino
Most probably because they had long streak of losses at Casinos so trying Forex but nothing changed
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
TP 293 Long ( way out of line ) i hopeful get back in the line
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Now seriously guys, let's set kind of rules for this thread trading posts.
First of all, No bets whatsoever!
For serious traders, each one has their own trading style/strategies, not wrong to share your ideas even if it turns to be unsuccessful.
BUT the wrong is not sharing clear entries with clear Tp/sl and why you chose to trade so..and BEFORE HAND.

No useless comments like "bought at this price" even if you mention Tp/sl.
Wanna post entries? Do it way ahead of market reaching there..and better at day start if possible.

No offense for scalpers, it is a trading style at end but nobody really cares of your some pips entries..no need for such posts!!

If you like it or not, higher time frames from daily and up..have the most accuracy and best risk to reward ratio..ofcourse if analyzed/traded by pro trader.

No need for many posts of different charts in one day by same member.

Trading is not that complicated! Levels should be clear to be traded accordingly from start of day.
Some update might be useful for clarification but not for total opposite entries every few hours!!

There are always 2 options for market direction, although one might have higher probability of success than the other but the importance is nailing that exact level to start trading from..and if market price action breaks it and you thought of trading it as a swing, to quickly be able to adjust to the new condition and trade the breakout..

Trading is very simple most of times if you follow this strategy.

This mentality must start prevailing on this forum.
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
Quoting kuroro001
Why are people shocked by the fall ? Market participant were prepared.... {image}{image}
Hello Kuroro,

I have plotted the dealer data on my price chart in comparison to your chart with dealer data in the first image. it does not look the same, may I ask how can I get it to look like yours?
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Quoting ChiForex
Now seriously guys, let's set kind of rules for this thread trading posts. First of all, No bets whatsoever! For serious traders, each one has their own trading style/strategies, not wrong to share your ideas even if it turns to be unsuccessful. BUT the wrong is not sharing clear entries with clear Tp/sl and why you chose to trade so..and BEFORE HAND. No useless comments like "bought at this price" even if you mention Tp/sl. Wanna post entries? Do it way ahead of market reaching there..and better at day start if possible. No offense for scalpers,...
I seconded your view that it is okay to share opinions on any GU direction, ideas etc. I feel we should respect each other's decision. I feel it is okay to give a friendly altruistic gentle warning that a trade decision might be wrong, but ultimately we are all adults and responsible for our own money.

I am grateful to the many contributors in this thread that provides many perspectives on the current state of GU and the market, which I have learned a lot.
I also respect that this is the "Interactive Trading" section, so I am quite alright for scalpers to put vague results, either pre- or post-, so as to generate discussion and learning and perhaps even social interaction.

Sorry if I offend anyone, just my own view.
Quoting DailyChart
{quote} {image} {image}
i agree seems good to sell euro nice rejection candle
I still think there's potential to sell more, seems like a week full of negative news on GBP
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