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Cable Update (GBPUSD)

  • #549,601
  • Sep 22, 2020 11:51am Sep 22, 2020 11:51am
Hello i hope everyone made some bank today, im posting my trade for the day for some input as im still a fairly new trader (little over a year)
and i would like to know what you more experienced guys would do in this situation....
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So this morning around 7am-ish i entered a sell position on GU with the intent of exiting around that previous area during london session where buyers came back into the market. I saw some buying pressure around 8-830am so of course i closed the trade. Then right after i close it tanks
Luckily i FOMOd into another sell which got me some more pips but i want to know if there are any clear indications that there arent enough buyers in the market to get prices higher which would have resulted in me not closing this trade and catching the bulk of the movement.

edit: im EST time

Thanks all and good trades.
  • #549,602
  • Sep 22, 2020 12:04pm Sep 22, 2020 12:04pm
Quoting ZTrader123
Hello i hope everyone made some bank today, im posting my trade for the day for some input as im still a fairly new trader (little over a year) and i would like to know what you more experienced guys would do in this situation.... {image} So this morning around 7am-ish i entered a sell position on GU with the intent of exiting around that previous area during london session where buyers came back into the market. I saw some buying pressure around 8-830am so of course i closed the trade. Then right after i close it tanks Luckily i FOMOd into...

your sort was good, on a spot on zone, but trading only off zones is not enough, you need at least some kind of confirmation. if you got the confimation then your trade idea was great. if not you were just lucky.

the take profit depends on rrr you are aiming for and the timeframe you base your trade on.

in general the correct exit of a sort position is when you would like to buy it. everyghing else is fomo. or you could take some profits out and let the rest of the trade run.

personally i didnt touch pound today, i had no setup, i would only take sorts but i wanted price to go higher for me to sort it.

also. i think these are sup.dem zones that you have, you should only use them once, 2nd time is dangerous, but its up to you

good job mate.

keep it up, stay green
offering my system to copy trade. check my link
  • #549,603
  • Sep 22, 2020 12:18pm Sep 22, 2020 12:18pm
Currently It is all short for me, but I have no idea what is next...
Just hoping for the short momentum to continue, as directions do change, but not as often as posted or expected here...
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Maadik Hugiis. IQ 69.
  • #549,604
  • Sep 22, 2020 12:23pm Sep 22, 2020 12:23pm
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yes yes yes
  • #549,605
  • Sep 22, 2020 12:51pm Sep 22, 2020 12:51pm
1.2660 good place to buy but 1.2540 valid to test
  • #549,606
  • Sep 22, 2020 12:52pm Sep 22, 2020 12:52pm
No trades today, but I am expecting a outside bar tomorrow. That should be a nice run up and then the run back down will be a good opportunity to make some pips.
  • #549,607
  • Sep 22, 2020 1:03pm Sep 22, 2020 1:03pm
Quoting ZTrader123
..... Luckily i FOMOd into another sell which got me some more pips but i want to know if there are any clear indications that there arent enough buyers in the market to get prices higher which would have resulted in me not closing this trade and catching the bulk of the movement. edit: im EST time Thanks all and good trades.
The $64,000 question. No one knows what the next tick will be let alone the future is the true answer. But, first of all well done on a great initial trade and again well done on finding another way back into the move. There is no wholly right answer to this and indeed getting back involved via a hi-probability entry to this short is of itself one answer. I agree with the comments from another poster re t/f and r:r...One of the ways I try to stay involved in a move is to watch the candle closes on successively higher t/f's and so long as,(using this short trade scenario) they stay bearish I'll keep it open. Ie If I open via 5min pa trigger I'll watch first the 5min close, then the 10min, then 15min, then 30min etc.... another way might be to close if it exceeds 50% retrace of the move.

In that particular example when the pullback started to happen you then had a bearish engulfing candle from the 1st pullback hi - a possible way back in or encouragement to stay short, it then pulled back again and you got another bearish engulfing candle from a lower pullback hi than the 1st pullback hi - so again another encouragement to stay short or indeed a trigger to get short.

Continuing with that short example if price reaches an area you have pre-identified as potential supp, or res becomes supp, and price begins to go the other way - there is nothing wrong with taking profit so long as your R:R stacks up and makes sense to you, and then try to find a way back in if it proves as per this example to be a pullback only - possible via a hidden divergence set-up @/near the pullback hi (confirmed by pa) on a lower t/f - in this case the 3min would have been optimum as you took your entry on 15min and this was the t/f the move - for you was on +.)

G/L
Trader with an Edge.
  • #549,608
  • Sep 22, 2020 1:18pm Sep 22, 2020 1:18pm
Market will close below the 2780 mark so the Sept high will hold. We should expect a further decline before a sideways move going forward.
  • #549,609
  • Sep 22, 2020 1:23pm Sep 22, 2020 1:23pm
Quoting MoneyZilla
Currently It is all short for me, but I have no idea what is next... Just hoping for the short momentum to continue, as directions do change, but not as often as posted or expected here... {image}
Hey Money
Can i ask what are the numbers u got in some candles?
  • #549,610
  • Sep 22, 2020 1:34pm Sep 22, 2020 1:34pm
Quoting MoneyZilla
Currently It is all short for me, but I have no idea what is next... Just hoping for the short momentum to continue, as directions do change, but not as often as posted or expected here... {image}

Is that you in ur profile pic
  • #549,611
  • Sep 22, 2020 1:58pm Sep 22, 2020 1:58pm
Price touched 61.8% (1.27104) twice now.
After breaking this level I am targeting 50% (1.24621).
Before it breaks though, it could go up to 1.30000
WT
  • #549,612
  • Sep 22, 2020 4:01pm Sep 22, 2020 4:01pm
Quoting HBN08
{quote} Hey Money Can i ask what are the numbers u got in some candles?

These are the net balance of the buy and the sell trades. As I never use any multipliers, just flat 0.01 baskets, the CloseZilla EA counts the number of both sided trades (even when baskets get merged). Different strategies are in use and sometimes they inter hedge each other, purely accidentally, and there is a dominant counter at those or other moments. These are the dominant counter results...
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Inter hedge just happened now... Each basket of 0.01 has to collect around 175 net pips, as an average result for all already opened baskets, which on that picture are 896.
Maadik Hugiis. IQ 69.
  • #549,613
  • Sep 22, 2020 4:15pm Sep 22, 2020 4:15pm
Quoting ZTrader123
{quote} Is that you in ur profile pic

Pretty much, yeah!
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I will put at least 4 golden teeth, plus fighting for more golden teeth, but wife is a strong opposition...

For me it is utterly important, the very first impression with me, to make people think I am collosally stupid... as I don't really care what anyone thinks about me anyway, but if we get into an argument, in the future, eventually, that underestimate of me? Usually cost them quite dearly... they always miss the direction of where it all came...
Maadik Hugiis. IQ 69.
  • #549,614
  • Sep 22, 2020 4:19pm Sep 22, 2020 4:19pm
Quoting MoneyZilla
{quote} These are the net balance of the buy and the sell trades. As I never use any multipliers, just flat 0.01 baskets, the CloseZilla EA counts the number of both sided trades (even when baskets get merged). Different strategies are in use and sometimes they inter hedge each other, purely accidentally, and there is a dominant counter at those or other moments. These are the dominant counter results... {image} Inter hedge just happened now... Each basket of 0.01 has to collect around 175 net pips, as an average result for all already opened baskets,...
Ok i was thinking about it since i saw it..xd , never approched those concepts but seems a really solid thing you got there sir.
Keep the good trades ma man
  • #549,615
  • Sep 22, 2020 4:26pm Sep 22, 2020 4:26pm
Quoting HBN08
{quote} Ok i was thinking about it since i saw it..xd , never approched those concepts but seems a really solid thing you got there sir. Keep the good trades ma man

If you trade with EAs, you can map your turning points, which will probably differ from those of the strategy in use?

Not sure, if you could follow that, but that mapping of ones own (usually) failures, as strategies do tend to fail, sooner or later, draws a completely different picture one never expected... It helps getting to the next level, as it filters progressively the unneccessary flips cause by the false or consolidation movements. Not perfectly, but it is helpful...
Maadik Hugiis. IQ 69.
  • #549,616
  • Sep 22, 2020 4:28pm Sep 22, 2020 4:28pm
Quoting MoneyZilla
{quote} Pretty much, yeah! {image} I will put at least 4 golden teeth, plus fighting for more golden teeth, but wife is a strong opposition... For me it is utterly important, the very first impression with me, to make people think I am collosally stupid... as I don't really care what anyone thinks about me anyway, but if we get into an argument, in the future, eventually, that underestimate of me? Usually cost them quite dearly... they always miss the direction of where it all came...
Dont worry my friend i was gonna say you were a handsome man
  • #549,617
  • Sep 22, 2020 4:34pm Sep 22, 2020 4:34pm
  • #549,618
  • Sep 22, 2020 8:17pm Sep 22, 2020 8:17pm
Quoting ZTrader123
Hello i hope everyone made some bank today, im posting my trade for the day for some input as im still a fairly new trader (little over a year) and i would like to know what you more experienced guys would do in this situation.... {image} So this morning around 7am-ish i entered a sell position on GU with the intent of exiting around that previous area during london session where buyers came back into the market. I saw some buying pressure around 8-830am so of course i closed the trade. Then right after i close it tanks Luckily i FOMOd into...
you can''t see how bearish it is easy
on that tf ,
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #549,619
  • Sep 22, 2020 8:31pm Sep 22, 2020 8:31pm
what we can say is its bearish under the tl ,we also have a strong pattern of rejection h4 ,bearish weekly now ,with break downside of last.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #549,620
  • Sep 22, 2020 8:46pm Sep 22, 2020 8:46pm
gbp strong at Thursday,
today's ( if index { already on top floor - range 92.3 thru 94.6 } do the bottom spike at 92.5 if
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