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Cable Update (GBPUSD)

  • #558,841
  • Nov 13, 2020 2:18pm Nov 13, 2020 2:18pm
Kinda random but i was thinking hard today about how patience, in my opinion, is the most important part of trading, if your patience is on point that means you have trained your psychology to not bother you to jump in trades or jump out of trades at the wrong times. It also means you have a system or strategy you have tested or traded enough to be confident enough with it to not let yourself grow impatient with results.

Patience is #1!

Have a good weekend everyone!
  • #558,842
  • Nov 13, 2020 3:00pm Nov 13, 2020 3:00pm
Quoting Moty
{quote} Wait for the fat lady to sing {image}
no
  • #558,843
  • Nov 13, 2020 3:06pm Nov 13, 2020 3:06pm
Quoting OnlineAddict
{quote} Today is friday the 13th...up all day, maybe.
Come on, touch or break that 3200!
Everyone can see the chart, but only a few can actually read it.
  • #558,844
  • Nov 13, 2020 3:29pm Nov 13, 2020 3:29pm
Quoting OnlineAddict
{quote} Come on, touch or break that 3200!
This weekly close just confirms bearish claim for next week towards 1.29/1.30 area.
Data + Stat + Risk/Emotions Management
  • #558,845
  • Nov 13, 2020 3:34pm Nov 13, 2020 3:34pm
Quoting Georginson
{quote} This weekly close just confirms bearish claim for next week towards 1.29/1.30 area.
Care to explain why sir?
  • #558,846
  • Nov 13, 2020 3:46pm Nov 13, 2020 3:46pm
Hah but that guy from Africa MoneyZilla still shorts
Tell me how much infinity money should you have to keep that "short"?
(oh sorry about your hedge fairy tale to hear)
Observer effect
  • #558,847
  • Nov 13, 2020 3:48pm Nov 13, 2020 3:48pm
Quoting OnlineAddict
{quote} Come on, touch or break that 3200!
Done, thanks!
Everyone can see the chart, but only a few can actually read it.
  • #558,848
  • Nov 13, 2020 3:49pm Nov 13, 2020 3:49pm
Quoting Georginson
{quote} This weekly close just confirms bearish claim for next week towards 1.29/1.30 area.
Not sure if next week, but I am not in rush.
Everyone can see the chart, but only a few can actually read it.
  • #558,849
  • Nov 13, 2020 3:50pm Nov 13, 2020 3:50pm
Quoting Flytrader
{quote} Care to explain why sir?
Will just give you clues...

* Hardly do you see 3 consecutive bullish weekly candles, this is the second consecutive week of buying.

* A bullish close of Friday without retracement usually adds credence for a preparation for a fall the following week

* There is approximately 1800 pips distance between the current price (1.3196) to the low of 1.1408 in March, risk reward favours selling this pair.
Data + Stat + Risk/Emotions Management
  • #558,850
  • Nov 13, 2020 3:56pm Nov 13, 2020 3:56pm
Sell traps for next week

Sell 1 @ 1.3196

Sell 2 limit @ 1.3270

Sell 3 limit @ 1.3350

Target 1.3000

Trade at discretion, money management and patience are king.
Data + Stat + Risk/Emotions Management
  • #558,851
  • Nov 13, 2020 3:57pm Nov 13, 2020 3:57pm
Next week will welcome 1.33 n 1.35 still valid.
  • #558,852
  • Nov 13, 2020 4:02pm Nov 13, 2020 4:02pm
Quoting Ksth
Next week will welcome 1.33 n 1.35 still valid.
A lot of bulls will be trapped next week.
Data + Stat + Risk/Emotions Management
  • #558,853
  • Nov 13, 2020 4:09pm Nov 13, 2020 4:09pm
Quoting Georginson
{quote} A lot of bulls will be trapped next week.
Maybe hit 1.358 is the good selling point. But I m sure will hit 1.33 first.
  • #558,854
  • Nov 13, 2020 4:10pm Nov 13, 2020 4:10pm
Quoting Ksth
{quote} Maybe hit 1.358 is the good selling point. But I m sure will hit 1.33 first.
1.33 is possible...but also 1.23 is possible...I wouldn't want to be trapped in a long above 1.32...no matter how high it goes before a dump.

I see 3000-3060 next week, some consolidation, trapping of bulls and then when retail is confident in longs(probably after a deal), it will dump.
Everyone can see the chart, but only a few can actually read it.
  • #558,855
  • Nov 13, 2020 4:18pm Nov 13, 2020 4:18pm
Quoting OnlineAddict
{quote} 1.33 is possible...but also 1.23 is possible...I wouldn't want to be trapped in a long above 1.32...no matter how high it goes before a dump. I see 3000-3060 next week, some consolidation, trapping of bulls and then when retail is confident in longs(probably after a deal), it will dump.
If there is a deal, it would be the easiest sell in the world. But I can't see a deal next week, maybe a bit later.
  • #558,856
  • Nov 13, 2020 4:28pm Nov 13, 2020 4:28pm
Quoting VM.
{quote} If there is a deal, it would be the easiest sell in the world. But I can't see a deal next week, maybe a bit later.
Yep, been saying that since september...everybody is waiting for a deal to buy the pound...and it might drop like there is no tomorrow.
Everyone can see the chart, but only a few can actually read it.
  • #558,857
  • Nov 13, 2020 4:39pm Nov 13, 2020 4:39pm
Quoting OnlineAddict
{quote} Yep, been saying that since september...everybody is waiting for a deal to buy the pound...and it might drop like there is no tomorrow.
What makes you so confident in a drop? Technicals or some system?
  • #558,858
  • Nov 13, 2020 4:40pm Nov 13, 2020 4:40pm
Quoting ZTrader123
{quote} What makes you so confident in a drop? Technicals or some system?
The current chart setup and PA, among other things.

But I might be wrong, of course. Everybody buy GU, please.
Everyone can see the chart, but only a few can actually read it.
  • #558,859
  • Nov 13, 2020 4:41pm Nov 13, 2020 4:41pm
Quoting OnlineAddict
{quote} Yep, been saying that since september...everybody is waiting for a deal to buy the pound...and it might drop like there is no tomorrow.
The thing is, it does not make that much difference anymore whether there is a deal or not. Brexit will be very disruptive either way, especially for the City and for export/import. [I am not even sure we won't see empty shelves in supermarkets as our food supply depends on EU.] Market knows this, so it will use a deal (if it comes) to raise the pound and then drop it. Very similar to Johnson win last year, and maybe with the same levels, actually.
  • #558,860
  • Nov 13, 2020 4:49pm Nov 13, 2020 4:49pm
Quoting OnlineAddict
{quote} 1.33 is possible...but also 1.23 is possible...I wouldn't want to be trapped in a long above 1.32...no matter how high it goes before a dump. I see 3000-3060 next week, some consolidation, trapping of bulls and then when retail is confident in longs(probably after a deal), it will dump.
I didn't see such a big picture yet. I trade base day to day chart. Today signal already show is going toward 1.33 . Maybe hit 1.33 then down to 1.30 area will monitor on Monday chart hahaha. But I still feel it will go to 1.358 area then down all the way.. Haha
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