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Cable Update (GBPUSD)

  • #560,801
  • Nov 24, 2020 11:54am Nov 24, 2020 11:54am
needed to linger a little more around 1.33537 ish - then me numbers would been ok. i'm long but not off the bottom (5min chart). with lunch over the boys should and could do one.
In tea leaves we trust!
  • #560,802
  • Nov 24, 2020 11:55am Nov 24, 2020 11:55am
Quoting Catempire
{quote} To be completely honest... I trade the psychology more than i do indicators... I got my first position at 1.3387 based on the fact there is 0 decent logic or reasoning for Cable to push through a 13 year trend with Brexit 5 months away. Reminds me of when everyone was buying the stock market back in Feb as their indicators told them to when it was clear as day to see it was going to plummet.
I used to think logically like that too.. but sometimes market doesn't care about what I think sadly, only reversing after wiping my account clean

(FWIW, I hope you're right as I am short too atm lol)
  • #560,803
  • Nov 24, 2020 11:57am Nov 24, 2020 11:57am
Time to bye bye to the shorties, long 3334
Follow The Markets Structure - Patience and Discipline
  • #560,804
  • Nov 24, 2020 12:00pm Nov 24, 2020 12:00pm
Quoting pipfarm
Time to bye bye to the shorties, long 3334
what's your target? for me it has to do better then 1.33795
In tea leaves we trust!
  • #560,805
  • Nov 24, 2020 12:00pm Nov 24, 2020 12:00pm
Quoting Loey
{quote} I used to think logically like that too.. but sometimes market doesn't care about what I think sadly, only reversing after wiping my account clean (FWIW, I hope you're right as I am short too atm lol)
Thats why i don't trade these markets very often... Sometimes the market cannot ignore the logic.

As in Feb Dow @ 28700 & as now Cable @ 13400
Que Sera
  • #560,806
  • Nov 24, 2020 12:01pm Nov 24, 2020 12:01pm
Quoting pipfarm
Time to bye bye to the shorties, long 3334
You won't bye bye the shorties until you break & hold 13400
Que Sera
  • #560,807
  • Nov 24, 2020 12:08pm Nov 24, 2020 12:08pm
Quoting Catempire
{quote} To be completely honest... I trade the psychology more than i do indicators... I got my first position at 1.3387 based on the fact there is 0 decent logic or reasoning for Cable to push through a 13 year trend with Brexit 5 months away. Reminds me of when everyone was buying the stock market back in Feb as their indicators told them to when it was clear as day to see it was going to plummet.
good explanation and fair play to you for standing your ground, i am not a long term trader myself so really where its going to go in the long term is irrelevant to me, i can switch between short and long as and when needed.

Of course your right monthly is in a downtrend but beware it is a corrective pattern that looks like its bottomed out. When the monthly is broken down to the weekly daily or whatever timeframes we trade, there will always be other trends and swings within, i can not wait 6 months or a year for a trade.

Some use indicators , of course i do too but primarily price action first and some very clever indicators that match price action to the pip. I am not an if its green buy or red sell, type of trader.


Good luck with your trade
Follow The Markets Structure - Patience and Discipline
  • #560,808
  • Nov 24, 2020 12:12pm Nov 24, 2020 12:12pm
Quoting Mcbeaners
{quote} what's your target? for me it has to do better then 1.33795

Daily immediate resistance @ 3482 and depending how strong it breaks , then supply area to the left at 3514 but again if i see price action to the contrary i will exit the trade before the target is reached.
Follow The Markets Structure - Patience and Discipline
  • #560,809
  • Nov 24, 2020 12:12pm Nov 24, 2020 12:12pm
Quoting pipfarm
{quote} good explanation and fair play to you for standing your ground, i am not a long term trader myself so really where its going to go in the long term is irrelevant to me, i can switch between short and long as and when needed. Of course your right monthly is in a downtrend but beware it is a corrective pattern that looks like its bottomed out. When the monthly is broken down to the weekly daily or whatever timeframes we trade, there will always be other trends and swings within, i can not wait 6 months or a year for a trade. Some use indicators...
Fair one mate, I trade the stock market full time & just dip in and out of FX when it feels & seems obvious... some simple charting and leave it be.

All about entry.

Gl with yours too

P.S. The monthly hasn't closed yet
Que Sera
  • #560,810
  • Nov 24, 2020 12:15pm Nov 24, 2020 12:15pm
Quoting pipfarm
{quote} Daily immediate resistance @ 3482 and depending how strong it breaks , then supply area to the left at 3514 but again if i see price action to the contrary i will exit the trade before the target is reached.
thanks.
i'm not seen a massive build out so i'll be watching my target first and see how it goes.

as an aside - crude long has a massive build out.
In tea leaves we trust!
  • #560,811
  • Nov 24, 2020 12:20pm Nov 24, 2020 12:20pm
Quoting Catempire
{quote} Fair one mate, I trade the stock market full time & just dip in and out of FX when it feels & seems obvious... some simple charting and leave it be. All about entry. Gl with yours too P.S. The monthly hasn't closed yet

It is of no interest to me if the monthly has closed yet , some of us are trading the price action that lays inside the monthly , weekly swing , c'mon do i need to explain that to you.

chill
Follow The Markets Structure - Patience and Discipline
  • #560,812
  • Nov 24, 2020 12:23pm Nov 24, 2020 12:23pm
Quoting Mcbeaners
{quote} thanks. i'm not seen a massive build out so i'll be watching my target first and see how it goes. as an aside - crude long has a massive build out.

Sometimes its slow, gathering liquidity, the longer price stays withing a range the more powerful the thrust out
Follow The Markets Structure - Patience and Discipline
  • #560,813
  • Nov 24, 2020 12:26pm Nov 24, 2020 12:26pm
indeed. thanks.
In tea leaves we trust!
  • #560,814
  • Nov 24, 2020 12:28pm Nov 24, 2020 12:28pm
Quoting pipfarm
{quote} It is of no interest to me if the monthly has closed yet , some of us are trading the price action that lays inside the monthly , weekly swing , c'mon do i need to explain that to you. chill
Chill??

"Of course your right monthly is in a downtrend but beware it is a corrective pattern that looks like its bottomed out. "
Que Sera
  • #560,815
  • Nov 24, 2020 12:39pm Nov 24, 2020 12:39pm
Tomorrow is the last US trading day this week (<= Thanksgiving).
May be important, as much lower liquidity during US session time usually leads to volatile FX.
  • #560,816
  • Nov 24, 2020 1:02pm Nov 24, 2020 1:02pm
Quoting pipfarm
Time to bye bye to the shorties, long 3334

i am closing with 25 pips profit will long again lower, there is another swing down coming and i can use this 25 for my stop.

Maybe 3336 this time to open another long
Follow The Markets Structure - Patience and Discipline
  • #560,817
  • Nov 24, 2020 1:02pm Nov 24, 2020 1:02pm
are you ready for a 80 pips drop ?
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.png Size: 53 KB
yes yes yes
  • #560,818
  • Nov 24, 2020 1:03pm Nov 24, 2020 1:03pm
Can anyone please explain to me what just happen. It started at 1124 hr (GMT +1) closing at 1.33679 and did not finish till 1.33097, and to put the candle on the cake a doji with a low of 1.32916 at 1600 hrs.
  • #560,819
  • Nov 24, 2020 1:37pm Nov 24, 2020 1:37pm
Gbpusd on the Verge of Massive Breakout

https://www.forexfactory.com/news/10...ssive-breakout
Follow The Markets Structure - Patience and Discipline
  • #560,820
  • Nov 24, 2020 1:39pm Nov 24, 2020 1:39pm
Quoting pipfarm
Gbpusd on the Verge of Massive Breakout https://www.forexfactory.com/news/10...ssive-breakout
Said some random head on some random website.
Que Sera
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