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Cable Update (GBPUSD)

  • #561,141
  • Nov 25, 2020 12:49pm Nov 25, 2020 12:49pm
.... just back for a few mins see if these fomc minutes do anything...price has found support on the pullback in that prev 1hr/4hr sw hi zone = prev res = pot rbs down to 3370 on 1hr deeper on 4hr...ahead of the release. Unless there any surprises in them - will probably be a 'damp squib' but worth a few mins.
Trader with an Edge.
  • #561,142
  • Nov 25, 2020 12:49pm Nov 25, 2020 12:49pm
Quoting Rgkc
{quote} for today, it doesn't seem to me .. Maybe tomorrow..
do you a date on my chart ?
yes yes yes
  • #561,143
  • Nov 25, 2020 12:53pm Nov 25, 2020 12:53pm
Attached Image (click to enlarge)
Click to Enlarge Name: dx1.png Size: 16 KB
Attached Image (click to enlarge)
Click to Enlarge Name: dx2.png Size: 16 KB
yes yes yes
  • #561,144
  • Nov 25, 2020 1:11pm Nov 25, 2020 1:11pm
Those minutes were mildly / cautionary optimistic.
Que Sera
  • #561,145
  • Nov 25, 2020 1:22pm Nov 25, 2020 1:22pm
Quoting genadi
{quote} 700 pips would be too much
On the U.K. leaving it’s only trading partner with no deal ??
Que Sera
  • #561,146
  • Nov 25, 2020 1:35pm Nov 25, 2020 1:35pm
Quoting Maximumheigh
{quote} There is still no breakout. I am still bearish until breakout.
I am leaving my short trades till London open tomorrow. No breakout and FOMC release was indifferent.
  • #561,147
  • Nov 25, 2020 2:02pm Nov 25, 2020 2:02pm
Here is the thing guys. Why do you want to hold LOSSING positions for days and weeks just to make 200 pips (more or less)?

Think about this you could easily make 300 pips this week trading GU which has only moved 130pips by just simply buying lows (following the main trend) with SL.

So my question is why do we waste our mental energy chasing some ridiculous theories that always keep you awake BABYSITTING your positions.

Seriously! it does not make sense.
Le$$ I$ More
  • #561,148
  • Nov 25, 2020 2:17pm Nov 25, 2020 2:17pm
Quoting Roszey
Here is the thing guys. Why do you want to hold LOSSING positions for days and weeks just to make 200 pips (more or less)? Think about this you could easily make 300 pips this week trading GU which has only moved 130pips by just simply buying lows (following the main trend) with SL. So my question is why do we waste our mental energy chasing some ridiculous theories that always keep you awake BABYSITTING your positions. Seriously! it does not make sense.
Exactly the opposite. I don't babysit at all. I plan my trades and I trade my plan. It's a very relaxed and satisfying way to trade.
By building positions I can get 10-1 trade with a high win rate. All it requires is patience and discipline and know when your trade is no longer working.
A fool and his money are easily parted
  • #561,149
  • Nov 25, 2020 2:17pm Nov 25, 2020 2:17pm
Quoting Roszey
Here is the thing guys. Why do you want to hold LOSSING positions for days and weeks just to make 200 pips (more or less)? Think about this you could easily make 300 pips this week trading GU which has only moved 130pips by just simply buying lows (following the main trend) with SL. So my question is why do we waste our mental energy chasing some ridiculous theories that always keep you awake BABYSITTING your positions. Seriously! it does not make sense.
Have been wondering this with all these short theories for the entire week. Nothing wrong with being short, but the price just simply hasn't suggested it on any entry level on any timeframe. Makes no sense.
  • #561,150
  • Nov 25, 2020 2:19pm Nov 25, 2020 2:19pm
Quoting MozzChops
{quote} Exactly the opposite. I don't babysit at all. I plan my trades and I trade my plan. It's a very relaxed and satisfying way to trade. By building positions I can get 10-1 trade with a high win rate. All it requires is patience and discipline and know when your trade is no longer working.
1:10 Risk Reward & a high win rate? I'm assuming you must only have a handful of trades in an entire trading year for such a feat.
  • #561,151
  • Nov 25, 2020 2:19pm Nov 25, 2020 2:19pm
Quoting YoungET
{quote} Have been wondering this with all these short theories for the entire week. Nothing wrong with being short, but the price just simply hasn't suggested it on any entry level on any timeframe. Makes no sense.
Since when did forex make sense
A fool and his money are easily parted
  • #561,152
  • Nov 25, 2020 2:21pm Nov 25, 2020 2:21pm
Quoting YoungET
{quote} 1:10 Risk Reward & a high win rate? I'm assuming you must only have a handful of trades in an entire trading year for such a feat.
I trade probably 30-50 ideas a year. It's not about this week or next week. It's about where you are at the end of the year.
A fool and his money are easily parted
  • #561,153
  • Nov 25, 2020 2:29pm Nov 25, 2020 2:29pm
Quoting MozzChops
{quote} I trade probably 30-50 ideas a year. It's not about this week or next week. It's about where you are at the end of the year.
I only ask as I find it incredibly hard to believe you have a high win rate for setups producing a 10x on your overall risk upwards of 30 times per year. The end year % gain would be astronomical after a couple years.
  • #561,154
  • Nov 25, 2020 2:31pm Nov 25, 2020 2:31pm
Quoting YoungET
{quote} I only ask as I find it incredibly hard to believe you have a high win rate for setups producing a 10x on your overall risk upwards of 30 times per year. The end year % gain would be astronomical after a couple years.
oh no. Not all produce 10-1. That’s a few trades a year. But those trades make the whole year. You don’t need too many trades like that to have a great year.
A fool and his money are easily parted
  • #561,155
  • Nov 25, 2020 2:44pm Nov 25, 2020 2:44pm
Quoting MozzChops
{quote} oh no. Not all produce 10-1. That’s a few trades a year. But those trades make the whole year. You don’t need too many trades like that to have a great year.
Hi,
So you are only trading as a long or short trades holding a trade for how long. and are you a swing trader.
  • #561,156
  • Nov 25, 2020 2:48pm Nov 25, 2020 2:48pm
Quoting IPMan
Loaded {image}
Well that was unfortunate. But this confirm bulls are still in control. Will watch another opportunity.
  • #561,157
  • Nov 25, 2020 2:50pm Nov 25, 2020 2:50pm
Quoting Fix-it
{quote} Hi, So you are only trading as a long or short trades holding a trade for how long. and are you a swing trader.
Yes. Swing trade. One direction. Average hold time 3 weeks. Example cable my total risk will be around 2% and reward will be around 10%. If it goes in my direction I add on pullbacks so could get to 15-20% account gain on this one trade. For me it’s all about consistency. If you can consistently make 30% a year you are up there with the very best. But most people don’t want to hear that. They want hundreds of % a year. Just remember. Making 30% a year I have about the same probability of loosing 30% a year. Now do the maths when you expect 300% a year
A fool and his money are easily parted
  • #561,158
  • Nov 25, 2020 3:01pm Nov 25, 2020 3:01pm
Quoting MozzChops
{quote} Yes. Swing trade. One direction. Average hold time 3 weeks. Example cable my total risk will be around 2% and reward will be around 10%. If it goes in my direction I add on pullbacks so could get to 15-20% account gain on this one trade. For me it’s all about consistency. If you can consistently make 30% a year you are up there with the very best. But most people don’t want to hear that. They want hundreds of % a year. Just remember. Making 30% a year I have about the same probability of loosing 30% a year. Now do the maths when you expect...
Yes this makes good sense to me , I would like to get to this stage. At present I am trying to add to my account Quickly, so i have to baby sit because i started this game as a hobby and now i want to do this properly. I started with £100 .
  • #561,159
  • Nov 25, 2020 3:08pm Nov 25, 2020 3:08pm
Quoting Fix-it
{quote} Yes this makes good sense to me , I would like to get to this stage. At present I am trying to add to my account Quickly, so i have to baby sit because i started this game as a hobby and now i want to do this properly. I started with £100 .
If you have to babysit you are risking waaaaayyy too much. I put trades on and walk away relying on price alerts. I sleep very well at night and over weekends.

Aim for consistency first. The rest is just rinse and repeat. Trading is rather boring really
A fool and his money are easily parted
  • #561,160
  • Nov 25, 2020 3:14pm Nov 25, 2020 3:14pm
Quoting MozzChops
{quote} If you have to babysit you are risking waaaaayyy too much. I put trades on and walk away relying on price alerts. I sleep very well at night and over weekends. Aim for consistency first. The rest is just rinse and repeat. Trading is rather boring really
Yes thank you for your advice. it was nice to talk to you.
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