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Cable Update (GBPUSD)

  • #562,801
  • Dec 2, 2020 2:34am Dec 2, 2020 2:34am
Yet more reason to believe we are trading pre planned prices. Bunch of computer organised rates. Your stop loss is their target.
Data + Stat + Risk/Emotions Management
  • #562,802
  • Dec 2, 2020 2:35am Dec 2, 2020 2:35am
Quoting Maximumheigh
{quote} if my 1.335x breaks down. I will be looking for opportunity to short this more. offloaded some shorts!
1.3300 coming. Buyers beware!
  • #562,803
  • Dec 2, 2020 2:35am Dec 2, 2020 2:35am
Quoting KiwiTrada
{quote} gold retest of breakout (down) in progress, there is a 200sma in there could cause trouble?? {image}
bloody 200sma, do or die for gold bears if bulls keep going 1830 Im toast chit
If you are new to Forex? Say Goodbye to your account!!
  • #562,804
  • Dec 2, 2020 2:36am Dec 2, 2020 2:36am
Quoting Catempire
{quote} Why do you think it rises ?? Because there are headlines regarding a deal... the news is dictating the price at the moment... this is being driven by fundamentals against a strong political headwind. An old adage in investing... buy the rumour ... sell the news. A deal & even if it rises first... this will still drop
It rises because of perceived USD weakness, both longer-term and caused by renewed stimulus talks. Yesterday's news was just pretext to break the resistance (still important as catalyst). Brexit is a huge story, but not a source of all movements.
  • #562,805
  • Dec 2, 2020 2:39am Dec 2, 2020 2:39am
Quoting Catempire
{quote} There is lots of negative news around today regarding brexit... it would not have dropped if it wasn't. BREXIT DEAL: THE TUNNEL HAS FAILED IT APPEARS, DIFFERENCES STILL PERSIST - TIMES RADIO
According to my TA, it would have retested 1.3366 (the breakout point) with news or without it. Needless to say, I was expecting a retest before we go full bullish.
NEWS remains petrol while TA shows the way.

We have debated this for years and years
TA shows the way, News bring in the fuel needed.

question is, are you fully short now or considering longs?
SS
  • #562,806
  • Dec 2, 2020 2:40am Dec 2, 2020 2:40am
Quoting VM.
{quote} It rises because of perceived USD weakness, both longer-term and caused by renewed stimulus talks. Yesterday's news was just pretext to break the resistance (still important as catalyst). Brexit is a huge story, but not a source of all movements.
Of course.. My comment was in the context of what matey was saying.

As i said yesterday he is shouting $1.40 based on nothing at all, no fundamentals point to $1.40 and most good traders using only technical would never predict what will happen in 30 days.

My point is and as i have said many times before...

Fundamentals drive the price... Politics, QE, Interest rates, GDP all of these dynamics drive why someone s willing to buy or sell or sell an asset.
Que Sera
  • #562,807
  • Dec 2, 2020 2:41am Dec 2, 2020 2:41am
the bulls run is coming
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yes yes yes
  • #562,808
  • Edited 2:53am Dec 2, 2020 2:42am | Edited 2:53am
Quoting JayBag
{quote} According to my TA, it would have retested 1.3366 (the breakout point) with news or without it. Needless to say, I was expecting a retest before we go full bullish. NEWS remains petrol while TA shows the way. We have debated this for years and years TA shows the way, News bring in the fuel needed. question is, are you fully short now or considering longs? SS
I agree with you whole heartedly ... fundamentals drive the price... they are the catalyst to make something move.

The problem with perceived technical WITHOUT understanding which fundamentals could push prices in which direction is by the time techs tell you to sell it is already 200 pips lower, yet if you understand the fundamentals you can see that coming.
Que Sera
  • #562,809
  • Dec 2, 2020 2:44am Dec 2, 2020 2:44am
today down target 1.3295
  • #562,810
  • Dec 2, 2020 2:47am Dec 2, 2020 2:47am
Quoting Catempire
{quote} Of course.. My comment was in the context of what matey was saying. As i said yesterday he is shouting $1.40 based on nothing at all, no fundamentals point to $1.40 and most good traders using only technical would never predict what will happen in 30 days. My point is and as i have said many times before... Fundamentals drive the price... Politics, QE, Interest rates, GDP all of these dynamics drive why someone s willing to buy or sell or sell an asset.
All good tech traders understand that TA does not predict - not even the next tick in price. I agree that fundies drive price and TA is a graphical representation of the market sentiment created by it, although there is some anecdotal evidence to suggest too that techs themselves can cause movement - ie buying or selling at a longer term trend line for eg, but overall the former is by far the major mover of price, as you suggest..

Also, TA (derived from price) doesn't always have to be lagging, there are techniques to make it leading.
Trader with an Edge.
  • #562,811
  • Edited 7:27am Dec 2, 2020 2:50am | Edited 7:27am
Quoting Wavegarrick
{quote} Hi Guys, Month-end moves will make you scream for your Mama, hang ten. Zoomed in picture of my 4 hr trades. We started the day with glassy conditions and offshore winds going into NY. Not all lost for bears. Surf's up. Happy surfing. Cheers {image}
Hi Guys,
The reason I will not buy at these levels. They can drop price very quickly and if your stops are not in place you could be in a spot of bother. My sell trades locked in with small profits. I would like to see a decent retrace before I contemplate buying. I am still bullish overall. My ascending wedge trendline needs to be broken convincingly though, and ultimately a test of my 50% fib at 1.31477 and 61.8 at 1.30783 for a decent correction.

They can send price to the moon, I would love that because I still have 6 buy trades down yonder, but unfortunately, the market does not work like that. There will be a correction at some point.

Trade safe
Cheers.
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Trade to trade another day
  • #562,812
  • Dec 2, 2020 2:51am Dec 2, 2020 2:51am
Quoting Headland
{quote} All good tech traders understand that TA does not predict - not even the next tick in price. I agree that fundies drive price and TA is a graphical representation of the market sentiment created by it, although there is some anecdotal evidence to suggest too that techs themselves can cause movement - ie buying or selling at a longer term trend line for eg, but overall the former is by far the major mover of price, as you suggest.. Also, TA (derived from price) doesn't always have to be lagging, there are techniques to make it leading.
Techs moving the price becomes more apparent on the Stock market as Fundies us the techs for their entries and exits...

For example on MCRO (Micro focus) there was a 5.7% short opened... the fundies only started closing the short once MCRO had closed over its downtrend... which created a mini squeeze and pushed the shares higher.

The more people that can see something the more relevant it becomes.
Que Sera
  • #562,813
  • Dec 2, 2020 2:55am Dec 2, 2020 2:55am
its going to be awesome night trading, cable could have just put in a daily double top in a resistance zone, off course days end is a wee way off yet, regards tech v fundies, tech rules supreme, without it you got nothing not even charts, where do you enter whats is your sl, what is your r/r without all this you have nothing but corrupt fundamentals, corrupt media, how can you trade BS
If you are new to Forex? Say Goodbye to your account!!
  • #562,814
  • Dec 2, 2020 2:56am Dec 2, 2020 2:56am
Quoting babayaga
{quote} or probably 1777.77 ??? {image}
do i need to answer that now?
  • #562,815
  • Dec 2, 2020 3:02am Dec 2, 2020 3:02am
Quoting Not-KPMG
I see the same dumpfos and schmucks here Good decision to stay away from here
do you see BTC going to 30k this year?
  • #562,816
  • Dec 2, 2020 3:03am Dec 2, 2020 3:03am
... shorter term bulls feeling the pressure yet ?
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Trader with an Edge.
  • #562,817
  • Dec 2, 2020 3:11am Dec 2, 2020 3:11am
Quoting Headland
... shorter term bulls feeling the pressure yet ? {image}
The ones that just click buys when it rises without MM are probably feeling the pressure.
The ones that love cheap things (dip buyers) are probably loading up as we speak so no much pressure for them

As for me, I am trying to open my second bottle for the week and it's not weekend yet.

SS
  • #562,818
  • Dec 2, 2020 3:12am Dec 2, 2020 3:12am
Today's fundamental is tomorrows technical.
  • #562,819
  • Dec 2, 2020 3:13am Dec 2, 2020 3:13am
Quoting Headland
... shorter term bulls feeling the pressure yet ? {image}
no
Make money by doing the opposite of Giveachance aka loser
  • #562,820
  • Dec 2, 2020 3:13am Dec 2, 2020 3:13am
dx will reverse at the 38.2 retrace area , and then the gu will shut up
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yes yes yes
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