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Cable Update (GBPUSD)

  • #563,701
  • Dec 4, 2020 10:40am Dec 4, 2020 10:40am
Quoting VM.
{quote} Wise decision imho. I am almost sure there will be no deal, but even then I won't hold position into the weekend. I am contemplating buying some options though.

I am starting to believe there will be no deal , europe will want to make us suffer for leaving the EU and wait for Boris and his cronies to go begging for a deal at a later date and your right its just not worth holding into the weekend, there will always be more trades.

Have a good weekend all
Follow The Markets Structure - Patience and Discipline
  • #563,702
  • Dec 4, 2020 10:45am Dec 4, 2020 10:45am
Quoting VM.
{quote} Wise decision imho. I am almost sure there will be no deal, but even then I won't hold position into the weekend. I am contemplating buying some options though.
I have a few very outside options in place expiring in March.

might join you for slightly shorter term, 16th December expiry could go well.
Que Sera
  • #563,703
  • Dec 4, 2020 10:49am Dec 4, 2020 10:49am
Quoting pipfarm
{quote} I am starting to believe there will be no deal , europe will want to make us suffer for leaving the EU and wait for Boris and his cronies to go begging for a deal at a later date and your right its just not worth holding into the weekend, there will always be more trades. Have a good weekend all
It will work out in their favour to walk away & they will end up with a far superior deal.
Que Sera
  • #563,704
  • Dec 4, 2020 10:51am Dec 4, 2020 10:51am
Quoting pipfarm
{quote} I am starting to believe there will be no deal , europe will want to make us suffer for leaving the EU and wait for Boris and his cronies to go begging for a deal at a later date and your right its just not worth holding into the weekend, there will always be more trades. Have a good weekend all
i won't be holding over either.

i think the issue for the bulls here is that these moves the last 3 days has been off the back of shorts and that ain't sustainable. i'll be watching for long building on the new march contract.
In tea leaves we trust!
  • #563,705
  • Dec 4, 2020 10:52am Dec 4, 2020 10:52am
Quoting pipfarm
{quote} I am starting to believe there will be no deal , europe will want to make us suffer for leaving the EU and wait for Boris and his cronies to go begging for a deal at a later date and your right its just not worth holding into the weekend, there will always be more trades. Have a good weekend all
Honestly, this is what I would have done it I were EU. And the French seem to like the idea.
But they have to consider UK situation in the case of no deal. Economic crisis (maybe collapse), national humiliation (coupled with superiority complex), charismatic and morally corrupt leader, clear external "enemy" (EU), significant military might... History knows a lot of similar examples, including the obvious one, and these are not the happy ones.
  • #563,706
  • Dec 4, 2020 11:01am Dec 4, 2020 11:01am
Quoting miedpreneur
took short @1.3534.. just move SL to BE now.. TP open @1.3528.. plan to close at support @1.3519.. plan to close at support

close all my position.. switch to long just now.. look like bull still in the house
Trade what you see, not what you think.. react and stay sharp..
  • #563,707
  • Dec 4, 2020 11:02am Dec 4, 2020 11:02am
Breakout long with NO NEW LONG POSITIONS.....i opened second SHORT @ .3495 at breakout previous HIGH
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  • #563,708
  • Dec 4, 2020 11:04am Dec 4, 2020 11:04am
Inserted Video


recommend to watch this movie, you will understand why UK will be better without EU regulations, 50% of world offshore belongs UK, and politicians also have share, David Cameron for example
  • #563,709
  • Dec 4, 2020 11:09am Dec 4, 2020 11:09am
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yes yes yes
  • #563,710
  • Dec 4, 2020 11:14am Dec 4, 2020 11:14am
interesting that the vol spike at around 9am gmt was bigger then the vol spike that took us to 3538

from that perspective there's still some room to go up.
In tea leaves we trust!
  • #563,711
  • Dec 4, 2020 11:15am Dec 4, 2020 11:15am
Quoting Mcbeaners
interesting that the vol spike at around 9am gmt was bigger then the vol spike that took us to 3538 from that perspective there's still some room to go up.
New HIGH with LOW VOLUME is BEARISH SIGNAL
  • #563,712
  • Dec 4, 2020 11:21am Dec 4, 2020 11:21am
Quoting helioss
{quote} New HIGH with LOW VOLUME is BEARISH SIGNAL
was it low volume? hmm there is that and you might be right. translation if being a top is normally some sort of double/small interval higher move. instead it dropped.

we'll see.
In tea leaves we trust!
  • #563,713
  • Dec 4, 2020 11:27am Dec 4, 2020 11:27am
Quoting Mcbeaners
{quote} was it low volume? hmm there is that and you might be right. translation if being a top is normally some sort of double/small interval higher move. instead it dropped. we'll see.
DSV: 142 vs 56....last peak has about 1/3 of previous volume TOP....this down swing volume tells us if reversal or just a pullback of uptrend. At moment -45 not so high, SELLERS are dominant but not so MANY
  • #563,714
  • Dec 4, 2020 11:29am Dec 4, 2020 11:29am
you could be right, here's my stab at it. gu will rally this afternoon breaking over the pre high today and that would be a good top translation.

and i would be happy.
In tea leaves we trust!
  • #563,715
  • Dec 4, 2020 11:35am Dec 4, 2020 11:35am
Thats what i said in the morning!! They not gonna go nowhere without taking out yesterday high! And now they trapping traders for the weekend!! Good luck for everyone and green pips!!
Time is your friend; impulse is your enemy! - John Bogle
  • #563,716
  • Dec 4, 2020 11:37am Dec 4, 2020 11:37am
Quoting Coreg2004
{quote} Georginson, I know your stop-loss is about 600-800 pips like last time (1.24-1.32)...Whatever it looks like I'm not picking on you I just want to understand people's motives to be right all the time despite the cost. It took me some time to understand my decision even though I was schooled in the decision process.
Your questions are of good intentions and I respect you for that. The thing is my forex account is now treated like a fixed deposit account which only receives funds and not frequently withdraws fund. So I have topping up mentality which avails me opportunity to build up my equity by trading at different repeatable price levels and I'm not scared of floating negative which I'm sure will recover over time.

For instance I have a sell at 1.3376 another sell at 1.3475 area which were entered almost at yearly tops, irrespective of where the price surges to, these opening prices are very repeatable and should still drop to 1.30 area in the near future even though the medium term outlook still points at 1.40 area. My mentality now is to build short recoverable positions and ensure my equity is sold enough to withstand 800 pips drawdown.

This method over time has proven to be very safe and consistent as there is zero panic to close trades which 95% of the times end up being profitable.
Data + Stat + Risk/Emotions Management
  • #563,717
  • Dec 4, 2020 12:13pm Dec 4, 2020 12:13pm
Quoting Wavegarrick
{quote} Bulls have come to the fore today and well done to all the traders that have bought, Simply love it. Here's the thing. A new yearly high and my round number at 1.35000. I took the liberty of selling from there. Not the norm for me, but with overstretched levels it makes sense, will see how this unfolds. I can very well see a decent correction to the downside but with Brexit, and tomorrow, Nfp will have to see how it pans out. Trade safe, Cheers {image}
Hi Guys,
All good, my sell trades were taken out with small profits. Added a sell trade-off my monthly resistance 1 at 1.35373 and locked in. I don't like to publish trades on a Friday and more especially with Brexit on the horizon, but most importantly we are ripe for a correction to the downside.

Have a great weekend
Cheers
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Trade to trade another day
  • #563,718
  • Dec 4, 2020 12:13pm Dec 4, 2020 12:13pm
Quoting Georginson
{quote} Your questions are of good intentions and I respect you for that. The thing is my forex account is now treated like a fixed deposit account which only receives funds and not frequently withdraws fund. So I have topping up mentality which avails me opportunity to build up my equity by trading at different repeatable price levels and I'm not scared of floating negative which I'm sure will recover over time. For instance I have a sell at 1.3376 another sell at 1.3475 area which were entered almost at yearly tops, irrespective of where the price...
Georginson, drawdown wouldn't kill me (I have my brakes built-in) but the missed opportunity to trade in the direction of the trend might (didn't try yet... ) I am a day trader so watching imaginary profits passing me by during the day definitely wouldn't agree with my personality and temperament but it doesn't mean that if I can't do it somebody else also can't. Best of luck to you.
Always trade your own plan...I don't provide trading signals.
  • #563,719
  • Dec 4, 2020 12:15pm Dec 4, 2020 12:15pm
Quoting Georginson
{quote} Your questions are of good intentions and I respect you for that. The thing is my forex account is now treated like a fixed deposit account which only receives funds and not frequently withdraws fund. So I have topping up mentality which avails me opportunity to build up my equity by trading at different repeatable price levels and I'm not scared of floating negative which I'm sure will recover over time. For instance I have a sell at 1.3376 another sell at 1.3475 area which were entered almost at yearly tops, irrespective of where the price...
  • #563,720
  • Dec 4, 2020 12:22pm Dec 4, 2020 12:22pm
Quoting miedpreneur
{quote} close all my position.. switch to long just now.. look like bull still in the house
close with +10 pips.. and for me is enough and thats it for the weekend.. stay safe and happy trade all..
Trade what you see, not what you think.. react and stay sharp..
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