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Cable Update (GBPUSD)

  • #566,381
  • Dec 17, 2020 7:20am Dec 17, 2020 7:20am
Quoting giveachance
{quote} ya but moty may be right. we have a dollar making new lows and hedge funds are mostly dollar short. going into the month end there may be requirements for dollar buying. we have 2 days of next week and the week after that is new year's week. so bank closing may happen as early as wed next week just my opinion
The way i see it, we still have one more push higher and then the drop
  • #566,382
  • Dec 17, 2020 7:22am Dec 17, 2020 7:22am
Quoting TerpFan2
Alright Jay, I "Parted Ways" w/the Herd here, -In fact in all honesty, i could not hang-on w/the Herd, Past the "Supper-Hour" w/Asia last night. I helped "Corral" them over the river (IchimokU Cloud) & "Cut them free to Run." I tried a couple of Measily Entries around the 80's & knew that this was just a Rotten Place, for entries. The Price action for longs was just 'Pitiful', -Still your boys pulled thru. They Ran Over the 1.36 Line & camped for and Hour & a Half. That is when i decided it's time, "Time to take a 'Sniper-Shot' @the 1.618 off of...
Hi Jeff,

Sad to see you part ways with the herd, I have actually deployed more bulls to get the back breaking job done. However, I am glad you are not joining the bears yet because that would break my heart ..

Easy Bud,
SS
  • #566,383
  • Dec 17, 2020 7:25am Dec 17, 2020 7:25am
this is for our favorite poster moty. 3543 is the target for this.
disclaimer: I dont trade 5 min charts. this one just came as a signal.
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  • #566,384
  • Dec 17, 2020 7:27am Dec 17, 2020 7:27am
Quoting JayBag
{quote} Right Not sure I'd fall for anyone telling me about bank levels bla bla bla.. My Father worked for banks yet I had no aces to such info. He never spoke about it. Why would I believe someone on the forum claiming 'bank levels' lol.. crazy stuff. We must understand that it's a public forum and we are likely to meet really weird people here. Having this in mind, I am never surprised of anything I read here. Nah

Apologies , i was not referring to you believing that, it was more for the newbies amongst us that this type of character tries to take advantage of.
Follow The Markets Structure - Patience and Discipline
  • #566,385
  • Dec 17, 2020 7:29am Dec 17, 2020 7:29am
Quoting JayBag
{quote} Right Not sure I'd fall for anyone telling me about bank levels bla bla bla.. My Father worked for banks yet I had no aces to such info. He never spoke about it. Why would I believe someone on the forum claiming 'bank levels' lol.. crazy stuff. We must understand that it's a public forum and we are likely to meet really weird people here. Having this in mind, I am never surprised of anything I read here. Nah
JayBag, Dr. Phil would have his hands' full curing those with secret smart money data, bank's levels, proprietary indicators, etc. but I guess it's cheaper for them to come to a public forum and look for a remedy to their own insecurities than hire a psychologist.
Always trade your own plan...I don't provide trading signals.
  • #566,386
  • Dec 17, 2020 7:36am Dec 17, 2020 7:36am
Quoting pipfarm
{quote} Apologies , i was not referring to you believing that, it was more for the newbies amongst us that this type of character tries to take advantage of.
I absolutely concur with you. Some sites (fxstreet for eg) do publish the odd position supposedly from an institution/large bank (s,) so called 'smart money' but whether these are genuine who knows...one thing we do know is that no one has access to the trading plans of sufficient institutions/banks that together can move the market. Level 2 price ladder exists on Cme globex which gives an idea of orders for those trading futures contracts but unless you are trading globex (not for the retailer) level 2 data is generally broker generated if offered at all. I worked as a bank and then hedge fund trader for 17 years and we had no idea of what our competitors were actually doing although the city is full or rumours and misinformation, which we always dismissed as noise unless we heard it from a 'reliable/proven' source.

The rule of thumb should always be - do your own research and diligence and never trust anything on forums unless you have proven it to your own satisfaction.
Trader with an Edge.
  • #566,387
  • Dec 17, 2020 7:37am Dec 17, 2020 7:37am
Quoting navk
i took short at R3, 3615. Stop, will watch PA.
closed my shorts at 3585
Intraday only.
  • #566,388
  • Dec 17, 2020 7:38am Dec 17, 2020 7:38am
Quoting pipfarm
{quote} Apologies , i was not referring to you believing that, it was more for the newbies amongst us that this type of character tries to take advantage of.
It's all good bud, No need to apologies at all..

I always appear a bit harsh whenever I say newbies should start at babypips or similar.. But this is the best place to be as a newbee and not in public forums. So if they fall for such, we can't blame ourselves.

Stay Well
  • #566,389
  • Dec 17, 2020 7:40am Dec 17, 2020 7:40am
Quoting JayBag
{quote} It's funny how people always look for fundamental reasons why we had a 50 pip move.. I laugh most of the time . Until they realize that our only chance is on TA, they may never have true peace of mind.. I spent my early years thinking once I can figure out Fundis and TA, I would be nailing it.. Well, that clearly did not work..
Fundamental reason: Brexit optimism boosts GBP. Ongoing DXY weakness, especially after yesterday's dovish Fed Powell press conference pressures USD. Plus "risk on" moves money from safe heavens (which USD is too) into risk assets.

TA cannot tell you this. TAs are drawing lines, rectangles, waves, looking at indicators, while hoping that it works out. That's not peace of mind, that's gambling. Hoping that your bet is turning into a winner.

The market moves after fundamental things have changed. The market always moves (except in times of Corona) the furthest when high impact news came out which largely diverged from the market's expectations or confirmed the market's bias (elections, Brexit, ...). The market doesn't move a few 1000 pips because of some engulfing bearish candle and some indicator yelling "overbought". SM is trading fundamentals: "Buy the rumor, sell the fact". And SM uses TA's "fuel" to get their orders filled.

FA and FT is actually what can give you peace of mind, because you understand the mood and sentiment of the market and why it moves in the specific direction. And so you can follow SM, instead of trying to go against it.

And yes, I know this discussion between FA and TA is as old as trading itself. If you are a TA and it works consitently for you, that's nice. And it shows how beautiful the market is, because there is no black & white approach. If it works for you, it works for you.

FA works for me. TA doesn't. Combining FA & TA is key: If the fundamental sentiment didn't change, use S&D zones and pullbacks to get on the train.

And the most concerning thing for me is that a lot of traders simply don't care at all for the most simple fundamental basics. If they would, they could save them a lot of headache and money. Like all the people yesterday trying to short GU and blowing their accounts (Moty), then reloading and repeating same mistake just to be right one time. If they could understand that GU was going to climb because of the reasons mentioned above and just follow the market, instead of going against it, they could have made money, instead of losing it.

Here is a simple example of how simple and beautiful fundamentals can be and how you can combine FA & TA:

Inserted Video
  • #566,390
  • Dec 17, 2020 7:44am Dec 17, 2020 7:44am
Quoting Coreg2004
{quote} JayBag, Dr. Phil would have his hands' full curing those with secret smart money data, bank's levels, proprietary indicators, etc. but I guess it's cheaper for them to come to a public forum and look for a remedy to their own insecurities than hire a psychologist.
Hahaha Dr Phill would.

The last part hits hard. I mean, if I had bank levels, I would not have time to be here on public forums.. I'd probably have BIG money hunting for me like air. So I guess it's really cheaper for them to come here and display a different kind of craziness.

We gotta keep an open mind here.. Something tells me we are still yet to see what we have never seen nor imagined before l

SS
  • #566,391
  • Dec 17, 2020 7:46am Dec 17, 2020 7:46am
gold is pumping. 1887. scared to short
  • #566,392
  • Dec 17, 2020 7:47am Dec 17, 2020 7:47am
Looks like market want to make absolutely certain all bears lose their money before the trend changes.

Being a bear, I am still waiting on the sidelines; stimulus and Brexit talks have good chances to succeed, and this may lift GU even higher; but both can also fail. Once we have clarity on these two fronts (whatever the result), we can start selling. Before that, it is too risky to take either side, in my opinion.
  • #566,393
  • Dec 17, 2020 7:53am Dec 17, 2020 7:53am
Time to have some rest...before tomorrow moves
Always Defend your investment 1775
  • #566,394
  • Dec 17, 2020 7:54am Dec 17, 2020 7:54am
Quoting pipfarm
{quote} Apologies , i was not referring to you believing that, it was more for the newbies amongst us that this type of character tries to take advantage of.
Thanks PipFarm.

for informing me earlier, as i'm toally newbie, only less than a year into live trade.

Blessed you and green pips to you

  • #566,395
  • Dec 17, 2020 7:54am Dec 17, 2020 7:54am
based on Elliott waves i see 5 waves down from the top

so it could be worth it to look for a sell against SL the top of today at 1.3623
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  • #566,396
  • Dec 17, 2020 7:56am Dec 17, 2020 7:56am
Quoting JayBag
{quote} It's all good bud, No need to apologies at all.. I always appear a bit harsh whenever I say newbies should start at babypips or similar.. But this is the best place to be as a newbee and not in public forums. So if they fall for such, we can't blame ourselves. Stay Well

Yep we can only warn them,

so this character Hunterrus84 has a pattern of doing this kind of thing on another forum, proclaiming to have secret sm money levels, 100% gold trading system, email me etc for the details, its defo the same guy as he uses the same profile photo and name.

For the newbies, think 100% gold system ?, secret sm levels?, ok why not just become a trillionaire and own the world.
Follow The Markets Structure - Patience and Discipline
  • #566,397
  • Edited Dec 18, 2020 1:24am Dec 17, 2020 7:58am | Edited Dec 18, 2020 1:24am
Quoting Ehsank78
gold is pumping. 1887. scared to short
I shorted 1889, it could go all the way 1902 and im fine with it, expecting for a dump sub 1750 level
  • #566,398
  • Dec 17, 2020 8:00am Dec 17, 2020 8:00am
Quoting JayBag
{quote} It's all good bud, No need to apologies at all.. I always appear a bit harsh whenever I say newbies should start at babypips or similar.. But this is the best place to be as a newbee and not in public forums. So if they fall for such, we can't blame ourselves. Stay Well

Hi JayBag,

I completed the Baby pips course.

One can learn basic stuff there, but as for so called complicated or more twisted scam, newbie have to be in live forum like this one.

I'm happy to be here , learning a lot of stuff that not taught elsewhere.

Forex world full of scam Gurus and Master. I'm aware.

Thanks
  • #566,399
  • Dec 17, 2020 8:01am Dec 17, 2020 8:01am
Quoting pipfarm
{quote} Yep we can only warn them, so this character Hunterrus84 has a pattern of doing this kind of thing on another forum, proclaiming to have secret sm money levels, 100% gold trading system, email me etc for the details, its defo the same guy as he uses the same profile photo and name.
that was long ago, I am not telling I am another person , trading gold a little failed but on another reasons. Now I am better to trade here with GU and I am not selling anything...My results will tell that I don't lie to people I am just sharing what I see. WTF is ur problem, mate?
Always Defend your investment 1775
  • #566,400
  • Dec 17, 2020 8:02am Dec 17, 2020 8:02am
Quoting mw108
{quote} ..... TA cannot tell you this. TAs are drawing lines, rectangles, waves, looking at indicators, while hoping that it works out. That's not peace of mind, that's gambling. Hoping that your bet is turning into a winner....
You misunderstand TA - it is a graphical representation of everything that is known or at least felt important by the market and discounted into the current prevailing price. As such it illustrates the past and prevailing present collective market sentiment that you rightly suggest moves the market. Like FA it has no magical powers of prediction, it can only tell you what happened in the past, and what is happening in the present, but as patterns repeat that reflect market sentiment it is a very useful tactical approach to the market, There is no need to hope or gamble you simply need to derive an edge from it, or any other type of analysis you use. No one knows what even the next tick in price will be - all we can do is trade our respective edges, (assuming that we have one, and know what we need to know about it.)
Trader with an Edge.
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