Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#574,661
Jan 28, 2021 12:16am Jan 28, 2021 12:16am

MTF Test
Joined May 2008 | Status: I Loose, I Win, I Conquer | 1,834 Posts

Pair still remains as bullish. Same with GU and EU. It is trying to accumulate more power (By triggering all the stops) for a sharp bull run. This analysis will violate when the trend line is successfully broken. Either should happen by before the end of the month to print a monthly bull candle, IMO

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Fools Rushing

#574,662
Jan 28, 2021 12:21am Jan 28, 2021 12:21am

lalloo
| Joined Nov 2012 | Status: Trader | 10 Posts

Quoting KiwiTrada

Disliked

{quote} nope, building a position using stop loss to control risk, 1st entry nearing target level smaller lot larger sl reducing a target zone gets closer, hoping and praying is for in church, trader who enter and hope and pray will be destroyed eventually guaranteed. trader who builds position and gets it right owns the church

Ignored

I think both strategies have merits. Managing every entry separately is popular strategy in which stop loss and tp of entry decides R/R, but this is not the only way in my view. Important is to have a plan and plan should be in line with the resources/capital you have, market volatility and your nature.

I remember a thread on FF in which someone gives his experience as tier 1 interbank market maker from 70's through to early 2000's. In his view only way to succeed in spot forex is by not losing any battle. You may have some losing fights but never lose a battle, Every under water position has to be rescued by throwing at it whatever resources required. For that he stresses to manage positions and their sizes accordingly, such that you have enough ammunition to cater for all eventualities that market throws at you, given your modus operandi. He suggests never to use stop loss and actively manage trades, watching PA and acting accordingly, not to hope, but manage. This is not a set and forget method. Market has to be actively monitored and positions managed accordingly.

He was a fan of Art of War and his way of thinking was to prepare, have required resources, knowing self and the market. Any aspect missing and you are bound to fail.

Know what resources you have, what is the worst market can do, and only put on a position when you know you have the resources required to meet all eventualities, and most importantly, you can act on your plan, that your hands will not shake when market goes against you, when large sum is at stake. In this method initial stop loss and tp do not decide risk/reward but plan is around the whole campaign.

In my view predefined stop loss and tp do not make sense as I think market behaviour can not be predicted. You have to manage and decide as market unfolds. If markets keeps on going in your direction, why exit at a set tp, and if market is behaving right, why exit at stop loss?

If his method is working for MZ, why not? In the end purpose is to make money, not to be right or to be able to predict or know the market, or follow a popular way of trading.

My 2 cents.

#574,663
Jan 28, 2021 12:34am Jan 28, 2021 12:34am

KiwiTrada
Joined Aug 2009 | Status: Trader | 12,448 Posts

Quoting KiwiTrada

Disliked

both au nu looking to punch further south either that or print double bottom 4hr, Im thinking south and south big, drop is already big Im meaning much bigger?

Ignored

they are still trying to dump, may need london to help or frankie to dump then london to reverse either way it is very interesting pa with lots of potential

If you are new to Forex? Say Goodbye to your account!!

#574,664
Jan 28, 2021 12:40am Jan 28, 2021 12:40am

KiwiTrada
Joined Aug 2009 | Status: Trader | 12,448 Posts

Quoting KiwiTrada

Disliked

{quote} they are still trying to dump, may need london to help or frankie to dump then london to reverse either way it is very interesting pa with lots of potential

Ignored

actually im pretty sure they will dump, nu daily yesterday was bearish encompassing and 4hr 3 candles ago was inside bar she will dump should get to 71cent easy maybe with londons help 70cent, au should follow!!!!!

If you are new to Forex? Say Goodbye to your account!!

#574,665
Jan 28, 2021 12:53am Jan 28, 2021 12:53am

KiwiTrada
Joined Aug 2009 | Status: Trader | 12,448 Posts

Quoting KiwiTrada

Disliked

{quote} cad 2834 well bugga me who would have thunk that:-) 4 pips away, and looking very hungry bulls, are the bears home?? will see very shortly, how many how strong

Ignored

5hr later 2834 still in play next level 2848 will be tougher uj still to test 104 39??

If you are new to Forex? Say Goodbye to your account!!

#574,666
Jan 28, 2021 12:54am Jan 28, 2021 12:54am

pipcenturion
Joined May 2013 | Status: Trader | 1,683 Posts

Quoting Sang.Real

Disliked

{quote} Great post Pipcenturion, Thanks for the good insights and much valuable info. When you posted the number, I start tightening my SL and manually closed it, when price break the LFT Resistant. With less profit better than loss..... I can clearly see that this your level of confidence is where i'm heading in 5-7 years from now. {quote} Congratulation for nice trade you made during late London Closing. Attached my chart marking with the number you've given (red) and the SNR zone I marked (blue) Now..... The question is .... Why you...

Ignored

The level you marked using SNR is price only.

The level I gave is a bit different because I re - adjusted the price using volume.

It is somewhat similar to what Market Profile traders call "Volume Point of Control" even though the computation is completely different.

The level I gave you was where we had the largest cumulative sell volume for yesterday.

#574,667
Jan 28, 2021 12:59am Jan 28, 2021 12:59am

fxmasterdxb
Joined May 2012 | Status: Senior Member | 3,059 Posts

My long from yesterday got stopped out, im on the sideline now, currently inclined towards longing as there are multiple of rejections on the trendline, unless broken and we get a clear close below, my bias is to long

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#574,668
Jan 28, 2021 1:03am Jan 28, 2021 1:03am

pipcenturion
Joined May 2013 | Status: Trader | 1,683 Posts

Quoting Sang.Real

Disliked

{quote} . .I study the chart in detail , I think he's using H4 (body only) as the trade level {image}

Ignored

I use the close of H1 candles for my computation.

#574,669
Jan 28, 2021 1:10am Jan 28, 2021 1:10am

fxmasterdxb
Joined May 2012 | Status: Senior Member | 3,059 Posts

Quoting fxmasterdxb

Disliked

My long from yesterday got stopped out, im on the sideline now, currently inclined towards longing as there are multiple of rejections on the trendline, unless broken and we get a clear close below, my bias is to long {image}

Ignored

That was fast

no close yet, we still have 3 hours

#574,670
Jan 28, 2021 1:17am Jan 28, 2021 1:17am

KiwiTrada
Joined Aug 2009 | Status: Trader | 12,448 Posts

Quoting SCopier

Disliked

started my first long {image}

Ignored

unlucky, the 4hr just closed mate, inside bar, continuation!!

If you are new to Forex? Say Goodbye to your account!!

#574,671
Jan 28, 2021 1:17am Jan 28, 2021 1:17am

bluesushi
| Joined Aug 2020 | Status: Trader | 113 Posts

Bought 1.36590. Let's see. 25 pips sl.

#574,672
Jan 28, 2021 1:23am Jan 28, 2021 1:23am

randu
Joined Jun 2008 | Status: Ctrl-Z | 535 Posts

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#574,673
Jan 28, 2021 1:23am Jan 28, 2021 1:23am

Moty
Joined Dec 2017 | Status: Trader | 30,688 Posts

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yes yes yes

#574,674
Jan 28, 2021 1:28am Jan 28, 2021 1:28am

KiwiTrada
Joined Aug 2009 | Status: Trader | 12,448 Posts

Quoting KiwiTrada

Disliked

{quote} actually im pretty sure they will dump, nu daily yesterday was bearish encompassing and 4hr 3 candles ago was inside bar she will dump should get to 71cent easy maybe with londons help 70cent, au should follow!!!!!

Ignored

au already close to 76cent maybe even 7604 could cause wobble nu still grind thru 4 4hr lows and 1 daily low 7113 but they are doing nicely:-)

If you are new to Forex? Say Goodbye to your account!!

#574,675
Jan 28, 2021 1:31am Jan 28, 2021 1:31am

Headland
Joined Apr 2020 | Status: Trader | 8,806 Posts

G/M, 35pip ish asian session range and an immediate sell off in London fx session start. Dly S1 and 76.4% 3609-3759 @ current dly lo. 4hr below.

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