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Cable Update (GBPUSD)

  • #586,701
  • Mar 29, 2021 5:36am Mar 29, 2021 5:36am
Quoting Benton
{quote} I do feel that I entered the short too soon. This is the price I paid to learn the lesson. Thank all those in this thread who help me! I am here to test my strategy. Making mistakes is not a surprise. I do feel that DXY is a very useful tool to predict GU direction. It is not always correct. But most of times the correlation is true!

Many years ago (it might have changed) I ran extensive data re (amongst others) DXY and Gbpusd re correlation coefficient to test for direct or in this case inverse correlations re looking for a leading indicator for gbpusd, much in the way that ftse 'tracker stocks' (so-called) used to drag the ftse100 with them (back in the day.) I was surprised @ the general poor quality of the correlation. This was my experience - others will be different doubtless and if it works for you great. The best leading indicator is when your charting adjusts to allow more upside or downside room lol!
Trader with an Edge.
  • #586,702
  • Mar 29, 2021 5:36am Mar 29, 2021 5:36am
Quoting Benton
{quote} I do feel that I entered the short too soon. This is the price I paid to learn the lesson. Thank all those in this thread who help me! I am here to test my strategy. Making mistakes is not a surprise. I do feel that DXY is a very useful tool to predict GU direction. It is not always correct. But most of times the correlation is true!
I very rarely use DXY. I think it is completely misleading. Did you know 52% of DXY is EURUSD? So you're basically relying on the strength of the Euro and disregarding the other currencies. It isn't a good indicator
  • #586,703
  • Mar 29, 2021 5:38am Mar 29, 2021 5:38am
Quoting mysterio
{quote} I ended up taking 1.3835 short Not the best entry Will lock in as soon as I can
i'm scalping still actually, got out of that trade (although it might have ended up being close to perfect!) and will get back in
  • #586,704
  • Mar 29, 2021 5:38am Mar 29, 2021 5:38am
Target for gu , 1.38500 at least
Attached Image (click to enlarge)
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yes yes yes
  • #586,705
  • Mar 29, 2021 5:40am Mar 29, 2021 5:40am
i can post my cable thoughts in any thread
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 23 KB
feel free to invite me to your forum, if you have any
  • #586,706
  • Mar 29, 2021 5:40am Mar 29, 2021 5:40am
Attached Image (click to enlarge)
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offering my system to copy trade. check my link
  • #586,707
  • Mar 29, 2021 5:45am Mar 29, 2021 5:45am
i have alotta longs.. i mean.. really a lot of longs at 3785 etc.. target 3850 and will take short from there.
if it goes down right now... im so fucked.
Trade with prediction = witch with her visions lol
  • #586,708
  • Mar 29, 2021 5:45am Mar 29, 2021 5:45am
I have sell order 1.3858 stop 1.3890 target 1.3740
  • #586,709
  • Mar 29, 2021 5:47am Mar 29, 2021 5:47am
sell 1.3831, expecting 1.3780th
gj sell from 151.49, 151.55, expecting 150.80th
Attached Image (click to enlarge)
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Attached Image
dolce vita
  • #586,710
  • Mar 29, 2021 5:48am Mar 29, 2021 5:48am
Quoting dimitricss
i have alotta longs.. i mean.. really a lot of longs at 3785 etc.. target 3850 and will take short from there. if it goes down right now... im so fucked.
trail your stops mate.
3823 or 3805 whatver suits u best
offering my system to copy trade. check my link
  • #586,711
  • Mar 29, 2021 5:49am Mar 29, 2021 5:49am
for me, I think I would rather try a cross that out right GBPUSD, perhaps longing GBPAUD around 1.8050 would be worth my while

PS.

bought some at 1.8080
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 28 KB
Click to Enlarge Name: GBPAUDDaily.png Size: 38 KB
Get the Lag out
  • #586,712
  • Mar 29, 2021 5:50am Mar 29, 2021 5:50am
Quoting nikosk0
{quote} trail your stops mate. 3823 or 3805 whatver suits u best
thanks mate
Trade with prediction = witch with her visions lol
  • #586,713
  • Mar 29, 2021 5:57am Mar 29, 2021 5:57am
Quoting nikosk0
{image}
Sort - Short
Don't trade what you think. Just what you see!!!
  • #586,714
  • Mar 29, 2021 5:57am Mar 29, 2021 5:57am
Quoting dimitricss
i have alotta longs.. i mean.. really a lot of longs at 3785 etc.. target 3850 and will take short from there. if it goes down right now... im so fucked.
close all of em... its scary ..
Trade with prediction = witch with her visions lol
  • #586,715
  • Mar 29, 2021 5:58am Mar 29, 2021 5:58am
Quoting dimitricss
i have alotta longs.. i mean.. really a lot of longs at 3785 etc.. target 3850 and will take short from there. if it goes down right now... im so fucked.
just get out now in profit??? Greed is such a killer for me, i'm getting super disciplined at taking less and being safe
  • #586,716
  • Mar 29, 2021 6:00am Mar 29, 2021 6:00am
1.3840 to watch
if she will break it..,
1.3880th
dolce vita
  • #586,717
  • Mar 29, 2021 6:01am Mar 29, 2021 6:01am
Quoting iluvyomumma
{quote} just get out now in profit??? Greed is such a killer for me, i'm getting super disciplined at taking less and being safe
all closed mate... thank you
Trade with prediction = witch with her visions lol
  • #586,718
  • Mar 29, 2021 6:03am Mar 29, 2021 6:03am
Quoting Headland
{quote} Many years ago (it might have changed) I ran extensive data re (amongst others) DXY and Gbpusd re correlation coefficient to test for direct or in this case inverse correlations re looking for a leading indicator for gbpusd, much in the way that ftse 'tracker stocks' (so-called) used to drag the ftse100 with them (back in the day.) I was surprised @ the general poor quality of the correlation. This was my experience - others will be different doubtless and if it works for you great. The best leading indicator is when your charting adjusts...
I agree with you that GBP and DXY is poorly correlated. After all, GBP is only small part of DXY components. The big chunk of DXY is EUR. But GBP has some correlation with EUR. That is why DXY can indicate something for GBP to certain degree.

The problem is that there is no other better indicator to show possible GBP direction. DXY is not a good one. But there is no better one than DXY!

DXY may be a reference only. The problem with me may be the fact that I have placed too much weight on DXY.
  • #586,719
  • Mar 29, 2021 6:04am Mar 29, 2021 6:04am
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 22 KB
feel free to invite me to your forum, if you have any
  • #586,720
  • Mar 29, 2021 6:11am Mar 29, 2021 6:11am
Shorted at 1.3829 TP is open
My observation may be wrong but intent correct. Stay calm!
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