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Cable Update (GBPUSD)

  • #595,281
  • May 15, 2021 2:24am May 15, 2021 2:24am
Update COT
Attached Image (click to enlarge)
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  • #595,282
  • May 15, 2021 2:40am May 15, 2021 2:40am
Quoting helioss
Update COT {image}
the COT showing both USD and GBP as long.. let’s see who has the strength
Insane in the Brain..
  • #595,283
  • May 15, 2021 3:11am May 15, 2021 3:11am
Quoting helioss
Update COT {image}

You are very smart & intelligent Excellect dashbord in excel just enter data and get the right analysis ...just would like to know is it how accurate it is ???
  • #595,284
  • May 15, 2021 3:18am May 15, 2021 3:18am
i am so stubborn sometime
the trend was changed but i was fixed that it's going down
trade the chart , not what you think
last high was broken up
price got above the band
price broke descending trendline
take long stupide
all profit of the week gone , back to squire 1 , 150 $
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yes yes yes
  • #595,285
  • May 15, 2021 3:24am May 15, 2021 3:24am
hey everyone
I hope you're having a great weekend
If you're not, watch this to instantly feel calm and positive

Inserted Video
TESTING MY STRATEGIES...
  • #595,286
  • Edited 4:28am May 15, 2021 3:40am | Edited 4:28am
Quoting Moty
i am so stubborn sometime the trend was changed but i was fixed that it's going down trade the chart , not what you think last high was broken up price got above the band price broke descending trendline take long stupide all profit of the week gone , back to squire 1 , 150 $ {image}

dont beat yourself bro, try to figure out why u thought it would go down?..then tell me why you think buy here might be risky or not? Interested to know your thoughts

To me it is not clear cut, price is right at resistance but it does appear that the momentum is up, as the immediate downtrend may have changed
Notice the blue line is thicker? This is my thor hammer LOL
The interesting thing is USD got weaker but GBP did not gain to much, still fightning 1.41, euro is 1.21 approx Perhaps £ is already strong. I have not idea
Thoughts, counter arguments welcome? ..what yah thinking tony?
Attached Image (click to enlarge)
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  • #595,287
  • May 15, 2021 3:43am May 15, 2021 3:43am
Quoting Moty
i am so stubborn sometime the trend was changed but i was fixed that it's going down trade the chart , not what you think last high was broken up price got above the band price broke descending trendline take long stupide all profit of the week gone , back to squire 1 , 150 $ {image}
Price still respected the broken 1.4000 after many times test
I dont think price will down quite fast .if the price still mear the key and not conyinues more .maybe we cam see back below it
"Buy Cheap and Sell Expensive , Its Market Anyways where People Get profit"
  • #595,288
  • May 15, 2021 3:58am May 15, 2021 3:58am
Quoting Moty
i am so stubborn sometime the trend was changed but i was fixed that it's going down trade the chart , not what you think last high was broken up price got above the band price broke descending trendline take long stupide all profit of the week gone , back to squire 1 , 150 $ {image}
The problem is you are trying to be in every move...you can't catch 20 different trades a week, both up and down...and be right with all of them. And even be profitable with all of them...this can't work long term! Make a plan ahead of each week and wait for certain trades you expect, if they don't come, keep waiting. This is the only thing that will work on a year to year basis, long term. And it will be less stressful, too. You trade high leverage, so WAIT FOR THE CLEAR PATTERNS, don't predict every single trade from the 5m chart.
Everyone can see the chart, but only a few can actually read it.
  • #595,289
  • May 15, 2021 4:11am May 15, 2021 4:11am
Still looks a rising wedge to me.
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Insane in the Brain..
  • #595,290
  • May 15, 2021 4:11am May 15, 2021 4:11am
Quoting babayaga
{quote} thank you for your attention ...and 38.2 retrace that way??? "my point" I like to have "100" on the top and "0" on the bottom.., but sometime I draw "upside down".., doesn't matter because it's doesn't change anything, (as I use...) all the levels (between "0"and "100"): 9&91, 14.6&85.4 23.6&76.4 38.2&61,8 are symmetrical with respect to 50 I do draw fib for several reasons and we could discuss it if you could tell me your point of view if you are not interested,no problem, thank you anyway ...
It does not really matter that much, most of the time u think it maybea fib but its support or resistance..I was just pointing it out incase u were not aware
  • #595,291
  • May 15, 2021 4:17am May 15, 2021 4:17am
Quoting Moty
i am so stubborn sometime the trend was changed but i was fixed that it's going down trade the chart , not what you think last high was broken up price got above the band price broke descending trendline take long stupide all profit of the week gone , back to squire 1 , 150 $ {image}
Don't beat yourself up! I spent a few hours studying Fridays price action and comparing it to my rules/methodology and counted three very clear bullish signals and opportunities to get long that I was blinded to at the time. It happens, what matters is to be aware of your limitations and be prepared for the next time it happens. I like to just grab a handful of quick scalps whilst leaving small runners and not over-commit to the daily direction so you can still profit when you're wrong about the direction..it is more than enough to live on
  • #595,292
  • May 15, 2021 4:36am May 15, 2021 4:36am
Quoting OnlineAddict
{quote} The problem is you are trying to be in every move...you can't catch 20 different trades a week, both up and down...and be right with all of them. And even be profitable with all of them...this can't work long term! Make a plan ahead of each week and wait for certain trades you expect, if they don't come, keep waiting. This is the only thing that will work on a year to year basis, long term. And it will be less stressful, too. You trade high leverage, so WAIT FOR THE CLEAR PATTERNS, don't predict every single trade from the 5m chart.
That’s great advice OA, it’s been a rough two weeks for me and it comes down to overtrading, for months I’ve been taking only 1-3 trades a week, occasionally none, and since joining FF I have been trading far more - not blaming FF of course as I’m entirely responsible for the trades I put on, but it is easy to read these posts and get carried away by all the ‘opportunities’ and trades others are putting on. In poker game selection is the most important factor to being consistently profitable, you can be average and still make money over time if you only select games with players worse than you, and you can be great and consistently lose money if you only play experts. For me, it’s the easy trades that used to get my attention and everything else was filtered out - hence my tagline. Back to the old ways!
  • #595,293
  • May 15, 2021 4:48am May 15, 2021 4:48am
Quoting nAVIN2007
{quote} dont beat yourself bro, try to figure out why u thought it would go down?..then tell me why you think buy here might be risky or not? Interested to know your thoughts To me it is not clear cut, price is right at resistance but it does appear that the momentum is up, as the immediate downtrend may have changed Notice the blue line is thicker? This is my thor hammer LOL The interesting thing is USD got weaker but GBP did not gain to much, still fightning 1.41, euro is 1.21 approx Perhaps £ is already strong. I have not idea Thoughts,...
i was thinking it can reverse at 1.40774 like at scenario a
but it didn't happened
if i reversed to long at that point i could get at be even for that day
but i preferred to stay and prey
it didn't happened
i planning to get out from that long at market open and wait for London open for changed and look for
long entry until trend change and not forecasting a reversal
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yes yes yes
  • #595,294
  • May 15, 2021 4:49am May 15, 2021 4:49am
Quoting nAVIN2007
{quote} It does not really matter that much, most of the time u think it maybea fib but its support or resistance..I was just pointing it out incase u were not aware
OK,
besides..,
because mostly I trade 1M chart (switching to other time frames ) I can feel "lost" sometimes (where we now (???) .., hope you understand what I mean.., )
that's only one of the reasons why I prefer "0" at the bottom and "100" at the top..
...and if I am not looking for "expansion" down, I draw automatically as you saw it

please, feel free to comment my posts (now and then)...
thank you

have a nice weekend

dolce vita
  • #595,295
  • May 15, 2021 4:50am May 15, 2021 4:50am
Quoting HumbleLearne
{quote} You are very smart & intelligent Excellect dashbord in excel just enter data and get the right analysis ...just would like to know is it how accurate it is ???
It's accurate for long term analysis, on short term COT are not so useful
  • #595,296
  • May 15, 2021 4:55am May 15, 2021 4:55am
Quoting Bainbrito
{quote} That’s great advice OA, it’s been a rough two weeks for me and it comes down to overtrading, for months I’ve been taking only 1-3 trades a week, occasionally none, and since joining FF I have been trading far more - not blaming FF of course as I’m entirely responsible for the trades I put on, but it is easy to read these posts and get carried away by all the ‘opportunities’ and trades others are putting on. In poker game selection is the most important factor to being consistently profitable, you can be average and still make money over...
Shit, sorry to hear. I know someone who decided just to stop reading the thread and to switch off from other peoples views and only follow their own setups. It might be an idea. Trading is a very personal, solitary thing and you have to be good at blocking out others opinions and have the conviction to stick to your own proven trading plan. It is like walking into a casino and making a beeline straight to your chosen poker cash table, playing a couple of games and leveraging your strongest hands and then leaving, rather than wandering in without a plan and being distracted by all of the roulette, blackjack, fruit machines and sports betting where people look like they're having fun but are actually losing their money. Another one to try, I have a written checklist for each of my setups where I'll even grade the perceived strength of it before going in, gives you a few moments to reflect and cool off before actually committing cold hard cash. Trading intraday forex is really one of the hardest jobs you can give yourself and shouldn't be taken lightly.
  • #595,297
  • May 15, 2021 5:13am May 15, 2021 5:13am
Quoting Moty
{quote} i was thinking it can reverse at 1.40774 like at scenario a but it didn't happened if i reversed to long at that point i could get at be even for that day but i preferred to stay and prey it didn't happened i planning to get out from that long at market open and wait for London open for changed and look for long entry until trend change and not forecasting a reversal {image} {image}

U can trade, lovely chart but you are an agressive trader and sometimes it does not go to plan..its the game bro. Do not let this affect your confidence, your to good an analyst
  • #595,298
  • May 15, 2021 5:14am May 15, 2021 5:14am
Quoting babayaga
{quote} OK, besides.., because mostly I trade 1M chart (switching to other time frames ) I can feel "lost" sometimes (where we now (???) .., hope you understand what I mean.., ) that's only one of the reasons why I prefer "0" at the bottom and "100" at the top.. ...and if I am not looking for "expansion" down, I draw automatically as you saw it please, feel free to comment my posts (now and then)... thank you have a nice weekend
one minute time frame for me is impossible bro
  • #595,299
  • May 15, 2021 5:19am May 15, 2021 5:19am
Quoting Bainbrito
{quote} That’s great advice OA, it’s been a rough two weeks for me and it comes down to overtrading, for months I’ve been taking only 1-3 trades a week, occasionally none, and since joining FF I have been trading far more - not blaming FF of course as I’m entirely responsible for the trades I put on, but it is easy to read these posts and get carried away by all the ‘opportunities’ and trades others are putting on. In poker game selection is the most important factor to being consistently profitable, you can be average and still make money over...

I dont post as much, why? Because occasionally if you post a chart for predicting and this gives bias..u have to understand anything can happen just acept the risk..this is now what i am doing or trying too. nothing in this is definate. And on top of this we are small fish trying to survive in shark water..u know we are being hunted
Stop losses are targeted
  • #595,300
  • May 15, 2021 5:56am May 15, 2021 5:56am
Quoting mysterio
{quote} Shit, sorry to hear. I know someone who decided just to stop reading the thread and to switch off from other peoples views and only follow their own setups. It might be an idea. Trading is a very personal, solitary thing and you have to be good at blocking out others opinions and have the conviction to stick to your own proven trading plan. It is like walking into a casino and making a beeline straight to your chosen poker cash table, playing a couple of games and leveraging your strongest hands and then leaving, rather than wandering in...
Thanks, that’s spot on. This thread is very interesting and educational, ironically I do believe it has made me a better trader and identified growth areas. However, I have screwed up in exactly the manner you described with the casino. Not a huge drawdown but frustrating when I’m usually so disciplined about following my trading plan, the result of much hard work.

I love checklists, when actually following my plan I grade everything based on how easy it is, there’s only a couple of strategies I actually trade - at least there was! Both very simple, however they vary in how easy they are and if there are enough factors to contradict them they are filed in the ‘too hard’ bin.

Agree that trading is very difficult, I’ve been trading for four years and as a result everything I did was geared towards how easy each trade is, in my plan there are three quotes which capture this philosophy - below - and essentially I’ve been humbled for my overconfidence, necessarily!

We are doomed to formulate conceptual structures that are much simpler than the complex phenomena they are attempting to account for. These simple conceptual structures shield us, pragmatically, from real-world complexity, but also fail, frequently, as
some aspect of what we did not take into consideration makes itself manifest. The failure of our concepts dysregulates our emotions and generates anxiety, necessarily, as the unconstrained world is challenging and dangerous. Such dysregulation can turn us into
rigid, totalitarian dogmatists, as we strive to maintain the structure of our no longer valid beliefs. Alternatively, we can face the underlying complexity of experience, voluntarily, gather new information, and recast and reconfigure the structures that underly our habitable
worlds.

- Jordan B. Peterson and Joseph L. Flanders
Department of Psychology, University of Toronto

You are always under the influence of irrational reasoning. You persist in a state of deluded deliberation. You are terrible at explaining yourself to yourself, and you are unaware of the depth and breadth of your faults in this regard. You feel quite the opposite, actually. You maintain an unrealistic confidence in your own perceptions even after your limitations are revealed.

- David McRaney, You Can Beat Your Brain

“Listen, business is easy. If you’ve got a low downside and a big upside, you go do it. If you’ve got a big downside and a small upside, you run away. The only time you have any work to do is when you have a big downside and a big upside.” —SAM ZELL, NEW YORKER, 2007
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