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Cable Update (GBPUSD)

  • #608,981
  • Jul 13, 2021 4:52am Jul 13, 2021 4:52am
4 bottoms , it going to fly soon , another bottom if at it al , and that's it
1.38500 . is a massive support
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yes yes yes
  • #608,982
  • Jul 13, 2021 4:59am Jul 13, 2021 4:59am
after break of the trend line and confirmation you can add more short
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  • #608,983
  • Jul 13, 2021 4:59am Jul 13, 2021 4:59am
"...When the stop-loss execution indicates that the market was not predicted correctly, the trader feels defeated and personally assaulted by the market. Psychologically wounded, the trader is either more likely to skip the next high-probability, low-risk trade setup and thus miss opportunity, or engage in revenge trading and jump into the next quasi-setup seen, which usually is a low-probability, high-risk setup. Whatever psychological error the trader is prone to make, what fails is the understanding that ability had nothing to do with the outcome of a single trade.

What began as a high-probability setup that resulted in a random loss devolves into a downward spiral of revenge trading and missed opportunities. If you lose money on a well-researched high-probability, low-risk opportunity, view it as just a roll of the dice, flip of the coin, spin of the wheel, or deal of the cards. Do not let the experience derail you from finding similar setups in the near future. Trading is a game of probabilities, not certainties..."

Source: The Complete Trading Course, by Corey Rosenbloom
  • #608,984
  • Jul 13, 2021 5:02am Jul 13, 2021 5:02am
Quoting Vincent1
"...When the stop-loss execution indicates that the market was not predicted correctly, the trader feels defeated and personally assaulted by the market. Psychologically wounded, the trader is either more likely to skip the next high-probability, low-risk trade setup and thus miss opportunity, or engage in revenge trading and jump into the next quasi-setup seen, which usually is a low-probability, high-risk setup. Whatever psychological error the trader is prone to make, what fails is the understanding that ability had nothing to do with the outcome...
"quote of the day"
  • #608,985
  • Jul 13, 2021 5:05am Jul 13, 2021 5:05am
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yes yes yes
  • #608,986
  • Jul 13, 2021 5:06am Jul 13, 2021 5:06am
Quoting kris89
{quote} better alert moty , i see something that could move 50 pip more
what do you see?

i see seven consecutive bearish hours that produced 50 pips..
not the best conditions to trade a cross all assets right now.

GU short term still bullish for me.
  • #608,987
  • Jul 13, 2021 5:08am Jul 13, 2021 5:08am
Quoting Waveskierrob
{quote} "quote of the day"
When you read while waiting for the next trading setup ... and find these wise words, a lesson that all experienced traders maybe already know, but that the writer has described really well in 2 paragraphs ...
  • #608,988
  • Jul 13, 2021 5:08am Jul 13, 2021 5:08am
Quoting Moty
4 bottoms , it going to fly soon , another bottom if at it al , and that's it 1.38500 . is a massive support {image}

I agree, but it's not going to happen till1.30 pm UK time.
  • #608,989
  • Jul 13, 2021 5:09am Jul 13, 2021 5:09am
Hi All

Good Evening

I could see triple top pattern in GPBUSD in 1 hr chart, mostly it will move down. So trade safe
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  • #608,990
  • Jul 13, 2021 5:09am Jul 13, 2021 5:09am
Quoting Bartosz77
{quote} Changed TP to 1.39029, awaiting SpikeLee to arrive and "save me".
Is it coming home...?
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WT
  • #608,991
  • Jul 13, 2021 5:13am Jul 13, 2021 5:13am
Quoting kris89
{quote} better alert moty , i see something that could move 50 pip more
I am agree
could be more down
to 1.3820-1.3807

1.3860 to watch
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dolce vita
  • #608,992
  • Jul 13, 2021 5:13am Jul 13, 2021 5:13am
There is fly opportunity awaits, we need some more retest.
Attached Image
Try the simple and make it for you ~
  • #608,993
  • Jul 13, 2021 5:16am Jul 13, 2021 5:16am
Quoting Vincent1
"...When the stop-loss execution indicates that the market was not predicted correctly, the trader feels defeated and personally assaulted by the market. Psychologically wounded, the trader is either more likely to skip the next high-probability, low-risk trade setup and thus miss opportunity, or engage in revenge trading and jump into the next quasi-setup seen, which usually is a low-probability, high-risk setup. Whatever psychological error the trader is prone to make, what fails is the understanding that ability had nothing to do with the outcome...
Once a trader understands and applies these simple words ...
He begins to realize that he is trading like a true professional.
Put the probabilities on your side and execute, over and over again. That's what trading its all about.

Wise words there fellas...
  • #608,994
  • Jul 13, 2021 5:17am Jul 13, 2021 5:17am
tough area to break, need good USD's CPI result to break it
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  • #608,995
  • Jul 13, 2021 5:17am Jul 13, 2021 5:17am
sell
TP 1.3850 & 1.3826..,SL 20pips
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dolce vita
  • #608,996
  • Jul 13, 2021 5:27am Jul 13, 2021 5:27am
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little fight here
  • #608,997
  • Jul 13, 2021 5:35am Jul 13, 2021 5:35am
the price to hold 3840/50 for a bullish move.

IMO
Intraday only.
  • #608,998
  • Jul 13, 2021 5:36am Jul 13, 2021 5:36am
Quoting Vincent1
"...When the stop-loss execution indicates that the market was not predicted correctly, the trader feels defeated and personally assaulted by the market. Psychologically wounded, the trader is either more likely to skip the next high-probability, low-risk trade setup and thus miss opportunity, or engage in revenge trading and jump into the next quasi-setup seen, which usually is a low-probability, high-risk setup. Whatever psychological error the trader is prone to make, what fails is the understanding that ability had nothing to do with the outcome...
That's a fantastic quote, it's spot on. Some years ago I was reading a book called Conflict Communication by Rory Miller (a self defence expert) and he described how conflict moves through stages, and how to recognise the escalation of conflict and de-escalate. Prevention is always better than the cure however and that really comes down to accepting losses and understanding that trading is a game of probabilities, as Corey wrote. I guess everyone has to learn this sooner or later, and certain trades lead into conflict more easily than others, such as the 'anti' or reversal trades, I generally prefer trend-continuation trades purely for psychological reasons, as all I have to do is agree with the market and befriend the trend so to speak.

Levels of Conflict:

  1. Nice - no conflict. This is the most satisfying and pleasant way to trade; it keeps us in our heads too, we do not lose our humanity trading. Follow the plan. It’s all good!
  2. Manipulation - mental gymnastics, distorting information, ignoring obvious facts and warnings, changing the plan, wishful thinking, pleading, trying to outsmart the market. The monkey dance. Stop Trading.
  3. Assertion - saying NO to sub-par trade setups and sub-optimum trading conditions. This is the correct way to stamp out manipulation and go back to a trading level that’s nice and honest. Assert the trading plan. The ugly side of assertiveness is sliding back to manipulation by blaming the market and making it wrong. IT IS GOING UP!!! NO!! UP!!!! Stop Trading. (The difference between the assertive level and the manipulation and aggression levels is respect. Respect for your plan, respect for the market.)
  4. Aggressive - trading against the market. This is a state of mind, trying to force trades etc. Revenge trading, feeling wound up and frustrated, trying to recoup losses. Shouting and swearing. At this point the plan is disregarded for a brute, anything-goes approach. Stop Trading.
  5. Assault - Beast mode: increasing position size, taking huge risks, ends up seriously damaging your trading account. Stop Trading.
  6. Lethal force - removing stops and maxing positions, trading out of control with the power to kill your account. Avoid at all costs. Stop Trading.

  • #608,999
  • Jul 13, 2021 5:37am Jul 13, 2021 5:37am
Quoting elbert3
{image} little fight here
Just retail noise for the last two hours...
WT
  • #609,000
  • Jul 13, 2021 5:40am Jul 13, 2021 5:40am
took long 1.3852
Trade with prediction = witch with her visions lol
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