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Cable Update (GBPUSD)

  • #610,021
  • Jul 16, 2021 4:27am Jul 16, 2021 4:27am
Quoting sangnt0904
Why do people short this pair? What levels and plans do you have to trade this pair? 1H chart {image}
I'm done for today.
Close half and leave the other half running to R 14 (Resistance on July 14).
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  • #610,022
  • Jul 16, 2021 4:29am Jul 16, 2021 4:29am
I'm done for today.

Closed with profit.

Overall week was in profit.
#Stay blue. /swinger/scalper/
  • #610,023
  • Jul 16, 2021 4:29am Jul 16, 2021 4:29am
Quoting gatenio
Bulls give me chance to enter short? short WPP for 75 pips 1.3775
buyers, yes i know, price going up again and 1.396 still untested.
but, look 4h and north ..this is not look like up move.
above 1.39, yes, different story
  • #610,024
  • Jul 16, 2021 4:29am Jul 16, 2021 4:29am
Quoting Wavegarrick
Short trade added at 1.38576 which is the 61.8% fib retrace of yesterday's high. s/loss 25 pips. Have a great day. Cheers.
hello, are you taking the short just for the 61.8 retracement reason? or do you have an additional confirmation? Don't see any attack from me, it's just that I can't take trades on the highs without at least a bearish pattern ...
  • #610,025
  • Jul 16, 2021 4:30am Jul 16, 2021 4:30am
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My View Only
  • #610,026
  • Jul 16, 2021 4:32am Jul 16, 2021 4:32am
Hello everyone I´m just showing my trading update
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  • #610,027
  • Jul 16, 2021 4:34am Jul 16, 2021 4:34am
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yes yes yes
  • #610,028
  • Jul 16, 2021 4:38am Jul 16, 2021 4:38am
Is that the end of the up move? SL hit on long, what a shame, entered too late. Not quite a good week for me.

These are the mistakes I made:
1) Entered longs at the peak
2) Adjusted or increased SL couple of times this week, thinking that the market would retrace.
3) Tried catching the free falling knifes couples of times and got injured really big.

How do I get rid of these bad habits?

Doing the newbie mistakes again and again.
  • #610,029
  • Jul 16, 2021 4:39am Jul 16, 2021 4:39am
Quoting Pat Chiko
{quote} Regret to inform you. You cannot leave early until M appear in this thread. Please stick around and entertain us. Thank you
Free Entertainment INC Production present

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God bless everyone!

Good weekend to all!
The only impartial feeling is love. It is also the only feeling of God.
  • #610,030
  • Jul 16, 2021 4:39am Jul 16, 2021 4:39am
Quoting Moty
{image}
You need to check the daily and maybe accept your loss, it seems the crooked are going up up.
#myopinion
  • #610,031
  • Jul 16, 2021 4:44am Jul 16, 2021 4:44am
Quoting IBabyTrader
Is that the end of the up move? SL hit on long, what a shame, entered too late. Not quite a good week for me. These are the mistakes I made: 1) Entered longs at the peak 2) Adjusted or increased SL couple of times this week, thinking that the market would retrace. 3) Tried catching the free falling knifes couples of times and got injured really big. How do I get rid of these bad habits? Doing the newbie mistakes again and again.
Ya no worries man this all sounds very familiar, I have done all of these multiple times and sometimes slip into them. The first step is to be aware you're repeating the same mistake then the next step is to actually commit to a system to mitigate them

I can only speak from a scalping perspective

1) Dont chase the move, if you've already seen a big move then you've missed it. You'll automatically want to either chase it or fade it (FOMO). Forget about it, take a break and think about the next opp which comes sooner than you think

2) never ever do this, predefine your risk with your SL and stick to it no matter what.. there are times when you can bend this rule but it's rare

3) used to do this one a lot too but you'll get burned more often than not, have predefined reversal price action patterns/setups and rules for entry written out and in front of you and stick to them no matter what. Have a written checklist if need be (I have to do this) Have the levels/areas of interest marked out in advance then wait. What is your confirmation? A double bottom with divergence? TL break? Pullback into a cluster? Don't short a rocket or catch a falling knife
  • #610,032
  • Jul 16, 2021 4:46am Jul 16, 2021 4:46am
Quoting gatenio
Bulls give me chance to enter short? short WPP for 75 pips 1.3775
safe now, SL+10
better safe than sorry.
  • #610,033
  • Jul 16, 2021 4:47am Jul 16, 2021 4:47am
In profit again
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yes yes yes
  • #610,034
  • Edited 8:00am Jul 16, 2021 4:47am | Edited 8:00am
Quoting IBabyTrader
Is that the end of the up move? SL hit on long, what a shame, entered too late. Not quite a good week for me. These are the mistakes I made: 1) Entered longs at the peak 2) Adjusted or increased SL couple of times this week, thinking that the market would retrace. 3) Tried catching the free falling knifes couples of times and got injured really big. How do I get rid of these bad habits? Doing the newbie mistakes again and again.

Hi I think you need reduce your trading money and your number of the trades. Try take a brake of trading and just look the market outside. If you are not sure about your strategy, do it in a simulator.
  • #610,035
  • Jul 16, 2021 4:47am Jul 16, 2021 4:47am
Quoting LvMMT
{quote} Free Entertainment INC Production present {image} God bless everyone! Good weekend to all!
I'm out.

God bless everybody here!

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The only impartial feeling is love. It is also the only feeling of God.
  • #610,036
  • Jul 16, 2021 4:48am Jul 16, 2021 4:48am
blown out the waters the last 3 levels 3814 ish tl coming up ,might tp or just bring the trades down to pp
  • #610,037
  • Jul 16, 2021 4:48am Jul 16, 2021 4:48am
Quoting mysterio
{quote} Ya no worries man this all sounds very familiar, I have done all of these multiple times and sometimes slip into them I can only speak from a scalping perspective 1) Dont chase the move, if you've already seen a big move then you've missed it. You'll automatically want to either chase it or fade it (FOMO). Forget about it, take a break and think about the next opp which comes sooner than you think 2) never ever do this, predefine your risk with your SL and stick to it no matter what.. there are times when you can bend this rule but it's...
Thanks for sharing the widsom, Mysterio.
I will make a plan, put a sticker on my desk what not repeat and look at it before I jump into any trade.
I think beer or two will calm my soul today.
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  • #610,038
  • Jul 16, 2021 4:51am Jul 16, 2021 4:51am
Quoting gatenio
{quote} safe now, SL+10 better safe than sorry.
buy stop 1.386
tp 1.396

just in case the big 1 hour not just a correction.
  • #610,039
  • Jul 16, 2021 4:55am Jul 16, 2021 4:55am
Quoting thomi
{quote} hello, are you taking the short just for the 61.8 retracement reason? or do you have an additional confirmation? Don't see any attack from me, it's just that I can't take trades on the highs without at least a bearish pattern ...
Hi Thomi,
I have explained my view as I have gone along throughout the year. If you look at my previous posts you will see why I am short and the reasons why I do not take long trades. At this point in time, I see any retraces as selling opportunities. And the 61.% fib retrace was a decent area to take a short trade. I need a decent break above my blue trendline( see chart) to adjust my view to being bullish. Take note my view is derived from the higher timeframes and I am not a scalper.
Hope it helps
Cheers.
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Trade to trade another day
  • #610,040
  • Jul 16, 2021 4:59am Jul 16, 2021 4:59am
Quoting rajib4
Short @1.3855 SL @1.3905 TP @1.3790 {image}
Closed the Trade @1.3820 with a Profit of 35 pips.

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Took the decision as there are some High Impact News later in the day. Will call it a day and enjoy with the family.
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