Cable Update (GBPUSD) | Page 30679 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #613,561
  • Aug 1, 2021 9:25am Aug 1, 2021 9:25am
Quoting here2there
{quote} It would make no difference to me if I had access to more leverage. I just wouldn't use that much leverage, period. I am a slow and steady trader. The people who are always in a hurry are usually the ones who make the most costly mistakes.
True. When you overlerage you start slowly and build the account with smallest lot size.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: 19.4%
  • #613,562
  • Aug 1, 2021 9:43am Aug 1, 2021 9:43am
Quoting Jolita
{quote} You are very rude trader Navk. I dont like your sarcasm towards other traders, and you call yourself a professional trader, why is that? Please keep your bad critisism to your self. This thread is to share trading views and not to laugh at others. I mean, come on, chart always goes both directions. Someone said to me we will see 1.32, but we are nearly reached 1.4 instead. 100 pips up or doen means nothing at all for some, right or wrong, profits that matters. Good luck.
taip
  • #613,563
  • Aug 1, 2021 10:17am Aug 1, 2021 10:17am
Quoting nAVIN2007
{quote} my friend plz dont use these words regarding yourself, not confident, nor knowledgeable & gutless, u need to dispate these belief about yourself, release or exchange them for positively charged ions. U might not realise it but this is holding you back, your thoughts will project themselves in how u manage your trades and also your trade setups You are an amazing trader because u have been in the game for 14 years...be positive Invest learning now in your mind...and these will take your trading to places where u will be complete...
Thank you, awesome advice.
Forever learning....
  • #613,564
  • Aug 1, 2021 10:24am Aug 1, 2021 10:24am
Quoting Jolita
{quote} You are very rude trader Navk. I dont like your sarcasm towards other traders, and you call yourself a professional trader, why is that? Please keep your bad critisism to your self. This thread is to share trading views and not to laugh at others. I mean, come on, chart always goes both directions. Someone said to me we will see 1.32, but we nearly reached 1.4 instead. 100 pips up or down means nothing at all for some, right or wrong, profits that matters. Good luck.

seriously? NavK is one of the most chilled traders here!
Insane in the Brain..
  • #613,565
  • Aug 1, 2021 10:41am Aug 1, 2021 10:41am
Quoting nAVIN2007
{quote} my friend plz dont use these words regarding yourself, not confident, nor knowledgeable & gutless, u need to dispate these belief about yourself, release or exchange them for positively charged ions. U might not realise it but this is holding you back, your thoughts will project themselves in how u manage your trades and also your trade setups You are an amazing trader because u have been in the game for 14 years...be positive Invest learning now in your mind...and these will take your trading to places where u will be complete...
It was very kind of you to share this thought. You are a compassionate person. FF needs more people like you.
Learn from your mistakes and march on.
  • #613,566
  • Edited 11:28am Aug 1, 2021 11:02am | Edited 11:28am
Anyway, folks,
There is no need to blow things out of proportion, We all know that Navk is doing well as a scalper in a prop firm, and we are seeing what Pat Chiko is capable of doing here. Both are good traders in their own right. I think there was a bit of a misunderstanding between them. No sweat and I think the banter and exchanges have been quite friendly.
This thread is in a good place and the level of professionalism, helpfulness, and expertise is exceptional and unlike what I see in most threads at FF.
Let's keep it going and have a great week and new month.
Cheers.
Trade to trade another day
  • #613,567
  • Aug 1, 2021 11:10am Aug 1, 2021 11:10am
Quoting Wavegarrick
...This thread is in a good place and the level of professionalism, helpfulness, and expertise is exceptional and unlike what I see in most threads at FF...
True!
Learn from your mistakes and march on.
  • #613,568
  • Aug 1, 2021 11:31am Aug 1, 2021 11:31am
Quoting navk
{quote} Impatience due to GREED.. Closing wrongly taken trades with loss due impatience is FEAR.
100% agree.
MA provides the market's current direction and strength.
  • #613,569
  • Edited 1:29pm Aug 1, 2021 12:32pm | Edited 1:29pm
Quoting mysterio
Expecting a fall to 1.3820s over the coming days before continuing bullish-- may range a bit first Will get some charts up later
Might see a bit of a deeper correction this week now the stops above 1.39 have been taken and orders are closed. I don't think the 1.3980 zone will give up easily as it is a very strong supply zone. Nothing is guaranteed. Every trade is dependent on price action so there's no limit orders from me at these levels. Might range a little first. Note the first up leg may only go to 1.3930ish to fill the gap/contact the flip zone.

DXY we are reacting off of weekly supply so my dollar bias is bearish/GU bullish overall. But, we contacted a daily demand area on DXY so this combined with the strong level on GU leads me to believe we'll see a deeper correction. The move above 1.39 might be seen as a bullish breakout by retail so, perfect time to move the market down a bit

The chart I posted pre FOMC was just a rough outline but the prediction still stands, we reacted off of a good level: https://www.forexfactory.com/thread/...2#post13644462
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dxy.jpg Size: 245 KB
Click to Enlarge Name: gumon.jpg Size: 253 KB
Attached Image
  • #613,570
  • Aug 1, 2021 12:39pm Aug 1, 2021 12:39pm
Quoting here2there
{quote} It was very kind of you to share this thought. You are a compassionate person. FF needs more people like you.

kind words, Thank You
  • #613,571
  • Aug 1, 2021 12:46pm Aug 1, 2021 12:46pm
Quoting Moty
i am ready with a new strategies to to the new trading week i will deposit tomorrow morning {image}
“Take up one idea. Make that one idea your life – think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success.” – Swami Vivekananda
Intraday Trading is an Art _ hoda
  • #613,572
  • Aug 1, 2021 12:51pm Aug 1, 2021 12:51pm
Quoting Moty
i am ready with a new strategies to to the new trading week i will deposit tomorrow morning {image}
friendly advise mate

dont go switching systems. especially indicator based systems.
they tend to work under certain circumstances and fail under other.

there is indicator based system with 100% win rate.

there are systems not based in other things that can get very high win rate and rrr as well. but their disantavange is that trade has contro and can lead to eeotional breakdown and wrong decision making.

find a ssytem and stick to it. the fact that it wont work for a month or 2 does not mean it is a bad system.

gl
offering my system to copy trade. check my link
  • #613,573
  • Aug 1, 2021 1:19pm Aug 1, 2021 1:19pm
If you want to become a successful Forex Trader.... One thing you must learn:

- HOW TO FIGURE OUT WHEN THE BANKS OR INSTITUTIONAL ORDER STARTS FLOWING..

In the next coming weeks, I'll let you all know what I discovered


BigNumbers
My telegram: https://t.me/avidforex
  • #613,574
  • Aug 1, 2021 1:23pm Aug 1, 2021 1:23pm
Quoting mysterio
{quote} Might see a bit of a deeper correction this week now the stops above 1.39 have been taken and orders are closed. I don't think the 1.3980 zone will give up easily as it is a very strong supply zone. Nothing is guaranteed. Every trade is dependent on price action so there's no limit orders from me at these levels. Might range a little first. Note the first up leg may only go to 1.3930ish to fill the gap/contact the flip zone. DXY we are reacting off of weekly supply so my dollar bias is bearish/GU bullish overall. But, we contacted a daily...
nice chart mate,
same view.
imo 3937 area and down to 3775
but we all need to wait to see how 3900 react.
Bulls missed 4000, with all the momentum, failed!
Bears need to be patient with this.
  • #613,575
  • Aug 1, 2021 1:27pm Aug 1, 2021 1:27pm
Quoting BigNumbers
If you want to become a successful Forex Trader.... One thing you must learn: - HOW TO FIGURE OUT WHEN THE BANKS OR INSTITUTIONAL ORDER STARTS FLOWING.. In the next coming weeks, I'll let you all know what I discovered BigNumbers
Thank you
How to succeed in zero sum game?
  • #613,576
  • Aug 1, 2021 1:35pm Aug 1, 2021 1:35pm
Quoting gatenio
{quote} nice chart mate, same view. imo 3937 area and down to 3775 but we all need to wait to see how 3900 react. Bulls missed 4000, with all the momentum, failed! Bears need to be patient with this.
Yea thanks. I think we will eventually get up to 1.40 and beyond. But my advice for bulls is to be patient and get in at a good price. Like you say the high 1.37s is a good buy level if we get a reaction down there. It's a solid daily demand level so we can continue up. The weekly supply overrides the daily demand on dxy so I think after a correction we can go back up on GU. Of course, anything can happen, I'd be surprised if we just make a run up to 1.40 first thing though. Like navk said earlier, best just to take this a day at a time and re-evaluate every day if you're an intraday trader.
  • #613,577
  • Aug 1, 2021 1:40pm Aug 1, 2021 1:40pm
Quoting Moty
i am ready with a new strategies to to the new trading week i will deposit tomorrow morning {image}
Moty,

Just keep in mind our pivot rule and take the trading bias accordingly everyday,

Now, I am going to have a small nap before Tokyo opens at 8 pm EST.
Intraday only.
  • #613,578
  • Aug 1, 2021 1:47pm Aug 1, 2021 1:47pm
Quoting hoda
{quote} “Take up one idea. Make that one idea your life – think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success.” – Swami Vivekananda
I know how valuable is this statement for anybody.

Good one.
Intraday only.
  • #613,579
  • Aug 1, 2021 1:49pm Aug 1, 2021 1:49pm
Quoting Vincent1
Another week is over The strength of the Bears on Monday and Tuesday was too strong to last, but it was good On the Weekly we have a good Hammer which broke down after almost 4 weeks of consolidation above the April support. The best Hammers happen after a downtrend, this is after a consolidation so it's a little weaker than usual {image} ...
The Hammer made the job, and last week we had a nice green candle, the signal is quite important because it is practically a Morning Star. The weekly close is the highest since 5 weeks. The signal is bullish and strong

Attached Image

But...We must carefully consider the Daily TF

On Friday we had almost the same high as on Thursday (so double top or false break-out) and a Dark Cloud Cover.
So, above 1.39 we arrived in an area where the Bulls showed their weakness, and the Bears their strength. It is no a coincidence that the same area was the June 23rd resistance which then pushed the market below 1.36. Those Bears may come again in the market to push the price lower.

Knowing the correlation that exists, and that the strongest movements come from the USD, I also want to report that, on the Daily TF, we have a strong Bearish Engulfin on AUDUSD, a Dark Cloud Cover (after making a new high) on EURUSD, and a weak Piercing Line pattern (after marking a new low) on USDCAD

Keep in mind, we had a bearish signal under 1.36 when the market broke the April's support (Dow Theory) and SMA200 Daily (reference for long term traders)

Attached Image

The latest COT Report is a bit confusing. On the one hand we have the Asset Managers who have closed many short positions, while the Leveraged Funds have given a strong short signal

Attached Image (click to enlarge)
Click to Enlarge Name: COT.png Size: 23 KB

On my view, under 1.40 we are still on Bears territory, and the idea to get under 1.30 is still possible. I can change my mind just above 1.40

One last think, I am still only a student about the Hurt's Cycles, but since several weeks I have a simulation that sees the price below 1.30 in the second half of September. With this last Top, the hypothesis is still valid. I don't think it is a coincidence that the next FOMC is scheduled for 22nd of September (the one about the information on possible tapering)


Next Thursday there is the Monetary Policy from BOE, and on Friday the NFP (good data = tapering is getting closer).

Have fun and Green Pips to all
  • #613,580
  • Aug 1, 2021 1:50pm Aug 1, 2021 1:50pm
Quoting BigNumbers
If you want to become a successful Forex Trader.... One thing you must learn: - HOW TO FIGURE OUT WHEN THE BANKS OR INSTITUTIONAL ORDER STARTS FLOWING.. In the next coming weeks, I'll let you all know what I discovered BigNumbers
That sounds most intriguing.
What does 'flowing' mean in this context?
Air force
353 traders viewing now, 1 is registered:
saidi01