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Cable Update (GBPUSD)

  • #651,361
  • Feb 8, 2022 1:11pm Feb 8, 2022 1:11pm
Quoting mysterio
caught the little 3 drive and done, one buy two sells maybe buy in NY later see what happens {image} {image}

Closing this long. Price dropped hard pre NY open. I had the fair value gap (based on the chart not futures IMB). I FOMO bought early at the pivot because i saw absorption. took 1xR loss. Then used footprint to confirm long. The 'fake move' pre NY open is very common. closing for 11xR

Might remove pivot point indicator I don't really use it anymore
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  • #651,362
  • Feb 8, 2022 1:14pm Feb 8, 2022 1:14pm
Quoting Wavegarrick
{quote} Hi Guys, Right now and I mean it sincerely. A daily close above 1.35500 should be good enough for 1.3600. It is iffy at the moment. My 50% fib retrace at 1.34929 had a perfect bounce and this currently is the line in the sand between bulls and bears for me. Trade safe, Cheers {image}
Garrick,

Your chart reminds me of London underground map somehow

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  • #651,363
  • Feb 8, 2022 1:15pm Feb 8, 2022 1:15pm
Quoting trumps
{quote} Asset managers have to pay back fees if they don't make you money? Where? The guy was in 90% drawdown when he gave the account to JB. The drawdown positions were still open (Note to self: duh, obviously).
He had to close everything and save at least 2,5K, lol. Why didn't he get a margin call or stop out?
Risk Management is of utmost importance!
  • #651,364
  • Feb 8, 2022 1:15pm Feb 8, 2022 1:15pm
Quoting trumps
{quote} Asset managers have to pay back fees if they don't make you money? Where? The guy was in 90% drawdown when he gave the account to JB. The drawdown positions were still open (Note to self: duh, obviously).
No asset managers don't have to pay anything. But the problem is, DBag is not an asset manager. Which is why he has to pay all the money that's been lost. No matter if it was his fault or not. That's what law says in most of the countries.

This is considered as a scamming activity if he doesn't have a license to be an asset manager. Court will probably want DBag to pay all the money that's been lost, and he can even get jailed for that.

Managing someone else's money is a serious crime and it has very harsh punishments.

He may have good intentions, but that doesn't change the law.
You have to have an IQ higher than 90 to interact with this user.
  • #651,365
  • Feb 8, 2022 1:21pm Feb 8, 2022 1:21pm
Quoting Nordling
{quote} No asset managers don't have to pay anything. But the problem is, DBag is not an asset manager. Which is why he has to pay all the money that's been lost. No matter if it was his fault or not. That's what law says in most of the countries. This is considered as a scamming activity if he doesn't have a license to be an asset manager. Court will probably want DBag to pay all the money that's been lost, and he can even get jailed for that. Managing someone else's money is a serious crime and it has very harsh punishments. He may have good intentions,...
Hmm, ok, now I understand you.
Got to be careful I guess
Compulsions can be hard to resist
  • #651,366
  • Feb 8, 2022 1:22pm Feb 8, 2022 1:22pm
Quoting RCtrader
{quote} He had to close everything and save at least 2,5K, lol. Why didn't he get a margin call or stop out?
No idea.
Don't know enough about margin levels of different brokers
Compulsions can be hard to resist
  • #651,367
  • Feb 8, 2022 1:26pm Feb 8, 2022 1:26pm
3595 area on the 4hr, looks like it wants to be the target for tomorrow.
US inflation figures out tomorrow, which jumped seriously in November.
Compulsions can be hard to resist
  • #651,368
  • Feb 8, 2022 1:26pm Feb 8, 2022 1:26pm
Quoting trumps
{quote} Hmm, ok, now I understand you. Got to be careful I guess
Exactly. I wouldn't even trade my best friend's money nor would i give an investment advice. He can get me jailed for that. Risky stuff you know.
You have to have an IQ higher than 90 to interact with this user.
  • #651,369
  • Feb 8, 2022 1:27pm Feb 8, 2022 1:27pm
Quoting RCtrader
{quote} He had to close everything and save at least 2,5K, lol. Why didn't he get a margin call or stop out?

Trades were opened at 1.24, probably was around July 20.
He held them over a year before he handed them to J in Sept 21.
He could have made a fortune if he bought instead.
  • #651,370
  • Feb 8, 2022 1:27pm Feb 8, 2022 1:27pm
Quoting Nordling
{quote} But the problem is, DBag is not an asset manager. Which is why he has to pay all the money that's been lost. No matter if it was his fault or not. That's what law says in most of the countries.
No, it's not. Why should one pay for losses if it's not one's fault?
Risk Management is of utmost importance!
  • #651,371
  • Feb 8, 2022 1:28pm Feb 8, 2022 1:28pm
Quoting Jolita
{quote} Trades were opened at 1.24, probably was around July 20. He held them over a year before he handed them to J in Sept 21. He could have made a fortune if he bought instead.
IF*, that's right. IF*
Risk Management is of utmost importance!
  • #651,372
  • Feb 8, 2022 1:32pm Feb 8, 2022 1:32pm
Quoting RCtrader
{quote} No, it's not. Why should one pay for losses if it's not one's fault?
Because if you don't have an "asset manager" or "portfolio manager" license, the law considers this as a scamming activity. It is considered as a crime in the law in most of the countries.

I don't know about Nigeria's laws. But if that stuff were to happen in US, he would get jailed and pay all the money back. That's the law.
You have to have an IQ higher than 90 to interact with this user.
  • #651,373
  • Feb 8, 2022 1:36pm Feb 8, 2022 1:36pm
Quoting Nordling
{quote} Because if you don't have an "asset manager" or "portfolio manager" license, the law considers this as a scamming activity. It is considered as a crime in the law in most of the countries. I don't know about Nigeria's laws. But if that stuff were to happen in US, he would get jailed and pay all the money back. That's the law.
Well, going to prison is something I agree should happen. But one should not return the money to somebody who lost them based on their own mistakes.
If I am not licensed and tell you to buy gbpusd and instead you sell. Does that mean I am liable for your losses? It's void of logic.
Risk Management is of utmost importance!
  • #651,374
  • Feb 8, 2022 1:39pm Feb 8, 2022 1:39pm
Quoting RCtrader
{quote} Well, going to prison is something I agree should happen. But one should not return the money to somebody who lost them based on their own mistakes. If I am not licensed and tell you to buy gbpusd and instead you sell. Does that mean I am liable for your losses? It's void of logic.
Probably mate. Which is also one of the reasons why people don't want to hang out in these forums. But of course laws can vary between the countries too.

It doesn't make logic all the time but, law is a law after all.
You have to have an IQ higher than 90 to interact with this user.
  • #651,375
  • Feb 8, 2022 1:43pm Feb 8, 2022 1:43pm
Quoting Nordling
{quote} Because if you don't have an "asset manager" or "portfolio manager" license, the law considers this as a scamming activity. It is considered as a crime in the law in most of the countries. I don't know about Nigeria's laws. But if that stuff were to happen in US, he would get jailed and pay all the money back. That's the law.


Account was registered under K, it is his risk, he is liable for the loss, no one else.

I also heard there are no laws in Nigeria, police is corrupt. No jobs, no money therefore too much scam, people have to survive.
  • #651,376
  • Feb 8, 2022 1:43pm Feb 8, 2022 1:43pm
Quoting Tronis
{quote} I’m with you on this. It seems we are on the next leg up and my plan is to deploy about 100 long soldiers all the way up to 1.37 – 1.374. 25 soldiers in the war zone already. Don’t have time these days to sit in front of the screen, my Bot now is doing all the job for me, opening longs on retracements Maybe I will consider to take partial profit at the half way but will see the PA. {image}
Nice one Tronis, You seem to have it taped there
Trade to trade another day
  • #651,377
  • Feb 8, 2022 1:49pm Feb 8, 2022 1:49pm
Quoting stjoeforex
Forex Trading is starting to remind me of why I had so much trouble fishing as a kid. Sometimes I just don't have the paitence for it.... I get a nibble & when I think the fish is ready to be caught, it gets away.... Same with trading... It looks like it's going "my way" then it reverses again... I hate fishing... {image}

Astute comparison, mate
Trying my best.
  • #651,378
  • Feb 8, 2022 1:54pm Feb 8, 2022 1:54pm
Quoting Jolita
{quote} Account was registered under K, it is his risk, he is liable for the loss, no one else. I also heard there are no laws in Nigeria, police is corrupt. No jobs, no money therefore too much scam, people have to survive.
I don't know about Nigeria.

But in developed & developing countries there are laws for that. Even though the account is registered under K, he can still sue the wannabe asset manager and win the case.

But like i said, i don't know how that works in Nigeria. Just giving general info.
You have to have an IQ higher than 90 to interact with this user.
  • #651,379
  • Feb 8, 2022 1:55pm Feb 8, 2022 1:55pm
Quoting Jolita
{quote} Garrick, Your chart reminds me of London underground map somehow {image}
That's not enough detail Jolita, Where's the tunnel to the bank?
Trade to trade another day
  • #651,380
  • Feb 8, 2022 1:55pm Feb 8, 2022 1:55pm
Quoting Jolita
{quote} Account was registered under K, it is his risk, he is liable for the loss, no one else. I also heard there are no laws in Nigeria, police is corrupt. No jobs, no money therefore too much scam, people have to survive.
What means 'registered under k'? What is k*?
Risk Management is of utmost importance!
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