Cable Update (GBPUSD)

Sure bro, but almost pulled out too during the pull back.

Fibo 50%

Looks like on the last 4 hour bar it will print a hammer bullish engufing bar ..need confirmation on sunday.

Also, it is right where it bounced before and is oversold which gives the signal credibility.

what was your entry signal KD don't think I saw it

Market took an interesting turn and surged back up again, looks kinda like inverted head & shoulders pattern now in 15 min.
Market closed and my position has turned from unrealized loss initially into slight profit now.

Zoomed out and it looks like it is refusing to go down further, coupled with the recent price action before market closed (not willing to go down and bounced back into my key price level 1.31024 (purple line) 3 times, it raises my conviction on this Long trade to be likely will hit TP.

Fingers crossed.

Ramadan Kareem

may Allah accept our Duas and bring peace to the world

Can you please share your Max losses per day system on this thread? Thank you.
Risk controls...ideas copied from the Rule Books of Professional Traders

https://www.forexfactory.com/thread/...6#post13950896

its your account that will tell if u are pro or not, besides that anyone can make pips from time to time.

debate on here is endless talk that is not necessary

Hi simnz, thanks for the tips included in your link, unfortunately I did not take the Max Loss rule from any source, I impose upon myself based on my experience.

Using my ACD system (for this system there is a book easily downloadable, ACD system by Mark Fisher), i noticed the below scenario happened to me:
1. 1st trade for the day wins, most likely i will call it a day unless something interesting happens with the price around key levels, an obvious one would be violent bounce back off the Daily pivot, then i would go for second trade.

2. 1st trade for the day lost, then the price action show obvious signs to move towards the direction of my 1st trade, the 1st trade probably just a stop loss hunt before heading to my target direction, so i attempt the 2nd trade Only IF the situation aligns with what i expected within my plan, otherwise i wouldnt force the 2nd trade and wait for next trading day, tomorrow is always a new day.

3. From my point 2, i wish to elaborate more on the "if situation aligns with what i expected" quote. After the end of previous trading day, i would plan ahead and establish my bias moving forward, let's say i spotted for the past few trading days price never made any lower lows, then for the current trading day i would:
a) only look for Long setups, bounce off Support pivot (SL just below pivot range), bounce off Lower end key levels (SL is recent low), or closed above upper key levels (SL is lower end of Opening Range in ACD system), R&R always 1.5 to 1 for simplicity.
b) if the current day's daily pivot is at bottom acting as support, and the price broke and closed convincingly below it (without big wicks), then my bias will finally switch to bearish, because breaking thru pivot is a big deal.
c) if the current day's daily pivot is at above acting as resistance, and price just keep continues going downward, then that day i would do nothing as it contradicts with my bias for the day, i let this day pass and see if tomorrow the price is reasonably down from yesterday's price action before deciding to switch my bias to bearish, if the price is just below all key levels but obviously stalling showing a clear ranging trend, then my bias will not switch just yet, but this usually only happens during trend exhaustion, likely there were already bigger movements in the past leading to this, it's pretty easy to spot

THANKS BRO

Sorry it's this late for a reply, but just wanted to thank you. You were correct.

I am interested in how can I send a message to someone here on Forex Factory if there is such an option? Another thing I would like is to not have my post being reviewed for so long since I also want to contribute to the forum, but it's impossible when I have to wait for so long to get my comments reviewed. Thanks in advance!

GBPUSD is going to smash .34 so hard next week

Click on the persons name such as your 'Whatevs' This will open their profile window at the top of which there is a tab to send message.

Having a strong directional bias with no concrete confirmation may end in disappointment. Always prepare for alternate scenarios.

new member, welcome.
you have 3 post since last week, all of them include the price 1.34 for last week
now you move it forward to the coming week.

it could be, but how much pips are you going to sacrifice?

anyway, my view: hope for you that im wrong.

Weekly and daily candle is on the mid side. Preparing on any side could be done these week. As TL broken on last friday. Usually on early week we will have one way ticket

Waiting and likely below 2853 to towards 2674 move
PA in smaller tf, not in straight line most probable!limit up 3272 as monthly limit.

I tend to agree on H4 movement to add sell movement. Even if they drop to 1.304 to push it to 1.33 high shouldn't be a surprise.
At this rate, any extreme on H4 / D1 resistance must be taken to follow the trend.