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Cable Update (GBPUSD)

  • #666,921
  • Jul 3, 2022 8:14am Jul 3, 2022 8:14am
Quoting eyefeelsix
{quote} and yes it is {image}
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https://breakpullback.com
  • #666,922
  • Jul 3, 2022 8:18am Jul 3, 2022 8:18am
Quoting eyefeelsix
{quote} I thought you were joking, cause ended with a laugh icon, omg I feel sorry brother
No worries, didn't want anyone to feel bad or sorry for me, just an example of somethings you can predict, over the 20 years of trading I still havnt been convinced that anyone can predict the markets, not saying it can't be done, I've just seen no evidence myself
  • #666,923
  • Jul 3, 2022 8:21am Jul 3, 2022 8:21am
Quoting Waveskierrob
{quote} No worries, didn't want anyone to feel bad or sorry for me, just an example of somethings you can predict, over the 20 years of trading I still havnt been convinced that anyone can predict the markets, not saying it can't be done, I've just seen no evidence myself
you are always cheerful I like that one
https://breakpullback.com
  • #666,924
  • Jul 3, 2022 9:15am Jul 3, 2022 9:15am
Quoting Tronis
{quote} Yeah but I still don't believe in that. There are always possible to find some kind of technical reason and it doesn't really matter what strategy we trade, the mindset is what makes us winners or losers. Good luck with your trades! I took a small loss on my last trade and done for the week. Have a nice weekend to all!
Cool.
The whole exercise is not trying to convince anyone here to believe QM or any system worked.

I am somewhat reluctant, but here it goes.....
QM……..There is nothing sensational or mysterious about it.
Every system has weaknesses
Only just do not read it as knowledgeable advice.
Because it is not.

A good system and strategy should be based on working in all markets along with your education.
As you’re aware, I probably didn't master price action over night and had many kicks in the arse before the lights turned on.

I combined some technicals and fundamentals, and placed my orders.
So, no objective system that yields trading signals, just my own subjective interpretation (intuition, if you like) of a combination of factors.
I think what I mean is that people tend to see different patterns and thus make them self-fullfilling. (QM,HNS.S&R,S&D, MA Crosses, Fibo, MacD, et cetera)

Some may ask why am I taking those trades, which are not clear to others.
The reason is because once one hit that level I’m very risk averse.

There are few who make huge returns mainly because they don't need to.
They reach a level that they are comfortable and there's no need to take on more risk.
Every single successful trader that I know (and I know a few) all have this exact same
characteristic.

Whilst I don't chase people to help them, I have always helped anybody who has needed it or asked me in various 'walks of life'.
I relate to this now and it has helped me to keep a positive outward-facing attitude.
Something to think about…

My 2 cents worth (now worth 3.7 cents with inflation) , hope I haven't upset anyone , wasn't meant to be that way.

End of ramble........

Cheers,
Pat CHIKO.
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #666,925
  • Jul 3, 2022 9:28am Jul 3, 2022 9:28am
Quoting eyefeelsix
{quote} you are always cheerful I like that one

He's a GOAT, cool guy if you know him

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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #666,926
  • Jul 3, 2022 9:50am Jul 3, 2022 9:50am
Hip Cafe in Korat, Thailand

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Don't do this to your room like this..............
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #666,927
  • Edited 10:42am Jul 3, 2022 10:24am | Edited 10:42am
Quoting Waveskierrob
{quote} No worries, didn't want anyone to feel bad or sorry for me, just an example of somethings you can predict, over the 20 years of trading I still havnt been convinced that anyone can predict the markets, not saying it can't be done, I've just seen no evidence myself
Like you, nor have I. I am of the strong belief that prediction/foresight in any walk of life is not possible. In trading what is possible as we know, is the ability to find an edge based on repeating patterns of market behavior that in TA for example represents itself on a chart. As if to prove that prediction does not exist, when our edge sets-up and assuming it represents the greater probability of price doing x over y, we do not know in advance on that or any other individual occasion it presents itself whether price will actually do x over y on that occasion, just that over a sample of times it does so, the edge should produce a net gain over the sample, if of course we adhere to the risk and money management necessary to make this happen.

I therefore never understand those that think they need to somehow 'predict the future.' We see the posts here, yes some are just 'shooting the breeze' but some believe it. It is not even necessary and at worse they can convince others that it is required when it is not. Worse still they can convince the gullible that they have this gift of foresight, which they patently, almost certainly do not. (I say this as it's not 100% certain, just that it hasn't been proven in the whole of human history, thus far!) In any event the onus of proof is on them to prove they have, not us to prove they don't.

So next time thread readers read a post that says ...on Mon this will happen, Tues that will happen and Weds this etc..etc.. challenge it, ask the poster what that is based on, and as no analysis is predictive it must mean that they believe they alone have the power or foresight - or - that their edge has set-up, and that edge represents the greater probability only, not an absolute certainty.
Trader with an Edge.
  • #666,928
  • Jul 3, 2022 10:51am Jul 3, 2022 10:51am
Cable trend is still currently up
  • #666,929
  • Jul 3, 2022 11:21am Jul 3, 2022 11:21am
Quoting Headland
What we actually know (not what we may think, expect or feel,) is that t/f's 1Hr to Mthly are in technical downtrends, although there are signs of strength on 1hr in particular from Friday's bounce back up. Let's look at the technical case for more near-term (+?) upside movement. In no particular order, the factors that support this case are: 1. Support was found @ Fri's 1975/76 lo in that prev 4hr/Dly/minor Wkly sw lo zone that extends down to 1933 - the current yrly lo, resulting in a strong bounce back up, after a strong intraday (Friday's) move...
When the whole world is looking at 1 set of charts It is very easy for computers Using HFT To do a quick stop hunt like we saw on Friday
  • #666,930
  • Edited 12:00pm Jul 3, 2022 11:49am | Edited 12:00pm
Quoting Houtbay
Cable trend is still currently up
I don't understand your post......I won't even go there with the 'still' but on what significant t/f (ie 1hr+) is price trending up, and would you mind saying how you are measuring whether a t/f is trending or not? Thanks.

Quoting PatienceFx
{quote} When the whole world is looking at 1 set of charts It is very easy for computers Using HFT To do a quick stop hunt like we saw on Friday
Interesting view....what stops were the market hunting and where were they? If you are referring to stops below the 2091 swing before the friday drop then that is a hell of a stop hunt and not typical of such. Ie let's say stops were 2075ish, the stop hunt was 100pips down from there to the 1975 friday lo! - not a typical stop hunt at all, and also why not get the stops below the more significant 1933 swing? There will likely be more/a more significant volume of stops there than below 2091.
Trader with an Edge.
  • #666,931
  • Jul 3, 2022 12:17pm Jul 3, 2022 12:17pm
Quoting Headland
{quote} I don't understand your post......I won't even go there with the 'still' but on what significant t/f (ie 1hr+) is price trending up, and would you mind saying how you are measuring whether a t/f is trending or not? Thanks. {quote} Interesting view....what stops were the market hunting and where were they? If you are referring to stops below the 2091 swing before the friday drop then that is a hell of a stop hunt and not typical of such. Ie let's say stops were 2075ish, the stop hunt was 100pips down from there to the 1975 friday lo! - not...
Lets forecast using data

UK Economy Chart

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Unemployment Rate Graph

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voice your views ; also consider that the uk pm is rapidly loosing support in parliament.
  • #666,932
  • Jul 3, 2022 12:30pm Jul 3, 2022 12:30pm
Quoting Headland
{quote} Like you, nor have I. I am of the strong belief that prediction/foresight in any walk of life is not possible. In trading what is possible as we know, is the ability to find an edge based on repeating patterns of market behavior that in TA for example represents itself on a chart. As if to prove that prediction does not exist, when our edge sets-up and assuming it represents the greater probability of price doing x over y, we do not know in advance on that or any other individual occasion it presents itself whether price will actually do...
Great post
  • #666,933
  • Jul 3, 2022 12:39pm Jul 3, 2022 12:39pm
Quoting Houtbay
Cable trend is still currently up
Depending on your time frame, short term price rebounced from Fridays lows. Daily, weekly, monthly still in a bearish trend until HH is made.

I will watch 1970 area as it is still higher then previous daily low 1930.
If price holds from going lower, then it will be an excellent long term buy oportunity.
All the best.
  • #666,934
  • Jul 3, 2022 12:49pm Jul 3, 2022 12:49pm
Friends i personally would go for a Sell in Usd as Soon as the markets open IF IF IF there isn't a gap. Already got a Sell signal in usdcad, eurusd/gbpusd,/auusd/nzusd r on the way. Eurjpy will be the one i might enjoy.

Trade Safe
  • #666,935
  • Jul 3, 2022 1:00pm Jul 3, 2022 1:00pm
Quoting Jollson
Friends i personally would go for a Sell in Usd as Soon as the markets open IF IF IF there isn't a gap. Already got a Sell signal in usdcad, eurusd/gbpusd,/auusd/nzusd r on the way. Eurjpy will be the one i might enjoy. Trade Safe
suggest action in GU based on these 2 pairs ; which currency can do what
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  • #666,936
  • Jul 3, 2022 1:23pm Jul 3, 2022 1:23pm
Quoting ScalaFX
{quote} For clear view like I said before im started buying from 2100 my long term longs and will be adding every 5 pip run down till 2000 or 1950 TP will be 1.30 so every position 1000 pips medium
25x long active, will be making every 20 pips plus every position at BE, most of it have already, rest lets see we can make some bounce more from here or will be going more down, when so another better oportunity to buy lower, wish everyone green pips!
People don't plan to lose. They lose because they don't plan.
  • #666,937
  • Jul 3, 2022 2:55pm Jul 3, 2022 2:55pm
Quoting PatienceFx
{quote} suggest action in GU based on these 2 pairs ; which currency can do what {image}
Dear, one should have enough PATIENCE to hear what the other wants to say.....
1. I never quoted GBPCAD above n only the pairs i personally feel.
2. You are quoting Daily charts, can you kindly be generous to show 5 LIVE trades where you followed your DAILY CHARTS. If wanna visit my profile you can find more than 100 LIVE Trades in the last 20 days n that are only based on 5 mn.
3. A professional trader should always know that Gbpcad n Gbpusd are two altogether different pairs n do not necessarily have to follow each other.
In my opinion traders trading on daily charts should at least have TP of 150-200 pips n there trade can be live for even a month if in loss or his/her appetite.

Will be waiting for your 5 LIVE trades where you follow your DAILY CHARTS.

Trade Safe
  • #666,938
  • Jul 3, 2022 3:10pm Jul 3, 2022 3:10pm
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Insane in the Brain..
  • #666,939
  • Jul 3, 2022 3:23pm Jul 3, 2022 3:23pm
GBPUSD price action on the daily time frame is sideways as it tackles the 1.20780/1.19590 significant horizontal support zone (green) seen on the monthly time frame. However, the top ‘wicky’ prints on recent candlesticks may incentivize bullish interest for northward market engineering before a bearish turnaround.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #666,940
  • Jul 3, 2022 4:28pm Jul 3, 2022 4:28pm
Quoting Pat Chiko
{quote} Cool. The whole exercise is not trying to convince anyone here to believe QM or any system worked. I am somewhat reluctant, but here it goes..... QM……..There is nothing sensational or mysterious about it. Every system has weaknesses Only just do not read it as knowledgeable advice. Because it is not. A good system and strategy should be based on working in all markets along with your education. As you’re aware, I probably didn't master price action over night and had many kicks in the arse before the lights turned...
I always admire how much of your time you can dedicate to people here. I think lots of people got better at trading because of you. I’m a lazy writer, I’m here all the time reading but not posting a lot, only when someone start to get on my nerves such as franz picking on Navk.

I know many systems work and some use QMs, fibo, MA etc and they are very successful like you said about your system. We all come from losers in the beginning stages and it takes a hard work and lots of studying to overcome our bad habits to become a successful traders. For me it took many years and I’m still learning. What helped me hugely was to trade smaller lots and even if I have a bad day or days and got a lot of loses I can come back very easily. There are many other factors as well but the money management was the most important for me which in the beginning I was ignoring for years. Also psychology behind trading we can't ignore too. Anyway, I’m blabbering too much here. Wish you a great trading week and to others as well!
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