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Cable Update (GBPUSD)

  • #668,801
  • Jul 11, 2022 11:27pm Jul 11, 2022 11:27pm
Could do with a few of your rockets Moty if you’ve any on the launch pad prepped… get that fuse lit!!!
  • #668,802
  • Jul 11, 2022 11:29pm Jul 11, 2022 11:29pm
Quoting Robinhood1
{quote} I look at the possibility that it hits 1.1920 and that will be the high on its way around 1.1750 and then a pullback from there, good luck
yea hopefully - any retracement and I’ll close out of this position with less of a loss and that might be the difference in equity needed if we do visit the low 1.17’s

either way - I’ve learned from it and just got to own it and hope for the best / expect the worst and try to avoid being in this situation again
  • #668,803
  • Jul 11, 2022 11:30pm Jul 11, 2022 11:30pm
What is your outlook for gold and Eurusd robinhood?
  • #668,804
  • Jul 11, 2022 11:31pm Jul 11, 2022 11:31pm
Quoting navk
{quote} once low breaks you know where the price goes. We have discussed this many times. Any way take care.
except from the times that the crooks are making false break
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yes yes yes
  • #668,805
  • Jul 11, 2022 11:34pm Jul 11, 2022 11:34pm
I just keep selling and keep taking profit. Looking of taking profit on yesterday's evening short trade, wait for some pullback and look if there is a short opportunity again. It will bottom out eventually but it seems that there is still some downward movement left.
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  • #668,806
  • Jul 11, 2022 11:34pm Jul 11, 2022 11:34pm
Quoting Moty
{quote} except from the times that the crooks are making false break{image}{image}
seeing 11950 will be great to see lol cant see it happening just yet though
Insane in the Brain..
  • #668,807
  • Jul 11, 2022 11:36pm Jul 11, 2022 11:36pm
Quoting Houtbay
What is your outlook for gold and Eurusd robinhood?
I don´t have any for gold.
https://www.forexfactory.com/thread/...0#post14062660
POSTMASTER
  • #668,808
  • Jul 11, 2022 11:38pm Jul 11, 2022 11:38pm
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Is that what we called Compression?
More time in the market, does not mean you trade better!
  • #668,809
  • Jul 11, 2022 11:42pm Jul 11, 2022 11:42pm
Quoting Moty
{quote} except from the times that the crooks are making false break{image}{image}
exactly the reason i booked my shorts today
  • #668,810
  • Jul 11, 2022 11:45pm Jul 11, 2022 11:45pm
ingulfing candle it's always a good start
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yes yes yes
  • #668,811
  • Jul 11, 2022 11:48pm Jul 11, 2022 11:48pm
Quoting Adzmoz
{quote} yea hopefully - any retracement and I’ll close out of this position with less of a loss and that might be the difference in equity needed if we do visit the low 1.17’s either way - I’ve learned from it and just got to own it and hope for the best / expect the worst and try to avoid being in this situation again
It might not reach 1.1920 but what i am convinced is we will see 1.1750 soon. I may be wrong
POSTMASTER
  • #668,812
  • Jul 12, 2022 12:00am Jul 12, 2022 12:00am
Quoting Moty
ingulfing candle it's always a good start {image}
I’d take 11950 that would mean a 3k hit for me however it’s from what I made last week so it’s just back to square one
Insane in the Brain..
  • #668,813
  • Jul 12, 2022 12:10am Jul 12, 2022 12:10am
Quoting hayseed
{quote} //----- how sure are you of that.....h
99.9%
90% of traders use TA, indicators and prediction
  • #668,814
  • Jul 12, 2022 12:22am Jul 12, 2022 12:22am
Quoting PatienceFx
{quote} this simple chart contains RSI on m5, m15, m30, h1, h4, D, W, MN sma 20, 50, 100, 200 % change from week open and yet, like an idiot i closed my winning short for just +102 pips {image}
Ok indicators can help in reading a chart , to have an additional point of view.

But what I mean is that indicators and EAs cannot give you a clear sign of what could happen next, just like anything else of course.
You can see an increase in interest rates (for example) and the currency weakening 300pips instead of strengthening.
Or you can see a support/resistance and price not even caring 2 pips bounce on it.

Looking at your chart (just 4 example in what I mean about EAs and indicators)

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The setup could suggest a buy opportunity near 1.20. Ok RSI pointing down but many times it keeps bouncing on that level to reach the top of indicator value.
Probably once stopped out on the position there is a short opportunity next.... but what if market starts bouncing in a 50-150pips range? That's the moment where a martingale will blow the account (unless strong conditioning on the code) and most of EAs will start a losing. Also of course most of traders (me included) will get losing positions because of wrong entries, mind changes, and so on
90% of traders use TA, indicators and prediction
  • #668,815
  • Jul 12, 2022 12:26am Jul 12, 2022 12:26am
Quoting _BBKing_
A good target in GBP USD is between 1.680 and 1.720 I am targeting there atm. Will cut my position in case of signs of reversal. Example: price shooting back above 1.193 also have 1/3 position targeting 1.1270 and a scalp targeting 1.1840 {image}
1.1840 target met
90% of traders use TA, indicators and prediction
  • #668,816
  • Jul 12, 2022 12:27am Jul 12, 2022 12:27am
Quoting _BBKing_
{quote} Ok indicators can help in reading a chart , to have an additional point of view. But what I mean is that indicators and EAs cannot give you a clear sign of what could happen next, just like anything else of course. You can see an increase in interest rates (for example) and the currency weakening 300pips instead of strengthening. Or you can see a support/resistance and price not even caring 2 pips bounce on it. Looking at your chart (just 4 example in what I mean about EAs and indicators) {image} The setup could suggest a buy opportunity...
this chart is price FOLLOWING indicators

if there is no closed bar, it will not say anything
  • #668,817
  • Jul 12, 2022 12:31am Jul 12, 2022 12:31am
Quoting _BBKing_
{quote} Ok indicators can help in reading a chart , to have an additional point of view. But what I mean is that indicators and EAs cannot give you a clear sign of what could happen next, just like anything else of course. You can see an increase in interest rates (for example) and the currency weakening 300pips instead of strengthening. Or you can see a support/resistance and price not even caring 2 pips bounce on it. Looking at your chart (just 4 example in what I mean about EAs and indicators) {image} The setup could suggest a buy opportunity...

  1. RSI is relative strength index [ means current price relative to 14th closed candle in history ]
  2. moving averages [ trend indicators ] show price RELATIVE to the average price
  3. the current candle is RELATIVELY lower than the previous candle, so trend is down.

so on chart EVERY indicator follows theory of relativity

  • #668,818
  • Jul 12, 2022 12:33am Jul 12, 2022 12:33am
Quoting _BBKing_
{quote} 1.1840 target met
and there doesnt seem to be an end to the drop either! looks like your other areas are still in play
Insane in the Brain..
  • #668,819
  • Jul 12, 2022 12:36am Jul 12, 2022 12:36am
The way I read a chart:

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1. previous low: short opportunity (20 to 40pips SL). I was short there, stopped out @ BE because price reversed.
2. Price could keep rising. I wait if goes to 1.21 - 1.2140
?. Price fell. I bought near that low 1.1970 or so.
3. Targeted scalp near 1.2020
3. Short on previous high 30pips stop loss. tg 1 previous low 1.1870 then let's see.
4. Previous low broken. Short near 1.19 (still running)
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I am not good in trading and still have lot to learn. But definetly I prefer investing my time in learning how and why market moves.
90% of traders use TA, indicators and prediction
  • #668,820
  • Jul 12, 2022 12:38am Jul 12, 2022 12:38am
Quoting ScalaFX
{quote} All my last half positions added to full size, one more lunched 1885, so till now 14x long from 1885 to 2000, waiting for some rebound SL for all will be 1800 I think
Closed some managing shorts now, added some till 1850 to longs net, all underwater
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People don't plan to lose. They lose because they don't plan.
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