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Cable Update (GBPUSD)

  • #672,521
  • Jul 31, 2022 12:31am Jul 31, 2022 12:31am
Quoting Pat Chiko
The Bank of England stealing South American gold?........ To be fair, it does have something of a reputation in that area.{image}Why do they pretend to be a court? Why London court and not international court? expect a fair and just hearing? The mask is coming off, they’re just grabbing what they can now before everyone withdraws. (Afghanistan/Russia/Venezuela Gold)
You got a hater again...wonder who that could be
  • #672,522
  • Jul 31, 2022 1:24am Jul 31, 2022 1:24am
Quoting Pat Chiko
{quote} Hi Reverso. Multiple Entry is all about slippages. How aggressively we want the trade done. You can usually get a big order done in one go if you are willing to bear large slippage, or you can work it more gently in bits until you get there at very probably a better average price. At the top of the book most brokers have only 1-2 mil (10-20 lots). So if you trade above 10 lots you'll almost certainly be slipped at least 0.2 pips. The first 10 levels of book depth have around 25 mil (on GBP/USD), so you can fill 25 lots with 2-2.5 pips of...
just an observation, if you use a lot size that is too large compared to your account size, then you have already lost. the central algo is watching you!!!!!!!!!!
and cancel your account.
  • #672,523
  • Jul 31, 2022 1:48am Jul 31, 2022 1:48am
Quoting tiborf71
{quote} just an observation, if you use a lot size that is too large compared to your account size, then you have already lost. the central algo is watching you!!!!!!!!!! and cancel your account.
it happened many times that I opened a position, which was a very good buying opportunity. but the central algo price went against me until it burned my account. as soon as this happened, the price started to rise again and not to a small extent.
this has happened many times.

this was no ordinary SL hunt.
  • #672,524
  • Jul 31, 2022 2:03am Jul 31, 2022 2:03am
Quoting Waveskierrob
{quote} You got a hater again...wonder who that could be
The same person who dislike me when I said

"India's 75-year strategy is about to bear fruit.
Rishi Sunak might just overthrow Boris Johnson to become the next British Prime Minister
Sunak to recover over $70 TRILLION for India , through colonial conquest and occupation."

What goes around comes around...........
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #672,525
  • Jul 31, 2022 2:04am Jul 31, 2022 2:04am
daily close above 1.215 is probably good news for bulls next week, this pair should fly higher
  • #672,526
  • Jul 31, 2022 2:15am Jul 31, 2022 2:15am
Quoting nd_awaan
{quote} Hey Moty bro, can please share your indicators and template in this image here. It looks nice visually. Thanks.
Attached File(s)
File Type: ex4 ©Candle Shadow.ex4   5 KB | 234 downloads
Attached File(s)
File Type: ex4 auto pivots.ex4   54 KB | 231 downloads
Attached File(s)
File Type: ex4 MarCo-MA2Color.ex4   10 KB | 240 downloads
Attached File(s)
File Type: ex4 AverageDailyRange.ex4   63 KB | 232 downloads
Attached File(s)
File Type: tpl pivot1.tpl   13 KB | 207 downloads
yes yes yes
  • #672,527
  • Jul 31, 2022 2:29am Jul 31, 2022 2:29am
Quoting Pat Chiko
{quote} Hi Reverso. Multiple Entry is all about slippages. How aggressively we want the trade done. You can usually get a big order done in one go if you are willing to bear large slippage, or you can work it more gently in bits until you get there at very probably a better average price. At the top of the book most brokers have only 1-2 mil (10-20 lots). So if you trade above 10 lots you'll almost certainly be slipped at least 0.2 pips. The first 10 levels of book depth have around 25 mil (on GBP/USD), so you can fill 25 lots with 2-2.5 pips of...
I see, thanks for your insight, I assume you are employing scalping method, every little pips matters a lot to you.
As for me, I can't say I am the scalping type, my SL generally minimum 20 pips, averaging 30-40 pips, sometimes can go as high as 50-70 pips if the volatility is high, I generally trade once or twice per day, I let the trade ride to TP or SL unless reached key pivot levels that will switch my bias to the other direction, then only I exit prematurely and trade the other direction. Risk to reward ratio fixed at 1.5:1 to not complicate things. (Maybe will consider exit 80% or 90%, and let the remaining small size to ride whenever it goes, sometimes the trend in GU is strong and don't look back, that small remaining position might snowball into something worth mentioning, any tips for riding the wave? I just find it hard to strike a sweet balance of fixed TP target / variable TP.)

I can foresee myself hitting 7 lots or 8 lots per trade after a few months, after hearing my trading style, do you think it affects me a lot? Can I just trade the way I used to trade when I reached high lot size without worrying the things you yourself are concerned about? I am using Pepperstone by the way, so far the market execution is alright, about 1 sec or less than that. Any broker you would recommend if balance is high enough? Or sticking with Pepper all the way is alright?

I hope to learn from you to prepare for my road ahead, my balance is still normal-ish now, using RR ratio 1.5:1 with a multiple of 2.5 (means every SL = 2.5%, TP 3.75%), I plan to scale it down if balance big enough, maybe multiple of 1.5 or back to normal 1.0. I am concerned if I can continue using 2.5 multiple of my original risk profile when my balance is high enough, it will translate to high lot size and may have some restrictions from broker? I am just thinking out loud, perhaps you can point me the way, I can see you are way ahead of me in this journey.
https://www.myfxbook.com/members/NGplus/freedom-you-deserve/11268620
Freedom you deserve. All Time Return: 50.4%
  • #672,528
  • Jul 31, 2022 2:33am Jul 31, 2022 2:33am
Quoting Pat Chiko
{quote} The same person who dislike me when I said "India's 75-year strategy is about to bear fruit. Rishi Sunak might just overthrow Boris Johnson to become the next British Prime Minister Sunak to recover over $70 TRILLION for India , through colonial conquest and occupation." What goes around comes around...........
Do you think the British piled up $70 trillion from trade with India? I wouldn't assign more than a trillion. lol
Risk Management is of utmost importance!
  • #672,529
  • Jul 31, 2022 2:44am Jul 31, 2022 2:44am
Quoting Pat Chiko
{quote} The same person who dislike me when I said "India's 75-year strategy is about to bear fruit. Rishi Sunak might just overthrow Boris Johnson to become the next British Prime Minister Sunak to recover over $70 TRILLION for India , through colonial conquest and occupation." What goes around comes around...........
Wish I had a hater...means that you have beaten them verbally and they can not respond, only have enough intellect to click a "thumbs down" button
  • #672,530
  • Jul 31, 2022 2:45am Jul 31, 2022 2:45am
Greeting Tibof71,

Thanks for your comment and view.
Appreciate exchanges in this thread
Good educational Value.

Quoting tiborf71
{quote}
just an observation, if you use a lot size that is too large compared to your account size, then you have already lost.
►Large or small is subjective depending on size of account ant percentage expose to risk.

the central algo is watching you!!!!!!!!!! and cancel your account.
►Let them watch, I just play along.
►No need to cancel my account coz I didn't violate or doing any illegal trades here.

Quoting tiborf71
{quote} it happened many times that I opened a position, which was a very good buying opportunity. but the central algo price went against me until it burned my account.
►One tool that's profound for traders, it is called " Stop Loss". You should try it too coz I use it all the time.

as soon as this happened, the price started to rise again and not to a small extent.
this has happened many times. this was no ordinary SL hunt.
►Institutional are interested with liquidity ( large amont) They are not intersted in taking retail traders SL...
Quote from The art of war" by Sun Tzu.
"So it is said that if you know your enemies and know yourself, you can win a hundred battles without a single loss.
If you only know yourself, but not your opponent, you may win or may lose.
If you know neither yourself nor your enemy, you will always endanger yourself."

This has made me think about try to think from the mindset of an institutional, and how if I had to place a large spot trade and how I would do it.
Now if you think about the role of an institutional trader the cheaper he can make the transaction the better.

So with this in mind one of first things I would be doing is looking at the current Liquidity of the market.
Now if this was in the Asian session I may either think about breaking the trade in to chunks and maybe losing a good average price that the client would like or perhaps even postponing the trade until the London US overlap.

I realize that Algos can do this for me but they are also written by humans.
So when we try and minimize the cost of doing business we need to examine the depth of the market as the more slippage we experience the more that it will cost.
If the trade is just a swap then I don't think that Market Breadth would be important to us.
One of the things I have to do is to try an minimize "Interest" in my activities by limiting impact, as this could also push price against me increasing costs as speculators may see me as "Informed".

Therefore any informed trader looking to trade a large volume will be looking for the Limit orders to demand liquidity from.
As most of us here on FF don't have a limit order book(If we did we wouldn't be here).

Going on the basis that "Stop" orders tend to accelerate trends and "Limit" orders tend to reflect trends then unfortunately as recreational traders will be having to look historically for places where price has made a sharp "U" turns.

I'm not 100% certain on this but maybe one of these Liquidity Gap were looking for hasn't been fully filled and there is still enough of the liquidity being offered to turn price round again. See chart below I publish on last Friday
Attached Image (click to enlarge)
Click to Enlarge Name: gu 284.jpg Size: 96 KB


To summarize a little from all my ramblings it seems possible that if we know the limitations of these guys handling the market moving orders then we may be able to find the suitable locations of where trades like that may be carried out.

Another thought on this is that a participant slinging big bucks not only has to find a way to enter his position but also to exit. Institutional traders have to place orders whereas all of us traders here only have to if we want to!

Have a great weekends Bro and take care.
Wishing you the best trade for next week on.

PAT Chiko
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #672,531
  • Jul 31, 2022 3:42am Jul 31, 2022 3:42am
Quoting RCtrader
{quote} Do you think the British piled up $70 trillion from trade with India? I wouldn't assign more than a trillion. lol
Though I believe they confiscated the gold from conquered Indian kings and that could run into trillions too.
Risk Management is of utmost importance!
  • #672,532
  • Jul 31, 2022 3:54am Jul 31, 2022 3:54am
Quoting Pat Chiko
Greeting Tibof71, Thanks for your comment and view. Appreciate exchanges in this thread Good educational Value. {quote} {quote} Quote from The art of war" by Sun Tzu. "So it is said that if you know your enemies and know yourself, you can win a hundred battles without a single loss. If you only know yourself, but not your opponent, you may win or may lose. If you know neither yourself nor your enemy, you will always endanger yourself." This has made me think about try to think from the mindset of an institutional, and how if I had to...
I probably use a completely different strategy than you. I choose a currency from the herd that I think is worth trading, now I have my eye on the JPY.
good luck to you too.
  • #672,533
  • Jul 31, 2022 4:04am Jul 31, 2022 4:04am
@Pat Chiko


MY EYES : GU = 1.184XX. ( TEST AGAIN )

E = THE END

6.1 = FIBO 6.1

0 = OPEN.
Attached Image(s) (click to enlarge)
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  • #672,534
  • Jul 31, 2022 4:06am Jul 31, 2022 4:06am
Quoting Kimmymore
@fontu: DXY > = 107.364. See my pic plz. {image} {image}
perfect , as 105.56 broken then confirmed a top failure , ok a bounce arounds ,. now or little low but to correct enough , minimum low 103.20 to rethink about bull if so soon. may take few months even ! take care
https://www.forexfactory.com/thread/...1#post14083801
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #672,535
  • Jul 31, 2022 4:08am Jul 31, 2022 4:08am
still sell direction for me, The uptrend is also strongly suggested if broken 1.2330 and retest 1.2183, very classic
Attached Image (click to enlarge)
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good luck
  • #672,536
  • Jul 31, 2022 5:49am Jul 31, 2022 5:49am
Quoting Pat Chiko
Greeting Tibof71, Thanks for your comment and view. Appreciate exchanges in this thread Good educational Value. {quote} {quote} Quote from The art of war" by Sun Tzu. "So it is said that if you know your enemies and know yourself, you can win a hundred battles without a single loss. If you only know yourself, but not your opponent, you may win or may lose. If you know neither yourself nor your enemy, you will always endanger yourself." This has made me think about try to think from the mindset of an institutional, and how if I had to...
It may hold below 2200 for a fall to 2100 area or more

I agree with your chart.
Intraday only.
  • #672,537
  • Jul 31, 2022 5:51am Jul 31, 2022 5:51am
GBPUSD price action on the daily time frame is sideways as it retests the 1.21240/1.23380 supply zone (purple) seen on the weekly time frame. Although we may still see further bullish move, perhaps for liquidity grab, bears would take advantage of any bullish misstep.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
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Do your homework, follow the footprints of smart money
  • #672,538
  • Jul 31, 2022 8:45am Jul 31, 2022 8:45am
down bias
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ITB - Seeing Orderliness amongst 'Randomness'
  • #672,539
  • Jul 31, 2022 9:22am Jul 31, 2022 9:22am
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  • #672,540
  • Jul 31, 2022 12:28pm Jul 31, 2022 12:28pm
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