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Cable Update (GBPUSD)

  • #675,121
  • Aug 11, 2022 10:10pm Aug 11, 2022 10:10pm
Quoting Nordling
{quote} That's an awesome quote! I definitely agree with it. It's all about obsession and passion. Not talent, not info, not money. It's the hunger for success and loving the game that keeps us sharp everyday
for sur it definitely is. i was inspired to share that energy.
be a thinker before being a reacter
  • #675,122
  • Aug 11, 2022 10:14pm Aug 11, 2022 10:14pm
Given that there's a pile of space untouched by Friday's news that has been kept out of the range. It may be more prudent to TP at 2215.
Looks like we may hit it in London. Wait n see.
  • #675,123
  • Aug 11, 2022 10:20pm Aug 11, 2022 10:20pm
Quoting Chris_35
{quote} Did you not have a moving S/L or is that not in your rules
No I do not have a moving SL, if SL is hit, I lose exactly 2.50% of my account, if I move my SL further away, it will also mean my loss for that trade if hit SL will be bigger, which is not ok.

Sometimes, if the trade did not have an outcome for the day, and carry on to the next day, if the Daily pivot bias contradict with the ongoing trade, for example the next day daily pivot bias is bearish but I have an ongoing Long, then I would exit when the London opens, which also means a smaller SL because I did not let it run to the SL. So my loss is either 2.50% of account, or less than that, never more than 2.50%. Be discipline in money management rule.

Some people here are more senior and flexible, know when to move SL to their advantage when market is not good for them, I do not try this hassle, just yet, maybe in future when I have more experience, I might do that. For now I only trade Objectively, strictly follow rules and do not make subjective judgements. The system works, I stick to it, results are good, I wouldn't want to deviate away from my rules.
https://www.myfxbook.com/members/NGplus/freedom-you-deserve/11268620
Freedom you deserve. All Time Return: 58.1%
  • #675,124
  • Aug 11, 2022 10:55pm Aug 11, 2022 10:55pm
Plans for today:

1. Daily pivot placement is higher than yesterday, I always calculate them before London opens and plan ahead. What the placement means is that for the uptrend to continue, by London open the price is to be above the Daily pivot for today (1.22042 - 1.22155), if price below it after London opens, Shorts will be focused.

2. If price managed to stay above daily pivot, there is a potential the ranging trend is here already again, look at the touches at the top and bottom, even if I have a Long signal, I would be careful and will actually switch direction if I see another clear rejection off the resistance 1.22761 - 1.22489. I qualify ranging trends when price connect to the same level/area at least twice.

I would not type so much first, we never know how the price structure looks like when london opens, the full plan cannot be formed until then, I can only have a preliminary plan and have a rough sense what to expect before London opens.

Do note that we have 2 high impact news today 1 for GBP 1 for USD, might be time to break the range again, hopefully end the day (also the week) with TP, this week is not so good for me, missed my optimal entry on Monday that's supposed to be TP, SL on Tues, TP on Wed, almost TP then hit SL on Thurs, so I am still very slightly negative this week.
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https://www.myfxbook.com/members/NGplus/freedom-you-deserve/11268620
Freedom you deserve. All Time Return: 58.1%
  • #675,125
  • Aug 11, 2022 11:00pm Aug 11, 2022 11:00pm
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  • #675,126
  • Aug 11, 2022 11:05pm Aug 11, 2022 11:05pm
Quoting PatienceFx
{image}
today is the day when you will give all the profits earned this week, back to the market if you get stuck `in any `trade
  • #675,127
  • Aug 11, 2022 11:12pm Aug 11, 2022 11:12pm
Quoting PatienceFx
{quote} {image}
You can stuck in this trade
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People don't plan to lose. They lose because they don't plan.
  • #675,128
  • Aug 11, 2022 11:13pm Aug 11, 2022 11:13pm
nobody will give back what they earned.

At times trades may go wrong.

Managing risk is very important in trading. I mean getting out of bad trades by placing stop loss
Intraday only.
  • #675,129
  • Aug 11, 2022 11:18pm Aug 11, 2022 11:18pm
In line with my post earlier, I am preparing myself long position only.

Risk level is 2175
Intraday only.
  • #675,130
  • Aug 11, 2022 11:29pm Aug 11, 2022 11:29pm
Quoting PatienceFx
{quote} this is why i trade micro lots when scalping and big lots on trend
you may be using trade copier
Intraday only.
  • #675,131
  • Aug 11, 2022 11:40pm Aug 11, 2022 11:40pm
Quoting PatienceFx
{quote} after 18 years in forex trading ??
After 18 years why you trade micro lot?
Intraday only.
  • #675,132
  • Aug 11, 2022 11:41pm Aug 11, 2022 11:41pm
I think 2 is more likely. The 1.2280 level has Imbalance. And I also see the reasons for the fall. I am waiting for the news for safe trade. Because I want to scalp for 10 pip & that's enough for today. So I will wait more until it becomes clearer. It's 50/50 for me .Good Luck every one. I pray that everyone will finish the week with a pocket full of money
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There is nothing wrong with being kind & loving to each other
  • #675,133
  • Aug 11, 2022 11:42pm Aug 11, 2022 11:42pm
Moved stops to BE+1
If it hits them and bounces again, I'll have another shot.
  • #675,134
  • Aug 11, 2022 11:47pm Aug 11, 2022 11:47pm
Quoting PatienceFx
{quote} the correct question is whose account am i rebuilding
whatever, but with 0.01 lot, what can you make ? unless the account manager uses trade copier.

Anyways, none of my business.

And forum also does not need to know details.
Intraday only.
  • #675,135
  • Aug 12, 2022 12:04am Aug 12, 2022 12:04am
Quoting PatienceFx
{quote} bigger lots = bigger loss which takes longer to recover the basic rule in forex trading, i am surprised the prop firms did not teach that lol none of the HFT computers trade more than 0.01 lot to hide price movements, its a different matter that they trade millions of orders per second
So where the diffrence? They trading big lot too but splitted
People don't plan to lose. They lose because they don't plan.
  • #675,136
  • Aug 12, 2022 12:08am Aug 12, 2022 12:08am
Less than one hour to GDP data, I hoping for nad numbers then cable came hard down to make my month target come true
People don't plan to lose. They lose because they don't plan.
  • #675,137
  • Aug 12, 2022 12:10am Aug 12, 2022 12:10am
Quoting PatienceFx
{quote} correct , this is why never doubt a person using 0.01 lot, he may be trading big elsewhere how will you read price on a chart loaded with orders ?
You can hide them and trade normally further
People don't plan to lose. They lose because they don't plan.
  • #675,138
  • Aug 12, 2022 12:10am Aug 12, 2022 12:10am
Quoting PatienceFx
{quote} bigger lots = bigger loss which takes longer to recover the basic rule in forex trading, i am surprised the prop firms did not teach that lol none of the HFT computers trade more than 0.01 lot to hide price movements, its a different matter that they trade millions of orders per second
Bigger lots means bigger money in profit or loss.

Micro lots means small money in profit or loss.

Again I say unless your account manager uses trade copier.

0.01 can be multiplied by 1000, 10000 by copier.

Any ways stop this useless topic.

The forum does not need to know to whom you trade or what you make to your employer.
Intraday only.
  • #675,139
  • Aug 12, 2022 12:11am Aug 12, 2022 12:11am
Hmm red news coming up.
In theory the buy trade is still valid, but red news tends to make a mockery of valid trades...so...
  • #675,140
  • Aug 12, 2022 12:14am Aug 12, 2022 12:14am
GU
Will the support hold?
IG nope, the buying pressure seems to evaporate.
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More time in the market, does not mean you trade better!
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