Cable Update (GBPUSD)

ok to hold buy for 137.45 + trade . take care

Buy GBP

Buy GBP/xxx , Sell XXX/GBP

open chart and looks playing against the direction today !! lets see how much scalping long be safe ! take care

Mixed UK data… maybe a short term down trend?

sold EURGBP thou ...

1.2047 - 1.2067 is the support for Bulls...

Taken long at 12053 to around 12090 SL 12035(manual)

Well this is a test of my willpower, travelled 90% to TP then reversed, but didn't reverse enough to put me back into loss making.
If i exit now, my R:R ratio will be 1 to 1 for that trade, just enough to offset the lost I made in previous trade.

The thing about Targeted TP is that, you have to respect it, since the target is fixed, any time you did not obey it, the RR ratio of 1.5 to 1 will be skewed.
By not exiting, in a way, it also prevents you from over-trade or lose the next trade, imagine if the next valid signal will hit your SL, if ongoing trade not yet TP and left running, the new trade would not be taken and avoided SL. There is actually endless possibilities whether you chose to hold on or exit early the trade.

The only sensible method I can come up with to prevent the pain of near TP then reverse all the way back to SL, is to set SL to breakeven if price traveled 95% to TP, yes 95%, usually if traveled that far, most likely will TP, but in rare situation, it reverse all the way. The lower the sensitivity of breakeven threshold, the less likely you cut yourself short for profit. 95% traveled to TP is the sweet spot I think, not too sensitive to exit too early, but able to prevent my worst nightmare of almost TP then SL.

I chose to hold on. As of me finished writing this, the price suddenly traveled lower again, benefitting my ongoing Short trade.
It is either TP or SL, maximum it has ever reached is 90% of TP, not yet meet my threshold to adjust my SL to breakeven.
Hope it ends well.

EDIT: if my backtest & forward test are based on me never exiting any trade prematurely, and achieved fantastic result, then I shouldn't be doing it any differently when during live trading, isnt it? Preservation of capital is important, the same goes for having high discipline, there is no clear cut way to say who is right. The truth is, no one knows where the price will go, it might look like going to reverse or hit your SL, only to hit your Targeted TP later.

I'll get the blood out the fridge!

No setup just news little bad , may cut soon, or waiting to break this day low

Udate, SL hit BEP

my journey to 1985 continues .......

Im long to 1.21

MY VIEW
If we dont stay above R = short

The daily pivot for the coming London open will be 1.20686 - 1.20991, as long as price below it, Bearish bias will still be maintained, and if my ongoing Short not yet hit an outcome yet, I will continue to hold on to it.

Since I already know the price level of the Daily pivot for today, a close above the pivot range will cause me to exit prematurely as per my rule book, due to bias switched to being bullish if price is above pivot, a new Long trade will be taken, SL will be at the lower end of pivot, we will see what happens next.

my rule book says

if this week the week open price is not hit, price will definitively hit 1985

Theoak understood , ask him

all likes to see gu at 2060, but nobody buy it...

let's be practical
y's low is broken , the qqe is below 50 level
the only way is down

same way on EU 1.0138 will be hit