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Cable Update (GBPUSD)

  • #683,521
  • Sep 14, 2022 5:35am Sep 14, 2022 5:35am
We might have to wait for Wolves I guess. PPI and what not..
Still holding on to Short. SL is at 1.16, around that number.
I use ATR for SL and TP.. I was contemplating whether I would open the position immediately or wait for the retracement and concluded that I will immediately open the position once I get a signal because sometimes retracement comes and sometimes not.
  • #683,522
  • Sep 14, 2022 5:44am Sep 14, 2022 5:44am
Quoting Moty
waiting for short signal {image}
I’d be impressed if we drop below 115. As usual will keep TP open
Insane in the Brain..
  • #683,523
  • Sep 14, 2022 5:45am Sep 14, 2022 5:45am
SHORT again 1.1560 no tp no sl
  • #683,524
  • Sep 14, 2022 5:46am Sep 14, 2022 5:46am
Quoting Forex.z1
{quote} This is great news mate! Well Done! It must've been really tough! I live in Glasgow, do let me know if you need any help.
Wohoooooo! Good to hear from you. I'll drop you a message when I get there.
  • #683,525
  • Sep 14, 2022 5:49am Sep 14, 2022 5:49am
Quoting TheWolf
{quote} Actually, now that I think of it. Why would they intervene before interest rate decision right? That takes place in a week. If they don't mean to raise interest rates all that intervention won't make much difference in my opinion, if they keep interest rates at negative territory, right? It would be mistimed at best.
With all the talking from BOJ, they are trying to talk up the Yen. I think UJ would have to hit 150.000 line before they would intervene, and even then I think that that their effort would be just short term fix. Miss market will determine the level, not intervention. This is my thinking anyway, but I don't know much about it.
I am neither brave nor stupid...I am just a part time trader
  • #683,526
  • Sep 14, 2022 5:52am Sep 14, 2022 5:52am
Final wave up, maybe? I was going to take profit because I saw it's dropping. Need opinions
  • #683,527
  • Sep 14, 2022 5:53am Sep 14, 2022 5:53am
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  • #683,528
  • Sep 14, 2022 5:54am Sep 14, 2022 5:54am
BOJ trying to intervene is like

Inserted Video
  • #683,529
  • Sep 14, 2022 6:01am Sep 14, 2022 6:01am
Quoting BeeTogether
{quote} Looking for a small drop to 11530 for the next extension of the up move

GU

May it want to induce seller to fill up buyer order at BSZ.
90 mins to US PPI..
Still gap available to get filled.

Based on my newbie view, taken with a grain of salt.

Attached Image (click to enlarge)
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I come from the future.
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  • #683,530
  • Sep 14, 2022 6:02am Sep 14, 2022 6:02am
Quoting Pat Chiko
{quote} GU May it want to induce seller to fill up buyer order at BSZ. 90 mins to US PPI.. Still gap available to get filled. Based on my newbie view, taken with a grain of salt. {image}
I like the way you think

Although I set my buy limits there (where your stop loss is )
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How to succeed in zero sum game?
  • #683,531
  • Sep 14, 2022 6:03am Sep 14, 2022 6:03am
Quoting eyefeelsix
{quote} hope low of day has been taken out and not early to buy {image}
break-event zero risk --- my PA updated
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https://breakpullback.com
  • #683,532
  • Sep 14, 2022 6:07am Sep 14, 2022 6:07am
Quoting BeeTogether
{quote} hi mate, i see your first TP is the around the daily Pivot zone.. a break above could be useful

Tell me more about it, as I don't use Pivot in trading.
What significant could it bring to the table by the time we hit the news in few.

Thanks in advance Bro..... I'm still learning.
I come from the future.
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  • #683,533
  • Edited 6:23am Sep 14, 2022 6:08am | Edited 6:23am
need price to break last hourly candle low 1.15513
Attached Image(s) (click to enlarge)
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yes yes yes
  • #683,534
  • Sep 14, 2022 6:20am Sep 14, 2022 6:20am
Quoting Pat Chiko
{quote} Tell me more about it, as I don't use Pivot in trading. What significant could it bring to the table by the time we hit the news in few. Thanks in advance Bro..... I'm still learning.
I use the pivot as an area to either bounce off a break.
useful tool

https://www.dailyfx.com/pivot-points
Insane in the Brain..
  • #683,535
  • Sep 14, 2022 6:23am Sep 14, 2022 6:23am
Quoting Pat Chiko
{quote} GU May it want to induce seller to fill up buyer order at BSZ. 90 mins to US PPI.. Still gap available to get filled. Based on my newbie view, taken with a grain of salt. {image}
Nice thinking but I see more downside before attempting up since overall trend is still bearish.
Exhausted
  • #683,536
  • Sep 14, 2022 6:23am Sep 14, 2022 6:23am
Quoting Mitiblotch
{quote} Thanks Scala. I have been busy with travel preparation. I already mentioned to Beetogether. I finally won a full paid scholarship to study for my Msc. in Glasgow, UK. And I say it gratefully that my proof of funds and all the finances required (though still need a bit more) was made from my trading. I am grateful to God that I didn't quit trading when it was rough some years ago. I had Admissions last year and the year before but couldn't put the funds together for several reasons. But...
Your MSC? Might I inquire.. does that mean the same in your country? Is that a Tech degree?
Don't compare your trades to others. Most often the masses are the asses
  • #683,537
  • Sep 14, 2022 6:24am Sep 14, 2022 6:24am
Quoting Moty
need price to break last hourly candle low 1.15513 {image} {image}
yesssss!
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yes yes yes
  • #683,538
  • Sep 14, 2022 6:27am Sep 14, 2022 6:27am
Welp, should have closed the trade earlier, I'm too greedy to close the trade...
  • #683,539
  • Sep 14, 2022 6:31am Sep 14, 2022 6:31am
Quoting Indiara
{quote} With all the talking from BOJ, they are trying to talk up the Yen. I think UJ would have to hit 150.000 line before they would intervene, and even then I think that that their effort would be just short term fix. Miss market will determine the level, not intervention. This is my thinking anyway, but I don't know much about it.
We'll see.. Yes they tried very hard to discourage market from shorting Yen, but they were not successful. Only a tiny bit, if even that. Let's see if they change their monetary policy first, if not, I am expecting an intervention very soon after. The thing is, if they do intervene, it brings with it additional power of uncertainty to the market, will they intervene again? So perhaps one good intervention could help save Yen in the long run and instill some fear into the market the next time they think about shorting Yen.
  • #683,540
  • Sep 14, 2022 6:32am Sep 14, 2022 6:32am
Quoting Pat Chiko
{quote} GU Scalping position. Partial close. {image} These trade went underwater on deeper retrcement. Went for averaging up. In order to take advantage of a positive expectancy in"averaging up" system that has a large number of trades that lose a small amount of capital, and few winning trades that yield a large amount of profits, we need to make enough trades, so that even if a lot of them yield small losses, we will be able to find the few that do make our lot of money. To achieve this in practicality, money management is key Then, we never risk...
I think this is exactly how the Institution position themselves. They break it down and hid their Buy orders in red candles and sell orders in green candles.
But bro even though you are Averaging Up/Down, the total risk exposure will still represent % (1% or 2%) out your total portfolio?

So even if you were to be right about the direction but the market is going against you, will you try to defend your SL?

Like moving your SL further (since this will widen your risk),
Or a re-entry at your stop loss(Even if it is a good entry),
Or refresh everything and try to relook at your chart combined with some fundamentals and sentiments, and try to see what you've missed.

In Short, what i am trying to ask is that after your SL is hit, how do you re-organize yourself?
How do you go ahead?
After spotting an opportunity, did you try to reduce your Number of positions or simply reduce the lot size (or both) or "trade as if nothing happen yesterday"

I know i missing lots of technical jargons here, but i hope you understand the points what i'm trying to raise here.

Hope to hear from you soon bro

Regards,
Fardeen
More time in the market, does not mean you trade better!
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