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Cable Update (GBPUSD)

  • #696,941
  • Oct 16, 2022 9:12am Oct 16, 2022 9:12am
Quoting TheWolf
{quote} I have one question though! Why when I take 40 pips for example only get worth of perhaps 30? I don't understand that. Let's say I go with Euro per pip, I take TP 20 pips but only get 14 Euro's. I mean the same is for SL also, so it's not like it's different in that regard. Is this the spread or? From what I know, spread is that initial price you pay for entering trade?
Check your brokers t&c, perhaps brokers commissions or trade account is in different currency.
  • #696,942
  • Oct 16, 2022 9:18am Oct 16, 2022 9:18am
Quoting RickM
{quote} Maybe you haven't attracted their attention yet - wise move. Try this test one day. Place three different size trades (from small to very large) with ICM at the same time and when in a handy profit - close then all. Then look at the profit earned in relation to their trade size. You will need to close your nose because you will see something that stinks. It starts with a S Cheers
Then change your broker..oh its IC too
Never had any problems
  • #696,943
  • Oct 16, 2022 9:18am Oct 16, 2022 9:18am
Quoting navk
{quote} mt4/mt5 app is removed by apple 2 weeks ago. https://www.financemagnates.com/fore...ple-app-store/ Only android provides now.
Removed for new app installation, still valid on previously installed.
  • #696,944
  • Oct 16, 2022 9:19am Oct 16, 2022 9:19am
Quoting TheWolf
{quote} I have one question though! Why when I take 40 pips for example only get worth of perhaps 30? I don't understand that. Let's say I go with Euro per pip, I take TP 20 pips but only get 14 Euro's. I mean the same is for SL also, so it's not like it's different in that regard. Is this the spread or? From what I know, spread is that initial price you pay for entering trade?
It may be due to slippage.

Another thing comes to my mind. Bank's manipulation.

I never know.

But if i target 1.2 %, and I get 1.1 or 1.0 %, I gladly accept.

For giving back to market, I make up my mind in same way. What is gone...is gone already. Let us make it again.
Intraday only.
  • #696,945
  • Oct 16, 2022 9:24am Oct 16, 2022 9:24am
What about news? Do news matter at all? I mean the correlation between the news and the price is almost none existant..
If it were, Pound would be a currency that the penguins would be using right now, right? No offense to anyone, Euro should also be in a trash can..

What about candles? Does the shape of the candle really matter? There are so many times that these candle patterns don't work at all.


So what is left to us? Resistance and Support? Maybe?
I mean few people are actually making money trading like that, and Daily open, close etc.. what Navk is doing.

Perhaps these are the only ways to make money for now..
I mean, I don't see many traders that trade like this, maybe more then 5%, less than 10%. Isn't it that only 10% of traders make money?

Enough said..
  • #696,946
  • Oct 16, 2022 9:36am Oct 16, 2022 9:36am
Quoting navk
{quote} It may be due to slippage. Another thing comes to my mind. Bank's manipulation. I never know. But if i target 1.2 %, and I get 1.1 or 1.0 %, I gladly accept. For giving back to market, I make up my mind in same way. What is gone...is gone already. Let us make it again.
You actually reminded me now that I should be seeing the loss and the profit as a percentage not as the ammount of pips. Yes..
  • #696,947
  • Oct 16, 2022 9:39am Oct 16, 2022 9:39am
Quoting TheWolf
{quote} I have one question though! Why when I take 40 pips for example only get worth of perhaps 30? I don't understand that. Let's say I go with Euro per pip, I take TP 20 pips but only get 14 Euro's. I mean the same is for SL also, so it's not like it's different in that regard. Is this the spread or? From what I know, spread is that initial price you pay for entering trade?
Check the price volatility when your trade closes, the size of the wicks and the bid ask spread dynamics. Trades closing when the bid/ask spread is 200 probably have wicked decay.
  • #696,948
  • Oct 16, 2022 9:48am Oct 16, 2022 9:48am
Quoting TheWolf
{quote} You actually reminded me now that I should be seeing the loss and the profit as a percentage not as the ammount of pips. Yes..
Pips does not fill up our personal bank account, whereas the net percentage loss/profit does.

- To start with on daily basis.
- Then a 10 day target.
- Then a 30 day target.
- then a 50 day target.
- Then a 100 day target.

This is not trading method, not risk management but a personal trading plan, personal account growth plan.
Intraday only.
  • #696,949
  • Oct 16, 2022 10:01am Oct 16, 2022 10:01am
Perhaps the best way is to use only 2% per trade and wait for the opportunity that you think is the most promising. A lot of people here are risking way more then they should on one trade. However, let's get real here!!

I don't blame them!! If you don't have at least 20K on the account 2% is jackshit. Trading doesn't afford me coffee (not literally), let alone paying bills and living from trading alone. I know people want to earn a decent ammount of money fast so they can finally start trading for real and perhaps give themselves the opportunity to only do trading for the whole life and not some shitty job for some shitty boss. Perfectly reasonable.

Where I'm going with this? I don't know actually.. I just wonder why do I waste my time on this still. But I won't give up. If I fail, I'll try again!

What I'm trying to say is, stop fucking around and if you want to do this for real, invest in this as much as you need for it to become real!

As I was saying, if you believe in this, go for it. Stop trading with 20 cents per pip and get real already. Otherwise you're wasting your time in here. You could have become a Dr. in some field already..

This is for all those who think but don't act. ACT!
What can go wrong? Even if you fail you're still going to work the same lazyass job anyway. You can lose nothing but gain everything!

I don't judge people who don't have money and are forced to trade with smaller lots, just wanted to encourage them! They should risk! There is no successful person who didn't take the risk in life!
As everything in life, you can send me to hell or actually agree with me.


TheWolf
  • #696,950
  • Oct 16, 2022 10:09am Oct 16, 2022 10:09am
Quoting thevisitor
{quote} I have been trading with IC Markets for years. Never had any problems, really. I mainly place my orders from my smartphone. Don't need indicators or anything. Count the waves and all is well so far Maybe I'm just a small fish in a shark tank...
I think the majotity of brokers are good. They are just being used by the platform.
POSTMASTER
  • #696,951
  • Edited 10:38am Oct 16, 2022 10:16am | Edited 10:38am
Quoting TheWolf
Perhaps the best way is to use only 2% per trade and wait for the opportunity that you think is the most promising. A lot of people here are risking way more then they should on one trade. However, let's get real here!! I don't blame them!! If you don't have at least 20K on the account 2% is jackshit. Trading doesn't afford me coffee (not literally), let alone paying bills and living from trading alone. I know people want to earn a decent ammount of money fast so they can finally start trading for real and perhaps give themselves the opportunity...
Using a daily candle to trade helps.

Like i said, thursday and wenesday were bullish candles, friday closed as bearish candle.

Who would have expected this ?

Some pros like Moti failed to analyse the price going down on Friday.

Especially for GU, THe daily candle forms in London.

Have daily open indicator and see what London wises to do.

If you account size is 10k, concentrate to make 100 bucks for that day and quit.

Be patient for entry. Exit is 100 bucks.

These 100 bucks need not come from 1 single trade.

Once you ascertain daily candle formation, ( for example bearish ) , trade short when price retraces back up close to some EMA. It may be 200 ema, 50 ema on smaller time frame.

Remove the mental block from your mind that thursday and wednesday were bullish candles.

Have faith in friday candle take short...go on short..... you will eventually make 100 bucks.

Once you make 100 bucks you quit trading for that particular day.

I have been doing this by splitting sessions.

1) Asian session

2) Frankfurt/ LO

3) London session.

4 ) NY session.

How do you ascertain daily candle formation for that particular day?

By practice, by observing price action it comes.

I will a clue to you.

See if asian high or low is range is broken in London.

For example, on friday, those who wanted to take long could have waited for retrace in asia then on breach of asian high, one could have taken long.

If the price did not breach, you miss the opportunity to long, but atleast your account is saved from loss.

I do like this for many many months.

This may suit you or may not.

Practice this.
Intraday only.
  • #696,952
  • Oct 16, 2022 10:29am Oct 16, 2022 10:29am
Quoting navk
{quote} Using a daily candle to trade helps. Like i said, thursday and friday were bullish candles, friday closed as bearish candle. Who would have expected this ? Some pros like Moti failed to analyse the price going down on Friday. Especially for GU, THe daily candle forms in London. Have daily open indicator and see what London wises to do. If you account size is 10k, concentrate to make 100 bucks for that day and quit. Be patient for entry. Exit is 100 bucks. These 100 bucks need not come from 1 single trade. Once you ascertain daily candle...
Your info is invaluable Navk!
Thank you for taking the time to share your knowledge with the rest of us.

As you have learned how to trade from others years ago, you didn't forget to share that knowledge you have with people that are now in the same place you were in years ago..

We all appreciate that!
  • #696,953
  • Oct 16, 2022 10:29am Oct 16, 2022 10:29am
For my followers :

Concentrate in making 1 % per day, Some how.... with a tested TA, with a tested risk management, try to achieve this. Wait...wait..patiently for set up. Once you achieved 1 % in a day, quit trading for that day.

Have excel spread sheet, enter details as and when you make profit . This gives you inspiration.

The spread sheet can have target details, and real achievement. You have something to start with and work with.

No plan... means you give up trading after some time.

In 2 yrs time no one can reach you. Assuming that you had 10k in trading account.
Intraday only.
  • #696,954
  • Oct 16, 2022 11:01am Oct 16, 2022 11:01am
Quoting navk
{quote} Using a daily candle to trade helps. Like i said, thursday and wenesday were bullish candles, friday closed as bearish candle. Who would have expected this ? Some pros like Moti failed to analyse the price going down on Friday. Especially for GU, THe daily candle forms in London. Have daily open indicator and see what London wises to do. If you account size is 10k, concentrate to make 100 bucks for that day and quit. Be patient for entry. Exit is 100 bucks. These 100 bucks need not come from 1 single trade. Once you ascertain daily...
navk, I did and at least 3 other traders who gave me thumbs up. Expected unexpected...
Attached Image (click to enlarge)
Click to Enlarge Name: 10.13.jpg Size: 132 KB
Always trade your own plan...I don't provide trading signals.
  • #696,955
  • Oct 16, 2022 11:06am Oct 16, 2022 11:06am
Quoting Coreg2004
{quote} navk, I did and at least 3 other traders who gave me thumbs up. Expected unexpected... {image}
There are ways of doing.

Almost everyone knows your method works for you.

But may be difficult for others to catch up...unless they learnt that art.

My thread reply is simply based on price action for a particular day candle using sessions + Some EMA + Supdem indis to ascertain retrace levels.
Intraday only.
  • #696,956
  • Oct 16, 2022 11:09am Oct 16, 2022 11:09am
Quoting navk
For my followers : Concentrate in making 1 % per day, Some how.... with a tested TA, with a tested risk management, try to achieve this. Wait...wait..patiently for set up. Once you achieved 1 % in a day, quit trading for that day. Have excel spread sheet, enter details as and when you make profit . This gives you inspiration. The spread sheet can have target details, and real achievement. You have something to start with and work with. No plan... means you give up trading after some time. In 2 yrs time no one can reach you. Assuming that you had...
my strategy example
Attached Image (click to enlarge)
Click to Enlarge Name: 1.png Size: 37 KB
  • #696,957
  • Oct 16, 2022 11:13am Oct 16, 2022 11:13am
Quoting PatienceFx
{quote} my strategy example {image}
unless you explain with chart, I can not understand.

Your info Looks like fundamentals.

For me, the fundaments will have to show impact in chart.
Intraday only.
  • #696,958
  • Oct 16, 2022 11:16am Oct 16, 2022 11:16am
I assume that saturday and sundays ending peacefully for GU thread without much... fuss.

Will take some rest. In few hrs, trading chart will open.

Intraday only.
  • #696,959
  • Oct 16, 2022 11:24am Oct 16, 2022 11:24am
Weekend trade is opening high more than likely after Bailey spoke. I feel a short term up before drops kick in. The BoE is going for an aggressive rate increase which push up the pound but the political mess might weigh it down again
Insane in the Brain..
  • #696,960
  • Oct 16, 2022 12:08pm Oct 16, 2022 12:08pm
Closed BTC trades. Small profits. More interesting instruments after market openning.
POSTMASTER
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