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Cable Update (GBPUSD)

  • #702,741
  • Nov 2, 2022 9:05am Nov 2, 2022 9:05am
Quoting billytt
{quote} 47 range so far today. cable has moved more than enough unless the retailer wants 2 million pips.
Khm..
  • #702,742
  • Nov 2, 2022 9:09am Nov 2, 2022 9:09am
Dear traders,

I think the market is gonna be crazy today as liquidity and volatility are unstable right now especially the market is expecting a crucial FOMC press conference in few hours .

I think GBPUSD now is repositioning and preparing for the FOMC data to be released first before gaining a momentum to sell or buy , so i see a mixed analysis for the pair now.

I'm on sidelines waiting for the FOMC Press conference to take a decision which way to go.

Trade well.

Thanks.
I always knew that someday I would make it big
  • #702,743
  • Nov 2, 2022 9:11am Nov 2, 2022 9:11am
Quoting TheWolf
{quote} Khm..
for you
Attached File(s)
File Type: tpl The Wolf-rsi.tpl   1 KB | 257 downloads
  • #702,744
  • Nov 2, 2022 9:12am Nov 2, 2022 9:12am
Quoting PatienceFx
{quote} for you {file}
I should return the favour?
  • #702,745
  • Edited 9:31am Nov 2, 2022 9:14am | Edited 9:31am
25, 25, 25, 50 ,50, ?
? = 50

1 2 3. 1 2 3...
  • #702,746
  • Nov 2, 2022 9:16am Nov 2, 2022 9:16am
Quoting griffc
S @ 1.1492 Target 1.1430 H1 chart {image}
Bored like most others it seems, but my rules still say short and they haven't given me an exit signal yet so I'm still in short. Got to learn how to play those range based triggers tho as it has been a bit bouncy.
H1 chart
Attached Image
always learning
  • #702,747
  • Nov 2, 2022 9:18am Nov 2, 2022 9:18am
Quoting navk
those who want to scalp....small ! may be 1480 to hold to push higher Stop must be just 10 pips. Today lows. Risk is yours, not mine, i am not trading until FED decision.

i can see a drop to 1.14 AND 1.1350 by FED time
MY OPINION NOT FINANCIAL ADVISE
  • #702,748
  • Nov 2, 2022 9:20am Nov 2, 2022 9:20am
Quoting TheWolf
{quote} I don't like seeing Fed nor trading Fed but you're right. Have bad experience with Fed, it usually goes up, down, left and then right anyway.. We'll see.. it could very well be like that, because as said in the couple of posts before, Bailey to pull the rabbit out of the hat this time.. We are around 1.15 now.. unfortunately I don't have any clue where the price wants to go from here, somewhat in the crossroad..
FED announcement = Zombie walking around the Hood lookin for blood to drink!
More time in the market, does not mean you trade better!
  • #702,749
  • Nov 2, 2022 9:21am Nov 2, 2022 9:21am
Quoting donfriday
{quote} i can see a drop to 1.14 AND 1.1350 by FED time
yes. By FED, the price to drop... then by BOE to pull it up.

There is nothing wrong to take a trade based on one wants to.

But never sleep on it seeing huge loss.

Wise to get out with small loss ....as the small loss incurred can always be made.
Intraday only.
  • #702,750
  • Nov 2, 2022 9:25am Nov 2, 2022 9:25am
Will the crude oil inventories have any
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impact?
My Future is so Bright I gotta wear Shades! https://www.youtube.com/watch?v
  • #702,751
  • Nov 2, 2022 9:27am Nov 2, 2022 9:27am
hi all.. Am i asking too much...
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  • #702,752
  • Nov 2, 2022 9:28am Nov 2, 2022 9:28am
Quoting TheWolf
{quote} I should return the favour?
nope, just post screenshot if it works for you
  • #702,753
  • Nov 2, 2022 9:31am Nov 2, 2022 9:31am
Quoting TheWolf
25, 25, 25, 50 ,50, ? ? = 50 1 2 3. 1 2 3... "Five members voted to raise Bank Rate by 0.5 percentage points, three members preferred to increase Bank Rate by 0.75 percentage points, to 2.5%"
"Five members voted to raise Bank Rate by 0.5 percentage points, three members preferred to increase Bank Rate by 0.75 percentage points, to 2.5%"

Now, will all 9 all of the sudden agree on 75bps rate hike?
Even if we see 75bps, we may not see all of them agree, so it won't matter they raised by 75bps..

I am that almost certain there is no way everything will play out good for Pound tommorow I might go short before the news.. I'll see..
Smaller lot size of course..
  • #702,754
  • Nov 2, 2022 9:31am Nov 2, 2022 9:31am
Quoting PatienceFx
{quote} nope, just post screenshot if it works for you
Hahah sure!
  • #702,755
  • Nov 2, 2022 9:39am Nov 2, 2022 9:39am
Let see...
Attached Image (click to enlarge)
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Peace Yo!
  • #702,756
  • Nov 2, 2022 9:40am Nov 2, 2022 9:40am
Quoting TheWolf
{quote} unfortunately I don't have any clue where the price wants to go from here, somewhat in the crossroad..
and THAT is where you want to be - completely judgement free that way you let price action dictate the direction and scope.

Too often people turn into a bear or a bull. Heck there is a member on this thread who has continued buying and buying cable for over 2 months now - REALLY???

Myself; I let my weekly bias affect my trades more than I like but on days like today - I AM FLAT - NO POSITION. WHY?


I believe we get a 0.75% hike.

I believe that Powell will talk about slowing down future hikes and the FED becoming DATA DEPENDENT

I believe that will cause DXY to fall to the 110 level which in turn causes Cable and Euro to fly.

So why don't I go long now? Because then I will force myself to "make it work" with hedging and more orders etc., That is too tiring because what about THIS SCENARIO?

FED hikes 0.75%

Powell's speech at 2:30 is uber-hawkish

DXY flys up to 114 while euro and cable tank.

Which is right? I don't know. I BELIEVE in the first but I am unwilling to risk my money on my "beliefs" at this time.

Long-story short Wolf - you are a good trader who can read the market. Listen to the market and it will guide you
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...because you never know - until you do!
  • #702,757
  • Nov 2, 2022 9:40am Nov 2, 2022 9:40am
I may skip trading FED decision as the result of my daily trading appears so for good.

However, I may trade some retrace after news event if that happens with small lot size.

I am controlling emotions not to push sell/buy buttons.

At times. I even close mt4 to control emotional trading.

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Intraday only.
  • #702,758
  • Nov 2, 2022 10:01am Nov 2, 2022 10:01am
Quoting TheWolf
{quote} I don't like seeing Fed nor trading Fed but you're right. Have bad experience with Fed, it usually goes up, down, left and then right anyway.. We'll see.. it could very well be like that, because as said in the couple of posts before, Bailey to pull the rabbit out of the hat this time.. We are around 1.15 now.. unfortunately I don't have any clue where the price wants to go from here, somewhat in the crossroad..
yup. need to have no sl.

but no risk no gain.

conservative me will sit out as well.
  • #702,759
  • Nov 2, 2022 10:03am Nov 2, 2022 10:03am
Hello traders,

GBPUSD will be be exciting enough to follow and to be traded smartly.

I think GBPUSD is heading down to 1.1470 to retest before bulls gearing up for FOMC data .

There is some sort of indecision in the market now as we're heading to Fed data despite a downside momentum is on the horizon.

I wish the best trading for all of you.

Thanks
I always knew that someday I would make it big
  • #702,760
  • Nov 2, 2022 10:03am Nov 2, 2022 10:03am
Quoting fxsport
{quote} and THAT is where you want to be - completely judgement free that way you let price action dictate the direction and scope. Too often people turn into a bear or a bull. Heck there is a member on this thread who has continued buying and buying cable for over 2 months now - REALLY??? Myself; I let my weekly bias affect my trades more than I like but on days like today - I AM FLAT - NO POSITION. WHY? I believe we get a 0.75% hike. I believe that Powell will talk about slowing down future hikes and the FED becoming DATA DEPENDENT I believe that...
I see those two scenarios in play as well, but I believe scenario 2 is more likely. Fed acts on a mandate. Inflation is high and getting higher, unemployment is low. There is no reason for Fed to put the brakes on right now.
Still, the market is itching to buy, and any small hint of dovishness can be interpreted as a big BUY sign.
May also work out like this: drop after rate change and projections announcement at 6pm, and move higher during press-conference at 6:30.
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