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Cable Update (GBPUSD)

  • #707,261
  • Nov 15, 2022 6:45am Nov 15, 2022 6:45am
Quoting Moty
600 pips without serious retrace , wtf ?!?!? {image}
doesn’t make sense but the market just does stupid things. A retrace to 116 -117 would make better sense.
Insane in the Brain..
  • #707,262
  • Nov 15, 2022 6:46am Nov 15, 2022 6:46am
Quoting GGekkoGreed
you would think this would be the time it pulls back a bit... But, since the market wants to just keep smashing up...why not lol,
It usually pulls back when retailers get tired.
I mean, look at yesterday's painting of a bear picture while all along they wanted it up here lol..

I don't expect anything different today or tomorrow
Patience is paramount
  • #707,263
  • Nov 15, 2022 6:47am Nov 15, 2022 6:47am
Attached Image (click to enlarge)
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short stop above
  • #707,264
  • Nov 15, 2022 6:49am Nov 15, 2022 6:49am
Quoting Moty
600 pips without serious retrace , wtf ?!?!? {image}
Just built on all of those trying to short it!
  • #707,265
  • Nov 15, 2022 6:49am Nov 15, 2022 6:49am
...an upside follow-thru on last week's big bullish wkly thrust engulfing x 2 candle was always more probable than not - even after Monday's pullback.
-----------------------------------------
Just hanging around for the U.s PPi.
-----------------------------------------

Quoting dantpm
{quote} Just built on all of those trying to short it!
..that's right and the ' tight ' stops of those in long positions.
Trader with an Edge.
  • #707,266
  • Nov 15, 2022 6:50am Nov 15, 2022 6:50am
Rising that much with PPI soon ? Sounds fishy

And nasdaq up 2%....imagine soft PPI, then limit up, but strong PPI....BIG flush
COT: The precious data ignored
  • #707,267
  • Nov 15, 2022 6:52am Nov 15, 2022 6:52am
Quoting Moty
600 pips without serious retrace , wtf ?!?!? {image}
This is how to lose money trading, trade counter-trend and then pray for a retracement!

I have to admit I do it too sometimes.
Price = the amount a greater fool is willing to pay!
  • #707,268
  • Nov 15, 2022 6:53am Nov 15, 2022 6:53am
I can't wait to see the headlines of "Despite Brexit, Pound goes from 1.13 to 1.19 in a week."
  • #707,269
  • Nov 15, 2022 6:54am Nov 15, 2022 6:54am
Quoting kuroro001
Rising that much with PPI soon ? Sounds fishy And nasdaq up 2%....imagine soft PPI, then limit up, but strong PPI....BIG flush
' Fishy ' lol - you'll be saying it's Q next, or that it's those pesky institutions wanting to take the retail stops !

It is what it is and the market is never wrong! It's moving, there is volatility and momentum, it doesn't matter why, if technical trading. Traders should stop trying to 2nd guess it.
-------------------------------
86% 30day adr traveled lo-hi so far today.
Trader with an Edge.
  • #707,270
  • Nov 15, 2022 6:59am Nov 15, 2022 6:59am
Quoting Headland
{quote} ' Fishy ' lol - you'll be saying it's Q next, or that it's those pesky institutions wanting to take the retail stops !
I have to agree. Nothing fishy at all.
Price will always go where it wants to go... MM are only good at throwing us off with how they set these candles up

Besides that, price will always go where it wants no matter our opinion
  • #707,271
  • Nov 15, 2022 7:02am Nov 15, 2022 7:02am
Quoting JayBag
{quote} I have to agree. Nothing fishy at all. Price will always go where it wants to go... MM are only good at throwing us off with how they set these candles up Besides that, price will always go where it wants no matter our opinion
That leads me to ask, where does the price want to go? and how to know that?
Success = Practice + Patience + Persistence
  • #707,272
  • Nov 15, 2022 7:04am Nov 15, 2022 7:04am
Quoting Headland
{quote} ' Fishy ' lol - you'll be saying it's Q next, or that it's those pesky institutions wanting to take the retail stops ! It is what it is and the market is never wrong! It's moving, there is volatility and momentum, it doesn't matter why, if technical trading. Traders should stop trying to 2nd guess it. ------------------------------- 86% 30day adr traveled lo-hi so far today.
True, i don't try to think

But 170pips before an important release? What's left for buyers? unless they know something

I don't chase this upside momentum as a flush is near for the short term
COT: The precious data ignored
  • #707,273
  • Nov 15, 2022 7:04am Nov 15, 2022 7:04am
booked all trades
Attached Image (click to enlarge)
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  • #707,274
  • Nov 15, 2022 7:05am Nov 15, 2022 7:05am
Quoting JayBag
{quote} I have to agree. Nothing fishy at all. Price will always go where it wants to go... MM are only good at throwing us off with how they set these candles up Besides that, price will always go where it wants no matter our opinion
How do you determine where it's going?
I always seem to be on the wrong side.
  • #707,275
  • Nov 15, 2022 7:07am Nov 15, 2022 7:07am
Quoting fxpider
{quote} That leads me to ask, where does the price want to go? and how to know that?
Very valid question

I still have not figured that part out for over 12 years now. Oh dear, do we ever figure that out?
After that long staring at charts, all I have is 'IDEAS'

Nothing is ever definitive in this industry.
  • #707,276
  • Nov 15, 2022 7:09am Nov 15, 2022 7:09am
I think it's targeting the 1.197 region which is also a FVG on Daily timeframe
  • #707,277
  • Nov 15, 2022 7:10am Nov 15, 2022 7:10am
Buyer done here 1.1900... most prob
  • #707,278
  • Nov 15, 2022 7:11am Nov 15, 2022 7:11am
...sorry to interject on those 2 questions re '... How do we know where it is going...' addressed to Jaybag.

No-one knows where it is going....it's all probability, it's all we have. All you can do is play your edge when it develops. Some trades will win, and some will lose. Adapt your risk and money management appropriately, and that's it.

Definition of an edge:

A Trading Edge is a repeating circumstance or set of circumstances (ie a set-up or combination of set-ups comprised of whatsoever variables) that suggest a greater probability of one thing happening over another, based on historical precedent over a large representative empirically documented sample size, to that point in time. Additionally and alternatively; if the edge does not suggest a greater probability of one thing happening over another, then based on a large representative empirically documented sample size to date, it suggests that more gain is available when it succeeds than when it fails, sufficient to realize a net gain over any given future sample size of trades.
Trader with an Edge.
  • #707,279
  • Nov 15, 2022 7:14am Nov 15, 2022 7:14am
Quoting PatienceFx
booked all trades {image}

Waiting for revert on 3 lines

what are those ??
PaRaM
  • #707,280
  • Nov 15, 2022 7:16am Nov 15, 2022 7:16am
Quoting JayBag
{quote} Very valid question I still have not figured that part out for over 12 years now. Oh dear, do we ever figure that out? After that long staring at charts, all I have is 'IDEAS' Nothing is ever definitive in this industry.
These 'IDEAS' make us BIASED and we see what we like to see rather than what we are supposed to see in the chart. And doing so most of us, fall into the trap of engineered illusion. Just IMHO.
Success = Practice + Patience + Persistence
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