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Cable Update (GBPUSD)

  • #711,201
  • Dec 2, 2022 4:06pm Dec 2, 2022 4:06pm
Quoting Moty
I Saw this gap live but didn't believe it will close today {image} see you on Wednesday with this strategy{image}
notagap
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #711,202
  • Dec 2, 2022 4:07pm Dec 2, 2022 4:07pm
not-screaming-for-a-retrace
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #711,203
  • Dec 2, 2022 4:25pm Dec 2, 2022 4:25pm
Quoting Bones
not-screaming-for-a-retrace {image}
This is ready for 124-125 at least next week before any move down from fomc
Insane in the Brain..
  • #711,204
  • Dec 2, 2022 7:42pm Dec 2, 2022 7:42pm
Quoting Kwt4x
{quote} thank you for agreeing with me that reading the market is simple, but sometimes human error's get in the way while trading. you read the market by structure and daytrade, I read the market by measuring and swing/daytrade, we both make money. but you agree with me that most traders do not read the market correctly like you and Pat and others, they think indicators will give them the correct read and get in trouble always. {image} cheers,
Reading the market may be simple for some but difficult for others. So you can't give an otherwise rudimentary disingenuous statement such as "trading is simple" because not everyone finds trading to be simple. In fact as you point out, most traders fail to read the markets correctly despite years of study which indicates that trading is difficult for many especially when you consider even self proclaimed masters of trading like yourself even admit to still losing trades. Also most proficient traders did not start out that way and they struggle for some years to become proficient. All of this taken into consideration leads one to believe that trading is in fact difficult however that would be a blanket statement like the one you made.

A more prudent assessment would be trading is simple for some, difficult for many and can be difficult for anyone given certain conditions which means in general, people find trading to difficult although it comes easy to some.
  • #711,205
  • Dec 2, 2022 7:51pm Dec 2, 2022 7:51pm
Quoting BeeTogether
Crazy day lost 50% off my funds however current long should reduce that to circa 40 after I TP around 12350 SL set to b/e which is around the 12250 area
On NFP days, I would advise not to trade.

There is another similar news release : CPI from USA.

These two news releases, one may avoid or one may trade after news release, let us say 15 mins.
Intraday only.
  • #711,206
  • Dec 2, 2022 8:07pm Dec 2, 2022 8:07pm
Quoting navk
{quote} On NFP days, I would advise not to trade. There is another similar news release : CPI from USA. These two news releases, one may avoid or one may trade after news release, let us say 15 mins.

in December it’s better not to trade no volume just market fear that cause volatility.

I don’t a lot Gu dropping for now until next year
MY OPINION NOT FINANCIAL ADVISE
  • #711,207
  • Dec 2, 2022 8:20pm Dec 2, 2022 8:20pm
Quoting donfriday
{quote} in December it’s better not to trade no volume just market fear that cause volatility. I don’t a lot Gu dropping for now until next year
Yes, volume will drop.

I do not know what kind of trading you do.

I mean intraday, scalping swing trading.

For the funded people, there is always money in it, via scalping and intra day.

Swing traders may find it difficult in December.

And how is your account doing ?

My account growing fantastic.
Intraday only.
  • #711,208
  • Dec 2, 2022 8:22pm Dec 2, 2022 8:22pm
Structure:
Yersterday GU failed to breakout the high, then NFP out > expected=> prior swing high was retest, and rejection occurs real quick pushing cable to the same high (ultra bullish sign) but weekly candle not yet producing a clear BO above the current resistance.
So Monday Asia we might see GU go for a visit in the south to grab liquidity then up.


NFP
Once PAT said banks love to trap retails on the wrong side first, then take them all straight under the water.
It costs nothing but just some minutes in your leisure hours, to go back and see at least the 2-4hrs price formation prior high impact news especially for the US and it worked the same way as Pat said!

Also, always keep an eye on different timeframe from daily to 4hr to 30mins on GOLD, US30 AND US10Y before the red news, since the wall street trade these babies heavily. And they can't manipulate you this way with their forecasting or speeches, since they are positioning themselves throughout the day before the high impact news. Remember they earned while you lose. They are not your friends!
This way you will get a sense what they are expecting for the news.God willing it worked pretty well so far for me.
Hoped it helps you too in the future.
Happy weekends and
God bless everyone
More time in the market, does not mean you trade better!
  • #711,209
  • Dec 2, 2022 8:29pm Dec 2, 2022 8:29pm
Quoting Fardeen1209
Structure: Yersterday GU failed to breakout the high, then NFP out > expected=> prior swing high was retest, and rejection occurs real quick pushing cable to the same high (ultra bullish sign) but weekly candle not yet producing a clear BO above the current resistance. So Monday Asia we might see GU go for a visit in the south to grab liquidity then up. NFP Once PAT said banks love to trap retails on the wrong side first, then take them all straight under the water. It costs nothing but just some minutes in your leisure hours, to go back and see...
Yes, PAT did nice thing in NY session yesterday.

I did not want to trade NFP, others would have simply followed his post, of course with courage.

If someone do not want follow trades of others, my system says where to long.
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Intraday only.
  • #711,210
  • Dec 2, 2022 9:24pm Dec 2, 2022 9:24pm
Quoting Pat Chiko
{quote} Hi KK300, I'm visual person. Hope this marked up chart justify the trades taken. In short, I was waititng for price to show its hands, to continue up or down at consolidation phase. It's kind of test/retest for break out at ranging phase. {image} NOTE : I use only S&R for my trades, I've yet to learn other method
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The market hides a perfect geometry.
  • #711,211
  • Dec 2, 2022 9:52pm Dec 2, 2022 9:52pm
Quoting navk
{quote} Yes, PAT did nice thing in NY session yesterday. I did not want to trade NFP, others would have simply followed his post, of course with courage. If someone do not want follow trades of others, my system says where to long. {image}
I agreed following others trade is the worst thing a trader can do, since risk and money management differs!
And always stick to your plan no matter how hard the crowd scream is the hardest part in trading i guess
More time in the market, does not mean you trade better!
  • #711,212
  • Dec 2, 2022 9:57pm Dec 2, 2022 9:57pm
I'm bullish on GU even before NFP. I feel it may climb higher unless ISM news anticipation impacts value on Monday.

Here is my take on one of many reasons why the market made a quick rebound to the upside post NFP:

Attached Image (click to enlarge)
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Same behavior happened on EU which I am also long on and Uswiss which I am currently short.
  • #711,213
  • Dec 2, 2022 9:59pm Dec 2, 2022 9:59pm
This market may be getting tired. Its come a long ways already!!!
  • #711,214
  • Edited 10:23pm Dec 2, 2022 10:02pm | Edited 10:23pm
Where price flips yesterday:
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Inserted Video
"Exchange of hands"
  • #711,215
  • Dec 2, 2022 10:03pm Dec 2, 2022 10:03pm
If you are long i would put a stop under todays low...

your welcome!!!

Ninner
  • #711,216
  • Dec 2, 2022 10:19pm Dec 2, 2022 10:19pm
Quoting FulMargnAlch
{quote} {image}
Check Daily TF
How to succeed in zero sum game?
  • #711,217
  • Dec 2, 2022 10:21pm Dec 2, 2022 10:21pm
hanging man today but needs confirmation.

your very welcome.

Ninner
  • #711,218
  • Dec 2, 2022 10:32pm Dec 2, 2022 10:32pm
Quoting ninner
hanging man today but needs confirmation. your very welcome. Ninner
lol. You're quite the eccentric one huh?
  • #711,219
  • Dec 2, 2022 10:39pm Dec 2, 2022 10:39pm
I keep things simple. Observe the obvious!!!! This is why I was up 8 percent this week!!! LOL

Your welcome,

Ninner
  • #711,220
  • Dec 3, 2022 12:58am Dec 3, 2022 12:58am
Quoting bilal1947
Where price flips yesterday: {image} https://www.youtube.com/watch?v=WcIcVapfqXw
Makes sense Bilal Bhai ? Does it make retail concepts valid?
Whenever price breaks a level it creates FVG ,i think that's the reason behind the break and retest theory the price returns to the FVG created
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