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Cable Update (GBPUSD)

  • #715,781
  • Dec 22, 2022 2:20am Dec 22, 2022 2:20am
Quoting Jolita
. Long trade opened. No tp yet. {image}
Closed +50.
Going short, leaving with tp set at 12080.

Good trading day to all.
  • #715,782
  • Dec 22, 2022 2:23am Dec 22, 2022 2:23am
GBP/USD Daily Chart..

My point of view..
Attached Image (click to enlarge)
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  • #715,783
  • Dec 22, 2022 2:24am Dec 22, 2022 2:24am
Quoting JayBag
{quote} For years, I have asked myself this question. The only thing close to my conclusion is, YES. However, we need to follow the golden rule 'DON'T PUT YOUR EGGS IN ONE BEASKET' I say this because no setup works exactly the same, every time. I may not have articulated my point properly, but I hope it's understood.
the only factor that does not change is TIME, at least you get the direction and stay with it.

according to DOW, trend stages are 2 , UP/DOWN trend or sideway. with knowing TIME you can swing trends and scalp sideway market.

making a living from trading can be done if you know how to read the market.

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cheers,
"the public is not yet ready for it" W.D. GANN
  • #715,784
  • Dec 22, 2022 2:24am Dec 22, 2022 2:24am
Quoting RemyLou
{quote} How dd you know Trendline wont hold? What did you look at
I don't know Trendline won't hold.

It was my trading plan for Wednesday.

The price did not break 1.2052 Dec Open. Yesterdays Low 1.2054
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 17.5%
  • #715,785
  • Dec 22, 2022 2:27am Dec 22, 2022 2:27am
Attached Image (click to enlarge)
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Together we can be strongest
Vantage Return This Month: -97.0%
  • #715,786
  • Dec 22, 2022 2:27am Dec 22, 2022 2:27am
Too many sellers on here, therefore I believe it will spike up
  • #715,787
  • Dec 22, 2022 2:29am Dec 22, 2022 2:29am
Quoting shay14
Too many sellers on here, therefore I believe it will spike up
yess, short again... the higher, the better
Trendlines H1,H4, SMC
  • #715,788
  • Dec 22, 2022 2:31am Dec 22, 2022 2:31am
target 1.21050
Attached Image (click to enlarge)
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Trendlines H1,H4, SMC
  • #715,789
  • Dec 22, 2022 2:36am Dec 22, 2022 2:36am
Quoting JayBag
{quote} For years, I have asked myself this question. The only thing close to my conclusion is, YES. However, we need to follow the golden rule 'DON'T PUT YOUR EGGS IN ONE BEASKET' I say this because no setup works exactly the same, every time. I may not have articulated my point properly, but I hope it's understood.
A GOLDEN RULE OF NEVER PUT ALL YOUR EGGS IN ONE BASKET... I will share a story that I have never shared here in forexfactory...

I started trading forex since July 2007 and was never consistent for 7 years, I lost many friends, my integrity shattered and I was the definition of poverty. Forex was all I knew and all I was doing...

Fast forward to October 2014, I got a job at a microfinance institute and started earning modest salary which made me stop trading forex for 14 months but occasionally just check GU chart to see what's going on the market.

In January 2016, I had rented an apartment gotten. Modest things in the house through the salary and became relatively comfortable, which now prompted me to go back into forex trading again. I introduced some colleagues to forex as a means for us to have additional source of income, hence I was managing Their accounts for them with 60:40 sharing... Importantly, I still kept doing my salary job with the Microfinance firm.

Within April 2016 to October 2016, I made so much money through trading and I built a 3 bedroom bungalow and I became the talk of the small community, my family and friends started respecting me again and I finally felt fulfilled that my years of forex trading pain had finally yielded remarkable result.

In March 2017, I decided to resign from the Microfinance firm to focus mainly on forex since I had giant portfolios from many colleagues that have become confident in my money making skills... 1 month later being 17 April 2016, I lost 80% of the portfolio and had debt of same value as the house I built, my then colleagues turned against me and started calling me a scam and I was pressured to sell my house at a desperate price to pay them off..

The decision to have left my Salary Job backfired spectacularly and I returned to square one of misery as I couldn't go back to the Salary Job I was begged not to resign from... Poverty and I now became 5 and 6...

Before I got the Salary job, I couldn't make it in forex, during the salary job that gave me consistent salary I was psychologically balanced to take patient entries, less screen time and astute money management as I wasn't desperate for profit, as profit was coming naturally... After quiting the salary job I lost everything and regretted putting my eggs in one basket...

A true life story that makes me believe NEVER TO PUT ONE'S EGGS IN ONE BASKET.

Cheers,
George.
Data + Stat + Risk/Emotions Management
  • #715,790
  • Dec 22, 2022 2:39am Dec 22, 2022 2:39am
Quoting shay14
Too many sellers on here, therefore I believe it will spike up
Do you have data to back this up?
IG Markets for example is saying that almost 60% of their clients are long GU and EU. 68% Long USDX.
  • #715,791
  • Dec 22, 2022 2:41am Dec 22, 2022 2:41am
Quoting Kwt4x
{quote} the only factor that does not change is TIME, at least you get the direction and stay with it. according to DOW, trend stages are 2 , UP/DOWN trend or sideway. with knowing TIME you can swing trends and scalp sideway market. making a living from trading can be done if you know how to read the market. {image} cheers,
Thanks for your opinion, KW.
In my limited experience, no matter how well you know how to read the market, 100% still won't be archived. There will be times when it fails. Knowing this fact helps us manage our capital a little bit better, and the only way I can control this is by dividing my capital into small amounts. (That's my style of MM.) If I don't do this, I will always be forced to bet the farm.


Who knows, maybe someone has a 100% strategy.
  • #715,792
  • Dec 22, 2022 2:41am Dec 22, 2022 2:41am
short
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yes yes yes
  • #715,793
  • Edited 2:56am Dec 22, 2022 2:43am | Edited 2:56am
Followed Josip, switched short, USDX appeared to reverse as well.
  • #715,794
  • Dec 22, 2022 2:44am Dec 22, 2022 2:44am
Quoting Yngwie
{quote} This time just a simple 4H fibo. Usually work if PA calm. {image}
30M chart give short clue
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Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #715,795
  • Dec 22, 2022 2:44am Dec 22, 2022 2:44am
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Click to Enlarge Name: palpite.png Size: 11 KB
Together we can be strongest
Vantage Return This Month: -97.0%
  • #715,796
  • Dec 22, 2022 2:46am Dec 22, 2022 2:46am
short closed

usindex still space to go higher
Attached Image (click to enlarge)
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Trendlines H1,H4, SMC
  • #715,797
  • Dec 22, 2022 2:50am Dec 22, 2022 2:50am
gbp
close to S

eurusd - can fall to 1.06
Attached Image (click to enlarge)
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Trendlines H1,H4, SMC
  • #715,798
  • Dec 22, 2022 2:51am Dec 22, 2022 2:51am
Quoting Georginson
{quote} A GOLDEN RULE OF NEVER PUT ALL YOUR EGGS IN ONE BASKET... I will share a story that I have never shared here in forexfactory... I started trading forex since July 2007 and was never consistent for 7 years, I lost many friends, my integrity shattered and I was the definition of poverty. Forex was all I knew and all I was doing... Fast forward to October 2014, I got a job at a microfinance institute and started earning modest salary which made me stop trading forex for 14 months but occasionally just check GU chart to see what's going on the...
Thank you for sharing your story with us bro. I personally appreciate you more for this. I don't even know what to say as this is relatable to the T. Again, thank you for sharing bro. I hope folks can learn a thing or two from your story.

Thank you
  • #715,799
  • Dec 22, 2022 2:54am Dec 22, 2022 2:54am
Quoting JayBag
{quote} Thanks for your opinion, KW. In my limited experience, no matter how well you know how to read the market, 100% still won't be archived. There will be times when it fails. Knowing this fact helps us manage our capital a little bit better, and the only way I can control this is by dividing my capital into small amounts. (That's my style of MM.) If I don't do this, I will always be forced to bet the farm. Who knows, maybe someone has a 100% strategy.
MM is a MUST of course, my point is reading the market correctly will limit loses and increase winnings effectively.
patience also is a must, to wait for direction pullbacks and never trade against it, and that's hard for majority of traders (trading both ways can get most in trouble when a rally hit).

cheers,
"the public is not yet ready for it" W.D. GANN
  • #715,800
  • Dec 22, 2022 2:54am Dec 22, 2022 2:54am
Quoting Georginson
{quote} Please what is the name of the Book?
Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing by Rob Booker
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