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Cable Update (GBPUSD)

  • #718,621
  • Jan 6, 2023 6:23am Jan 6, 2023 6:23am
Quoting Waveskierrob
{quote} Will take your challenge GU SHORT 1.1855 no sl no tp ........just for fun
lets added another SHORT @ 1.1862 and some more patience
  • #718,622
  • Jan 6, 2023 6:24am Jan 6, 2023 6:24am
Quoting MrFanciful
{quote}
Unfortunately, I'm constantly trying to guess the swing highs and lows, just as I was doing with the down move. Bought all the way down. Got absolutely raped.
If we are talking about GBPUSD here, and about you being a struggling trader...
Clearly (you mention MAs) GBPUSD-bias was only down today.
If you are a struggling trader the first thing to do is to avoid all countertrend trades until you fully mastered trend-following trades.
If I understand what you wrote, you tried to get in on a reversal (but there was no reversal; there wasn't even a reversal signal anywhere in sight as price stayed below your MAs all morning; at least if you chose sensible higher TF periods for your MAs; "guessing" - see above - isn't trading; it is called gambling...).
Why don't you just try to do the sensible thing and start trading only with the trend (if there is a trend, that is) until you are a 100%-disciplined-trader and profitable and then move on to the next challenge (i. e. reversals and ranges)?
Al Brooks wrote a whole book only on trend trading
and a whole book only on trading ranges
and a whole book only on trading reversals
  • #718,623
  • Jan 6, 2023 6:25am Jan 6, 2023 6:25am
GBPUSD 16m has joined the up move so I am checking lower TFs for a pullback to buy from.
To free Gazans of Hamas, use whatever it takes.
  • #718,624
  • Jan 6, 2023 6:26am Jan 6, 2023 6:26am
Quoting palpite
buy - 1.1856 stop loss - 1.1830
copy tp 1.1998
  • #718,625
  • Jan 6, 2023 6:27am Jan 6, 2023 6:27am
woke up to see this missed my entry
Looking for pullback to go short
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  • #718,626
  • Jan 6, 2023 6:29am Jan 6, 2023 6:29am
add buy - 1.1861
Together we can be strongest
Vantage Return This Month: na
  • #718,627
  • Jan 6, 2023 6:31am Jan 6, 2023 6:31am
Quoting chess king
{quote} copy tp 1.1998
my target will be below, around 1.1970 - pivot daily.
Together we can be strongest
Vantage Return This Month: na
  • #718,628
  • Jan 6, 2023 6:32am Jan 6, 2023 6:32am
Quoting MrFanciful
{quote} Thanks. I've tried looking at this. I've actually programmed a lot of trading bots and reversed the buys and sells and got pretty much the same results. One day, they'll make 30-40%, next day lose about that same.
In the last 6 months I have spent a lot of time with EA's and bots with the same experience! Now if you know someone that knows how to program an AI or neural net for numerical pattern recognition, I have an idea that might produce successful trading!
  • #718,629
  • Jan 6, 2023 6:32am Jan 6, 2023 6:32am
I totally forgot about ISM Services PMI hour and a half after NFP..
Hm..
  • #718,630
  • Jan 6, 2023 6:36am Jan 6, 2023 6:36am
Quoting Abeeha
As i see the price should go up first to its RSF level as it has a FVG of 1 hr there. so i am looking it like this Seniors please guide if i am wrong {image}
What is an RSF level?
  • #718,631
  • Jan 6, 2023 6:37am Jan 6, 2023 6:37am
Quoting dantpm
{quote} Small detail because I am a detail kind of a guy. You said when you started you were profitable and then as time went on you became unprofitable. Did something change in your trading style? Lot size? Trades you were willing to enter? Timing? If none of these things changed than something about the market changed. Your trading style has to be adjusted for something that is happening that wasn't happening when you started out. I use stochastics in my trading style and in my case I am successful when I focus on the 15, 5 and 1 min time frames...
How you trade sound very similar to how I was trading and it worked very well for me. I used the 1, 5, and 15 as you do, and I still do and trade reversals. However, I can take heavy losses in a ranging environment.

In the screenshot below of the 1 minute, I have a 5,3,3 Stochastic. Also have the Stochastic on the the 5 and 15. The blue MA is a 15 period EMA for the 1 minute. I picked 15 period as it has a relationship with 15 minute candles and therefor the 15 minute chart. Similar with the pink moving average which is a Weighted moving average for 60 minutes, for that relationship with the hour chart. I think it would be best to average the lower candles by a multiple of higher timeframes. Picking a standard 21 period doesn't make any sense to me as who takes trading decisions based on a 21minute candle?

Essentially, you can see that when it's trending, the MAs (especially the 15 EMA) traces the highs of the candles very tightly. On a down trend also having confluence with the overbought area of the 1 minute Stochastic offers very good shorting opportunities.

The yellow trendline joining the two points of the pink moving average is something I coded to give me the slope of the curve (although my maths teacher GF says it's technically called a chord or cord) which provides the "Slope" number in the top right. When that is above a certain threshold, it' displays the message that I can only enter long positions and if below the negative of that threshold, I can only enter shorts.

The moving averages as I just explained is disasterous during a sideways range, which is where the Stochastic overbought and oversold would be an option. Although I did code my Slope so that if it was positive but below my threshold, or negative but above the negative of that threshold, to tell me I'm not allowed to trade in an attempt to get me to only trade the trends.

Hope you can see, that I have a system, and it certainly is a profitable one. I just can't obey it.
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  • #718,632
  • Jan 6, 2023 6:38am Jan 6, 2023 6:38am
I'm looking at a pullback around 1.19 to go short target will be 1.17500!
  • #718,633
  • Jan 6, 2023 6:43am Jan 6, 2023 6:43am
EURUSD Finally Hit My Target

The Green Line

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Now I Wait Only USDCAD On Long Term Account

I Have Stacked Up Shorts

The Green Line

This has taken some time

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Let see how it develops Big Move coming up
Shekh In Desert
  • #718,634
  • Jan 6, 2023 6:48am Jan 6, 2023 6:48am
Quoting MrFanciful
{quote} How you trade sound very similar to how I was trading and it worked very well for me. I used the 1, 5, and 15 as you do, and I still do and trade reversals. However, I can take heavy losses in a ranging environment. In the screenshot below of the 1 minute, I have a 5,3,3 Stochastic. Also have the Stochastic on the the 5 and 15. The blue MA is a 15 period EMA for the 1 minute. I picked 15 period as it has a relationship with 15 minute candles and therefor the 15 minute chart. Similar with the pink moving average which is a Weighted moving...
So psychology.
How many psychologists does it take to turn on a light bulb?
Only one but the light bulb has to want to turn on!
Old joke.
Seems to apply here. No one else can decide for you to obey your own system rules.
  • #718,635
  • Jan 6, 2023 6:48am Jan 6, 2023 6:48am
Hey Guys

Some big news today again, so what do you think? GBPUSD fall like yesterday?
  • #718,636
  • Jan 6, 2023 6:51am Jan 6, 2023 6:51am
Quoting dantpm
{quote} So psychology. How many psychologists does it take to turn on a light bulb? Only one but the light bulb has to want to turn on! Old joke. Seems to apply here. No one else can decide for you to obey your own system rules.
Haha
I have a feeling that, like an ex drug or alcohol addict, it might be something that I'll not "cure" but something I'll have to just manage.
  • #718,637
  • Jan 6, 2023 6:54am Jan 6, 2023 6:54am
Quoting MrFanciful
{quote} Haha I have a feeling that, like an ex drug or alcohol addict, it might be something that I'll not "cure" but something I'll have to just manage.
I have the same problem. I take a break and go for a walk to clear my head and get back in the game. I also use the time to think about who loses if I don't make this work.
  • #718,638
  • Jan 6, 2023 6:55am Jan 6, 2023 6:55am
Quoting noox
{quote} What is an RSF level?
flip level where support becomes resistance and vise versa for the other side
  • #718,639
  • Jan 6, 2023 6:58am Jan 6, 2023 6:58am
Quoting Abeeha
{quote} flip level where support becomes resistance and vise versa for the other side
Thank you. I'm learning smart concepts so forgive me, I know it's a flip level but what is the abbreviation stand for? Sometimes I see SRF and for the life of me can't tell what it stands for. LOL
  • #718,640
  • Jan 6, 2023 7:00am Jan 6, 2023 7:00am
Quoting DrDave
GBPUSD 16m has joined the up move so I am checking lower TFs for a pullback to buy from.
Buy the pullback to 16m hit TP, and now 32m has joined the up move, so again looking at smaller TF for pullback to buy.
To free Gazans of Hamas, use whatever it takes.
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