Cable Update (GBPUSD)

To 1.196 then down?

How does people not returning to work add to inflation?
Rising wage levels is what the FED should be concerned with not employment or unemployment with respect to inflation.
With respect to a recession, higher employment ends the recession sooner.
I don't see this as bullish for the USDX.

Both transactions closed at 1.1915... 0 pip and +50 pips...

why?

This paid off, big. Sat on my hands and pulled the trigger on the average wage numbers. My GBPUSD wave analysis chart still intact.

Guy

The pound yen from the morning has survived. H4 is still likely to drop, but even if I pursue it too closely, it will be carried over until next week, so I closed it.

regards E

Another try 1.19124 with -25pip SL

USD/JPY H4 on some kind of Support while H4 on GBP/USD is on Resistance..
EUR/USD H4 same story as GBP/USD H4..

Saw a daily RSF. The NFP momentum might push to that level to take out Liquidity then down. Still waiting to short

The current level seems to accumulate massive amount of sell. Will open some sell on the 1 hr close. Then the rest at 1.196 if it goes up there

Hoping this minor structure will hold.

See my earlier post, correlation is out, I see USDJPY running with the other Yen pairs, been like this for a while now.

Guy

you really want this down mate

so now the D wave can come to the north?

I have wave 5 as incomplete. Just to be clear, I'm long on this pair.

Cheers
Guy

The news are good for USD so can someone explain why GBP is going UP so crazy?
Im in a sell and blow my acc right now

It will help you get sooner in a trade with smaller stoploss. You can see how price react on smaller TF like that. Let me show you example:

This is 5 minute chart with my volatility indicator. I use it for trendlines etc....
This is 60t chart.
I like to trade breakouts but I use pullbacks to entry. Always touch from below ↑ = sell & touch from above ↓ buy.
Picture with explanation here...


Hope you got it... This is best system (I ever made..) ever if done as Im showing. Little pullbacks are still pullbacks. They work flawlessly! I did it as I was saying when I tripled my acc. Questions welcomed...

Well anyone can ask me... I'm still alive.

SF

GBP/USD H4

LET THE SHOW BEGIN!
ISM SERVICES WILL PICK USD UP FROM THE GROUND..

H4 CLOSING RIGHT BELOW THE GRAY LINE!

Anyway, I'm Short and will remain Short until either my SL is hit or I get a very nice profit..

Pat was right, spike then down, but not on NFP, rather ISM..

The main reason traders fail is because of cognitive dissonance.

Cognitive dissonance is the tendency to seek consistency among attitudes, thoughts, and beliefs.
When beliefs agree, there is consonance and a state of comfort results.

When all the conditions for a trade are met and the trade is immediately profitable there is consonance, but this is so rarely the case when trading as we do not know what will happen next and have no control over the market.

Trading is hard because the trading environment creates so much cognitive dissonance. There is no real way to eliminate this other than accepting it is a constant presence and be prepared for it to get in the way of your plan.

In fact, make dealing with cognitive dissonance an essential part of your plan.

People alleviate cognitive dissonance in one of three ways:
Reducing the importance of dissonant cognitions
Adding consonant conditions
Removing or changing dissonant conditions

When a situation involves incentives people may reduce dissonance by changing the dissonant condition (usually when the incentive is small) or by adding a consonant cognition (usually when the incentive is large)

Changing the way you think and feel about a dissonant situation that involves incentives is very dangerous when trading. Cognitive dissonance is the reason traders cut winners short and let losers run.

Do not incentivize risk when it is not smart to do so. When justifying risks, use minimum compensation for doing so rather than increasing risk disproportionately. Know exactly what would contradict or otherwise invalidate your trade and either do not take the trade or cut it.

When the market is moving against your position do not justify increasing the risk believing you will eventually be compensated. Similarly, a trader with a profitable trade might justify realising profits too soon fearing the market will run out of momentum, the market may be in a strong and stable trend but they reduce the importance of this dissonant condition and perhaps overstate the importance of consonant conditions.

Personally, I think a trader who can manage cognitive dissonance well can make any strategy work and the rest who can’t will lose whatever system they are using because their losers will always wipe out their winning trades.