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Cable Update (GBPUSD)

  • #718,981
  • Jan 7, 2023 1:43am Jan 7, 2023 1:43am
Hi Fellow traders , I want to test my heading strategy on forex, but It can't be done manually (or atleast hard since it involves scalping and we need to capture all the pips we can)
I don't know abt coding scripts and all

Could anyone here who knows coding EA that will run in MT5 which has following functions create an EA to help perfect my strategy?? Please

1. Open both sell and buy of any any pair at any given time frame of our choice at the market price, after 5 mins (editable) of starting the bot ..
2. adjustable SL and TP
3. Trailing Stop loss to capture potential profit on trendy days.
4. When one order hits SL at the exact time both buy and sell order must be placed at market place with same TP, SL and Trailing Stop loss
5. Maximum Trades open 8
6. Lot size adjustable
7. If one order hits SL/TP when opened orders count is 8
Then no furthers should be placed until the open order count comes to 6
8. One click to close all open orders at the market price..
  • #718,982
  • Jan 7, 2023 1:47am Jan 7, 2023 1:47am
Quoting Eren10
{quote} Strong buy moment came due to the news. If you were already long at that moment why would you change your position.
The reason to short was the NFP didnt break the asian high and retraced too quickly... mean while i was on thread watching pros shorting it... so i switched and made a mistake.. it was later on the ISM bring those fireworks.. but my original plan was to tp at 1.2000 or the weekly open.
  • #718,983
  • Edited 2:07am Jan 7, 2023 1:50am | Edited 2:07am
Quoting BeeTogether
{quote} but that is a swing from more long positions opened earlier in the week which means the bearish cycle may have finished for time being.
the price can change direction at any time. a strong resistance level can come at any time.

if the price always moved only between the S/R zones and never broke through them, then new levels could never be formed.

what we can do is to test the zones before entering.

and use SL.
  • #718,984
  • Jan 7, 2023 2:21am Jan 7, 2023 2:21am
for example, SL is now the green shopping zone for me.
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  • #718,985
  • Jan 7, 2023 2:22am Jan 7, 2023 2:22am
Re the discussion above. Always stick to your own edge. it doesn't matter what people post here - 'pro traders' or otherwise. Views and opinions expressed on this thread/site are not your trading edge, - stick with what your own edge is telling you, even if it goes against what others here say they are doing/what they are seeing.(Of course this statement assumes two things, 1. That you have a trading edge, and 2. that the opinions/views expressed here are not your trading edge - lol! If they are, they really shouldn't be as people here are generally transient, and you never know when they are going to stop posting, or indeed whether they have a 'true' Trading Edge themselves. If you are going to follow traders here and act on their posts you need to act on all of them because their edge like everyone else's works over a sample size of trades, [if indeed they are net profitable,] and if you cherrry-pick them or indeed they cherry-pick the ones they post, you will probably come out negative.)
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Re current situation; and carrying on from the analysis in my post above, the 1hr like 4hr although having a strong 258pip up-move y/day, is not yet in an uptrend, although showing signs that it may develop. The last few fractal prints on this t/f have been a H, L (@ y/day's 1840 lo) and a HH @ y/day's 2099 hi which just popped into the bottom of the prev 1hr/4hr/minor dly sw hi zone that extends to 2107 then 2125, = prev res = pot res. Price encountered some mild selling there before y/day's close. 1Hr overall as of y/day's close can though be said to be bullish.

1hr below
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Trader with an Edge.
  • #718,986
  • Jan 7, 2023 2:36am Jan 7, 2023 2:36am
Quoting kk300
Hi all, i was really doing fine with buying the shit out of GU... But later in NY.. i was watching thread... Almost all the pro traders here were having a sell confluence... And there i made mistake... switched to short... Gave back my hard earned total profits in floating... Hopefully get out at retrace in following week as i am averaging out with small lots... And if it is being a flat correction than i will have to hedge or close in loss.. One should always trade his own system and only use this thread to learn.. and avoid deviating from own...

Well, I too had to cover longs and shorts 15 minutes post NFP, on multiple USD pairs because:
Forecasters and analysts ("prophets" we might call them) got it slightly wrong on their NFP predictions. They missed by only 23k on the NFP forecasts, even got it right on the Unemployed % number, still markets turned harder than they should and things looked scary for the USD.
I NEVER trade important red flags intraday! I did carry some longs and shorts on major USD pairs, based on Daily/Weekly and I made sure I can cover NFP.
My sole reason to close my positions and book my profits from these trades earlier than I'd like to because the technical setups are still very much intact, was the overreaction and the USD struggle to hold it's gains from prior days.

NOBODY has advanced knowledge of the markets, and NOBODY can predict the future, unless you are my ex-wife yelling "you gonna mess it all up again!"
(she had it right more often than not)...
You must understand that nothing is certain. Really good and experienced traders don't have opinions, no real bias. We react, and that's all.
I myself trade it either way and I don't predict the future. I see levels and setups and stay true to my tradingplan since many years. I trade the same setups both on the larger timeframes and intraday to build shortterm liquidity for my larger timeframe trades, which is part of my Riskmanagement. Because it's profitable longterm, not because it creates a "high winrate".
I know people with super high winrates who totaly fail to make money and I know people who lose 80% of their trades and create signifcant returns like clockwork.
If I share some of my ideas or setups and I "get it right", people sing my name in praise. If I have it wrong they throw shit at me and that's the norm these days.
Why I share ideas? Honestly I do not know... I shouldn't, and with all my years I should know better....
btw, didn't I say something like "don't nail me on this, we might go down to grab some Sellside Liquidity before we go up".
--> https://www.forexfactory.com/thread/...9#post14271879

Don't put any blame on people who share their setups and trading ideas, nobody can predict the future, all we can do is anticipate and react.
Understand your environment, find opportunity to apply risk and manage it accordingly.
And by all means, if you can't cover red flags, don't trade them: "if you can't stop it, don't trade it"
As a trader it is not my job to be right. It is my job to make money. Plain simple.

"As to methods, there may be a million and then some, but principles are few.
The man who grasps principles can successfully select his own methods.
The man who tries methods, ignoring principles, is sure to have trouble."
- Ralph Waldo Emmerson
you are not expected to understand this
  • #718,987
  • Jan 7, 2023 2:43am Jan 7, 2023 2:43am
nothing wrong with this thread, but at least there would be more professional comments and constructive criticism.
and less blah, blah.
peace.
  • #718,988
  • Jan 7, 2023 3:02am Jan 7, 2023 3:02am
Briefly looked at the daily and weekly charts.
Daily is back to the trendline breakout box and currently placed in the midle of Bollinger Band. Could hold here, 12100 and return towards latest uptrend - Fib 38.2% - 1.166 or 1.1100 thereafter.
In reverse, upper BB 1.2300, also weekly Fib 50% (May 21 - Sept 22), next level 1.2700.

I am still bearish, but trading both directions plus trading other instruments.
Overall US employment numbers were good and we have UK GDP data next week. US isn't done with rate rise and next rate meeting on 01st of Feb.
Good Luck and Trade Safe.
  • #718,989
  • Jan 7, 2023 3:43am Jan 7, 2023 3:43am
Quoting Waveskierrob
{quote} Not sure what you want me to explain, don't take results over the last two days as my average for the whole year, my profit or lost varys dramatically every single day, also I trade many pairs and indices, I've posted many live trades on this thread and my other thread, maybe check them out if you are that interested ...ps good call but even you must admit that you are not right all of the time....or are you
I just dont get why are you trading so small. 200 pips equal 0.01% of acc.

I am not right all the time. Actually i am wrong almost all the time, not sure how i have managed to survive in this bussiness for so long.
  • #718,990
  • Jan 7, 2023 4:03am Jan 7, 2023 4:03am
if anyone is interested.
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  • #718,991
  • Jan 7, 2023 4:06am Jan 7, 2023 4:06am
Quoting genadi
{quote} I just dont get why are you trading so small. 200 pips equal 0.01% of acc. I am not right all the time. Actually i am wrong almost all the time, not sure how i have managed to survive in this bussiness for so long.
Easy in my opinion trading is made up of psychology and money management, ever wondered why people win on demo accounts time after time then when it comes to real trading they lose , I trade real as close to demo as I can(BIG BANK smallest lots), but don't take my word for it you have to try it out yourself, I was SHORT on the DJIA yesterday move against me over 700 pips if that was to effected me in anyway I shouldn't be trading it...
  • #718,992
  • Edited 4:20am Jan 7, 2023 4:08am | Edited 4:20am
So, even though I should know better, I post this.
This is how I read the WEEKLY chart, from the perspective of prior Priceaction.
I may remind everyone that we look at the first week of the new year, and technical analysis is not in agreement with fundamental analysis across the board.
Fundamentaly the USD "should" be bullish, but the charts do not agree.

This is NOT a trading idea.
You do with your money what you want, and I do with other peoples money what I want, ok?
What happens next? I do not know! I just try to act smart in an environment controled by greed, that's all.

"this place aint no such thing as civilized. It's man, so in love with greed, he has forgotten himself and found only appetite" ~ Dutch Vanderlinde
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you are not expected to understand this
  • #718,993
  • Jan 7, 2023 4:17am Jan 7, 2023 4:17am
Quoting Robinhood1
{quote} Then stay a loser. Today it has been revealed. 0.01% win in the long run. Trend is not your freind anymore since we have the scammers using IA. Market is moved back and forth to wipe longs & shorts. I suggest trading a middle technique between scalp and swing. The only time the trend is your freind is as a heavy investor with knowlege, 1 million to hold for 3, 6 or more months, any tf beyond daily. This i am writing is not going to be accepted because everyone has his own trading mindset and means that today and at this moment i beleive...
Trend is not your freind anymore. The only time the trend is your freind is as a heavy investor with knowlege,
I am not a heavy investor; I have limited knowledge of currency pairs and economics. The trend is certainly MY friend!! I look for one to get underway, wait for a retracement, then take a SMALL SLICE from the trend continuation.
I don't try to trade reversals.
I don't try to trade the news.
I don't try to trade range breakouts.

Being a short term trader, anything below a day trader, means you will have to work out an almost perfect system close to 100% rate winning
Taken care of.
To free Gazans of Hamas, use whatever it takes.
  • #718,994
  • Jan 7, 2023 4:20am Jan 7, 2023 4:20am
Quoting kk300
{quote} The reason to short was the NFP didnt break the asian high and retraced too quickly... mean while i was on thread watching pros shorting it... so i switched and made a mistake.. it was later on the ISM bring those fireworks.. but my original plan was to tp at 1.2000 or the weekly open.
The reason to short was the NFP didnt break the asian high and retraced too quickly
LOL
To free Gazans of Hamas, use whatever it takes.
  • #718,995
  • Jan 7, 2023 4:23am Jan 7, 2023 4:23am
Quoting Teek
{quote} Well, I too had to cover longs and shorts 15 minutes post NFP, on multiple USD pairs because: Forecasters and analysts ("prophets" we might call them) got it slightly wrong on their NFP predictions. They missed by only 23k on the NFP forecasts, even got it right on the Unemployed % number, still markets turned harder than they should and things looked scary for the USD. I NEVER trade important red flags intraday! I did carry some longs and shorts on major USD pairs, based on Daily/Weekly and I made sure I can cover NFP. My sole reason to...
markets turned harder than they should
LOL. No, they did not. Perhaps they turned harder that you LIKED or than you HOPED for.
To free Gazans of Hamas, use whatever it takes.
  • #718,996
  • Jan 7, 2023 4:29am Jan 7, 2023 4:29am
Quoting DrDave
{quote} Trend is not your freind anymore. The only time the trend is your freind is as a heavy investor with knowlege, I am not a heavy investor; I have limited knowledge of currency pairs and economics. The trend is certainly MY friend!! I look for one to get underway, wait for a retracement, then take a SMALL SLICE from the trend continuation. I don't try to trade reversals. I don't try to trade the news. I don't try to trade range breakouts. Being a short term trader, anything below a day trader, means you will have to work out an almost perfect...
AMEN!
and... we don't even have a f*cking trend yet. It's one week into the new year, everything is messed up, fundamental doomsayers are all over the place trying to make prophecies nobody less than the largest banks could ever trade and we all just try to shoot at the moon in hope we gonna land among the stars. And that's it.
NO VOLUME... INDECISION... NEUTRAL MARKETS... what's not to understand? If peeps don't know how to trade in a such an environment, they probably shouldn't.

"turned harder than I liked": yes
"you hoped for": nope, I don't trade hope. I just seen the DXY do something that I did not like and caused me to close my UJ longs and correlating shorts on other pairs that I should not have held pre-NFP because my actual target got hit and it was nothing but my own greed making me act against my better knowledge. I actualy "had it right", I just did not book in time because I'm a greedy and very ruthless scumbag.
you are not expected to understand this
  • #718,997
  • Jan 7, 2023 4:43am Jan 7, 2023 4:43am
so it's more interesting.
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  • #718,998
  • Jan 7, 2023 4:47am Jan 7, 2023 4:47am
I changed my analysis to bullish for the next week. Good Luck.

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Together we can be strongest
Vantage Return This Month: na
  • #718,999
  • Jan 7, 2023 5:02am Jan 7, 2023 5:02am
Quoting Jolita
Briefly looked at the daily and weekly charts. Daily is back to the trendline breakout box and currently placed in the midle of Bollinger Band. Could hold here, 12100 and return towards latest uptrend - Fib 38.2% - 1.166 or 1.1100 thereafter. In reverse, upper BB 1.2300, also weekly Fib 50% (May 21 - Sept 22), next level 1.2700. I am still bearish, but trading both directions plus trading other instruments. Overall US employment numbers were good and we have UK GDP data next week. US isn't done with rate rise and next rate meeting on 01st of Feb....

1.27 is the fibo 61.8%.

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Together we can be strongest
Vantage Return This Month: na
  • #719,000
  • Jan 7, 2023 5:07am Jan 7, 2023 5:07am
Quoting palpite
{quote} 1.27 is the fibo 61.8%. {image}
38,2 monthly the other way around. Same level though.
Price is price.
you are not expected to understand this
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