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Cable Update (GBPUSD)

  • #719,541
  • Jan 9, 2023 11:06pm Jan 9, 2023 11:06pm
Hello friends.......day 2 of the trading year for me today and I have to see what comes along for me to pounce on. I don't anything straight away, so it's off to the long grass for me.
I am neither brave nor stupid...I am just a part time trader
  • #719,542
  • Jan 9, 2023 11:12pm Jan 9, 2023 11:12pm
Quoting mysterio
There is untested demand at 1.21449 which is also a High volume node I'll hunt there ( below asia low ) for a potential buy GU has daily FVG above yesterdays high and DXY has daily demand lower
Waiting for a sweep lower for buy, or higher for sell
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  • #719,543
  • Jan 9, 2023 11:17pm Jan 9, 2023 11:17pm
Quoting mysterio
{quote}And i'm selling to there as we did a quick gap fill (stops to BE) edit-got BE'd quite quick {image}
me three.
GU short
SL around 9 pips / close above SMA50/ -20 auto SL for sudden moves
TP 100 pips / or the next opposite pin
BE when it his\ts +30
UJ long
SL around 9 pips / close below SMA50/ -20 auto SL for sudden moves
TP 100 pips / or the next opposite pin
BE when it hist\s +30
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  • #719,544
  • Jan 9, 2023 11:17pm Jan 9, 2023 11:17pm
Quoting emmanuel7788
GU Jan 10 M5 - fighting for control of 12175 {image} ...
GU Jan10 M5

Frankfurt Open go short


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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #719,545
  • Jan 9, 2023 11:19pm Jan 9, 2023 11:19pm
Quoting Yngwie
Sold 1.2200
closed for 55 pips
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #719,546
  • Jan 9, 2023 11:21pm Jan 9, 2023 11:21pm
Quoting mysterio
{quote}Waiting for a sweep lower for buy, or higher for sell {image}
7 pips in profit, stops to BE. might go a bit lower.
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  • #719,547
  • Jan 9, 2023 11:26pm Jan 9, 2023 11:26pm
Quoting BigNumbers
GOLD may buy 380 pip todays... Buy now while it is at discount.. Good Luck
Great Mate,
But we very very careful if you are buying, No offence please
i will explain with facts and Logic the Real logic why the Hell GOLD went soo high so fast, and why it Can't stay above, 1880-1890 specially for Long..
But first thing First
if you Really Want to learn how it works, you Must find the Reason Behind the Move so you not Repeat your Mistake,
Albert Einstein Define Insanity as "Doing same thing Over and Over Again and Expecting Different Results"
and i don't want to be Insane in eyes of Einstein.
and Most importantly will be Prepared Next time,
why GOLD Shoot up??
Answer is not simple, but i will do my best to Explain, it did cost me my Micro account with 560% profit, yes i was trading with MAX leverage, but that is my thing i do this to control my impulses of overtrading in my Own corporate account.
and GOLD did lost me 2% in my Big account so i did some Digging asked the Real Analysts not who posts on websites, but who sell their Research with High Price Believe me some times its 200$ per Analysis.. but to get something you have to give too, so i exchanged Analysis to get GOLD analysis from XYZ research...
i do that to, Check my upwork.com profile, last year alone i got payed 6,000$ just for my Analysis Long Term o fcourse but it must be Good that is why They are coming Back to buy it again and Again. am not Showing off there is nothing to gain here, just explaining,
anyways got Diverted from GOLD lets Get Back at GOLD..
.
lets Start.

The FT has a lengthy gold story that sings the same old refrain—people in general and central banks in particular and specifically the central banks in China and Russia, are buying gold to reduce dependence on the dollar. When it’s central banks, that reduces the proportion of reserves held in dollars.
Let’s take note that since it’s the IMF that keeps track of reserves and both China and Russia are members, we should expect to see big changes in their reported reserves—but no, it’s not visible. Both countries lie through their teeth to everyone, including the IMF, so official data is of little value. But looking at data from other interested parties is highly risky, and the FT does not dwell on that.

n addition, and this is a biggie, you can’t buy soybeans or a tank with gold. For that you need dollars. Granted, gold is fairly liquid but to say gold allows a government to reduce dependence on the dollar (and the dollar will lose world weight) is silly. The original purpose of official reserves is to be able to buy food and arms fast in the event of an emergency. For that you need instant liquidity and the dollar provides that.
A secondary purpose arose with globalization of financial markets so to soybeans and tanks, we can add using dollar reserves as collateral to borrow from the Fed for one crisis or another. The Swiss just did this a few weeks ago and it supposedly was not to help Credit Suisse.
.
The point—take everything that follows from the FT with a heaping of salt. Here goes: “Central banks are scooping up gold at the fastest pace since 1967, with analysts pinning China and Russia as big buyers in an indication that some nations are keen to diversify their reserves away from the dollar.”
The World Gold Council reports demand “has outstripped any annual amount in the past 55 years. Last month’s estimates are also far larger than central banks’ official reported figures, sparking speculation in the industry over the identity of the buyers and their motivations.” One other interested party claims it’s because “the geopolitical backdrop is one of mistrust, doubt and uncertainty” after the US and its allies froze Russia’s dollar reserves.”
.
Okay, so don’t invade another country and break every international treaty you have signed, and the West won’t grab your assets.
To go from the silly to the ridiculous: “The last time this level of buying was seen marked a historical turning point for the global monetary system. In 1967, European central banks bought massive volumes of gold from the US, leading to a run on the price and the collapse of the London Gold Pool of reserves. That hastened the eventual demise of the Bretton Woods System that tied the value of the US dollar to the precious metal.”
.
Yeah, and France demanded the US ship physical gold held in reserve in the US back to France, bitching about the US’ “extraordinary privilege” of issuing the benchmark bonds as the reserve currency holder and getting cheaper rates as a result. But no other country had the size to offer the same benchmark. The US dollar remained the primary reserve currency and Pres Nixon just took the dollar off the gold standard, which bothered no one except purists and the French.
.

“Last month the WCG estimated the world’s official financial institutions have bought 673 tonnes. And in the third quarter alone central banks bought almost 400 tonnes of gold, the largest three-month binge since quarterly records began in 2000. The conservative estimates from the WGC outstrips the reported purchases to the IMF and by individual central banks, which stands at 333 tonnes in the nine months to September.
“Officially, the buying in the third quarter was led by Turkey at 31 tonnes, taking gold to about 29 per cent of its total reserves. Uzbekistan followed with 26 tonnes, while in July Qatar made its largest monthly acquisition on record since 1967.”
.
Note that two of these counties are major oil suppliers. Both China and Russia deny they are accumulating gold reserves. “Some in the industry speculate Middle Eastern governments are using fossil fuel export revenues to buy gold, most likely through sovereign wealth funds.”
For the FT to buy into this story is kind of sad and discloses an anti-American bias. Here’s how it closes: “The coming months will test whether record central bank buying was an opportunistic spurt as gold prices fell, or a more structural shift.”
.
Structural? What’s structural is the ban and cap on Russian oil. That motivates buyers from the Middle East, India and China to act as middlemen and use gold to keep the revenues from the US and European banking system in any currency lest they get caught and their money appropriated. That’s it. If there is also some reserve diversification going on, it’s small potatoes compared to the oil feint.
“Even with prices having since recovered to about $1,800 per troy ounce, few are willing to bet the trend towards diversification of central bank reserves will change course any time soon. Bernard Dahdah, senior commodities analyst at Natixis, the French investment bank, said deglobalisation and geopolitical tensions meant the drive by central banks outside of the west to diversify away from the US dollar was ‘a trend that won’t change for a decade at least.’”
.
where have we heard that before? The FT’s chart is nice but it’s NOT an official IMF chart. And the official IMF data will always exclude private sector gold holdings because it gets its data from governments. Those private sector gold holdings arise from middlemen, black market and otherwise, who are buying Russian oil and selling in on. They fear actual money, whether dollars or euros, getting appropriated if they get caught, hence the gold. They pay fees for the vaults where their gold is stored and insurance costs, but the fear of expropriation must be high. Local banks and governments are, of course, complicit. But the US and EU are not going after them. Let ‘em have gold, which offers no yield and is expensive to hold.
.

"The Only True Wisdom is in Knowing You Know Nothing.” ― Socrates
Don't compare your Trades with Others
  • #719,548
  • Jan 9, 2023 11:30pm Jan 9, 2023 11:30pm
Quoting Georginson
Hello Guys, the full Business of January is beginning this week for most traders and below are the major Characteristics of January... ✓Usually Moves between 400 - 800 pips; ✓Usually Gives both buyers and Sellers opportunities to 220+ pips to both sides (70% of January Months) ✓Usually trap impulsive traders with no stop loss in place... Below are the simulated scenarios for 9th to 13th January ✓Expected range is between 250 - 350 pips; ✓Key zones are 1.2300 Versus 1.1700; Cautious Bias... ✓Bias is Cautiously...
I will be expecting 1.2240 target to get hit today if only price doesn't drop below 1.2125 first...
Data + Stat + Risk/Emotions Management
  • #719,549
  • Jan 9, 2023 11:34pm Jan 9, 2023 11:34pm
The H1 PP is below H1 PP, but CandleHigh is not going down, so we close the short position. The restart waits for the Candle to rise.
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  • #719,550
  • Jan 9, 2023 11:34pm Jan 9, 2023 11:34pm
Taken long at 12150 SL open but will take loss around 121 if it drops that way
Insane in the Brain..
  • #719,551
  • Jan 9, 2023 11:36pm Jan 9, 2023 11:36pm
Quoting mysterio
{quote} 7 pips in profit, stops to BE. might go a bit lower. {image}
in out shake it all about
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  • #719,552
  • Jan 9, 2023 11:42pm Jan 9, 2023 11:42pm
Quoting mwaqar309
{quote} From which price
from 2054
  • #719,553
  • Jan 9, 2023 11:43pm Jan 9, 2023 11:43pm
I made my purchase
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  • #719,554
  • Jan 9, 2023 11:52pm Jan 9, 2023 11:52pm
GBPUSD

buy limit at 1.21586

SL 1.2135

Target 1.2199
  • #719,555
  • Edited Jan 10, 2023 12:06am Jan 9, 2023 11:53pm | Edited Jan 10, 2023 12:06am
sorry im late all the sus pense think about it ty for your patience...

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  • #719,556
  • Jan 10, 2023 12:07am Jan 10, 2023 12:07am
Quoting mysterio
{quote}in out shake it all about {image}
TP and rebuy on retest. stops to BE
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  • #719,557
  • Jan 10, 2023 12:21am Jan 10, 2023 12:21am
Quoting mysterio
{quote}TP and rebuy on retest. stops to BE {image} {image}
aiming just shy of 1.22

note high volume DZ
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  • #719,558
  • Jan 10, 2023 12:30am Jan 10, 2023 12:30am
Quoting Coffeebuff
{quote} Where could I get a down load for the US Dollar Index line ?????
Five Star Chart

https://www.netdania.com/charts

instruments new - overlay
  • #719,559
  • Edited 12:50am Jan 10, 2023 12:31am | Edited 12:50am
G/M, a 2nd big bullish dly candle y/day and a top wick on it, - ie a messy pullback from it's hi that has found support in the prev 1hr/4hr sw hi zone (once disrespected) = prev res = pot rbs that begins @ 2147 and on 4hr extends down to 2120. Like y/day, will we see an upside follow thru to new highs?

EDIT: updated chart

4hr below
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Trader with an Edge.
  • #719,560
  • Jan 10, 2023 12:33am Jan 10, 2023 12:33am
Quoting tradexyz
sorry im late all the sus pense think about it ty for your patience... {image}
Can you explain this chat please. Is a little confusing.
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