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Cable Update (GBPUSD)

  • #720,701
  • Jan 13, 2023 6:19am Jan 13, 2023 6:19am
Quoting maxi444
{quote} I d like to be so sure as you, but I must see first GU on the way lower from 2175, let s see, GU was often to trade lower and higher the same day
Last H4 candle is the only Big Bear Candle in this week after more than 400 Pips up move. Fundamentals have played enough. This is not the GBP strength rather USD Over weakness, because of overbought dxy. Yesterday CPI Data did not have significant high and Bull Sentiment broke today.

I am expecting at least 50% correction.

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  • #720,702
  • Jan 13, 2023 6:20am Jan 13, 2023 6:20am
Quoting Indigo45
{quote} There are two suggestion: Lot size Target.. I checked your last trade was closed at 3.8 Pips. In case this goes wrong way, what you are going to loose and $1 trade at 30 Pips SL 30% of your account. While you are risking 30% of your Equity for just a few pips. You need to work for risk and reward ratio and trade with smaller lots to be successful. Please look at below chart if you earn $300 in a month for every $1000 Equity. Slow and Steady can win in forex...{image} in longer Run.
Seems nice, got to try
10000% Wannabe . -$3000 & -$4000
Gold Recovery All Time Profit: -$3,961
  • #720,703
  • Jan 13, 2023 6:20am Jan 13, 2023 6:20am
Quoting maxi444
{quote} not easy, gu is up on all charts, of course a low can be good to go higher again
and the low come, no problem
  • #720,704
  • Jan 13, 2023 6:20am Jan 13, 2023 6:20am
Quoting Ipradzz
{quote} Hi Chin.. Can you please tell me your TP... I want to know how far we can go with small lots... I am doing the same.. Thank You
Let's answer your two questions. First, on target, you may want to refer to my previous post here. Rationale behind that, here.

Pertaining to your small lot remark. I don't get which specific direction, when you said "how far to go". Profit or loss direction?

Regardless, I put forward two simple scenarios.

On profit side: are you willing to hold on to those positions for weeks, or even months, if Cable price drops, and drops further? stretching profits further.

On loss side: are you able to sustain further drawdown, if say, price spikes to 1.25, then 1.3, then 1.4, without seeing your account decimated by margin call out?

Lot sizes are like the double-edged sword. Always use with caution.
  • #720,705
  • Jan 13, 2023 6:24am Jan 13, 2023 6:24am
Quoting GODofMC
{quote} Seems nice, got to try
Good Luck
  • #720,706
  • Jan 13, 2023 6:25am Jan 13, 2023 6:25am
Quoting Indigo45
{quote} Last H4 candle is the only Big Bear Candle in this week after more than 400 Pips up move. Fundamentals have played enough. This is not the GBP strength rather USD Over weakness, because of overbought dxy. Yesterday CPI Data did not have significant high and Bull Sentiment broke today. I am expecting at least 50% correction. {image}
Possibly, may be UOM Consumer sentiment will print a good figure today given the upward revised
More time in the market, does not mean you trade better!
  • #720,707
  • Jan 13, 2023 6:27am Jan 13, 2023 6:27am
...the longer-term bears (either intraday or longer) will be hoping for a downside follow-through on that last 1hr bearish thrust candle close. 50% of y/day's move up to today's current dly hi just under the current dly lo @ 2167 with 61.8% 2148/9. Still only 59% of 30day adr traveled today.

1hr below
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Trader with an Edge.
  • #720,708
  • Jan 13, 2023 6:27am Jan 13, 2023 6:27am
Quoting Fardeen1209
{quote} Yeah thats something i need to work on is session LQ. I treat all the sessions the same, i saw many traders constantly said Asian H/L Liquidity sweep, Very few times i get caught between them especially if i open in Asia. Other times, when i hold from New York, majority of the time my TP already hit by the time London Open, then i relook at the chart. Anyway, that the 2nd part of trading is risk. we need to accept when we are wrong and lose the least amount. There is always tomorrow and next decent trade
To trade London, you must be there early!
The London setup starts building 2 hours before London open:
8:00 (one hour before London) is Frankfurt Open: look to the left! Does Frankfurt take out the Asia High/Low? That's your setup, London will run the other side, they already executed. Target is the opposite Asia High/Low.
If 8:00 to 9:00 (London Open) does not take out the Asia High/Low, watch London Open. Do NOT punt the Open, only Dummies do that, wait and watch priceaction! Until 10:00 (one hour into London) there should have been a Smart Money Reversal. If NOT, then don't trade. You don't have a London Setup.
That's how you trade London.

and remember, that London High/Low (if it builds) is fresh Liquidity for NY.
The same setup repeats one hour before NY Open. If NOT, then don't trade NY, you don't have a setup.
This repeats often enough to make it very very profitable. You can get two to three seriously proditable trades a week with just trading this one setup around Session times, it really repeats like clockwork on almost every assetclass.
Do this, that's the key to the castle. You don't need to catch every move, just the good ones, and if the Setup is not there, then take a day off.
There's better things in life than watching candlestick charts. Let the market do the work
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you are not expected to understand this
  • #720,709
  • Jan 13, 2023 6:31am Jan 13, 2023 6:31am
Quoting Teek
{quote} To trade London, you must be there early! The London setup starts building 2 hours before London open: 8:00 (one hour before London) is Frankfurt Open: look to the left! Does Frankfurt take out the Asia High/Low? That's your setup, London will run the other side, they already executed. Target is the opposite Asia High/Low. If 8:00 to 9:00 (London Open) does not take out the Asia High/Low, watch London Open. Do NOT punt the Open, only Dummies do that, wait and watch priceaction! Until 10:00 (one hour into London) there should have been a...
Induced Retails take the opposite side of where they(banks) want it to go or even if the retails are right in the direction, they are getting stopped out before the real move, cause their entry is too soon
More time in the market, does not mean you trade better!
  • #720,710
  • Jan 13, 2023 6:32am Jan 13, 2023 6:32am
Quoting Indigo45
{quote} Last H4 candle is the only Big Bear Candle in this week after more than 400 Pips up move. Fundamentals have played enough. This is not the GBP strength rather USD Over weakness, because of overbought dxy. Yesterday CPI Data did not have significant high and Bull Sentiment broke today. I am expecting at least 50% correction. {image}
I can tell you also a lot of fairy tails, but I cannot be never sure it will happened so, I must see the movement and go with the trend.
First Sokrates: I know that I know nothing.
  • #720,711
  • Jan 13, 2023 6:32am Jan 13, 2023 6:32am
Quoting Teek
{quote} To trade London, you must be there early! The London setup starts building 2 hours before London open: 8:00 (one hour before London) is Frankfurt Open: look to the left! Does Frankfurt take out the Asia High/Low? That's your setup, London will run the other side, they already executed. Target is the opposite Asia High/Low. If 8:00 to 9:00 (London Open) does not take out the Asia High/Low, watch London Open. Do NOT punt the Open, only Dummies do that, wait and watch priceaction! Until 10:00 (one hour into London) there should have been a...
Thanks MR teek I'm Saving it
More time in the market, does not mean you trade better!
  • #720,712
  • Jan 13, 2023 6:33am Jan 13, 2023 6:33am
Quoting Fardeen1209
{quote} Possibly, may be UOM Consumer sentiment will print a good figure today given the upward revised
The indicator typically doesn't have a significant impact unless the MM's want it to have a significant impact. It is only 1 data point and nowhere near as influential as measures of actual spending.
  • #720,713
  • Jan 13, 2023 6:36am Jan 13, 2023 6:36am
Quoting dantpm
{quote} The indicator typically doesn't have a significant impact unless the MM's want it to have a significant impact. It is only 1 data point and nowhere near as influential as measures of actual spending.
Yup, only 2 Friday it did have a significant impact and both of them had no other red flag US economic data on the same day. Other times when PCE is on the same day, it move nothing
More time in the market, does not mean you trade better!
  • #720,714
  • Jan 13, 2023 6:40am Jan 13, 2023 6:40am
Quoting Fardeen1209
{quote} Thanks MR teek I'm Saving it
Take your time, lean back and watch for a while.
This, it takes practice, but after a while you see this setup repeat itself at the same times of the day, of the week, of the month, of the year.
THAT's the algorythm and it's footprint. Always watch if it takes out a significant high or low. Always wait for that little "Reach lower" before you buy, or that little "Reach Higher" before you sell.
FOMO (Fear of missing out) is what costs you and so many others.
There is no such thing like "missing a trade". The markets are always there, waiting...
you are not expected to understand this
  • #720,715
  • Jan 13, 2023 6:42am Jan 13, 2023 6:42am
Quoting Pat Chiko
{quote} GU Some position got stopped out. Balance still open to counter attack with additional position.{image}
GU

Waititng for the bus to arrive to to add position
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #720,716
  • Jan 13, 2023 6:42am Jan 13, 2023 6:42am
Quoting Indigo45
{quote} There are two suggestion: Lot size Target.. I checked your last trade was closed at 3.8 Pips. In case this goes wrong way, what you are going to loose and $1 trade at 30 Pips SL 30% of your account. While you are risking 30% of your Equity for just a few pips. You need to work for risk and reward ratio and trade with smaller lots to be successful. Please look at below chart if you earn $300 in a month for every $1000 Equity. Slow and Steady can win in forex...{image} in longer Run.
This will mean consistent 600 pips gain each month, staking 5% of the starting equity... Possible but difficult... As there will be some unproductive months in between...
Data + Stat + Risk/Emotions Management
  • #720,717
  • Jan 13, 2023 6:46am Jan 13, 2023 6:46am
Quoting Pat Chiko
{quote} GU Waititng for the bus to arrive to to add position{image}
GU

taken the bus ride now.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 267.jpg Size: 194 KB
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #720,718
  • Jan 13, 2023 6:48am Jan 13, 2023 6:48am
I clenched so hard that I pulled in my pants
Attached Image (click to enlarge)
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  • #720,719
  • Jan 13, 2023 6:51am Jan 13, 2023 6:51am
Quoting Teek
{quote} To trade London, you must be there early! The London setup starts building 2 hours before London open: 8:00 (one hour before London) is Frankfurt Open: look to the left! Does Frankfurt take out the Asia High/Low? That's your setup, London will run the other side, they already executed. Target is the opposite Asia High/Low. If 8:00 to 9:00 (London Open) does not take out the Asia High/Low, watch London Open. Do NOT punt the Open, only Dummies do that, wait and watch priceaction! Until 10:00 (one hour into London) there should have been a...
Nice.
  • #720,720
  • Jan 13, 2023 6:53am Jan 13, 2023 6:53am
Damn it
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