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Cable Update (GBPUSD)

  • #722,241
  • Jan 20, 2023 7:28am Jan 20, 2023 7:28am
Quoting BrainBucks
GU I know this dance. It's the same annoying, frustrating, senseless, exhausting, irritating, costly and bloody ranging game that transpired 24hrs ago. That dance kicked my butt in brutal fashion! Take a SHORT, it pops. Change position. Take a LONG, it reverses and dumps. Stay respectful to SL, then change position. Again. Price goes opposite every single gaddem time! Gradually capital is depleting. Urge to revenge trade kicks in. More ass whooping follows. Yup, I know this mf dance!!
Come up with a method that can combat such situation, for me my indicator give me a few key price levels every new day that won't change throughout the day until next London open. If I entered a trade today based on the price levels given, I will not change direction unless the next day's price level shows a different bias, that is when I will switch trade to cater to latest market condition.

Also, S/R zone helps, say you entered a trade today and it stalled, by stalling it also creates a S or R zone due to price unable to break through, in the next London open if the price respond to the S/R zone again, that is when I will switch trade too.

The method above is my sweet spot of not changing trade direction too often, while still stay true to the latest market condition.
https://www.myfxbook.com/members/NGplus/freedom-you-deserve/11268620
Freedom you deserve. All Time Return: 58.1%
  • #722,242
  • Jan 20, 2023 7:33am Jan 20, 2023 7:33am
My current ongoing Long trade from yesterday, entered based on breakout above key price level, well into profit then stalls and fall back down, price now is just near my entry point, will close before market closes as today is Friday.

Lord Pat I wonder where will this go? Whisper something to me =)
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https://www.myfxbook.com/members/NGplus/freedom-you-deserve/11268620
Freedom you deserve. All Time Return: 58.1%
  • #722,243
  • Jan 20, 2023 7:39am Jan 20, 2023 7:39am
Quoting mysterio
market should spike then sell off around 75
I wait for this H4 candle to closed first, then decide. (20 mins)
Maybe no more trade as I'm clearing off my USD JPY long from Tokyo.
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #722,244
  • Jan 20, 2023 7:48am Jan 20, 2023 7:48am
Quoting DrDave
{quote}Either I did not interpret correctly what you said about H1, or I would move the view to H4, not H1.
3 swings up forming on H1, better viewed on 15 minute , divergence on B with C making a HH confirms the correction as an expanded flat, H4 confirms the whole swing is corrective as we would be going against the prior upswing with no structure break.

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Follow The Markets Structure - Patience and Discipline
  • #722,245
  • Jan 20, 2023 7:50am Jan 20, 2023 7:50am
GU

Set up.
Waiting for confirmation
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #722,246
  • Jan 20, 2023 7:53am Jan 20, 2023 7:53am
Today we had interesting buy and sell structure on M5 using M15 HL - LH Breaks.
After each breakout it gave a pullback to entry within trend direction.
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Take it easy.
  • #722,247
  • Jan 20, 2023 7:57am Jan 20, 2023 7:57am
Quoting pipfarm
{quote} 3 swings up forming on H1, better viewed on 15 minute , divergence on B with C making a HH confirms the correction as an expanded flat, H4 confirms the whole swing is corrective as we would be going against the prior upswing with no structure break. {image}

If the third swing down on H1 shows divergence then will look for a long entry
Follow The Markets Structure - Patience and Discipline
  • #722,248
  • Jan 20, 2023 8:01am Jan 20, 2023 8:01am
Quoting pipfarm
{quote} If the third swing down on H1 shows divergence then will look for a long entry
expanded flats, show divergence on B whereas running flats show it on C and zigzag on C
Follow The Markets Structure - Patience and Discipline
  • #722,249
  • Jan 20, 2023 8:04am Jan 20, 2023 8:04am
Quoting Pat Chiko
GU Set up. Waiting for confirmation{image}
GU

Long
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #722,250
  • Jan 20, 2023 8:04am Jan 20, 2023 8:04am
Many more…
So dreams come through. I give thanks to God almighty for with him everything is possible. If you’re working hard always remember to pray as well.
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My telegram: https://t.me/avidforex
  • #722,251
  • Jan 20, 2023 8:08am Jan 20, 2023 8:08am
Quoting Pat Chiko
{quote} GU Long{image}
DXY

Diamond
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #722,252
  • Jan 20, 2023 8:08am Jan 20, 2023 8:08am
Next week view....
For me Cable is still bullish even though it made LH...
but I want to see if it breaks HL and and create another LH for to go short
for me 1.23114 and 1.23237 is important ... if Cable is bullish, it's high chances of bounce from these levels...
I will go short only if 1.23114 breaks and create LH
Let's see... See you on Monday
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!! Radha Radha !!
  • #722,253
  • Jan 20, 2023 8:09am Jan 20, 2023 8:09am
Izit just me but the cs inside the blue box I draw is so UGLY... yucks!
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  • #722,254
  • Jan 20, 2023 8:15am Jan 20, 2023 8:15am
Quoting pipcenturion
{quote} I suggest that you SELL and hold the position. Price ought to take out yesterday's low and once that is done, the low of the last 2 days (Wednesday) will also be taken out. Just sell and hold that's my recommendation. All the best sir!
Never recommend a trade for anyone.. it is the forex market where things can go absolutely wrong quickly...
Data + Stat + Risk/Emotions Management
  • #722,255
  • Jan 20, 2023 8:24am Jan 20, 2023 8:24am
Quoting Georginson
{quote} Never recommend a trade for anyone.. it is the forex market where things can go absolutely wrong quickly...
Thanks for the advice sir.
I 'hope' they make money using the trade recommendation as I am giving them the same position and direction that I have taken on my 'tiny' account.
While a trader might still be struggling to find his feet in the market, such recommendations can be of great help.
I sincerely understand your view point but let's try to make things a bit easier for those that are yet to become consistently profitable.
Regards!
  • #722,256
  • Jan 20, 2023 8:27am Jan 20, 2023 8:27am
Quoting Georginson
{quote} Never recommend a trade for anyone.. it is the forex market where things can go absolutely wrong quickly...
...is why in my response I also specified "safeguards."
The thing though is, he suggested to me and it was a welcomed - and need I say profitable - suggestion which I followed with caution.
But I see your point, completely. Perhaps next time he may just change the language in order for "disclaimer" to remain intact
But plzzzz don't encourage him to stop. That dude is a gifted trader. And I'm grateful that I've encountered him in my journey
  • #722,257
  • Jan 20, 2023 8:29am Jan 20, 2023 8:29am
PAT,
please look at your H1 chart for yesterday and see where we had that long bearish bodied candle. I think the 1.2351X level might help to keep bulls at bay now that price has gone below the level.
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  • #722,258
  • Jan 20, 2023 8:30am Jan 20, 2023 8:30am
Still holding my cable and gbbcad shorts
  • #722,259
  • Jan 20, 2023 8:30am Jan 20, 2023 8:30am
Quoting lddd
{quote} I was thinking the same again. Not sure indices are any easier to trade but often when I looked at DAX in the past, the movements looked more smooth/clear to me...
Character is important to me, how easily managed and how clear the exit signal is when the trade fails matters more to me than prediction, otherwise I tend to be indecisive about exit decisions which is really the difference between success and failure over a large enough set of trades.
There is no nice way to describe the character of cable - it is crazy!
  • #722,260
  • Jan 20, 2023 8:36am Jan 20, 2023 8:36am
Quoting pipcenturion
{quote} I suggest that you SELL and hold the position. Price ought to take out yesterday's low and once that is done, the low of the last 2 days (Wednesday) will also be taken out. Just sell and hold that's my recommendation. All the best sir!
It may please you to know, sir, that after the absolute battering I endured yesterday, your suggestion helped me trade with a bit more confidence and I made a 100% profit from my little balance.
Of course, as a scalper by religion, instinct and reflex, I exited and took reverse positions twice on both sides to arrive at a better account balance, but I owe the confidence I had to you.
Thank you for your help.
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