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Cable Update (GBPUSD)

  • #723,921
  • Jan 27, 2023 4:14am Jan 27, 2023 4:14am
When I say that price is nothing without volume, here is a lovely example.

The candle closed with a bullish body and a long lower wick but the net volume for that hour was SELL
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  • #723,922
  • Jan 27, 2023 4:14am Jan 27, 2023 4:14am
sell limit - 1.2387

stop loss - 1.2397

target - 1.2377
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  • #723,923
  • Jan 27, 2023 4:16am Jan 27, 2023 4:16am
Quoting pipcenturion
When I say that price is nothing without volume, here is a lovely example. The candle closed with a bullish body and a long lower wick but the net volume for that hour was SELL {image}
How do you see volume there?
  • #723,924
  • Jan 27, 2023 4:21am Jan 27, 2023 4:21am
Quoting noox
{quote} How do you see volume there?
I use the historic data from mt4 then do some little mathematical joggling on it using MS Excel to reveal net buy/sell volume per period.
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  • #723,925
  • Jan 27, 2023 4:23am Jan 27, 2023 4:23am
I have a UJ Sell, looking for my 20 pips!!

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I am neither brave nor stupid...I am just a part time trader
  • #723,926
  • Jan 27, 2023 4:23am Jan 27, 2023 4:23am
Quoting pipcenturion
When I say that price is nothing without volume, here is a lovely example. The candle closed with a bullish body and a long lower wick but the net volume for that hour was SELL {image}
sire
any sources to study your stratergy ?
  • #723,927
  • Jan 27, 2023 4:25am Jan 27, 2023 4:25am
Quoting Pat Chiko
UJ Scalp SHORT{image}
Complex to understand this setup. What I see is you short for 40 Pips until bottom Trend Line.
  • #723,928
  • Jan 27, 2023 4:33am Jan 27, 2023 4:33am
Quoting pipcenturion
{quote} I use the historic data from mt4 then do some little mathematical joggling on it using MS Excel to reveal net buy/sell volume per period. {image}
What do you mean by net volume? As I understand a transaction can only take place if there are two sides - one buyer, one seller. The net should always be 0 because you can't buy something that nobody else is selling. If someone sold it, you can buy it. The net volume is always 0.
I'm genuinely curious.
  • #723,929
  • Jan 27, 2023 4:34am Jan 27, 2023 4:34am
Quoting karankeni
{quote} sire any sources to study your stratergy ?
No sir! I created the model/strategy myself.
  • #723,930
  • Jan 27, 2023 4:36am Jan 27, 2023 4:36am
Quoting pipcenturion
{quote} I use the historic data from mt4 then do some little mathematical joggling on it using MS Excel to reveal net buy/sell volume per period. {image}
Difficult to understand, until you don't add top column. You can use "freeze pan" in View Tab in excel sheet to freeze.
  • #723,931
  • Jan 27, 2023 4:39am Jan 27, 2023 4:39am
Quoting noox
{quote} What do you mean by net volume? As I understand a transaction can only take place if there are two sides - one buyer, one seller. The net should always be 0 because you can't buy something that nobody else is selling. If someone sold it, you can buy it. The net volume is always 0. I'm genuinely curious.
FX transactions do not really work that way.

If I walk into my bank and request to withdraw $10,000 will they first ask me to wait until there is someone else that wants to deposit the same amount or greater before they will attend to me? It is an exchange, if you want any quantity at any price, your order will be filled (or maybe I have not started trading very big sizes yet).

I think we as traders were set off on the wrong course from the start. They have been telling lies which they believe we will never be able to unveil.
  • #723,932
  • Jan 27, 2023 4:48am Jan 27, 2023 4:48am
Quoting pipcenturion
{quote} No sir! I created the model/strategy myself.
amazing! maybe teach? if you can spare time
  • #723,933
  • Jan 27, 2023 4:52am Jan 27, 2023 4:52am
Quoting pipcenturion
{quote} I use the historic data from mt4 then do some little mathematical joggling on it using MS Excel to reveal net buy/sell volume per period. {image}
I am not sure but those data come just from one broker or not ?
  • #723,934
  • Jan 27, 2023 4:54am Jan 27, 2023 4:54am
Quoting Indiara
I have a UJ Sell, looking for my 20 pips!! {image}
Well, Mr Market is just not going to give me any pips, but I am not going to give him any of mine either!!

No more attempts for me this week, I will play my guitar and have some coffee!!

Attached Image (click to enlarge)
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I am neither brave nor stupid...I am just a part time trader
  • #723,935
  • Jan 27, 2023 4:59am Jan 27, 2023 4:59am
Quoting pipcenturion
{quote} FX transactions do not really work that way. If I walk into my bank and request to withdraw $10,000 will they first ask me to wait until there is someone else that wants to deposit the same amount or greater before they will attend to me? It is an exchange, if you want any quantity at any price, your order will be filled (or maybe I have not started trading very big sizes yet). I think we as traders were set off on the wrong course from the start. They have been telling lies which they believe we will never be able to unveil.
You can only withdraw from your current account. You cannot exchange FX on your current account. There is a reason for that.

If you want to exchange the currency that you have, you first have to enter an FX transaction which in technical terms means that they will withdraw the money from your current account onto a technical/transactional account where the actual exchange occurs: the bank will take your USD and gives you your EUR (or whatever you wanted) out of their own reserves. Banks are required to keep reserves so they can service many clients at once. This is the same if you actually want to withdraw printed money and the same with credit as far as accounts are involved.

The point is, if you withdraw money from your bank, the bank is the counterparty. No transaction can occur without an equal size counterparty.

So I'm still not getting what you mean by "net volume". I know I'm way too deeply indoctrinated into the lies that university finance and economics classes teach us, but that's the only knowledge I have. You haven't explained your theory even a bit yet, so there's nothing else for me to believe. I'm not attacking you, I am genuinely interested and hope to have a conversation about this.

Cheers
  • #723,936
  • Jan 27, 2023 5:02am Jan 27, 2023 5:02am
Quoting dantpm
{quote} You might want to check Pat Chiko's posts and pipcenturion for some ideas.
I checked and saw that Pat is also buying. Lol... It wouldn't have changed my trade anyway. My invalidation level is a daily close below 2330.
  • #723,937
  • Jan 27, 2023 5:08am Jan 27, 2023 5:08am
Quoting noox
{quote} You can only withdraw from your current account. You cannot exchange FX on your current account. There is a reason for that. If you want to exchange the currency that you have, you first have to enter an FX transaction which in technical terms means that they will withdraw the money from your current account onto a technical/transactional account where the actual exchange occurs: the bank will take your USD and gives you your EUR (or whatever you wanted) out of their own reserves. Banks are required to keep reserves so they can service many...
Hahaa now we've got one hell of a book-smart fresh outta college dude challenging the reasoning of one of our in-house seasoned gurus
You make valid points, I have to admit.
May the debate live long!
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  • #723,938
  • Edited 6:39am Jan 27, 2023 5:08am | Edited 6:39am
Quoting Mitiblotch
{quote} I checked and saw that Pat is also buying. Lol... It wouldn't have changed my trade anyway. My invalidation level is a daily close below 2330.
I think Pat is also selling the morning warm up trade
Insane in the Brain..
  • #723,939
  • Jan 27, 2023 5:11am Jan 27, 2023 5:11am
Quoting noox
{quote} You can only withdraw from your current account. You cannot exchange FX on your current account. There is a reason for that. If you want to exchange the currency that you have, you first have to enter an FX transaction which in technical terms means that they will withdraw the money from your current account onto a technical/transactional account where the actual exchange occurs: the bank will take your USD and gives you your EUR (or whatever you wanted) out of their own reserves. Banks are required to keep reserves so they can service many...
Okay, so if I send money in USD from Africa for my sons fees in the USA does this qualify as an FX transaction in your terms?

If yes, do they ask me to wait until someone else needs the exact amount I want to send?

FX transactions have a 2 - day forward period for the transaction to be cleared.

Do not allow anyone deceive you. What is happening in the market today, are simply transactions that have been logged since 2 days ago.
  • #723,940
  • Jan 27, 2023 5:12am Jan 27, 2023 5:12am
Until a big motivation came, price will be ranging within horizintal line i think
If usd new good(not all green is good) will be testing 1.2357-1.2330.
If usd new bad(not all Red is bad) will be testing this day high to 1.2420-1.2440
If usd news super bad which is unlikely to happen, will pass 1.2440++
If usd news super Good , will test under 1.2300

Wathever happen i will only scalp if volatile enought up and down
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