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Cable Update (GBPUSD)

  • #726,301
  • Feb 4, 2023 12:52pm Feb 4, 2023 12:52pm
Quoting Georginson
Hello Guys... Last week finally produced some long awaited Volatility and we are experiencing some bearish pressure but I only see it as correction... I'm taking a swing buy from 1.2075 to possible 1.1990 if it gets there for a target of 1.2600 this February. I believe 1.2600 will happen this February as far as bulls can defend 1.19 territory. As always, no obligation to follow. Cheers, George.
Thanks' your important post but in this time we see break 1.2075 and just wait your another support line 1.1985 or plan 1.1900.
If you want answer me just one question to you from me Monday or Wednesday can we see some retest 1.2180 or 1.2200.
Again thank you very much.Have a nice day
  • #726,302
  • Feb 4, 2023 1:01pm Feb 4, 2023 1:01pm
Quoting tauhidur
{quote} Thanks' your important post but in this time we see break 1.2075 and just wait your another support line 1.1985 or plan 1.1900. If you want answer me just one question to you from me Monday or Wednesday can we see some retest 1.2180 or 1.2200. Again thank you very much.Have a nice day
Yes 1.2180 - 1.2200 is possible between Monday to Wednesday as far as 1.1900 holds...
Data + Stat + Risk/Emotions Management
  • #726,303
  • Feb 4, 2023 1:13pm Feb 4, 2023 1:13pm
Quoting Georginson
{quote} Yes 1.2180 - 1.2200 is possible between Monday to Wednesday as far as 1.1900 holds...

Thank you very much for your answer but i am not clear so again i question you before hit 1.1900 can we see some retest that 1.2180 or 1.2200.please give a answer.
  • #726,304
  • Feb 4, 2023 1:23pm Feb 4, 2023 1:23pm
Quoting tauhidur
{quote} Thank you very much for your answer but i am not clear so again i question you before hit 1.1900 can we see some retest that 1.2180 or 1.2200.please give a answer.
I can't say for certain the one that will hit first between 1.1900 and 1.2200.

I do know we will see 1.2200 again next week as far 1.1900 holds.

I hope this is clear enough.
Data + Stat + Risk/Emotions Management
  • #726,305
  • Feb 4, 2023 1:39pm Feb 4, 2023 1:39pm
Quoting Georginson
{quote} I can't say for certain the one that will hit first between 1.1900 and 1.2200. I do know we will see 1.2200 again next week as far 1.1900 holds. I hope this is clear enough.
Due to the pressure continuing until market closed I actually expect 1.19 as soon as on Monday. We have many FOMC members talking next week. Will be interesting to hear what they say about NFP.
  • #726,306
  • Feb 4, 2023 1:45pm Feb 4, 2023 1:45pm
Quoting SnailFX
{quote} Due to the pressure continuing until market closed I actually expect 1.19 as soon as on Monday. We have many FOMC members talking next week. Will be interesting to hear what they say about NFP.
This is exactly what market makers want traders to think, which will prompt them to add to their selling positions then an explosion to the upside will happen to the shock Many... I see 1.26 this February...
Data + Stat + Risk/Emotions Management
  • #726,307
  • Feb 4, 2023 3:17pm Feb 4, 2023 3:17pm
Quoting Georginson
{quote} This is exactly what market makers want traders to think, which will prompt them to add to their selling positions then an explosion to the upside will happen to the shock Many... I see 1.26 this February...
Majority adding buys, not sells.
Asia session will sell GU to 11940 on Sunday.
One way traffic is my view.
  • #726,308
  • Feb 4, 2023 3:44pm Feb 4, 2023 3:44pm
Quoting Fardeen1209
Can someone who really understood and put into practice, please explain what Mark Douglass (from Trading in the zone) try to say about this statement "What separate the best trader from everyone else is not about what they do or when they do it but rather how they think about what they do and how they are thinking about when they do it" Would really appreciate your help to decode what he is trying to say. Regards
its double speach means nothing, rather be a doer , most thinkers miss out on the trade because they think to long and moment is gone , you can see it all over forex factory in posts , remember these blokes worked or work for a broker and give brokers advice which is scary and biased my two cents worth
people leave, but this thread will go on for ever
  • #726,309
  • Feb 4, 2023 3:46pm Feb 4, 2023 3:46pm
Quoting dantpm
{quote} It has been in the news for months. I just quickly grabbed a recent link. https://www.npr.org/2022/11/25/11385...nts-eu-economy
Thanls for sharing.
Gas and energy is a big issue everywhere, no doubt about it.

Large companies moving to US it is a good impact on dollar strenght.
  • #726,310
  • Feb 4, 2023 3:57pm Feb 4, 2023 3:57pm
Quoting Jolita
{quote} Thanls for sharing. Gas and energy is a big issue everywhere, no doubt about it. Large companies moving to US it is a good impact on dollar strenght.
dollar has been very very weak and still is!!!
  • #726,311
  • Feb 4, 2023 4:04pm Feb 4, 2023 4:04pm
Quoting Jolita
{quote} Majority adding buys, not sells. Asia session will sell GU to 11940 on Sunday. One way traffic is my view.
Isn't that a great sign that the price will drop? MMs grab liquidity to push the market to where more liquidity will be found.
  • #726,312
  • Feb 4, 2023 4:23pm Feb 4, 2023 4:23pm
Quoting Jolita
{quote} Majority adding buys, not sells. Asia session will sell GU to 11940 on Sunday. One way traffic is my view.
Hello Jolita, let me give you a quick stat to give you some clues as regards why I'm saying upwards looks much more likely without necessarily overuling 1.1940 before 1.2200 then 1.2600

Quick Stat
✓The Highest first 4 trade days range of the month since February 2018 is 442 pips... Which happened in February 2018, while the second highest happened in October 2022 being 414 pips, third highest happened in November 2022 being 409 pips...

✓In the first 3 trade days of February so far, we already have 353 pips which is 90 pips shy of equalling the highest being 442 pips range of the first 4 trade days of February 2018.

✓The first 4 trade days of this February 2023 will be Monday (6th February) being the 4th trade day of the month can be simulated in the format below...

1.2400 minus 442 pips = 1.1958... this means the possible lowest price can drop to on Monday is 1.1958...

80% of the previous months where price have dropped by 400 pips or more in the first 4 trade days of the month have ended up being bullish till month end (see October and November year 2022) ...

This is a research excerpt with no obligation to follow.

Cheers,
George.
Data + Stat + Risk/Emotions Management
  • #726,313
  • Feb 4, 2023 4:39pm Feb 4, 2023 4:39pm
Quoting Jolita
{quote} Majority adding buys, not sells. Asia session will sell GU to 11940 on Sunday. One way traffic is my view.
Jolita, you might be correct. Only closing above 1.2263 on the daily chart invalidates this setup.
Attached Image (click to enlarge)
Click to Enlarge Name: GU 02.04 1H.png Size: 57 KB
The case for more downside. W:1 had only 3 swings (ABC) the wave is impulsive, meaning we should see a 1-2-3-4-5 pattern to the downside.
Attached Image (click to enlarge)
Click to Enlarge Name: W_1.jpg Size: 235 KB
and because W: C exceeded 1.618 ext of W: 1 the current low @1.2047 might be W:3 and W: 4 to follow.
Attached Image (click to enlarge)
Click to Enlarge Name: W_C.jpg Size: 116 KB
https://www.tradingfives.com/articles/elliott-wave-guide.htm
Always trade your own plan...I don't provide trading signals.
  • #726,314
  • Edited 5:22pm Feb 4, 2023 5:11pm | Edited 5:22pm
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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yes yes yes
  • #726,315
  • Feb 4, 2023 5:24pm Feb 4, 2023 5:24pm
Quoting Moty
4389387{image}{image}
...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GU 02.03 daily.png Size: 38 KB
Click to Enlarge Name: Flat patterns.jpg Size: 95 KB
Always trade your own plan...I don't provide trading signals.
  • #726,316
  • Feb 4, 2023 6:22pm Feb 4, 2023 6:22pm
Quoting Coreg2004
{quote} ... {image} {image}
I would wait for bullish evidence around 1.20. Hope this helps
  • #726,317
  • Feb 4, 2023 8:51pm Feb 4, 2023 8:51pm
Quoting Fardeen1209
Can someone who really understood and put into practice, please explain what Mark Douglass (from Trading in the zone) try to say about this statement "What separate the best trader from everyone else is not about what they do or when they do it but rather how they think about what they do and how they are thinking about when they do it" Would really appreciate your help to decode what he is trying to say. Regards
it’s not double speak. MD was all about how you mentally approach your trading. Once you have found an edge, then continue to exploit it regardless of individual losses. Manage your trade size so your account stays solvent long enough to benefit from the edge you are trading. In his mind, this is what the best traders do, rather than hoping and praying each individual trade works out, and quitting your approach when a string of losses occur.
Compulsions can be hard to resist
  • #726,318
  • Feb 4, 2023 10:14pm Feb 4, 2023 10:14pm
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  • #726,319
  • Feb 4, 2023 10:33pm Feb 4, 2023 10:33pm
Quoting Aussi
{quote} its double speach means nothing, rather be a doer , most thinkers miss out on the trade because they think to long and moment is gone , you can see it all over forex factory in posts , remember these blokes worked or work for a broker and give brokers advice which is scary and biased my two cents worth
Thank you so much. Yeah being a doer will get you more into action than thinker
More time in the market, does not mean you trade better!
  • #726,320
  • Feb 4, 2023 10:40pm Feb 4, 2023 10:40pm
Quoting trumps
{quote} it’s not double speak. MD was all about how you mentally approach your trading. Once you have found an edge, then continue to exploit it regardless of individual losses. Manage your trade size so your account stays solvent long enough to benefit from the edge you are trading. In his mind, this is what the best traders do, rather than hoping and praying each individual trade works out, and quitting your approach when a string of losses occur.
Thanks. Sometimes when you read it becomes hard to digest and understand what he is trying to say. But personally it is a great book for how a trader can view the market from the different perspective. From what i've read so far, my view change from trading is solely based on market to trading is all about the trader himself, because his consistent winning will all depend on how he interprets the market information which the market generates.
More time in the market, does not mean you trade better!
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