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Cable Update (GBPUSD)

  • #728,821
  • Feb 14, 2023 10:40am Feb 14, 2023 10:40am
Quoting Elysion
{quote} Do note that there's GBP CPI tomorrow. Not sure where it will bring this pair to. And I'm still not fond of swing trading so I prefer closing it at the end of the day if possible.
well if your a swing trader you’ll always expect volatility in price as news are all over any week, for me the direction is clear, another spike to 1.22 or so is no problem at all
  • #728,822
  • Feb 14, 2023 10:43am Feb 14, 2023 10:43am
Quoting Waveskierrob
7th SHORT added 1.2215 no sl no tp .....everyone knows the 7th SHORT is the luckiest
Said the 7th was the luckiest, ok will start to harvest what I've sowen, closed this trade 1.2148 + 67pips
  • #728,823
  • Feb 14, 2023 10:44am Feb 14, 2023 10:44am
Quoting SnailFX
{quote} Read above! Also, it's not me who is right, it's the system. Without the system I would never make any money and that's the truth. I mean, I don't know how successful I would be without it.. doubt it.
Again, thanks a lot!
Fortune favors the brave.
  • #728,824
  • Feb 14, 2023 10:49am Feb 14, 2023 10:49am
Price is still stuck at 1.214 area.
Hmm...
Exhausted
  • #728,825
  • Feb 14, 2023 10:49am Feb 14, 2023 10:49am
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Together we can be strongest
Vantage Return This Month: na
  • #728,826
  • Feb 14, 2023 10:53am Feb 14, 2023 10:53am
Quoting DrDave
{quote} They cannot do much business in areas of price where there are few contracts on the order book. So the algo searches out high liquidty areas that are in the price area that the MM desires to make deals in. I suspect, without any data to support this conjecture, that the algo (or perhaps a companion algo) also will cache orders in this zone when it has been determined that it is a price area that is intended to be revisited at a future point in time. Perhaps the orders are only cached locally at the MMs facility and then quickly added to...
I am going to try to explain how the Forex market works for most retailers in my opinion. There is a platform that is used by more than 80% of retailers. The entity of this platform collects all the orders provided by the brokers. These brokers think that the orders go to the real market but they don't really care as they are only interested in the difference between spreads. As there are no retailers in the real market but in an exchange managed by this entity, Artificial intelligence has a lot of free way to and by purshasing power trade back and forth clearing the virtual positions. The spikes in news clearly show the clearing of accounts by direction, by the fact that there is not much opposition. Big hands are positioned mostly in reverse swings. It does not affect them.
POSTMASTER
  • #728,827
  • Feb 14, 2023 10:54am Feb 14, 2023 10:54am
Quoting Traderview
{quote} update: Sold @ 1.2250. {image} {image}
Hope you're minting.
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  • #728,828
  • Feb 14, 2023 10:56am Feb 14, 2023 10:56am
Quoting Robinhood1
{quote} I am going to try to explain how the Forex market works for most retailers in my opinion. There is a platform that is used by more than 80% of retailers. The entity of this platform collects all the orders provided by the brokers. These brokers think that the orders go to the real market but they don't really care as they are only interested in the difference between spreads. As there are no retailers in the real market but in an exchange managed by this entity, Artificial intelligence has a lot of free way to and by purshasing power trade...
You should be ok standing next to big hands. "All the time"
POSTMASTER
  • #728,829
  • Feb 14, 2023 10:57am Feb 14, 2023 10:57am
OK guys. I think I'll call it a day, go for dinner, and resume tomorrow.

I've added one short trade to USDJPY at 132.95. I kept my positions on GBPJPY. Now, the earlier scalp on Cable, I did close the 4 trades here. I might proceed to close all the remaining 7 trades by EOB if price dips low enough to 1.211 level. That might be 6 trades in profits, one trade loss, still, positive P/L.

Looking at CME FedWatch, investors are now repricing Jun '23 rate hike. Contract ZQM3, seeing a hike of 25 bps to 5.25-5.50% by a >50% probability (was 40% yesterday, and just 6% a month ago). It's nice to see that market starts playing catch up to Fed's 2% target.
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  • #728,830
  • Feb 14, 2023 10:57am Feb 14, 2023 10:57am
1214 needs to break … if not total later this week. Made a decent amount today so going in a bit for somr
Nando's lol
Insane in the Brain..
  • #728,831
  • Feb 14, 2023 11:08am Feb 14, 2023 11:08am
Quoting BeeTogether
1214 needs to break … if not total later this week. Made a decent amount today so going in a bit for somr Nando's lol
Nice, enjoy your Nando's.
It's getting expensive now in my country. Only had it maybe once a year
Exhausted
  • #728,832
  • Feb 14, 2023 11:18am Feb 14, 2023 11:18am
Quoting Indigo45
{image}
Yes, but it might not happen until the May meeting. I have been banking on March, but price on UJ needs more upward trajectory IMO. If we get above 140 before the meeting then we have a better chance of it being in March. Or.. they just keep them where they are until the September meeting like they did in '19. Either way I don't see them changing the rate until UJ sees some numbers that make folks sweat.
Don't compare your trades to others. Most often the masses are the asses
  • #728,833
  • Feb 14, 2023 11:23am Feb 14, 2023 11:23am
Quoting Elysion
{quote} Nice, enjoy your Nando's. It's getting expensive now in my country. Only had it maybe once a year
Cheers. Now I hope we can get a table lol. If to it will be plan B whatever the kids decide lol
Insane in the Brain..
  • #728,834
  • Feb 14, 2023 11:24am Feb 14, 2023 11:24am
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yes yes yes
  • #728,835
  • Feb 14, 2023 11:28am Feb 14, 2023 11:28am
Quoting mngnglkl
{quote} Hi! I'm sorry if I'm bugging you on this one. I want to learn as much as I could from traders in this forum. How are you able to say that long on UJ was confirmed in H1 and you are correct? I think I'm just missing something here since in my view, trading long is still not confirmed until it breaks thru resistance at the 133 area. currently, it still not going up, actually its about to make a lower low as of now if the red candle materializes. Please help enlighten me on this one. Thanks a lot.
Looking at the 1hr I believe this is what he meant. See how price clears the resistance returns to it (see 15m chart) then continues making the "breakout, retrace, take the trade" pattern
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Don't compare your trades to others. Most often the masses are the asses
  • #728,836
  • Feb 14, 2023 11:40am Feb 14, 2023 11:40am
Quoting Indigo45
{quote} By the way...I was looking for some of your posts regarding "how to see the big picture...market as a whole" (but failed to find yet)... I like and want to learn how to use larger time frames to see big picture and scalp in the direction of that. Any suggestion of your previous post...readings...videos will be strong support. Regards
Hi Indigo, I am going to tell you but please don't tell anyone, Please
Monthly chart, my most important tool.
We have a higher candle low and lower high. We are in a range and I am getting subtle bearish hints. The thing is, I need a monthly break either above 1.23500 or below 1.2000 .
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Weekly candle:
Showing higher weekly open close and important for next week to maintain this momentum above 1.23500 for bulls.
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Daily candle:
The daily slog continues and I look for daily higher high with a pullback to my daily pivot or round number.
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4Hr candle currently getting buy signals:
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No magic, just hard graft and lots of patience,
Cheers.
Trade to trade another day
  • #728,837
  • Feb 14, 2023 11:40am Feb 14, 2023 11:40am
Quoting Moty
{image}{image}
Still waiting for 1.214 to break.
Exhausted
  • #728,838
  • Feb 14, 2023 11:50am Feb 14, 2023 11:50am
With the signals I had see from yesterday I saw a need to follow some trader signals so that when they buy sell and when they sel vice versa
I'm enjoying the wins because I was once terrified by loses
  • #728,839
  • Feb 14, 2023 12:01pm Feb 14, 2023 12:01pm
7th SHORT 1.2173 no sl no tp
  • #728,840
  • Feb 14, 2023 12:05pm Feb 14, 2023 12:05pm
Fed speaker (HARKER: AM NOT FORECASTING A RECESSION) I only see a buy here
I'm enjoying the wins because I was once terrified by loses
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