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Cable Update (GBPUSD)

  • #735,762
  • Mar 13, 2023 5:17am Mar 13, 2023 5:17am
Well I think a 60% loss today is more than adequate. I hope you all have a better day than me.
  • #735,763
  • Mar 13, 2023 5:19am Mar 13, 2023 5:19am
Quoting navk
There would be some consolidation for few hours before the price goes down
I am now done.

Want a small retrace for shorting again
Intraday only.
  • #735,764
  • Mar 13, 2023 5:26am Mar 13, 2023 5:26am
Quoting navk
{quote} I am now done. Want a small retrace for shorting again

I'm out too

i was supposed to take profit 3 times before
I occasionally try to use this channel, but I always lose with it in the end, mainly due to the fact that I am not satisfied with trading with the trend, but also try to trade against it, which is very dangerous, at the moment there is a bearish trend in the short term, so I only take short trades when a red arrow appears, and do not try to trade a counter

Attached Image (click to enlarge)
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yes yes yes
  • #735,765
  • Mar 13, 2023 5:29am Mar 13, 2023 5:29am
Quoting pipfarm
Technically we are entering into a new weekly upswing (early days) which is also moving in the same direction as the monthly, plus daily is moving in the same direction so will be buying daily dips and entering on 4H. First target 2439 previous daily high and if that breaks gbpusd will be trending towards 1.3257 over the next few weeks/months Interesting to note USDPJY may be in for a big fall towards 109 over the next weeks or months. Current weekly upswing looks like a correction in the monthly downswing, if i can get an entry from the daily around...

careful my friend. FOMC is next week. Price often turns in the direction of the report a week before it is pushed out(between wed and thur evening 10pm EST). They are touting 50 BP, however with price being so low on the USD there is a good chance he is going to punt the ball and put out another 25 BP. If that happens we are going to rejoin the bears on GU. Just my two cents.
Don't compare your trades to others. Most often the masses are the asses
  • #735,766
  • Mar 13, 2023 5:32am Mar 13, 2023 5:32am
I love that word (with your own plan) one just have have to know about trade even if someone is sending him or a signal
  • #735,767
  • Mar 13, 2023 5:32am Mar 13, 2023 5:32am
Quoting MrFanciful
Moved my stop to below entry, enough to cover commission. Took it out and immediately reversed. 3rd time today. {image}
Looking at H1 for bias - GBPUSD: only down since London open;
if this is true, you want to enter sell trades
if you want to enter sell trades, you want to enter as high as possible (so - for example - you draw a trendline above the highs - on your trading TF - to see where this area might be)
When I look at your screenshot I don't exactly see this happening
  • #735,768
  • Mar 13, 2023 5:34am Mar 13, 2023 5:34am
Quoting MrFanciful
Well I think a 60% loss today is more than adequate. I hope you all have a better day than me.
Here man. This guy does a good job of teaching Elliot Wave theory. Look through his videos and don't just use his weekly ones. You will learn alot about price action. In particular his trade WXY like a pro video. Learn about the two corrective waves etc. Send you some more stuff later just ping me if you are interested.

Inserted Video
Don't compare your trades to others. Most often the masses are the asses
  • #735,769
  • Mar 13, 2023 5:45am Mar 13, 2023 5:45am
Quoting josi
{quote} Looking at H1 for bias - GBPUSD: only down since London open; if this is true, you want to enter sell trades if you want to enter sell trades, you want to enter as high as possible (so - for example - you draw a trendline above the highs - on your trading TF - to see where this area might be) When I look at your screenshot I don't exactly see this happening
I appreciate it, I honestly do, but no one can help with how to identify the "high as possible" simply because no one knows.

The phenomena of seeing patterns where none exist is called Apophenia. I think it's incredibly prevalent amongst traders. In fact the article below is about the discovery that people susceptible to apophenia, are also people susceptible to "pseudo-profound bullshit". Which probably explains why so many fall for the bullshit trading channels on YouTube.

People who see patterns where none exist are more receptive to pseudo-profound bullshit (psypost.org)
  • #735,770
  • Mar 13, 2023 5:47am Mar 13, 2023 5:47am
Added long 12062
Insane in the Brain..
  • #735,771
  • Edited 7:47am Mar 13, 2023 5:54am | Edited 7:47am
Quoting MrFanciful
{quote} "pseudo-profound bullshit"
Thank you for insulting me - you seem to be a nice person.
If you look at the last thirteen candles (for example on M15), you can see where their highs were.
If you draw a line along these highs, you see an area for a possible sell entry (as long as bias is down).
  • #735,772
  • Mar 13, 2023 5:59am Mar 13, 2023 5:59am
Quoting Moty
{quote} I'm out too i was supposed to take profit 3 times before I occasionally try to use this channel, but I always lose with it in the end, mainly due to the fact that I am not satisfied with trading with the trend, but also try to trade against it, which is very dangerous, at the moment there is a bearish trend in the short term, so I only take short trades when a red arrow appears, and do not try to trade a counter {image}
Still, there is support at 1.20539 and Ozzy reached adr low, a bit risky, but I think it will work
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yes yes yes
  • #735,773
  • Mar 13, 2023 6:00am Mar 13, 2023 6:00am
Quoting Moty
{quote} I'm out too i was supposed to take profit 3 times before I occasionally try to use this channel, but I always lose with it in the end, mainly due to the fact that I am not satisfied with trading with the trend, but also try to trade against it, which is very dangerous, at the moment there is a bearish trend in the short term, so I only take short trades when a red arrow appears, and do not try to trade a counter {image}
Every little make a mickle。
  • #735,774
  • Mar 13, 2023 6:06am Mar 13, 2023 6:06am
Quoting josi
{quote} Thank you for insulting me - you seem to be a nice person. If you look at the last thirteen candles (for example on M15) you can see where their highs were. If you draw a line along these highs you see an area for a possible sell entry (as long as bias is down)
I wasn't insulting you...I didn't mean it to come across like that if it did.
I also wasn't saying that you were talking bullshit. All I meant was that given how many times patterns seemingly form in trading, they seem to fail more than the don't.

I was just trying to point out that if trading has a lot to do with psychology, it would behoove me to be aware of the fact that I'm probably seeing a pattern where non exists. I just found it amusing that the article described it the way it did.

Again, I wasn't saying anything directly at you, it was more of a tangent. I'm sorry if I appeared rude, it certainly wasn't my intention.

EDIT: Well he ignored me so he won't see this, but I'll leave it up for others to see.
  • #735,775
  • Mar 13, 2023 6:12am Mar 13, 2023 6:12am
Quoting MrFanciful
Well I think a 60% loss today is more than adequate. I hope you all have a better day than me.
60% in a day you are still massively over leveraged
  • #735,776
  • Mar 13, 2023 6:14am Mar 13, 2023 6:14am
Quoting JereMi256
{quote} Wait for 4H to close, any hourly candle that closes below 1.2069 after that will be heading for the gap close. Just my view, no obligation to follow ofcourse!
Waiting for long setup after gap close
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Face 'ur fears & tame 'ur greed
  • #735,777
  • Mar 13, 2023 6:18am Mar 13, 2023 6:18am
Quoting MrFanciful
{quote} Thanks...I've basically come to the conclusions, that I should shouldn't believe anyone in this industry. On the 4 hour, reason to go long is the liquidity above support at 1.2150. Reason to go short is that we've had a very large up move and are due a retracement.
my thinking was same as yours. I believe the move up is because of the news of the SVB and the repercussions of maybe no rate rise.
Insane in the Brain..
  • #735,778
  • Mar 13, 2023 6:21am Mar 13, 2023 6:21am
It looks like the gap will get closed today and we'll see a retest of the broken channel line on the 4hr chart. PA to 1.20300 seems definite and 1.20100 may not be far behind after maybe a small retrace upwards. PA is breaking to the downside of the 1hr chart 20-bar EMA. Going to be interesting to watch what happens here and how far it may drop.
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  • #735,779
  • Mar 13, 2023 6:33am Mar 13, 2023 6:33am
Quoting BeeTogether
Added long 12062
hi, why long, I see there nothing
Trendlines H1,H4, SMC
  • #735,780
  • Mar 13, 2023 6:39am Mar 13, 2023 6:39am
Attached Image (click to enlarge)
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yes yes yes
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