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Cable Update (GBPUSD)

  • #736,301
  • Mar 15, 2023 10:49am Mar 15, 2023 10:49am
Quoting MrFanciful
{quote} Nope. I came to the day being very bearish, but the range at the beginning made me doubt everything and I kept changing my bias. It then went in the direction I anticipated. The I anticipated it retracing and had to spend 4-5 hours with it starting to go up, then take me out only to immediately reverse back up, so I re-enter only to be taken out. Rince and repeat until I have £80 left in my account.
Are you trading indicators/price action or combination?
Follow The Markets Structure - Patience and Discipline
  • #736,302
  • Mar 15, 2023 10:50am Mar 15, 2023 10:50am
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 43 KB

https://www.livecharts.co.uk/Members...rex_pivots.php
  • #736,303
  • Mar 15, 2023 10:50am Mar 15, 2023 10:50am
1.2032 is R
Trendlines H1,H4, SMC
  • #736,304
  • Mar 15, 2023 10:51am Mar 15, 2023 10:51am
Quoting navk
{quote} Pl. go back to drawing board. 73 % and 85 % loss not acceptable. You open a counter trend trade and seem to be sleeping over it.
My problem is that I've developed a mentality where one one timeframe I see it being bullish and on another I see it bearish. Therefore, I see it being both all the time.
It seemed very extended on the daily timeframe, so I was looking for sells. Now it's fallen, it loos very extended on the 4 hour so I'm looking for longs.

I'm too impatient to get in a trend, a long with being unable to "see" what it's doing. I'm told do predict it but just "trade what you see". How can I do that if I see it going up and down at the same time?
  • #736,305
  • Mar 15, 2023 10:52am Mar 15, 2023 10:52am
Quoting MrFanciful
{quote} Nope. I came to the day being very bearish, but the range at the beginning made me doubt everything and I kept changing my bias. It then went in the direction I anticipated. The I anticipated it retracing and had to spend 4-5 hours with it starting to go up, then take me out only to immediately reverse back up, so I re-enter only to be taken out. Rince and repeat until I have £80 left in my account.
damn. Today has been a battering for anyone who is long. (Like me) main objective is to get out before you get into too much negatives. I know trying to trade with a daily/weekly figure in mind can be daunting but treat each day as it comes. Keep tight SL’s and try to take profit regularly. This week has been crazy, bad US data should have shown us 122 but instead we are down near 120. If you have live trades rusty you haven’t stopped yet look for areas where you can see a small bounce to recover a bit
Insane in the Brain..
  • #736,306
  • Mar 15, 2023 10:52am Mar 15, 2023 10:52am
Quoting MrFanciful
After a 73% loss on monday and an 85% loss today. I'm closing my account. 6 years of trying and I only get worse.
Im sorry for you mate >.<
  • #736,307
  • Mar 15, 2023 10:53am Mar 15, 2023 10:53am
Quoting josip
1.2032 is R
12032 needs to crack hard so we can retrace towards 121 at least
Insane in the Brain..
  • #736,308
  • Mar 15, 2023 10:56am Mar 15, 2023 10:56am
gbpusd update
15m, 1h
Attached Image (click to enlarge)
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Trendlines H1,H4, SMC
  • #736,309
  • Mar 15, 2023 10:57am Mar 15, 2023 10:57am
Quoting donfriday
{quote} go and open FTMO FREE TRIAL YOU WILL LEARN RISK MANAGEMENT FROM THERE YOU HAVE BEEN TRADING FOR YEARS ENOUGH TO KNOW HOW TO TRADE. EVEN IF YOU ARE A GAMBLER AND YOU HAVE GOOD RISK MANAGEMENT YOU CAN SURVIVE THIS MARKET
Best of the best advice
https://breakpullback.com
  • #736,310
  • Mar 15, 2023 10:58am Mar 15, 2023 10:58am
Quoting BeeTogether
{quote} damn. Today has been a battering for anyone who is long. (Like me) main objective is to get out before you get into too much negatives. I know trying to trade with a daily/weekly figure in mind can be daunting but treat each day as it comes. Keep tight SL’s and try to take profit regularly. This week has been crazy, bad US data should have shown us 122 but instead we are down near 120. If you have live trades rusty you haven’t stopped yet look for areas where you can see a small bounce to recover a bit
EURUSD is down today from top 242 pips. Since when does that snail of a pair even get up to 100 pips a day? I was selling it today and jumped out with good 41 pip profit. Tried some longs at 0587 and 0571 and 0542 (banked the last one with a little spike) with the first two under water. And this happened when I haven't really traded that pair for a long, long time. When I tried EU recently it was snipe and run. But today... it was snipe and the trap caught me. Hahahah...
  • #736,311
  • Mar 15, 2023 10:58am Mar 15, 2023 10:58am
Quoting pipfarm
{quote} Are you trading indicators/price action or combination?
Price action. I also have an indicator strategy using stochastic and EMA. The EMA works well for trends and the stochastic works well for ranges. Unfortunately, I can't tell when I'm in a range until I'm well into it. So take heavy losses.

In fact, I coded this strategy into a trading bot, telling it to stop trading at 8% profit or 6% loss. I just tested it on today and it made a 9% profit.But most time it loses as when a swing happens into the other direction, it continues to trade in the original direction.
Attached Image (click to enlarge)
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  • #736,312
  • Mar 15, 2023 10:59am Mar 15, 2023 10:59am
Quoting BeeTogether
{quote} 12032 needs to crack hard so we can retrace towards 121 at least
ok eur is rising, at least
Trendlines H1,H4, SMC
  • #736,313
  • Mar 15, 2023 11:01am Mar 15, 2023 11:01am
1h is down now..
and we will go down probably, i'm not in yet, i will wait for a good sell area
Attached Image (click to enlarge)
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  • #736,314
  • Mar 15, 2023 11:01am Mar 15, 2023 11:01am
Longsss risky few positions 2020 2025 2030 TP 2100, lets see🍀💪
People don't plan to lose. They lose because they don't plan.
  • #736,315
  • Mar 15, 2023 11:03am Mar 15, 2023 11:03am
Quoting MrFanciful
{quote} Nope. I came to the day being very bearish, but the range at the beginning made me doubt everything and I kept changing my bias. It then went in the direction I anticipated. The I anticipated it retracing and had to spend 4-5 hours with it starting to go up, then take me out only to immediately reverse back up, so I re-enter only to be taken out. Rince and repeat until I have £80 left in my account.
Mate, before you quit, i suggest you at least put some time aside to read "trading in the zone" it helps me a lot and i'm half way to complete the read.
The book is purely based on the psychology part of the trader, not some fancy market structure, technical analysis or some other stuff.
In short, from what i have already read, the book focus on what went through your mind everyday when you open your brokerage account, the emotional (pain or excitement) rollercoaster you feel everyday and concurrently kept your mind clear to see what the market is set to give.
The book raise my awareness to how i approach trading and put meaning to market behaviour.
We are already going through hell, why stop?
£80 can still get you 0.01 lot, and in 2-3weeks that £80 can go to £200+ with the right approach.
Hope it helps you too, mate
More time in the market, does not mean you trade better!
  • #736,316
  • Mar 15, 2023 11:04am Mar 15, 2023 11:04am
eurusd and gbpusd

we have to get over 1.0535 (eurusd) and 1.2032 (gbpusd) otherwise we go down
Attached Image (click to enlarge)
Click to Enlarge Name: a.jpg Size: 782 KB
Trendlines H1,H4, SMC
  • #736,317
  • Mar 15, 2023 11:05am Mar 15, 2023 11:05am
Let me ask

they say follow the trend, does it always work?
They say buy support sell resistance does it always work


what they told us is lie

the winner take the money of the impatience and who are patience the player that stays longer in the game .
MY OPINION NOT FINANCIAL ADVISE
  • #736,318
  • Mar 15, 2023 11:06am Mar 15, 2023 11:06am
Quoting Mitiblotch
{quote} EURUSD is down today from top 242 pips. Since when does that snail of a pair even get up to 100 pips a day? I was selling it today and jumped out with good 41 pip profit. Tried some longs at 0587 and 0571 and 0542 (banked the last one with a little spike) with the first two under water. And this happened when I haven't really traded that pair for a long, long time. When I tried EU recently it was snipe and run. But today... it was snipe and the trap caught me. Hahahah...
yeah exactly! EURUSD is usually a dead pair for me. Not enough action at all yet today it’s been bitch slapped and take the otherwise strong pound with it
Insane in the Brain..
  • #736,319
  • Mar 15, 2023 11:08am Mar 15, 2023 11:08am
I keep thinking that all I really want in 15 pips. I don't care how I get there, 3x 5pip or 1x 15pip, or anything in between. I recognize that it's a marathon and not a sprint.

If I could code a bot just for the short targets, I would. But it's unbelievably difficult to code reliable entries. You look the the chart and code for very specific entry criteria, but then you find that it also occurs when the conditions aren't in your favour.

I still lose with my current bot, but I don't lose anywhere near as much as I do discretionary trading.
  • #736,320
  • Mar 15, 2023 11:08am Mar 15, 2023 11:08am
Quoting donfriday
Let me ask they say follow the trend, does it always work? They say buy support sell resistance does it always work what they told us is lie the winner take the money of the impatience and who are patience the player that stays longer in the game .
Couldn't agree more.

I would happily be the vulture scavenging the scraps from the carcass after the lions had their fill at this point.
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