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Cable Update (GBPUSD)

  • #745,341
  • May 12, 2023 6:46am May 12, 2023 6:46am
The whole day has been "Any moment now..."
  • #745,342
  • May 12, 2023 6:51am May 12, 2023 6:51am
Wouldn't surprise me if we get a whipsaw in 40 minutes
  • #745,343
  • May 12, 2023 6:56am May 12, 2023 6:56am
GU is feeling a little flat today.
She needs some coffee.

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Funded trader
  • #745,344
  • May 12, 2023 6:57am May 12, 2023 6:57am
Quoting MrFanciful
Wouldn't surprise me if we get a whipsaw in 40 minutes
Anything is possible.
Plus I'm planning to close 80% at 1.25
Just waiting for the timing.
Exhausted
  • #745,345
  • May 12, 2023 6:58am May 12, 2023 6:58am
6 hours of this only for it to continue in the direction it was already going in. 6 hours since I started. 24 hours in total.
  • #745,346
  • May 12, 2023 7:00am May 12, 2023 7:00am
Quoting ForexGoose
Sold from 1.25 i expect another big dump tomorrow
take profit at 1.238 or lower

stop loss above 1.255
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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #745,347
  • May 12, 2023 7:04am May 12, 2023 7:04am
my theory that yesterday was the low of the week seems to have been wrong.
  • #745,348
  • May 12, 2023 7:05am May 12, 2023 7:05am
Quoting ForexGoose
{quote} take profit at 1.238 or lower stop loss above 1.255 {image}
238?! Damn.
Exhausted
  • #745,349
  • May 12, 2023 7:06am May 12, 2023 7:06am
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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #745,350
  • May 12, 2023 7:07am May 12, 2023 7:07am
Quoting Elysion
{quote} 238?! Damn.
was about to say same but 12380 would be grrrrrrrreat
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Insane in the Brain..
  • #745,351
  • May 12, 2023 7:19am May 12, 2023 7:19am
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yes yes yes
  • #745,352
  • May 12, 2023 7:19am May 12, 2023 7:19am
That is funny. May be I take a break out trade today, Dr 34 pips, ADR >60 Pips, chances of breakout today >98%. So I should take it if it comes (I almost never trade breakouts).
Target-Buy: 1.2542 (TP: 10-20Pips)
Target-Sell: 1.2505 (TP:10-20Pips)

I could imagine that they keep it in Range till Michigan Consumber Index comes out and bust the range than with a breakout.

Bias on long - side: Friday, oversold, long term trend hitting long term trend line, Volume
Bias on short -side: Yesterday, Fundamentals, USD-Index turn , unloaded shorts from yesterday (shorties had plenty of opportunities today to unload)

My guess: I don't know, I think fast breakout out of range (up or down) and fast recover cause of friday. Let's see
  • #745,353
  • May 12, 2023 7:21am May 12, 2023 7:21am
This isn't the bears in control. This is the drunk old guy who can hardly walk home after a massive bender.
  • #745,354
  • May 12, 2023 7:22am May 12, 2023 7:22am
1.2505, we are coming... - should be ideally one more retrace up and than break. Trading breakout know has some retrace issues, not good to trade yet.

Struggeling today came from long-term uptrend line. Always goes above it and under water again. (currently 1.2517 so underwater again now).

Edit: Small recover now on 1 Minute base, not big enough yet for a good breakout down. Let's see if they take it anyway down now.
  • #745,355
  • May 12, 2023 7:24am May 12, 2023 7:24am
Quoting MrFanciful
This isn't the bears in control. This is the drunk old guy who can hardly walk home after a massive bender.
Lmao, what a description.
Exhausted
  • #745,356
  • May 12, 2023 7:29am May 12, 2023 7:29am
Quoting JackintheBox
1.2505, we are coming... - should be ideally one more retrace up and than break. Trading breakout know has some retrace issues, not good to trade yet. Struggeling today came from long-term uptrend line. Always goes above it and under water again. (currently 1.2517 so underwater again now). Edit: Small recover now on 1 Minute base, not big enough yet for a good breakout down. Let's see if they take it anyway down now.
That's usually a sign of a breakout.
It's also a pattern where retailers getting trap for going long.
Inducements then breakout.

I've been there for quite a few times back then when I'm less experienced. It looked like a starting of reversal but it's a inducement/trap to push price.
Exhausted
  • #745,357
  • May 12, 2023 7:30am May 12, 2023 7:30am
And 1.2505 taken... btw: I'm not in, retrace before was too small, probably rejection of break. Neither long term scalp, damn, no trade yet for me.
  • #745,358
  • May 12, 2023 7:34am May 12, 2023 7:34am
40% shorts closed at 1.25
Waiting for 1.248 or lower if possible to close all.
Exhausted
  • #745,359
  • May 12, 2023 7:34am May 12, 2023 7:34am
Quoting Elysion
{quote} That's usually a sign of a breakout. It's also a pattern where retailers getting trap for going long.
Yes, I realized that too. Too good options always indicate it's not a good option . Break there, sad, they were too greedy again, no nice retrace, I'm not in, next stop 1.2496 than 1.2480, 1.2465. I hope for a retrace now to jump in, ideally at 1.2505 short.
  • #745,360
  • May 12, 2023 7:35am May 12, 2023 7:35am
125 broken but will it stay below.. data in 90mins may push it up. SL now moved to B/e
Insane in the Brain..
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