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Cable Update (GBPUSD)

  • #745,461
  • May 12, 2023 10:07am May 12, 2023 10:07am
DXY has hit the 50 day Moving average. I think that will do it for today. We may have a little more action, but pretty much done, going sideways, and continuing on Monday.
Don't compare your trades to others. Most often the masses are the asses
  • #745,462
  • May 12, 2023 10:09am May 12, 2023 10:09am
Quoting OBsayMkMoney
{quote} I actually trade the other way around lol. I look at the technicals and then look for incoming fundamental news to spur on my analysis. So I do my wave counts looking for waves 2 or 4, or an approaching one. Then look to the fundamentals and if I find myself in the pocket right before the news comes out.. Boom. Makes things a little easier for me at least.
its funny I trade the same way, all the steps to it but reversed fundamentals is key to trading
  • #745,463
  • May 12, 2023 10:21am May 12, 2023 10:21am
Quoting Coreg2004
{quote} Miti, what is your method of trading? We often agree, but after reading your posts for many years, I'm still in the woods about what you use. Of course, if this information is not classified... {image}
My trading is a hybrid of many things. Firstly, my deep guts feeling is important to me. Lol... Then patterns, pivots, and ADR. An extremely important factor is session flows. For example: on Fridays, which are usually one-way traffic days, when Asia buys, the whole day is usually a buy and vice versa. An exception is when Asia buys and London sells. If London sells then almost every time NY would keep selling and vice versa. There are other exceptions, which I won't mention here. When I get a bit pedantic, or when the market is stubborn, I slap on some fibonacci.

Finally, I love watching market sentiments. I take the contrarian trade. Before I went short GU today, London had confirmed the short, so I knew NY would almost certainly go short. I have this session flow data since 2017. After confirming my bias I checked sentiments on fxssi and saw that sentiment had shifted from 67% sellers (which was when price kept spiking up) to about 60% buyers today. It was a no-brainer short for me. That's why I said, "short 2505, TP 2470. No questions."

However, I must say that if I lose money during the week Mondays and Fridays are my recovery days. Session flows dictate direction for Fridays and Mondays.
  • #745,464
  • May 12, 2023 10:25am May 12, 2023 10:25am
Quoting Mitiblotch
Short 2505. TP 2470. No need for much questions
TP hit: +35. Good enough for the weekend, aye.
  • #745,465
  • May 12, 2023 10:37am May 12, 2023 10:37am
Quoting LitEU
{image}{quote} SL at BE, holding this for a while
i took profits already...sheesh how high can dxy go Monday i know i'm buying GU

Enjoy the weekend y'all
  • #745,466
  • May 12, 2023 10:38am May 12, 2023 10:38am
Quoting ForexGoose
{quote} almost at 1.245 today, I expect a bounce from that level if the bears will take profit
maybe there won’t be much of a bounce
don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #745,467
  • May 12, 2023 10:39am May 12, 2023 10:39am
Quoting OBsayMkMoney
{quote} Dude.. how the hell are you trading? What kind of Money management? Try this. For every 100 dollars you have in your FREE MARGIN, you trade .01 trade to open up. IF you find yourself having caught a trend then and only then add another .01 when the first is around 10 dollars in profit. It seems like you are putting in 200 dollars and trading .60 lots like I used to when I blew accounts because I wanted the amount I won to be substantial. Now I just want it to be positive and if I only get a little here.. no problem because I will get more...
Dude.. how the hell are you trading?
Obviously guessing, not trading.
What kind of Money management?
Either none or extremely poor.
To free Gazans of Hamas, use whatever it takes.
  • #745,468
  • May 12, 2023 10:51am May 12, 2023 10:51am
GU Bulls spotted
Attached Image (click to enlarge)
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  • #745,469
  • May 12, 2023 10:57am May 12, 2023 10:57am
Quoting ForexGoose
{quote} maybe there won’t be much of a bounce
not today the market is done for the day and any move now would be surprising. As a sucker for punishment I have mostly kept weekend trades running and ended up on wrong side of the new week plenty of times. Sunday night / Monday should give us a clue if we are going to 124 or back upto 125 before any direction confirmation
Insane in the Brain..
  • #745,470
  • May 12, 2023 11:06am May 12, 2023 11:06am
Quoting BeeTogether
{quote} not today the market is done for the day and any move now would be surprising. As a sucker for punishment I have mostly kept weekend trades running and ended up on wrong side of the new week plenty of times. Sunday night / Monday should give us a clue if we are going to 124 or back upto 125 before any direction confirmation
Right now, M15 made a very weak up swing and is returning down, If it ends in a higher low, there is some weak sign of going up.
To free Gazans of Hamas, use whatever it takes.
  • #745,471
  • May 12, 2023 11:33am May 12, 2023 11:33am
Quoting OBsayMkMoney
{quote} Dude.. how the hell are you trading? What kind of Money management? Try this. For every 100 dollars you have in your FREE MARGIN, you trade .01 trade to open up. IF you find yourself having caught a trend then and only then add another .01 when the first is around 10 dollars in profit. It seems like you are putting in 200 dollars and trading .60 lots like I used to when I blew accounts because I wanted the amount I won to be substantial. Now I just want it to be positive and if I only get a little here.. no problem because I will get more...
Overleveraged always get you screwed. The moment, the market float 1 tic against you, overleveraged guy gonna hold his sh*t tight
More time in the market, does not mean you trade better!
  • #745,472
  • May 12, 2023 11:33am May 12, 2023 11:33am
Quoting Georginson
{quote} Long taken from 1.2477, target 1.2527... Second Buy limit at 1.2447, target 1.2477...
buy 2 @ 1.2447 triggered but cancelled. It's weekend I can't have two positions opened... No sign of retracing as I type.
Data + Stat + Risk/Emotions Management
  • #745,473
  • May 12, 2023 11:37am May 12, 2023 11:37am
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yes yes yes
  • #745,474
  • May 12, 2023 11:39am May 12, 2023 11:39am
Quoting Georginson
{quote} buy 2 @ 1.2447 triggered but cancelled. It's weekend I can't have two positions opened... No sign of retracing as I type.
its one of those days i guess. Definitely holding my long @ 2455 into next week if price doesnt kaput below current levels.
  • #745,475
  • May 12, 2023 11:46am May 12, 2023 11:46am
Quoting DrDave
{quote} Dude.. how the hell are you trading? Obviously guessing, not trading. What kind of Money management? Either none or extremely poor.
True, but I prefer to build than break.
Don't compare your trades to others. Most often the masses are the asses
  • #745,476
  • May 12, 2023 11:59am May 12, 2023 11:59am
Quoting busifx
GU Bulls spotted {image}
Dead on the road?
  • #745,477
  • May 12, 2023 12:03pm May 12, 2023 12:03pm
if gbp goes any lower it might hit an cable.
You have an IQ lower than 90 if you interact with this user.
  • #745,478
  • May 12, 2023 12:24pm May 12, 2023 12:24pm
1.24500 has held since Nov 2022. The break above 1.24500 was significant in April of this year. Could 1.24500 be a deciding point between bulls and bears this year? Of course I remain in the bull camp. Market swings are not decided in a whim, I see this as a deeper correction, for now at least.
Cheers.
Trade to trade another day
  • #745,479
  • May 12, 2023 12:35pm May 12, 2023 12:35pm
Bearish engulfing on the weekly chart. The best GBP can do next week is retracement to 50% of the weekly candle, then drop down.
  • #745,480
  • May 12, 2023 12:49pm May 12, 2023 12:49pm
Macro view on GU:

UK: Poor GDP data, BoE talking about upside risks, although PMIs seem decent

US: Poor Cons Sentiment, Fed members seemed hawkish, still have inflation (core matched), NFP improved and obviously concerns about the the debt ceiling

Also I felt that equities were so overpriced, it just dragged risk currencies with it.
Today was pretty heavy.
Look ahead, Macro=Direction, Levels & Structure = Entry
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