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Cable Update (GBPUSD)

  • #752,321
  • Jun 16, 2023 2:52am Jun 16, 2023 2:52am
Quoting ricmaj
the Sell Mentality this week was truly a miscue, embattled sellers still trying to sell Friday to recover while 1.2867 resistance line is not far from sight
the loan sharks are at my door and blocking the fire exit. I am hiding at the public library.
What am i supposed to do? I gotta pay up front!
You have an IQ lower than 90 if you interact with this user.
  • #752,322
  • Jun 16, 2023 2:55am Jun 16, 2023 2:55am
Come on!!!!
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yes yes yes
  • #752,323
  • Jun 16, 2023 2:55am Jun 16, 2023 2:55am
Sum up for today till now: Market is not really working again. We had a very strong gain in the beginning with an immidiate breakdown and minimum fill of stats which are needed. For me that means: No position or very small. This morning I made 1/20 of my regular day trade. That is nothing but it's ok. I know it is not my fault.

We are now retracing from yesterday's move up, first aim 1.2775, next 1.2760's area (under normal conditions at least). How to trade that after reaching these targets? I don't know to be honest. I have small swing trade short at 1.2784 which will be cut at 1.2775 and 1.2770 but it's only first entry and has nothing to do with intraday trading.

Currently the market is not giving any good R:R ratios for me
  • #752,324
  • Jun 16, 2023 2:55am Jun 16, 2023 2:55am
Quoting Ferna
{quote} the loan sharks are at my door and blocking the fire exit. I am hiding at the public library. What am i supposed to do? I gotta pay up front!
Haha reminds me of my first year of forex
Or first two years
  • #752,325
  • Jun 16, 2023 2:56am Jun 16, 2023 2:56am
Quoting JackintheBox
The last days were tough and what I found out, and this is very important, there are moments (which can last for hours or even few days) where you should avoid trading or only with small positions. The reason for that is that the market is not always the same. So if your system is not adapted to market changes regarding PA you get screwed over and over again, losing, gaining, losing, gaining. It is hard to admit that there are times where you cannot really earn money with your market you are in. That'S the reason why it is important to be patient...
This market doesnt change… it can go up, down and sideways. There are a couple different things they can do before they go up or down, you just got to understand that.
Was slipping off the edge but i held up.
  • #752,326
  • Jun 16, 2023 2:59am Jun 16, 2023 2:59am
Quoting Fardeen1209
{quote} What about July ECB Meeting, bro? {image}
The market is pricing in a 70% chance the ECB increases rates by 25 basis points at their July meeting.

But don't look at that as stand alone event, as you need to look as FED meeting the day before and above all data releases.
Most market participants are counting on the Fed raising interest rates by a quarter percentage point at its next meeting in late July.

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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #752,327
  • Jun 16, 2023 3:05am Jun 16, 2023 3:05am
Quoting mysterio
{quote} last wk was a loss for me probably my fault only taken two trades this week one loss yesterday and one just coming into profit from last night/today might end the week in profit depending what happens here challenging time for sure
You have the patience and discipline, however you seem to take few trades in a day/week.

I am the aggressive kind, another reason why I get my butt kicked
The Dollar is promising, I like to think that you may end the week in profit.
Face 'ur fears & tame 'ur greed
  • #752,328
  • Jun 16, 2023 3:06am Jun 16, 2023 3:06am
Quoting JustPipping
{quote} This market doesnt change… it can go up, down and sideways. There are a couple different things they can do before they go up or down, you just got to understand that.
I think you have not even understood what I was talking about. Of course the market changes. The probabilities of your trading outcome changes with that. That is the reason why systems work better and worser.

Anyway, made 1/20 of day trade aim again , short was 1.27915, closed 1.2783, half position only of my regular starting position. I will probably not reach my goal today but as I said it's not your fault. It's the market which don't give you more.
  • #752,329
  • Jun 16, 2023 3:09am Jun 16, 2023 3:09am
Quoting Georginson
Fourth sell triggered at 1.2810... 20% drawdown in 2 days.. rare
Do you mean that is is rare to have such a small % drawdown in 2 days?
To free Gazans of Hamas, use whatever it takes.
  • #752,330
  • Jun 16, 2023 3:10am Jun 16, 2023 3:10am
Quoting DrDave
{quote} Do you mean that is is rare to have such a small % drawdown in 2 days?
i think it means his account volatility is low.
You have an IQ lower than 90 if you interact with this user.
  • #752,331
  • Jun 16, 2023 3:12am Jun 16, 2023 3:12am
Quoting Robinhood1
{quote} Hola Whale. How about counting waves but not necessarely from lows or highs within a swing? And a formation of 6 complete waves(6 highs or lows) depending direction. If you do not Know where to start, count backwards.
What about going to a bit larger TF and counting only 3 waves?
To free Gazans of Hamas, use whatever it takes.
  • #752,332
  • Jun 16, 2023 3:15am Jun 16, 2023 3:15am
... 5min bullish hidden div present - could stay valid whilst price above Asian/current dly lo on any deeper p/back.
-------------------------------------------------------------------
1hr below
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Trader with an Edge.
  • #752,333
  • Jun 16, 2023 3:15am Jun 16, 2023 3:15am
i think its gonna jump
close above 2798 for confirmation
in wondering about yourself, you forgot what you came here to be part of
  • #752,334
  • Jun 16, 2023 3:18am Jun 16, 2023 3:18am
Quoting JackintheBox
{quote} I think you have not even understood what I was talking about. Of course the market changes. The probabilities of your trading outcome changes with that. That is the reason why systems work better and worser. Anyway, made 1/20 of day trade aim again , short was 1.27915, closed 1.2783, half position only of my regular starting position. I will probably not reach my goal today but as I said it's not your fault. It's the market which don't give you more.
Not really. We have certain times of the year where we can expect more consolidation and times where we can expect big macro runs. Just like a 15 minute chart where we have asian,london,ny sessions, the market moves the same way on the monthly charts. There are indeed variations and the timing of consolidation/runs isnt always exact the same month.
Was slipping off the edge but i held up.
  • #752,335
  • Jun 16, 2023 3:19am Jun 16, 2023 3:19am
M15 chart
bit earlier than the signal i was waiting for but what the heck, im long
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in wondering about yourself, you forgot what you came here to be part of
  • #752,336
  • Jun 16, 2023 3:22am Jun 16, 2023 3:22am
Another try
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  • #752,337
  • Jun 16, 2023 3:23am Jun 16, 2023 3:23am
Cable may correct when EU is around 1.090/95
Just guessing
POSTMASTER
  • #752,338
  • Jun 16, 2023 3:24am Jun 16, 2023 3:24am
Quoting DrDave
{quote} Do you mean that is is rare to have such a small % drawdown in 2 days?
He meant that it is rare to have such a HIGH drawdown in 2 days cause market had no big correction like normally. It is out of sync currently, you can see that on the PA also, last hour was ok- I repeat myself, sorry for that.

Current short again 1.2792, half position again, quite dangerous. Don't follow me.
  • #752,339
  • Jun 16, 2023 3:24am Jun 16, 2023 3:24am
Quoting JustPipping
{quote} Not really. We have certain times of the year where we can expect more consolidation and times where we can expect big macro runs. Just like a 15 minute chart where we have asian,london,ny sessions, the market moves the same way on the monthly charts. There are indeed variations and the timing of consolidation/runs isnt always exact the same month.
...and to add; It is these macro themes/fundies and the market's reaction to/interpretation of that drives it from a directional point of view. The individual event risks like data releases/central bank stuff etc are to an extent a measure of the macro environment affecting any given instrument, and their effect can last longer than the initial reaction we see on their release. Sometimes there is a game-changer (s) when the market flips, this can be slow and progressive or immediate depending on the market's reaction to/interpretation of data/event (s,) that make up the macro environment.
Trader with an Edge.
  • #752,340
  • Jun 16, 2023 3:27am Jun 16, 2023 3:27am
Quoting DrDave
{quote} What about going to a bit larger TF and counting only 3 waves?
Hello Dr. There are 6 candles per day @ 4h TF.
Your theory may do the job thou. Would have to look into it
POSTMASTER
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