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Cable Update (GBPUSD)

  • #752,461
  • Jun 16, 2023 8:00am Jun 16, 2023 8:00am
Quoting dantpm
USDX retraced virtually to where this latest move on GU started! Is this the start of another move as suggested by Coreg2004?
base on DXY hourly, it should have a small rebound, but issue is whther GBPUSD will retrace how much

or just merely 5min ma 50 bounce again?
  • #752,462
  • Jun 16, 2023 8:02am Jun 16, 2023 8:02am
Quoting TheForexDen
{quote} Genuinely curious, how is this a statistical anomaly? To me, this is just another run up that has happened countless times before and will happen countless times again. If it were a 400 pip move in a day, I'd agree, it'd be an anomaly but 100-150 pip moves each day are not uncommon for 3-4 day stretches.
Put weekly pivots on your chart, count the amount of times price reaches R2 or S2. Then count the amount of times price reversed at this level versus continued through. Perhaps statistical anomaly was an exaggeration, but breaching this level is definitely the lower probability scenario. I would never go long past this point, I would try to determine good spots to trade counter to trend, with a tight SL ofcourse.
  • #752,463
  • Jun 16, 2023 8:07am Jun 16, 2023 8:07am
Oh my another Higher High on H1, eventually it will come down but when is the question
Follow The Markets Structure - Patience and Discipline
  • #752,464
  • Jun 16, 2023 8:08am Jun 16, 2023 8:08am
Quoting pipfarm
Oh my another Higher High on H1, eventually it will come down but when is the question
i cannot take it d, i just wait DXY rebound bit then cut d, even it is start turning point for put, but i just cant take it anymore
  • #752,465
  • Jun 16, 2023 8:11am Jun 16, 2023 8:11am
GU looks like a 1.29998, or 1.3160 minimal rise to me.
After it and EU 1.1186. The USD may be ready to rise.
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those who can, do. those who cant, talk about those who can
  • #752,466
  • Jun 16, 2023 8:13am Jun 16, 2023 8:13am
Quoting Mitiblotch
{quote} I laughed so hard at his ego and rubbish advice. People give blanket advice without knowing how people trade. Markets can be in a trend and retrace for even 200 pips plus. That's why the world moves; people see things differently. Of everybody buys in a trend who will sell and vice versa? These moves are rare and when they happen some guy somewhere pops out to advice "you all".
My apologies for offering some helpful advice, allow me to introduce myself, i am a funded trader who has been trading for 4 years now and i closed over 300 pips this week. I understand that people trade in all different kinds of ways and there are many successful traders who specialize in counter trend trading, however from what i have seen, none of them are in here.
I am by no means saying that i know everything or that if you dont trade like me then you are doing it wrong etc, i am merely commenting on what i have observed in this forum for a while now, and that is that most of you are desperate to try and catch the top and bottom of big moves and are getting repeatedly stopped out. I still consider myself a beginner and i have a long way to go, however i am still allowed to post something that i think could help some people.
If you think my advice was rubbish then it clearly wasn't meant for you, but that doesnt mean that there arent some people who it would help. So maybe in future mind your own business? I clearly know what im talking about to a certain degree as i stated i am a funded trader who has closed over 300 pips this week.
  • #752,467
  • Jun 16, 2023 8:16am Jun 16, 2023 8:16am
Quoting dantpm
USDX retraced virtually to where this latest move on GU started! Is this the start of another move as suggested by Coreg2004?
already cut all the position, respect the losses.
  • #752,468
  • Jun 16, 2023 8:19am Jun 16, 2023 8:19am
Quoting EtzzyPoo
{image}Some advice to you all. Stop trying to pick tops and bottoms, if a market is bullish, stop trying to sell it. If a market is bearish, stop trying to buy it. You will be right far more often if you trade WITH the market, rather than AGAINST it. And yes you will be occasionally wrong when it does turn around, but that's a part of trading. TP hit, +300 pips. Done for the week
Could you elaborate a little more on your trading strategy?
It's not very clear to me yet.
  • #752,469
  • Jun 16, 2023 8:20am Jun 16, 2023 8:20am
Ok, freaky friday...long 1.2810
  • #752,470
  • Jun 16, 2023 8:22am Jun 16, 2023 8:22am
75 pips above 1.2750 hesitation zone
75 pips below 1.2750 end of hesitation zone

Market need to cool down

see you at the 1.2675
MY OPINION NOT FINANCIAL ADVISE
  • #752,471
  • Jun 16, 2023 8:25am Jun 16, 2023 8:25am
Quoting pbylina
{quote} So your comment is pointless then…
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  • #752,472
  • Jun 16, 2023 8:25am Jun 16, 2023 8:25am
If Cable fails to make a new HH then it's gonna go down strongly.
Maybe the news will be the trigger for the strong downwards move.
Exhausted
  • #752,473
  • Jun 16, 2023 8:26am Jun 16, 2023 8:26am
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  • #752,474
  • Jun 16, 2023 8:27am Jun 16, 2023 8:27am
Quoting greenpips4
{quote} closing with +30 pips. at 1:2. I would have held this short longer, but after 4 consecutive losses i am emotionally not in the position where i can be patience with my winner.
U can still find another potential entry, imo it needs to make a new LH (fail HH) for further downwards move at this bullish scenario.
Exhausted
  • #752,475
  • Jun 16, 2023 8:30am Jun 16, 2023 8:30am
Possible next week will open at 1.28

open 1.28
downside ATR 1.27 in ext 1.2650
upside ATR 1.29 in ext 1.2950


so between 1.27 and 1.2650 hold end of hesitation zone
MY OPINION NOT FINANCIAL ADVISE
  • #752,476
  • Jun 16, 2023 8:31am Jun 16, 2023 8:31am
i will try one more long here on M5.
reduced lot size cuase im a bit ambivilant about the trade.
Its quite a large stop.
target at previous high.
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in wondering about yourself, you forgot what you came here to be part of
  • #752,477
  • Jun 16, 2023 8:32am Jun 16, 2023 8:32am
Quoting dantpm
{quote} Could you elaborate a little more on your trading strategy? It's not very clear to me yet.
Now that would take a very long time haha. My thoughts on the GU trade this week was that i was doing my analysis on sunday and was very confident on a bullish bias for GBPUSD, and looking at the daily timeframe if you draw a box from 1.25344 down to 1.25, i knew we would not see a daily candle close below that box, so i bought at the top of the box and had my closed partials all the way to my final tp at 1.28336
  • #752,478
  • Jun 16, 2023 8:37am Jun 16, 2023 8:37am
Red data in a bit let’s see if we see 129 or below 128 with it. Place ya bets
Insane in the Brain..
  • #752,479
  • Jun 16, 2023 8:40am Jun 16, 2023 8:40am
New Position

Bella's Support: 1.28109

Long GBP/USD :1.28309
S/L:1.28065
T/P (max):1.31194

Bella's GMT Switch v1.6
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Goddess of Thunder..
  • #752,480
  • Jun 16, 2023 8:40am Jun 16, 2023 8:40am
Quoting EtzzyPoo
{quote} Now that would take a very long time haha. My thoughts on the GU trade this week was that i was doing my analysis on sunday and was very confident on a bullish bias for GBPUSD, and looking at the daily timeframe if you draw a box from 1.25344 down to 1.25, i knew we would not see a daily candle close below that box, so i bought at the top of the box and had my closed partials all the way to my final tp at 1.28336
A possible creative solution that you could consider is posting your Sunday analysis this Sunday, not a required move but one that would lend a lot of credibility to your posts here.
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