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Cable Update (GBPUSD)

  • #752,661
  • Jun 17, 2023 12:13am Jun 17, 2023 12:13am
Quoting navk
{quote} Nothing but support and resistance. In every TF, I posted. If some one is day trader... hourly and lesser TF will do. I have been mentioning here.. asian high /low... best explained in 15 min chart. Break of asian high.. is bullish for the day. VICE VERSA The margin of stop hitting in pips is very less. ( If one follows strictly ) {image} {image} {image} {image} {image} {image} {image} {image}
Brilliant, seems like valuable information. Will add it to the list of things I'm manually backtesting.
  • #752,662
  • Jun 17, 2023 1:39am Jun 17, 2023 1:39am
Funny story for the weekend.

some of my trades in the last two weeks were with 1.22 as TP.
  • #752,663
  • Jun 17, 2023 1:42am Jun 17, 2023 1:42am
Quoting dempire1
{quote} I have a question. Where does this word liquidity comes from and what does it mean? Explain it to a 5 year old.
Nothing exist on its own… it is going to be silly to think there is no system designed by people to control, process and manage the world trade data.
The system collects all the data and balances it in order to keep the forex, future, crypto market running.

As a trader you need to understand how the system processes these datas to balance the trillions of trades daily.

One of the ways to know how the system processes data is Liquidity. The system can not deliver to you what is not available. I personally like PAT’s illustration on liquidity using demand and supply.. (the monkey stories) I like bananas

Once you know the meaning of LIQUIDITY, It is your duty to go into the chart and process how you can extract Liquidity data… liquidity can occur at swing point, they can also occur as clusters of order during compression. You have to find out for yourself.

Another way to know how the system processes/manages data is “News (Fundamental Analysis)” Let me tell you a secret for free, News is not entirely gotten from Economy, Business or politics alone, in facts, these elements form only 10% of the News data.
Home work: figure out where news is gotten from ?

Thank you everyone for all your contribution, if I had not found Forex factory I would have gave up trading long time ago, apart from learning, this forum encourages you to keep striving and believing!

Have faith, it’s only a matter of time!

BigNumbers
My telegram: https://t.me/avidforex
  • #752,664
  • Jun 17, 2023 1:44am Jun 17, 2023 1:44am
The formation of bullish candles on weekly timeframe looks frightening, I don't usually look at weekly since I switched to scalping but now forced to switch back to swing due to return of Volatility.

Bears including myself may hate what I'm about to type, but the truth has to be revealed that 1.29 this June is a real possibility and retracement may not go below 1.2680 - 1.2730 area before 1.29 may come to the screen.

I will have to close my sell trades from 1.2675 - 1.2750 area once price starts touching those areas and start building buy positions, my bullish invalidation will be 1.2627 zone.
Attached Image (click to enlarge)
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Data + Stat + Risk/Emotions Management
  • #752,665
  • Jun 17, 2023 2:00am Jun 17, 2023 2:00am
Quoting Georginson
The formation of bullish candles on weekly timeframe looks frightening, I don't usually look at weekly since I switched to scalping but now forced to switch back to swing due to return of Volatility. Bears including myself may hate what I'm about to type, but the truth has to be revealed that 1.29 this June is a real possibility and retracement may not go below 1.2680 - 1.2730 area before 1.29 may come to the screen. I will have to close my sell trades from 1.2675 - 1.2750 area once price starts touching those areas and start building buy positions,...
I'm now in this school of thought too, i think dollar has to touch 101.3-101.5 next, and there's a hidden gap on GU all the way up to 1.30. Opens up questions like where and when will there be a correction and where too. I think it will be quite difficult to trade again gonna have tread carefully.
  • #752,666
  • Jun 17, 2023 2:08am Jun 17, 2023 2:08am
Quoting mysterio
{quote} I'm now in this school of thought too, i think dollar has to touch 101.3-101.5 next, and there's a hidden gap on GU all the way up to 1.30. Opens up questions like where and when will there be a correction and where too. I think it will be quite difficult to trade again gonna have tread carefully.

yearly open usually get a retest but last year 2022 it did not

more reason
MY OPINION NOT FINANCIAL ADVISE
  • #752,667
  • Jun 17, 2023 2:10am Jun 17, 2023 2:10am
Quoting mysterio
{quote} I'm now in this school of thought too, i think dollar has to touch 101.3-101.5 next, and there's a hidden gap on GU all the way up to 1.30. Opens up questions like where and when will there be a correction and where too. I think it will be quite difficult to trade again gonna have tread carefully.
i went against my rules last week with directional bias against the trend and I paid for it. One interesting thing about forex trading is that it usually gives another opportunity to right the wrongs if the trader still has capital and is objective enough to shun directional bias and face what's on the screen with diligence.
Data + Stat + Risk/Emotions Management
  • #752,668
  • Jun 17, 2023 2:12am Jun 17, 2023 2:12am
Quoting dempire1
{quote} I have a question. Where does this word liquidity comes from and what does it mean? Explain it to a 5 year old.

liquidity is same as HH

when an asset exchange for cash usually u will find liquidity when price reach limit and start to drop .

they also have liquidation when you are running a position at loss
MY OPINION NOT FINANCIAL ADVISE
  • #752,669
  • Jun 17, 2023 2:17am Jun 17, 2023 2:17am
As no one know on which direction the market will go next ,just like that no one know which side's liquidity is market gonna take ,i prefer to wait for either sides liquidity to be taken first and then search for a trade
  • #752,670
  • Jun 17, 2023 2:17am Jun 17, 2023 2:17am
Quoting Georginson
{quote} i went against my rules last week with directional bias against the trend and I paid for it. One interesting thing about forex trading is that it usually gives another opportunity to right the wrongs if the trader still has capital and is objective enough to shun directional bias and face what's on the screen with diligence.


When summer is over pips show for bears
MY OPINION NOT FINANCIAL ADVISE
  • #752,671
  • Jun 17, 2023 2:37am Jun 17, 2023 2:37am
Weekly pivot for next week will be ~12717. I'm backtesting further back but currently out of the last 52 weeks, 39 weeks the first pivot level to be touched was the pivot. Thus, theres a 75% chance of a retracement to the weekly pivot level before we continue up. Ofcourse, looking for price action to confirm is crucial before taking short trades.
  • #752,672
  • Jun 17, 2023 2:48am Jun 17, 2023 2:48am
There is a message on the monthly, one glance, say's a red candle just failed. The chart is bullish for a higher number above this monthly open.
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #752,673
  • Jun 17, 2023 2:52am Jun 17, 2023 2:52am
Monthly open is over 400 pips away, so volume is high.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #752,674
  • Jun 17, 2023 3:04am Jun 17, 2023 3:04am
Hello,

So, it is Saturday morning i just got back on my PC and will start working on Bella's GMT Switch (beta v1.6 ) targeting beta v2.0 ( name will change in the future ) where all development should be completed and i have some thing what Mr. Van Tharp would say A Forex Trading System. Unfortunately like in School Mr.Van Tharp didn't give examples about complete systems so i have to use my imaginations & concepts learned from the other books i posted to come up with working trading system.

I wanted to check also weekly chart of GBPUSD to see how this pair is trading in terms of Technical Analysis (Fibonacci Tool )

GBPUSD Weekly : This pair has major resistance at 1.38387 ( Bella's Fibonacci Analysis ) . ( not a pro < 1 Year Experience ).
there is resistance at 1.30133 and 1.33260 respectively.
Attached Image (click to enlarge)
Click to Enlarge Name: Bella's Fibonacci Analysis.png Size: 11 KB


So i am going to go and continue working on the system and listen to some good music . You know when my mamma asks what kind of music do you listen? i can easily say better than the neighbor

Bonjovi - You Give Love a Bad Name
Inserted Video
Goddess of Thunder..
  • #752,675
  • Jun 17, 2023 3:44am Jun 17, 2023 3:44am
Quoting dempire1
{quote} I have a question. Where does this word liquidity comes from and what does it mean? Explain it to a 5 year old.
I learned Market orders, limit orders, Liquidity level and volatility through a small crypto exchange called Latoken.
In Latoken, it is full of shit coin exchange. Some pre sales coins, some failed coin and bankrupt projects listed there.

Because there is no interest in buying this sh*t coins, i was able to see what these different orders make look when you buy/sell at market orders.

The price of the token/coins run towards limit orders, which creates volatility.

The lesser and the further the limit orders are on the order book and from the current price level (respectively), the larger the volatility will be price when you do something at market orders (which means you are using real money, i used $25), because the price will run to these limit orders pending there for days/weeks/months, and there is noone else to take the opposite side of your trade.


Note: You will able to buy at market orders, but when you will sell, it will be a limit orders, since there will be no other person to buy back what you just bought. But that $25 will give more knowledge than any youtube videos,imho, and it is really worth it.

P/s. Not trying to promote anything, but given we cannot get any liquidity level or accurate real time orders of the whole market participants around the world in FX, the easiest and cheapest way, personally i see is through this sh*t coiner exchange.
More time in the market, does not mean you trade better!
  • #752,676
  • Jun 17, 2023 4:15am Jun 17, 2023 4:15am
Quoting Georginson
The formation of bullish candles on weekly timeframe looks frightening, I don't usually look at weekly since I switched to scalping but now forced to switch back to swing due to return of Volatility. Bears including myself may hate what I'm about to type, but the truth has to be revealed that 1.29 this June is a real possibility and retracement may not go below 1.2680 - 1.2730 area before 1.29 may come to the screen. I will have to close my sell trades from 1.2675 - 1.2750 area once price starts touching those areas and start building buy positions,...
the fact remains GBPUSD will sell at least 80pips on Monday.
  • #752,677
  • Jun 17, 2023 4:15am Jun 17, 2023 4:15am
Look athe breakout level..1.2700... this is important for this week.

The price tend to support at those blue blocks.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: GBPUSDH4.png Size: 16 KB
Intraday only.
  • #752,678
  • Jun 17, 2023 4:49am Jun 17, 2023 4:49am
Yes, 2760/50 is indicated on hourly chart..

This is bottom band of Bolinger where the support block aligns.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 19 KB
Intraday only.
  • #752,679
  • Jun 17, 2023 5:25am Jun 17, 2023 5:25am
PLEASE DO CORRECT ME
GBP (THIS WEEK)
The MPC is expected to raise the Bank rate by 25 basis points on Thursday.

 

  1. The MPC may point to the lag effect of its existing policy tightening and the risks to the housing market as reasons for the 25 basis point hike.

 

  1. Even if the BoE gives little away about its intentions at future meetings, sterling could benefit from a broadly positive set of data.


If the CPI figures are hotter-than-expected, which would come on the back of a strong employment report, the Bank of England might well decide to raise interest rates by a larger 50-basis-point increment. However, the chances of that are quite low
EUR (THIS WEEK)

  1. The ECB has hiked rates and signaled that more hikes are coming, while the Fed has kept rates unchanged.
  2. If the PMIs show that economic activity is picking up, the euro could appreciate against the US dollar.


CHF

  1. The Swiss National Bank (SNB) is expected to raise interest rates by 50 basis points on Thursday.
  2. his is despite the fact that inflation in Switzerland fell to 2.2% in May, which is below the SNB's target of 2%.
  3. The SNB's chairman, Thomas Jordan, has recently made some hawkish comments, which has raised expectations of a 50-bps rate hike.
  4. In an interview with Bloomberg, Jordan said that the SNB is "not ruling out" a 50-bps rate hike at its next meeting on June 16. He also said that the central bank is "prepared to act decisively" if necessary to bring inflation under control.
    In a speech to the Swiss Bankers Association, Jordan said that the SNB is "determined to ensure that inflation returns to its target of 2%." He added that the central bank is "prepared to use all the tools at its disposal" to achieve this goal.


CONCLUSION
The euro, Swiss franc, and British pound are all likely to remain strong in the near term.
The euro is likely to benefit from the European Central Bank's (ECB) hawkish stance on monetary policy. The ECB has signaled that it is ready to raise interest rates in order to combat inflation. This could lead to an appreciation of the euro, as investors see it as a more attractive investment.
The Swiss franc is also likely to remain strong, as it is seen as a safe haven currency in times of uncertainty. The recent hawkish comments by SNB Chairman Thomas Jordan have only reinforced this message.
The British pound is also likely to remain strong, as the Bank of England is also expected to raise interest rates in order to combat inflation. This could lead to an appreciation of the pound, as investors see it as a more attractive investment.

  1. The Bank of Japan is expected to keep interest rates low. The Bank of Japan (BoJ) is expected to keep interest rates low this week, despite rising inflation. This is because the BoJ is concerned about the impact of higher interest rates on the Japanese economy. A low interest rate policy will make the JPY more attractive to investors, which will put downward pressure on its value.
  2. RBA's hawkish stance: The RBA has raised interest rates three times in the past six months, and is widely expected to raise rates again in July. This hawkish stance is being driven by rising inflation in Australia.


WHAT DO YOU THINK ABOUT THESE POINTS
PLEASE GIVE YOUR OPINION AS I DON'T KNOW MUCH ABOUT THIS AND YOU ALL HERE ARE EXPERIENCED PEOPLE , IT WILL BE A LEARNING OPPURTUNITY FOR ME
THANK YOU!
IF YOU DO GIVE YOUR OPINIONS I WILL DEFINATELY APPRECIATE IT
IF YOU DIDN'T I WILL DEFINATELY UNDERSTAND IT
AGAIN THANK YOU FOR GIVING YOUR TIME!

  • #752,680
  • Jun 17, 2023 5:27am Jun 17, 2023 5:27am
Quoting Fardeen1209
{quote} I learned Market orders, limit orders, Liquidity level and volatility through a small crypto exchange called Latoken. In Latoken, it is full of shit coin exchange. Some pre sales coins, some failed coin and bankrupt projects listed there. Because there is no interest in buying this sh*t coins, i was able to see what these different orders make look when you buy/sell at market orders. The price of the token/coins run towards limit orders, which creates volatility. The lesser and the further the limit orders are on the order book and from...
thats pretty accurate answer. Thank you.
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