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Cable Update (GBPUSD)

  • #757,061
  • Jul 10, 2023 3:40am Jul 10, 2023 3:40am
Quoting Pat Chiko
{quote} Thanks for your insights, bro. Your perspective on price action is a great way to analyze Yen crosses. I've noticed that the US session seems to be the primary mover for Yen crosses lately. Perhaps this is a concerted effort by US hedge fund managers to corner the yen market. By the way, don't worry about getting the analysis wrong or giving the wrong opinion. I get it wrong plenty of times myself! (I'm noob myself) True traders live with their mistakes and learn from them. Only fake traders refuse to accept losses and share their mistakes....
We didn't go aLONG with each other and the exchange wasn't great, so we had to Short it and we both ended in a Loss.

Thanks for the reply! Yeah, I don't know what to make on Yen pairs at the moment. Need more candles!

Trader who doesn't lose is either not honest and/or doesn't exist.
You know, it would be in best interest for new traders to start trading with very small account until they get a feel of FX market. This is what I wish I did back then.

Not accepting you are wrong is basically throwing away the opportunity to gain wisdom and get better in the future.

TW
  • #757,062
  • Jul 10, 2023 3:41am Jul 10, 2023 3:41am
There is a Downtreand liquidity forming in the EU and GU. Will probably go up to get it then drop it down to a new lower low.
  • #757,063
  • Jul 10, 2023 3:47am Jul 10, 2023 3:47am
Quoting dazw6000
{quote} Hi PAT, i too am only a learner. I've seen you take thousands out the market, beginner really? Closed Both positions @ 155.856 Position 1 @ 156.538 SL 156.675 TP 68.2 pips Position 2 @ 156.208 SL 156.235 TP 35.2 pips so 103.4 pips total Looks to me like this pair is rolling over, several BOS on the 4H, a close below 155.053 on the daily would signal a correction down on the weekly before a move up again so bias would be bearish, the daily FVG that starts at 153.090 interests me as a possible zone price could get to. No reason to why it could...

Thanks for the reply, bro!
That's a great way to get some quick scalps in and out, especially on a Monday morning when the hedge fund managers are still feeling a bit dizzy from the weekend.
I'm impressed with your trades! Keep on printing money like the Fed!
I wish you all the best, and May The Green Pips Be With You! (stole it from StarWars)
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #757,064
  • Jul 10, 2023 3:48am Jul 10, 2023 3:48am
Hedge Funds Abandon Bullish US Dollar Bets on Peak Fed Speculation | Forex Factory

interesting?
Trader with an Edge.
  • #757,065
  • Jul 10, 2023 3:49am Jul 10, 2023 3:49am
Long in at 1.2818 target 14 pips
Don't trade what you think. Just what you see!!!
  • #757,066
  • Jul 10, 2023 3:56am Jul 10, 2023 3:56am
Buy was 125 pips, retracement was around 50 pips. 38.2? Suggests stronger uptrend on GBP/USD.

Possible Range between 1.285 and 1.28 for today.
Definitely waiting for CPI for bigger move up or down.
  • #757,067
  • Jul 10, 2023 3:57am Jul 10, 2023 3:57am
Quoting Pat Chiko
{quote} Thanks for the reply, bro! That's a great way to get some quick scalps in and out, especially on a Monday morning when the hedge fund managers are still feeling a bit dizzy from the weekend. I'm impressed with your trades! Keep on printing money like the Fed! I wish you all the best, and May The Green Pips Be With You! (stole it from StarWars)
I woke up early looked at my phone and saw some stuff I had been learning and I jumped out of bed haha!
I'm going through some ICT concepts, it's intense but I am sure I will get there in the end.
Watching & Learning
  • #757,068
  • Jul 10, 2023 4:01am Jul 10, 2023 4:01am
Quoting Waveskierrob
Morning all, I'm working nights this week so let's have some fun... {image}
There are only two kinds of people who work at night:
those who are wearing masks for the opposite ulterior motives.

Which one are you, Rob? ( Rob here with capital letter mean names, not profession)
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or
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #757,069
  • Jul 10, 2023 4:06am Jul 10, 2023 4:06am
Quoting Pat Chiko
{quote} There are only two kinds of people who work at night: those who are wearing masks for the opposite ulterior motives. Which one are you, Rob? ( Rob here with capital letter mean names, not profession) {image} or {image}
Looks like EJ is headed for that 15 min FVG, there maybe a reaction from it, possible short?
it has just put in some equal lows buy reversing from the daily open
Watching & Learning
  • #757,070
  • Jul 10, 2023 4:07am Jul 10, 2023 4:07am
Yen is playing hard to get right now. Let's move up dear!!!
  • #757,071
  • Jul 10, 2023 4:09am Jul 10, 2023 4:09am
Quoting Pat Chiko
{quote} There are only two kinds of people who work at night: those who are wearing masks for the opposite ulterior motives. Which one are you, Rob? ( Rob here with capital letter mean names, not profession) {image} or {image}
...more like this...
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  • #757,072
  • Jul 10, 2023 4:12am Jul 10, 2023 4:12am
Quoting Cetka
Yen is playing hard to get right now. Let's move up dear!!!
it’s really playing hard to get,just closed my sell order waiting for another confirmation from the market
  • #757,073
  • Jul 10, 2023 4:14am Jul 10, 2023 4:14am
Quoting Waveskierrob
{quote} ...more like this... {image}
Fatman
  • #757,074
  • Jul 10, 2023 4:17am Jul 10, 2023 4:17am
Quoting Waveskierrob
{quote} ...more like this... {image}
All i see is Ranch dressing
More time in the market, does not mean you trade better!
  • #757,075
  • Jul 10, 2023 4:18am Jul 10, 2023 4:18am
GOLD

Sometimes, it is reasonable to look at gold trading in comparison to the GBP/USD pair, as these two assets typically correlated.
However, gold can have exaggerated moves compared to GBP/USD.
For example, the magnitude of a pullback in gold can be more than 80 pips.

I watch gold to understand the real strength of the USD.
One way is to use the correlation coefficient to determine the strength of the relationship between the two pairs.
A correlation coefficient of +1 indicates that the pairs move in the same direction perfectly.

Not all the time these two assests are correlated.
Another way to relate a move from XAU/USD to GBP/USD is to look at the price action of the two pairs.
If XAU/USD is moving up, this may indicate that the British pound is also likely to move up.
This is because gold is often seen as a safe haven asset, and when investors are feeling risk-averse, they may buy gold and sell the British pound.

It is important to note that correlation is not always perfect, and there will be times when XAU/USD and GBP/USD move in opposite directions.
It is not possible to have these two moves in tendem all the while.
Therefore, it is important just observe gold and use technical analysis and fundamental analysis, to make trading decisions.

Take Care.

PAT
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #757,076
  • Jul 10, 2023 4:22am Jul 10, 2023 4:22am
Quoting Pat Chiko
GOLD Sometimes, it is reasonable to look at gold trading in comparison to the GBP/USD pair, as these two assets typically correlated. However, gold can have exaggerated moves compared to GBP/USD. For example, the magnitude of a pullback in gold can be more than 80 pips. I watch gold to understand the real strength of the USD. One way is to use the correlation coefficient to determine the strength of the relationship between the two pairs. A correlation coefficient of +1 indicates that the pairs move in the same direction perfectly. Not all the time...
...still waiting on the mid 1800's to BE...
  • #757,077
  • Jul 10, 2023 4:22am Jul 10, 2023 4:22am
Quoting Pat Chiko
GU Trade plan for GBP/USD as of Monday morning; PAT Chiko
GU

Hey everyone,
This is my Monday's playbook on scalping .

The market is playing both sides, as it wants to take out as much liquidity as possible before the high-impact news and data releases later this week.
Without a clear defining formation, it's best to play the scalping game until an established trend or formation emerges before the news releases.

Between now and the high-impact news, the price is like unformed yeast that is slowly forming before it can act as a catalyst for real bread making.
In trading, the yeast is in the process of making a very nice sourdough bread later this week.

So trade safely, guys and gals, and enjoy the ride!
If you're in profit stay with it, or cut your losses early if the trade doesn't favor you.

There's always a chance for revenge trading later on.
Stay positive and keep learning!

PAT
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #757,078
  • Jul 10, 2023 4:23am Jul 10, 2023 4:23am
Quoting ninner
anyone watching GBPCAD????
I conquer... Oops, I mean concur.

People aren't going to expect the power of the CAD. I would short GBPCAD before I short GBPUSD. The CAD is a real contender. I have posted my technical analysis video below for my argument of the strength of the CAD.

Inserted Video
Trade at your own risk.
  • #757,079
  • Jul 10, 2023 4:25am Jul 10, 2023 4:25am
Quoting Waveskierrob
{quote} ...still waiting on the mid 1800's to BE...
I'm waiting for the Gap to be closed at 1875$. From there I'll start Buying and hopefully it's only up from there. Maybe CPI comes out hot and Gold tanks down to that gap down there.
  • #757,080
  • Jul 10, 2023 4:34am Jul 10, 2023 4:34am
...worth a look @ the longer t/f charts here. Above 2850 current yrly hi is the remainder of a prev mthly sw lo zone that extends to ciirca 2890, - this is coexistent with a prev dly/minor wkly sw lo zone that starts @ 2854 and on wkly extends to circa 2910. Both are prev supp = pot sbr.
May have been some v.tight stops of short positions taken on Fri as that 2850 new yrly hi made just above the previous 2848 one made on 16th June?

mthly then wkly below
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