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Cable Update (GBPUSD)

  • #760,301
  • Jul 22, 2023 11:44am Jul 22, 2023 11:44am
Quoting Waveskierrob
{quote} OUCH!!!!... that's got to fucking hurt....don't tell me you made 600 pips ...LOL
I went Long GBP/USD @ 1.04, but I won't post the trade because I don't want to brag.
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Yeaaaaah right!
  • #760,302
  • Jul 22, 2023 11:54am Jul 22, 2023 11:54am
I still wonder if it was stupid not to buy Pound against US Dollar when it was trading almost near parity... I mean it was now that I see what happened, but how could have we known?

I feel I'll be asking myself the same question when Yen returns it's strength and wipes out all the losses it had.
  • #760,303
  • Jul 22, 2023 12:03pm Jul 22, 2023 12:03pm
I think Pound will keep appreciating against US Dollar until recession or some other event happens. I don't think DXY matters as much anymore. Most of it is Euro anyway. Fundamentally Pound should appreciate against other currencies. However, now we know what to do if something happens. Sell GBP against everything, Buy USD and JPY. CHF has appreciated already way too much, so more profitable would be to Buy USD and JPY. We get all tangled up in charts we forget fundamentals. When war began, it was clear as day we should buy safe haven currencies and sell GBP and EUR...
  • #760,304
  • Jul 22, 2023 12:08pm Jul 22, 2023 12:08pm
Quoting TheWraith
I still wonder if it was stupid not to buy Pound against US Dollar when it was trading almost near parity... I mean it was now that I see what happened, but how could have we known? I feel I'll be asking myself the same question when Yen returns it's strength and wipes out all the losses it had.
It's difficult to say, just because it was near parity doesnt mean it couldnt go further down. If its any consolation I think you will have an opportunity to buy at parity by the end of 2024. If you so wish.
  • #760,305
  • Jul 22, 2023 12:09pm Jul 22, 2023 12:09pm
Re the discussion above re timeframes. I trade my edge across 2 t/f combinations via 6 screens; the 1/5/30min/2hr -and- the 3/15min/1hr/4hr. Most of my trades are taken from the 1min and 5min in the first t/f combo -and- the 3min and 15min in the 2nd t/f combo. The close of a candle (s) (and some other stuff lining up) on one of those t/f's act as my trigger to enter the market. It is always on a candle close. I am always aware of what the price action conditions are on the 5m/30min/2hr -and- 15min/1hr/4hr, be they a. ranging, b. Trending, (classically or 'generally.') I keep a note of these throughout my trading session. The trades I look for are both with and against any trend that may be present on one or more of the individual t/f's in a t/f combo. For eg;

i. I will look for shallow pullbacks when the 5min/30min -and/or- 15min/1hr (at least) parts of one or both of the t/f combos are trending, based on 1min or 3min hidden divergence and 1min or 3min PA confirm respectively, this at a potential sbr zone on the 5min or 15min respectively (ie the next higher t/f to the hidden div.) I do this too on deeper pullbacks on 5min or 15min (acting as the trigger for entry) into a 30min/2hr -and/or- 1hr/4hr trend, and this time the potential sbr/rbs should be on the 30min or 1hr respectively, (ie the next higher t/f to the one used as a trigger for market entry.)

ii. I look to trade the pullbacks in a 30min/2hr (+) -and/or- 1hr/4hr (+) trend (which may turn into a protracted pullback or more) based on the lowest t/f that sets-up. If for eg 1min sets-up then I will enter on that but to do this although the 5min candle won't have closed in most cases, the other stuff I look for will be present. If I am not confident I will wait for the 3min (other t/f combo) or 5min candle to close to confirm and entry or not. Again I do this @ pre-identified potential supp/res on the longest of the t/f's so either 30min and/or 2hr -or- 1hr and/or 4hr...whichever sets up best.

This is the essential methodology, and methodology is important. Sounds a bit involved I know but it really is quite simple.

Know what each t/f is doing, (trending or ranging,) and know where the potential supp/res/sbr/rbs is on your longest and middle t/f's (middle only for potential sbr/rbs,) and it's then just a question of waiting for the market to come to you.
Trader with an Edge.
  • #760,306
  • Jul 22, 2023 12:19pm Jul 22, 2023 12:19pm
Quoting hoda
GU: H1 {image}
This is exactly what I'll start doing hoda and what I was thinking about.

In uptrend (Buy Zone) we only Buy and disregard signals for Short and vice versa. Now, we will see how many trades I will end up in profit and how many is loss.

Did you try this already and if you did how profitable it is, if it is?
  • #760,307
  • Jul 22, 2023 12:33pm Jul 22, 2023 12:33pm
Great to see trading discussions going on in this thread This is how i think weekends should develop going forward, but that is only my opinion.

Anyway be careful this week. were going to see huge Vol with RED NEWS all week (check calendar b4 committing) And reduce RISK accordingly if you are unsure about moves
  • #760,308
  • Jul 22, 2023 12:35pm Jul 22, 2023 12:35pm
Quoting Waveskierrob
{quote} OUCH!!!!... that's got to fucking hurt....don't tell me you made 600 pips ...LOL
Nahh he will come and said that he is in short.
Dude here hes always on the right move at the right time and his entry point are always at the first pip of a swing and exit point at the last pip of the swing
More time in the market, does not mean you trade better!
  • #760,309
  • Jul 22, 2023 12:45pm Jul 22, 2023 12:45pm
Quoting Fardeen1209
{quote} Nahh he will come and said that he is in short. Dude here hes always on the right move at the right time and his entry point are always at the first pip of a swing and exit point at the last pip of the swing
Yup, That is impossible. Even with 30yrs in this game i RARELY repeat RARELY pip the top or bottom. I scale into TnB. Sometimes thay aint tops or bottoms and i get ROYALYSCREWED but i decide on Risk b4 i even enter so happy to take the HIT. I am better at picking bottoms than tops and i go heavier long with more positions if i think i caught the Bottom.

Like i saidb4. TAKE CARE THIS WEEK< SHITLOADA RED NEWS
  • #760,310
  • Jul 22, 2023 12:56pm Jul 22, 2023 12:56pm
Quoting LifeRider
{quote} Sorry, this is a bit off topic. I look at your charts and a question comes to my head: how many positions do you divide your available margin into? 20 - 100? There is a second question too: I see you grouping your entries and then leaving them to run; do you take multiple losses when you do that, or just add as you see the price consolidate and move in your favour? Thank you.
Hi Liferider.
Just to give a bit of context here, I am not sure I understand your question 100%, but I do not let my margin level drop below 1000%. It must be understood that I am a medium to long term trader, well it is something I have explored in last 5 years in this forum and experimented as I have gone along. I do not go over 20 trades and take profit on my weakest trades on a daily weekly ongoing basis. It must be said that I do not have time to sit at my trade station all day long so this method suites me fine. My main method is to lock trades in very quickly when I get a signal. Lock in and preserve is what I strive for. Most traders are focused on the perfect entry but my biggest focus is on the exit, on the contrary I usually only get my entry right after the 10 th trade hence my reason for trading small lots. If you look at my weekly chart you will see a bit of context. I have 11 buy trades and 19 sell trades which puts my exposure at just 8 trades at .55 lots. Small yes but this I believe is the way to go if you want to trade longer term. It is like a game of chess. you assess the move of your opponent and make an educated guess as the clock ticks. No trading day, week and month is the same but there will always be a day that everything becomes crystal clear and this only comes with time. It is the same as traders saying they have a bad day or week and get it right the next week and so I let my longer term trades do the talking for me as I wait patiently before I enter whilst my older trades are growing. Your last question about taking losses. Yes I do take losses but in the context of my overall profit so really speaking I do not take losses. It is complex but you will only understand as you delve into my way of thinking,
All the best
Cheers.
Overall picture weekly chart:
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Trade to trade another day
  • #760,311
  • Jul 22, 2023 1:11pm Jul 22, 2023 1:11pm
Quoting Wavegarrick
{quote} Hi Liferider. Just to give a bit of context here, I am not sure I understand your question 100%, but I do not let my margin level drop below 1000%. It must be understood that I am a medium to long term trader, well it is something I have explored in last 5 years in this forum and experimented as I have gone along. I do not go over 20 trades and take profit on my weakest trades on a daily weekly ongoing basis. It must be said that I do not have time to sit at my trade station all day long so this method suites me fine. My main method is to...
May I ask you which screener do you use. It is quite interesting. I only us AO. I am new to Forex. Thanks for your help. By the way I am still holding my long position.with lose
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  • #760,312
  • Jul 22, 2023 1:14pm Jul 22, 2023 1:14pm
Quoting Wavegarrick
{quote} Hi Liferider. Just to give a bit of context here, I am not sure I understand your question 100%, but I do not let my margin level drop below 1000%. It must be understood that I am a medium to long term trader, well it is something I have explored in last 5 years in this forum and experimented as I have gone along. I do not go over 20 trades and take profit on my weakest trades on a daily weekly ongoing basis. It must be said that I do not have time to sit at my trade station all day long so this method suites me fine. My main method is to...
Hi Wavegarrick, thank you.
The reason I'm curious as to your way of trading is because I got my first wins in fx with the equity milipede approach. It was the first thread I found on here that REALLY allowed trades to run.
My approach has been evolving in the direction of splitting my available positions into 5 with a tight stop loss and adding as the market moves in my direction. Hence again the interest in how many positions you allow in your approach - would you mind clarifying what you mean about not letting your margin go below 1000%? I'm in the UK, and I can't go below 50% before a margin call with 30 to 1 leverage.
The other thing is about your entries - I noticed this week you had a few positions at the top shortly after the move up stalled. Then when it spiked up for the second time is when you loaded many more. My question is - did you have tight stops on these, or are these small enough to have a wider stop and only bring it closer once you get momentum in your favour?
Thank you
I have no clue where it's going
  • #760,313
  • Jul 22, 2023 1:21pm Jul 22, 2023 1:21pm
Quoting Wavegarrick
{quote} Hi Liferider. Just to give a bit of context here, I am not sure I understand your question 100%, but I do not let my margin level drop below 1000%. It must be understood that I am a medium to long term trader, well it is something I have explored in last 5 years in this forum and experimented as I have gone along. I do not go over 20 trades and take profit on my weakest trades on a daily weekly ongoing basis. It must be said that I do not have time to sit at my trade station all day long so this method suites me fine. My main method is to...
Holding position almost a year just for demo account? that's insane!
  • #760,314
  • Jul 22, 2023 1:30pm Jul 22, 2023 1:30pm
Quoting prop.kid
{quote} Holding position almost a year just for demo account? that's insane!
What makes you think that????, wow. Why would I hold a demo account for a year? Or is it because you followed troll posts. That's it, I am outa here. Cheers
Trade to trade another day
  • #760,315
  • Jul 22, 2023 1:32pm Jul 22, 2023 1:32pm
Quoting prop.kid
{quote} Holding position almost a year just for demo account? that's insane!
WaveG is not a demo trader, he knows what hes doing
  • #760,316
  • Edited 2:02pm Jul 22, 2023 1:50pm | Edited 2:02pm
JUST A FRIENDLY WARNING--NOT EVERYONE IS WHO THEY APPEAR TO BE ,,, this is for any newcomers to FF

PS, for those that dont know---This wANCHOR took money from a Forex Factory member (whom i do zoom sessions with)to trade and never gave it back, looks like the MuthaFukka spent it on his car
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  • #760,317
  • Jul 22, 2023 1:54pm Jul 22, 2023 1:54pm
Quoting prop.kid
{quote} Holding position almost a year just for demo account? that's insane!
your gonna fail at this if you cant recognize the people that really DO THIS.

because he is one of the traders you can benefit from
be a thinker before being a reacter
  • #760,318
  • Jul 22, 2023 2:07pm Jul 22, 2023 2:07pm
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  • #760,319
  • Jul 22, 2023 2:23pm Jul 22, 2023 2:23pm
Quoting TheWraith
I still wonder if it was stupid not to buy Pound against US Dollar when it was trading almost near parity... I mean it was now that I see what happened, but how could have we known? I feel I'll be asking myself the same question when Yen returns it's strength and wipes out all the losses it had.
there are some serious jedi mind tricks at work, so i wouldnt say stupid just bad timing.
Technically a currency can go near zero in value, all you have to do is issue a new currency and make the new one the law.
You have an IQ lower than 90 if you interact with this user.
  • #760,320
  • Jul 22, 2023 2:28pm Jul 22, 2023 2:28pm
Inside bar signally a potential reversal.
1.2495ish looks like a hot spot to watch PA for bulls.

USD has the reverse scenario.
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Compulsions can be hard to resist
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