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Cable Update (GBPUSD)

  • #760,541
  • Jul 24, 2023 4:50am Jul 24, 2023 4:50am
...I would say the bulls have got to take out that last 4hr candle to start establishing something well, - bullish,! which means a new current dly hi. There are patterns of bullish regular div on 1hr and 4hr @ the current dly lo which may give some confidence to bulls building a longer-term position. They are currently struggling to get north of a prev 30min sw lo zone = prev supp = pot sbr, and fib. (See my 1hr chart above.)

4hr below
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  • #760,542
  • Jul 24, 2023 4:52am Jul 24, 2023 4:52am
Quoting sajad.g
it's in an uptrend, why would you go sell? after the news it was going to get the stop losses and then move upwards {image}
I think the saying "you may be right, and still losing money" explain this scenario.
More time in the market, does not mean you trade better!
  • #760,543
  • Jul 24, 2023 4:54am Jul 24, 2023 4:54am
Quoting Fardeen1209
{quote} I think the saying "you may be right, and still losing money" explain this scenario.
Hi, yeh... you gotta be right at the right time, cause being right at the wrong time is the same as being wrong, ie you lose pips.
Trader with an Edge.
  • #760,544
  • Jul 24, 2023 4:54am Jul 24, 2023 4:54am
Poor EU and UK data hinting at the 12780 area. Longs I think will be limited to around the areas we’ve had highs. Not sure NYO later today may change the landscape completely
Insane in the Brain..
  • #760,545
  • Jul 24, 2023 4:55am Jul 24, 2023 4:55am
2832 long taken.

stop 2806
Intraday only.
  • #760,546
  • Jul 24, 2023 4:55am Jul 24, 2023 4:55am
Quoting Fardeen1209
{quote} I think the saying "you may be right, and still losing money" explain this scenario.
or yours, who knows!
  • #760,547
  • Jul 24, 2023 4:55am Jul 24, 2023 4:55am
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yes yes yes
  • #760,548
  • Jul 24, 2023 5:13am Jul 24, 2023 5:13am
...we had the 5min hammer, the 15min inverted hammer/pinbar, the 30min bullish piercing pattern and the 1hr inverted hammer (a kind interpretation of that but bullish nonetheless,) closes off the current dly lo.

Bulls fighting against 5min bearish hidden div right now which may stay good so long as under 2854. Potential for 15min upwards to develop too as long as under 2884 (current dly hi.)
Trader with an Edge.
  • #760,549
  • Jul 24, 2023 5:25am Jul 24, 2023 5:25am
Quoting Headland
{quote} Hi, yeh... you gotta be right at the right time, cause being right at the wrong time is the same as being wrong, ie you lose pips.
Excellent.....

In trading, we need to be right about two things: the direction of the market and the timing of our trades.
If we are right about the direction but wrong about the timing, we can still make a profit in forex trading.

However, this is not the case with options trading.
If we are right about the direction of the market but wrong about the timing, we will lose money on our options contracts.
This is because options contracts have a limited lifespan, and if the market does not move in our favor by the expiration date, our contracts will expire worthless.

This is why forex trading is considered to be more forgiving than options trading.
In forex, we have more room for error because we can still make a profit even if we are wrong about the timing of our trades.
However, in options trading, we need to be more accurate with our timing, or we will lose money.

Of course, risk management is important in all types of trading.
It is important to understand the risks involved and to develop a sound risk management strategy.


PAT
I come from the future.
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  • #760,550
  • Jul 24, 2023 5:28am Jul 24, 2023 5:28am
Quoting Pat Chiko
{quote} ....... This is why forex trading is considered to be more forgiving than options trading. In forex, we have more room for error because we can still make a profit even if we are wrong about the timing of our trades......
Hi Pat, just to add the obvious, '...so long as within our stops...' Lol!
Trader with an Edge.
  • #760,551
  • Jul 24, 2023 5:44am Jul 24, 2023 5:44am
Quoting Pat Chiko
{quote} GU No luck at LO. After taking partial, price pullbackand RT the TL. Waititng for option to add position to LONG Wait for H1 set up to go long.{image}
GU

Maybe a push during NY session.
Keeping it tight.
Going out for a jog.

See you later.
Trade Well all......

PAT
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I come from the future.
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  • #760,552
  • Jul 24, 2023 5:44am Jul 24, 2023 5:44am
Quoting Headland
{quote} Hi Pat, just to add the obvious, '...so long as within our stops...' Lol!
we need not be on right direction always.

Stop is important criteria.. otherwise...

Have seen very few people posting stops here.
Intraday only.
  • #760,553
  • Jul 24, 2023 5:49am Jul 24, 2023 5:49am
This set up is important on 15 min TF with daily MACD showing weakness.

MACD setting is trusted ones on daily, weekly TF .
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Intraday only.
  • #760,554
  • Jul 24, 2023 5:49am Jul 24, 2023 5:49am
Quoting Headland
{quote} Hi Pat, just to add the obvious, '...so long as within our stops...' Lol!
Good acting by Kevin Spacey and good movie too,
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #760,555
  • Jul 24, 2023 5:52am Jul 24, 2023 5:52am
If the price breaks 2857...all the way longs...today in NY session.
Intraday only.
  • #760,556
  • Jul 24, 2023 5:53am Jul 24, 2023 5:53am
Quoting Pat Chiko
{quote} Good acting by Kevin Spacey and good movie too,{image}
of course its based in a true history
rip and tear until it's done
  • #760,557
  • Jul 24, 2023 5:55am Jul 24, 2023 5:55am
Preparing to enter Short.
TP is probably 1.26. Depends on the news today.
  • #760,558
  • Jul 24, 2023 5:57am Jul 24, 2023 5:57am
Quoting sajad.g
{quote} or yours, who knows!
The saying aint me said that. It is something that is passed down through generation on the wall street.
Mine opinion or money aint moving a pip, what i said does not matter. But what Powell said mattered.
What your view on the FOMC conference?
It will indicate future trend.
More time in the market, does not mean you trade better!
  • #760,559
  • Jul 24, 2023 5:58am Jul 24, 2023 5:58am
Quoting Pat Chiko
{quote} GU Maybe a push during NY session. Keeping it tight. Going out for a jog. See you later. Trade Well all...... PAT{image}
It was the perfect QM with EQHs noise
More time in the market, does not mean you trade better!
  • #760,560
  • Jul 24, 2023 5:58am Jul 24, 2023 5:58am
...last post today, all done....currently bulls struggling to get north of that prev 30min sw lo zone = prev supp = pot sbr, ie no convincing upside follow-thru on the inverted hammer 1hr close, (yet?)

1hr below
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