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Cable Update (GBPUSD)

  • #763,421
  • Aug 2, 2023 8:04am Aug 2, 2023 8:04am
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yes yes yes
  • #763,422
  • Aug 2, 2023 8:06am Aug 2, 2023 8:06am
Quoting TheWraith
{quote} Aha. Well, good job! How long have you tested this strategy, is it profitable? Anyway, keep it up!
I've attempted to test it but I'm not really sure how to code price action and my strategy relies heavily on that. I pretty much just use market structure to determine trend, then pivot points to determine entries and exits. At around 9AM (GMT+1) price action rejected daily pivot, trend is bearish according to market structure so i went short. ADR is ~100 on GU (not got chart open), S2 (~12700) would be around 100 pips from high of day hence it was my target.

My personal account is up 60% in the past 3 months (I risk around 2% per trade because its a small account). Whereas I lost one FTMO challenge mainly due to the fact I was down 2% with 3 days to go so I just yolo'd it and my second challenge is just in profit with 3 days to go so I'm just waiting it out for the free retake.

Realistically I'm probably a break-even trader though. I'd like to see a good year of being profitable before I consider myself profitable.
  • #763,423
  • Aug 2, 2023 8:06am Aug 2, 2023 8:06am
Quoting dantpm
{quote} ADP is red on ForexFactory. The detail is that it doesn't always agree with other employment indicators. The forecast doesn't reflect seasonal jobs! If you look at the data Fardeen1209 posted, most of the created 'jobs' are seasonal hence not a sign of economic strength yet the dollar rocketed up! The news is simply a catalyst for the algorithms that move price to move it!
Its a flight to safety in the dollar now that U.S has been downgraded.
You have an IQ lower than 90 if you interact with this user.
  • #763,424
  • Aug 2, 2023 8:07am Aug 2, 2023 8:07am
Quoting shakmoney
{quote} what is your immediate target just curious
Above 2680...

50 pips
Intraday only.
  • #763,425
  • Aug 2, 2023 8:08am Aug 2, 2023 8:08am
Quoting Coreg2004
fasten the seatbelts... {image} {image}
Quoting BeeTogether
{quote} hope so! Looking for 12840 for b/e
BT, 1.2593 (the low at the 4th wave) should be tested. The earliest date for reversal is August 4th, but the market can make some mumbo-jumbo I don't recognize right now.
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Always trade your own plan...I don't provide trading signals.
  • #763,426
  • Edited 12:31pm Aug 2, 2023 8:09am | Edited 12:31pm
Quoting gorjejem
Hi guys!. I haven't posted in a long time, and I wanted to share my 2 cents for this last week of July and the road to August. Just a sketch in my count, .. it may be wrong, of course. Grateful to everyone for sharing their points of view and being able to continue learning. {image} We will see... JEM
Hi again guys!
They changed some slopes in my trend lines, but the targets are still intact.. It seems that we come with a tailwind... the trip may be shorter than expected, but it's not over yet...IMO

Thank you all for sharing your analysis and views!!Invaluable for me and my growth with trader!

JEM.
JEM
  • #763,427
  • Aug 2, 2023 8:09am Aug 2, 2023 8:09am
Quoting Ferna
{quote} Its a flight to safety in the dollar now that U.S has been downgraded.
The US$ / debt was degraded and the employment news was in theory positive, it appears that the flight is towards the US$ not away from it, so how is that a flight to safety?
  • #763,428
  • Aug 2, 2023 8:10am Aug 2, 2023 8:10am
...potential obstacles to the upside as below
1st 3 fib cluster to upside is 2724-28, then a 4 fib cluster 2753-58, some of which shown on chart below. (These assuming current dly lo holds.)

1hr below
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Trader with an Edge.
  • #763,429
  • Aug 2, 2023 8:11am Aug 2, 2023 8:11am
Quoting greed
is here anyone who is short just only based on the macro fact that the CPI came in much lower than anticipated, so the whole hiking train of the BOE came to an abrupt stop..... ?!
Quoting greed
{quote}[...] in conclusion i can assure you, if the upcoming UK Data also supports "no rate hike" as strong as the last CPI and the other Currency giving more of a hike impression the odds of a higher cable are slim. i mean not impossible i guess, but i like to play a hand where the odds are on my side.

i think now is a good time to get out of the shorts. mostly because tomorrow we have the BOE meeting and one has to process the new data tomorrow before one can be certain for the right direction.

if you want to stay short last exit for me would definitely be ~1.2630
  • #763,430
  • Aug 2, 2023 8:13am Aug 2, 2023 8:13am
Quoting dantpm
{quote} ADP is red on ForexFactory. The detail is that it doesn't always agree with other employment indicators. The forecast doesn't reflect seasonal jobs! If you look at the data Fardeen1209 posted, most of the created 'jobs' are seasonal hence not a sign of economic strength yet the dollar rocketed up! The news is simply a catalyst for the algorithms that move price to move it!
makes sense , on a day when again volume is low the data fed the move
Insane in the Brain..
  • #763,431
  • Aug 2, 2023 8:14am Aug 2, 2023 8:14am
On a daily chart... no buying above 1.2625/00
Intraday only.
  • #763,432
  • Aug 2, 2023 8:14am Aug 2, 2023 8:14am
USD bears right now.
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Trade at your own risk.
  • #763,433
  • Aug 2, 2023 8:16am Aug 2, 2023 8:16am
Quoting navk
{quote} Above 2680... 50 pips
so your target is like 1.2730 or so
  • #763,434
  • Aug 2, 2023 8:16am Aug 2, 2023 8:16am
The shit slinging gang of bozos right now.
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Trade at your own risk.
  • #763,435
  • Aug 2, 2023 8:19am Aug 2, 2023 8:19am
But, but, but... I thought my scalping technique and my system said to short USD... But, but, but...

Inserted Video
Trade at your own risk.
  • #763,436
  • Aug 2, 2023 8:20am Aug 2, 2023 8:20am
Quoting Coreg2004
{quote} {quote} BT, 1.2593 (the low at the 4th wave) should be tested. The earliest date for reversal is August 4th, but the market can make some mumbo-jumbo I don't recognize right now. {image}
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trade well see u thunderday...
  • #763,437
  • Aug 2, 2023 8:22am Aug 2, 2023 8:22am
Quoting Pat Chiko
{quote} GJ - real time scalping long{image}

i think you are the first here on FF who is using a weekly chart and the word "scalping" together

but i like the trade. if the BOE wouldnt meet tomorrow i could imagine copying this trade

good luck
  • #763,438
  • Aug 2, 2023 8:25am Aug 2, 2023 8:25am
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yes yes yes
  • #763,439
  • Aug 2, 2023 8:29am Aug 2, 2023 8:29am
...No brainer buy wasn't it? ....that prev 1hr/4hr/dly sw lo zone = prev supp=pot supp, with 15min/30min osc's v. o/s, and reg bulish div osc's on 5min, price @ 127% 30day adr...

Sorry Pat a bit of hindsight here but it's educational! (I did hint at it in my 1st post back @ the desk a few mins ago, before the rise re buying as price entered the 1hr part of the prev 1hr/4hr/minor dly sw lo zone and price @ 127% 30day adr!!,)

Quoting Headland
...... Price has arrived in the 1hr part (lowest part) of the prev 1hr/4hr/minor dly sw lo zone that extends down to 2673/72....Dly S2 @/around current dly lo and 127% 30day adr traveled so far today. ...
See when the histogram oscillator doesn't make it back below the zero axis to form a valley? This can be great divergence @ a potential supp zone.

5min below

Anyways, just a reminder - that bullish hidden div is still present on dly and it may stay a valid signal on any deeper drop, so long as price above 2591. Perhaps timing entry on 4hr for those that do, if it sets-up, or even dly itself? It would be a dly entry into wkly uptrend, after a p/back.
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Trader with an Edge.
  • #763,440
  • Aug 2, 2023 8:32am Aug 2, 2023 8:32am
First point for a false start Buy running from 1.26839 sl at 50pips tp at 150.
Keep the Lights on then you can catch the rise from the dark.
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