Cable Update (GBPUSD)

buy - 1.2736

Here is a bit bigger view from H4 through H32.
Very obvious 1-2-3 down from the high and now on H4 1-2-3 up. However, note that H8 remains down, so a race ensues in which either H4 turns back down to continue the movement a bit lower (for potential sell), or H8 goes up as well.

...updated the potential upside obstacles

1hr below

I think the market just did an adjust, and still is bullish.

https://www.forexfactory.com/thread/...1#post14528671

Rectification:

USCPI nowcasting:
When FED FOMC July did a screenshot:

Last updated: 18th July 2023 - 3.36% US CPI

Today: CPInow: 3.42%

Expect > consensus figures.

Every FOMC Voting members keep the hiking door open.

Come on mister pivot

boring level 1000 reached finally.

So with such confidence, how many lots do you have at the ready for the pending order(s) to sell at the down crossing??

No Predictions, Just following the existing

Forex is just too dynamic for my liking because too many things are required before you push the button

some of the things you need to constantly remind yourself of.
1. Are my requirements for taking a trade meant ? If not, how many percentage of success will I rate this trade ?
2. Psychology, Always check your emotions, it contributes 60% to your success.
3. What is my risk on this trade, does it conform with my strategy, has price moved too far from the BSL or SSL or whatever you’re measuring with ?
4. How many trades have I taken today ? I have plan to stick with 3 trades daily.
5. I have decided that whenever I make a profit, for example 200$ daily, I’m closing my PC for the day. Note: this is when you already have a working strategy. If not you can stay online and trade for as long as you want on a demo account until you find a working strategy.
6. Back test your strategy with a particular time of the day, take note of the duration for a move to be completed, number of pips gain, and the consolidation in between, calculate those times because soon it will reflect in real time when you place a trade. Price and time is relative. This will contribute greatly to your success. Some traders don’t even have a pen and a book to take note. Keep playing!

Also, A lot of traders are not accountable, they will make a profit of 400$ on a 700$ account and continue trading for the rest of that day until they finally lose all the money. What exactly do you think you’re doing ? Do you think forex is some kind of a play ground ? If you don’t have a plan, you can never grow in Forex!
Most Traders take all there time to learn technical analysis, strategy, but ignore every other aspect. Well I will stop here but I can go on and on.

Lesson: Don’t ever think you are losing out on a good move currently in play. Forex is forever, accumulate your daily win! Don’t be greedy and want to have it all in one day. Forex will mess you up!

Revenge trade

Great to see you back. "Continue misleading us"

TP hit.

I recovered what I lost. This is it scalping-wise for me. I'm out!

15M Short
30M Short
Hourly in preparation to confirm Short
H4 in preparation to confirm Short
Daily Short

stop loss - 1.2726

closed all total 100p

Hey there!

First and foremost, thanks for the in-depth insight into the intricacies of forex trading. Your perspective highlights the multi-faceted approach one must take, emphasizing that it's not merely about the numbers, but also about one's mindset, strategy, and discipline.

I wholeheartedly agree with your points, especially on the psychological aspect of trading. Emotions can be a trader's worst enemy, and if not kept in check, they can easily derail even the most solid trading plan. The significance you place on having a set number of trades, and even the discipline of walking away after hitting a profit target, are invaluable tips for any trader, newbie or experienced.

The point about accountability is spot on. Without accountability, traders are on a slippery slope towards potentially reckless decisions and potential loss. Having a strict trading plan and sticking to it is indeed paramount.

Your closing remark about not trying to catch every move is golden. The market will always present opportunities, and chasing after every potential trade can often lead to missed signals and ill-timed decisions.

In a way, I see Forex trading as a blend of art and science. While the technical analysis provides the science, the psychological aspect and the discipline required to stick to a plan are indeed the art.

Thank you for the wisdom and the reminders. It's discussions like these that make this community invaluable. Keep sharing your insights, and happy trading!

TP and will observe for now.

H1 Bollinger Bands Swing High Swing Low
breaking level will show the trends..
H4 chart added
trade carefully
cmiiw