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Cable Update (GBPUSD)

  • #768,681
  • Aug 20, 2023 8:02am Aug 20, 2023 8:02am
Quoting tiborf71
{quote} since M1 is almost only worth trading with a large lot size, the possibility of error can be painful.
I'll answer quickly, because I have to go. The thing it is not necessarily to trade large lot sizes, because you can aim 5-10 trades a day, instead of 1. I guess everything comes with experience. I have a lot to learn and to develop. Maybe someday I will feel comfortable with 4h charts. Who knows...

Cheers and have a great rest of the weekend.
B
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #768,682
  • Aug 20, 2023 8:15am Aug 20, 2023 8:15am
Quoting bfx17
{quote} I would say not very smart, rather you have to have a lot of observations time under your belt. believe it or not I consider 1 hour TF trickier than 1 min or 5 min, because I simply do not understand what the hell is going on. Of course I have a look on higher time frames, but on 1 min I feel like I understand better what the price is trying to do. For other traders 1 min is a nightmare and they are comfortable with 1h, 4h, daily etc.
for example, M1 would not really be an ideal position for the grid.
because I need volatility to make money..
  • #768,683
  • Aug 20, 2023 8:24am Aug 20, 2023 8:24am
Quoting tiborf71
{quote} if you read a lot, you already know for sure that what is written in the books does not work in real life.
Majority of the new finance book >2000s are repackaged of original work from early 1900s or late 1800s.
Just try to get your hand on these original work, thats what i do, from this you can decides from your perspective what works or dont!
More time in the market, does not mean you trade better!
  • #768,684
  • Aug 20, 2023 8:27am Aug 20, 2023 8:27am
Quoting Fardeen1209
{quote} Majority of the new finance book >2000s are repackaged of original work from early 1900s or late 1800s. Just try to get your hand on these original work, thats what i do, from this you can decides from your perspective what works or dont!
good luck with your reading.
  • #768,685
  • Aug 20, 2023 8:30am Aug 20, 2023 8:30am
Quoting Ferna
{quote} didn’t find his blog. Got any link?
https://www.armstrongeconomics.com/blog/
POSTMASTER
  • #768,686
  • Aug 20, 2023 8:35am Aug 20, 2023 8:35am
Quoting Robinhood1
I cannot see cable chart clear yet. The best i can see at It stands, short around 1.2940 as long as the last low (1.2616) iS not Broken
Been doble checking. Still believe so. If we reach 1.2940 before breaking 1.2616, the target becomes 1.1770 aprox. And relatively fast.
POSTMASTER
  • #768,687
  • Aug 20, 2023 8:36am Aug 20, 2023 8:36am
Quoting Robinhood1
{quote} Been doble checking. Still believe so. If we reach 1.2940 the target becomes 1.1770 aprox. And quite fast.
I can see it through gbpnzd.
POSTMASTER
  • #768,688
  • Aug 20, 2023 8:36am Aug 20, 2023 8:36am
Quoting Fardeen1209
{quote} Mr Clemmo's The Finance Book club thread is a great place to have access to these books. Give it a try, very helpful and have access to many books under one roof. His finance book club is my Sunday's morning routine, i love to read from his thread.
Thanks!
  • #768,689
  • Aug 20, 2023 8:41am Aug 20, 2023 8:41am
Quoting TheWraith
I'll start by reading Best Loser Wins. No, I didn't read any of these books I just mentioned, however these are the books that got by far the best feedback. I couldn't find any other book on SMC that had this much of a praise, so it's probably among the best if not the best by Frank Miller. I read the Art of Currency Trading by Brent only. Was a good book. However, I am very, very interested in Best Loser Wins, because it dives right into the psychology and the way we think and our downfalls and why they happen. I'll post a review after I'm done...
50 pages in so far... yeah.. this is an amazing book so far. I think this book has "the key" you (we) are all searching for. However, it seems that key isn't somewhere else to be found, it's closer than you think, but deeper than you think!

Haha .

Back to reading...
  • #768,690
  • Aug 20, 2023 8:46am Aug 20, 2023 8:46am
Quoting Robinhood1
{quote} I can see it through gbpnzd.
We are here now.
Attached Image (click to enlarge)
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I could not upload but realized why.
POSTMASTER
  • #768,691
  • Aug 20, 2023 8:54am Aug 20, 2023 8:54am
Quoting bfx17
{quote} I didnt say that I close the position immediately the price turns against me. Or at least I didnt mean that. If I wrote that, I apologize. I wanted to say if the price is clearly going against my position I'll close it. It is a big difference between these 2 statements, because there are spikes or the algo is going to take some stop losses and then returns to my direction. That's why I keep my position opened until I notice the fight is lost and most probably the price is going against my direction toward its next target. When I look at...

okay thanks for answer. May I ask. What do you mean by MM-s? And algo? Because if someone understood "algo" then he/she would trade every movement without problem, right? I'm a true believer in Supply and Demand myself. Zone for me is a place where most people will decide something - even algos but its human programmed to make a decision in certain places all the time. This algo for me exists but not this kind of algo that "is creating price" if you know what I mean. If you didn't understand very well then I try to explain a bit more.
How to succeed in zero sum game?
  • #768,692
  • Aug 20, 2023 9:01am Aug 20, 2023 9:01am
Quoting donfriday
{quote} still bullish on cable check July 2022 14th and July 2023 14th similar setup 500pips pull back before summer holiday market move from 1.25 , it’s very likely we move back there before another move up more Liq on the downside to drive this thing up

the chart is clear except u are playing few pips game
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MY OPINION NOT FINANCIAL ADVISE
  • #768,693
  • Aug 20, 2023 9:02am Aug 20, 2023 9:02am
Quoting dempire1
{quote} okay thanks for answer. May I ask. What do you mean by MM-s? And algo? Because if someone understood "algo" then he/she would trade every movement without problem, right? I'm a true believer in Supply and Demand myself. Zone for me is a place where most people will decide something - even algos but its human programmed to make a decision in certain places all the time. This algo for me exists but not this kind of algo that "is creating price" if you know what I mean. If you didn't understand very well then I try to explain a bit more.
The algo for me is the one that mixes the orders in such a way that it is always good for him.
  • #768,694
  • Aug 20, 2023 9:09am Aug 20, 2023 9:09am
Quoting dempire1
{quote} okay thanks for answer. May I ask. What do you mean by MM-s? And algo? Because if someone understood "algo" then he/she would trade every movement without problem, right? I'm a true believer in Supply and Demand myself. Zone for me is a place where most people will decide something - even algos but its human programmed to make a decision in certain places all the time. This algo for me exists but not this kind of algo that "is creating price" if you know what I mean. If you didn't understand very well then I try to explain a bit more.

i dont know why everyones so scared of algos or gives them this godly omniscience of being all knowing and running the market. An algo is only as good as the schmuck who coded it LOL...it coulsd be some near sighted nerd who picked his nose as a kid and ate the boogers and we should be scared of that?...i think its insane to attribute a godlike power to algos,ea's and robots and such

i think a very big reason for the 95% failure rate of traders is because they want to automate and have some script trade for them while they sit at the beach drinking pina coladas id be willing to bet the failure rate was much lower before the advent of computers since people had to learn TA drawing their own charts at home using a pencil and graph paper like livermore and wyckoff had to using just the prices printed in newspapers
short trump and go long the deepstate
  • #768,695
  • Aug 20, 2023 9:14am Aug 20, 2023 9:14am
Quoting Zebi
{quote} i dont know why everyones so scared of algos or gives them this godly omniscience of being all knowing and running the market. An algo is only as good as the schmuck who coded it LOL...it coulsd be some near sighted nerd who picked his nose as a kid and ate the boogers and we should be scared of that?...i think its insane to attribute a godlike power to algos,ea's and robots and such i think a very big reason for the 95% failure rate of traders is because they want to automate and have some script trade for them while they sit at the beach...
well, among other things, the algo monitors your account balance when you open a position, and if your account falls below a certain level, it hunts you mercilessly.
you don't have to believe it.
anyone who has spent thousands of hours in front of a computer knows this.
  • #768,696
  • Aug 20, 2023 9:26am Aug 20, 2023 9:26am
Quoting ScalaFX
{quote} Don, Im wating for your chart, I miss them share your view please

looking to buy on drop


GU you is trading half-point trades but an explosion should be expected again soon
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MY OPINION NOT FINANCIAL ADVISE
  • #768,697
  • Aug 20, 2023 9:28am Aug 20, 2023 9:28am
Quoting Zebi
{quote} i dont know why everyones so scared of algos or gives them this godly omniscience of being all knowing and running the market. An algo is only as good as the schmuck who coded it LOL...it coulsd be some near sighted nerd who picked his nose as a kid and ate the boogers and we should be scared of that?...i think its insane to attribute a godlike power to algos,ea's and robots and such i think a very big reason for the 95% failure rate of traders is because they want to automate and have some script trade for them while they sit at the beach...
but to think these guys or girls are schmucks is wrong some of the smartest people build the algos, we are talking NASA smart.
not joe blow down the street.
without patience how can you be a trader?
  • #768,698
  • Aug 20, 2023 9:31am Aug 20, 2023 9:31am
Quoting tiborf71
{quote} well, among other things, the algo monitors your account balance when you open a position, and if your account falls below a certain level, it hunts you mercilessly. you don't have to believe it. anyone who has spent thousands of hours in front of a computer knows this.
george lane invented stochs in late 50's when computers were whirling reels of magnetic tape. theres a great tracy hepburn comedy called desk set from 1957 featuring just such a computer called eniac and its about this time george wrote a program for stochastics and ever since that time i want to say tens of thousands of useless indicators have been invented and more and more people have been losing their shirts tryiing to use those indicators and blaming some all knowing all seeing algo wizard for their losses

my only response to people like that is KISS....no not kiss my ass but keep it simple....simplify...livermore made and lost 3 fortunes and there was no algo out to get him back then
short trump and go long the deepstate
  • #768,699
  • Aug 20, 2023 9:38am Aug 20, 2023 9:38am
Quoting Zebi
{quote} george lane invented stochs in late 50's when computers were whirling reels of magnetic tape. theres a great tracy hepburn comedy called desk set from 1957 featuring just such a computer called eniac and its about this time george wrote a program for stochastics and ever since that time i want to say tens of thousands of useless indicators have been invented and more and more people have been losing their shirts tryiing to use those indicators and blaming some all knowing all seeing algo wizard for their losses my only response to...
my friend, pay attention to this, if it hadn't already occurred to you, the 50/50 chance is bullshit. the algo doesn't allow this.
if the 50/50 chance is true, there should be many more winners.
I see that you are still a beginner, come back after 10 years and then you will see it differently.
  • #768,700
  • Aug 20, 2023 9:39am Aug 20, 2023 9:39am
believe it or not, but old bluesteele is around. cheers Kev, nice to see you man.
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
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