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Cable Update (GBPUSD)

  • #771,521
  • Aug 31, 2023 11:52am Aug 31, 2023 11:52am
Quoting Whale
What happened to usdjpy in the last 15m 70 pips
haha this shit fucked me today..after achieving my target of 0.5% or 1% pr for the day..stumbled upon eurjpy and i dont trade yen pairs anymore but thought 120% fibo retracement might be a good entry..took it with a big lot managed to loose 4.5%..only if i would have seen fardeen's dumb analogy post i wouldnt have taken the trade
  • #771,522
  • Aug 31, 2023 11:53am Aug 31, 2023 11:53am
Quoting tradexyz
{image} target WPP imho... trade well see u later...
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  • #771,523
  • Aug 31, 2023 11:53am Aug 31, 2023 11:53am
Quoting dantpm
{quote} Fardeen1209, rephrased: I am not sure about you but I realize that I am not the smartest person in the room. The more that I learn, the more that I realize how much there is to learn and how little of it I know. Each day I do the best that I can with what I know, my experience and my understanding of the environment. Repeat daily, weekly, monthly and so on. It is just a perspective thing.
Very well defined it.
The thing is over a period of time, by applying PAT Chiko's way of reading the chart and managing the trades(particularly his way of partial and readd back), i always end up with a very decent gains.

I stopped asking question why it is that way or why it worked. All i know when i look at my account balance on the 3rd week of the month, it is always positive, i get my money to party for the whole next month

I dont care if i have a bad trade or 4 bad trades in row, i end up in a net gain. The next 2-3 trades always cover up the losses i leave behind.

This is why when PAT once said 1 trade means nothing, 1000 trades means something, i did not understand what he meant by that then, until last 4 months. When i jumped in all opportunities, i defined as a setup/edge, and how the wins and losses (in $$ term) are distributed over the whole trade set, it is something else!

The only thing i care about is what will be the move of the day, so it becomes my trade of the day.

I use TA and which sides carry the greater possibilty of the fundamental figures to converge to to deliver me what i can take from the market.

Anything else, do not matters

Aa you said, it is just a perspective thing. Indeed it is!

Mark Douglass defines consistency as a belief (something we have in our mind- a perspective) and not something on the chart.

This is why it is always a leap of faith before you push buy/sell button.
More time in the market, does not mean you trade better!
  • #771,524
  • Aug 31, 2023 12:13pm Aug 31, 2023 12:13pm
Quoting Fardeen1209
{quote} Very well defined it. The thing is over a period of time, by applying PAT Chiko's way of reading the chart and managing the trades(particularly his way of partial and readd back), i always end up with a very decent gains. I stopped asking question why it is that way or why it worked. All i know when i look at my account balance on the 3rd week of the month, it is always positive, i get my money to party for the whole next month I dont care if i have a bad trade or 4 bad trades in row, i end up in a net gain. The next 2-3 trades...
Yea Pat was a breathe of fresh air but the jealous types couldn't handle his success as a trader and a teacher, now everyone misses out on his knowledge, cheers guys ...
  • #771,525
  • Aug 31, 2023 12:14pm Aug 31, 2023 12:14pm
Risk 0.25% 5pip sl or 25 sl never go over 0.25% reward 1-3
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MY OPINION NOT FINANCIAL ADVISE
  • #771,526
  • Aug 31, 2023 12:18pm Aug 31, 2023 12:18pm
Quoting T721
{quote} UJ should be in wave 3 down and will keep dropping, be careful pal any bounces and i am adding

I find it so hard to trade other pair I am just stuck with GU
MY OPINION NOT FINANCIAL ADVISE
  • #771,527
  • Aug 31, 2023 12:19pm Aug 31, 2023 12:19pm
Quoting DrDave
{quote} M1, M5, and every other TF bars are created ultimately from tick data. And every bar has selected exactly 4 pieces of data from the stream coming in during the period of that bar and THROWS AWAY all the rest. Therefore, how can you claim that M1 bars are noiser than say H1 bars? Does M1 somehow select differently the 4 bits of data that it uses than how H1 selects the 4 bits of data that it uses??? It looks to me that you have failed to scale other elements of your trading system, resulting in a FALSE PERCEPTION of the amount of noise.
M1 and M5 are just noise..
It's really a waste of time looking at them in my opinion (my opinion).

M1 and M5 changes trend way too fast to be useful, so any direction is unreliable.
Too many bad signals.
  • #771,528
  • Aug 31, 2023 12:20pm Aug 31, 2023 12:20pm
Quoting DrDave
{quote} Engineer to F-15E Strike Eagle pilot: Oh, you mean that 8 cm front viewport? Pilot: Viewport? Is that what it is? Engineer: Yes, of course. We decided that it would be so much easier for you to look out only from this single, small viewport while traveling at your typical 1,800 MPH. With those multiple instruments that you have to keep checking, who needs a distraction like the real world view? Now if you only had 1 or 2 instruments to check, we could probably install a full-view cockpit shroud. But alas, you're using all of those instruments...
Yeah I get it..

But, practically it would be less stressful.
  • #771,529
  • Aug 31, 2023 12:24pm Aug 31, 2023 12:24pm
Quoting Waveskierrob
{quote} Yea Pat was a breathe of fresh air but the jealous types couldn't handle his success as a trader and a teacher, now everyone misses out on his knowledge, cheers guys ...
Indeed he is a great trader and a great guy who does not claimed to be a teacher
Missed his charts, loved to compare my chart with his to get confirmation and boost confidence. Today i trade without confirmation, only trust that it will work.

The thing i love with his type of trading, is what Mark Douglass explained using the Bridge over the Grand Canyon.
One contract trader vs 500 contract trader, same chart, same pit, just a different whole thing.
More time in the market, does not mean you trade better!
  • #771,530
  • Aug 31, 2023 12:24pm Aug 31, 2023 12:24pm
Quoting hans91
{quote} Hi Leon, are you still holding your longs from 1.0xxxx till now?and still aiming to 1.37xxx? almost everyone is bullish in DXY , and i feel that MM could reverse it to massive sell-off incoming days. also look at the chart that this thing is not able to break down below 1.25..it's hard situation to decide for long or short at this moment.
Hi Hans,
The past month and some has been brutal for trend traders. Yes, I have sell trades up yonder and buy trades down below. My chart looks like a battlefield switching from short to long over the last month or so. So, to tell you the honest truth. I do not know if 1.3000 will come first or 1.2500.
I try and position myself for the best possible scenario and will have to see how it plays out. Money management remains key for me at this point.
Also last day of the month so touch and go.
Cheers.
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Trade to trade another day
  • #771,531
  • Aug 31, 2023 12:26pm Aug 31, 2023 12:26pm
Quoting donfriday
{quote} I find it so hard to trade other pair I am just stuck with GU
I trade anything i think has a good enough skew, the chart name makes no difference to me tbh. I never get hung up on one pair, im all about the money. Dont mean i get every trade right, believe me i dont but get more right these days than i did back in the day. It was a helluva lotta pain but well worth it now. Hope you are making money tho, thats why we do what we do

Think this thread needs a little less conversation a little more action
  • #771,532
  • Aug 31, 2023 12:29pm Aug 31, 2023 12:29pm
come on , mf , i belive in you
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yes yes yes
  • #771,533
  • Aug 31, 2023 12:31pm Aug 31, 2023 12:31pm
Quoting Whale
What happened to usdjpy in the last 15m 70 pips
Dude, I thought it went up 70 pips... LoL.

AWESOME!! I just need USD to drop further down tommorow and I'll close one position on CHF/JPY then.

While we are at USD/JPY, Daily will confirm Short tommorow. Hmm..

(Just TP-ed one position on CHF due to the end of Month, left the higherst one).
  • #771,534
  • Aug 31, 2023 12:31pm Aug 31, 2023 12:31pm
Quoting donfriday
Risk 0.25% 5pip sl or 25 sl never go over 0.25% reward 1-3 {image}
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  • #771,535
  • Aug 31, 2023 12:36pm Aug 31, 2023 12:36pm
Quoting Waveskierrob
{quote} Yea Pat was a breathe of fresh air but the jealous types couldn't handle his success as a trader and a teacher, now everyone misses out on his knowledge, cheers guys ...
Has Chiko left the building ?
  • #771,536
  • Aug 31, 2023 12:48pm Aug 31, 2023 12:48pm
Quoting TheWraith
{quote} Dude, I thought it went up 70 pips... LoL. AWESOME!! I just need USD to drop further down tommorow and I'll close one position on CHF/JPY then. While we are at USD/JPY, Daily will confirm Short tommorow. Hmm.. (Just TP-ed one position on CHF due to the end of Month, left the higherst one).
I’m not good with Jpy pairs… GBP,EUR and GOLD.
  • #771,537
  • Aug 31, 2023 12:51pm Aug 31, 2023 12:51pm
Quoting Waveskierrob
{quote} Yea Pat was a breathe of fresh air but the jealous types couldn't handle his success as a trader and a teacher, now everyone misses out on his knowledge, cheers guys ...
Not seen him recently is he just taking time out?
Insane in the Brain..
  • #771,538
  • Aug 31, 2023 12:55pm Aug 31, 2023 12:55pm
Quoting donfriday
Risk 0.25% 5pip sl or 25 sl never go over 0.25% reward 1-3 {image}
I dont know you are a scalper! Well done Don
People don't plan to lose. They lose because they don't plan.
  • #771,539
  • Aug 31, 2023 12:57pm Aug 31, 2023 12:57pm
Quoting Robinhood1
{quote} 145.55 added
Usdjpy
More adding 145.46
POSTMASTER
  • #771,540
  • Aug 31, 2023 12:58pm Aug 31, 2023 12:58pm
Quoting ScalaFX
{quote} I dont know you are a scalper! Well done Don

scalp to
position trader

5pips to 75pips depends max
MY OPINION NOT FINANCIAL ADVISE
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