Cable Update (GBPUSD)

well, I have been following news trades for a week and all I faced was loss. News said USD news was green this week, USD/CAD went up, but now it is retesting again and GBP/USD was supposed to dip. But, it didn’t. So how news is shaping the market? All I understand in fundamentals is that USD/CAD is retesting because USA has higher inflation rates so UK does. But again the question is, last week a news showed previously inflation rates were 4.7% and latest news said inflation rates are now 4.3%. Still, why USD/CAD is bearish?
i personally believe news has only a short term effect, if you want to rely on fundamentals, you gotta study economics and be a economist.

you need a mentor


news is a long term event , investors use the data coming to buy or sell, the inflation report will tell the banks if the economy will be weak or strong, so it doesnt have to happen immediately because we also have retail traders buying and selling. during a day trading, you will see lots of movement during 2 trading sessions.
the future is uncertain even, thats why the FED use fixed and floating rate to balance the economy....

Trading is not a joke it's the most complex profession so i can only advice u to get a mentor dont risk ur money until you know what u are doing..


Peace

thank you.

Thanks for this.

but I’d rather stick to what works for me still.

GBPUSD was supposed to dip but it didn't? Are you sure you are talking about the GBPUSD. We are 15 pips from a 3 month low. What dip are you looking for? One hour chart here.





To echo what donfriday is saying about mentorship, you need some direction.
Your new to trading, so understand right away that you are stepping into a business that is unlike any other. You are entering a high-stakes stage where fortunes can be won and lost in the blink of an eye and justifies my next statement:

Do Not Trade With Money You Cannot Afford to Lose: Forex trading carries a high level of risk and may not be suitable for all investors. It is crucial to trade only with funds that you can afford to lose. Never use money intended for essential living expenses or financial commitments. Prioritize capital preservation and risk management when engaging in Forex trading.

Now, I don't know where you are at physically and mentally, both playing a huge part in your ability to move forward with trading. So I am saying this blindly in an attempt to give you a few things to build on.

Not in any particular order, in fact I should move 7 and 8 to the top if you wanted an order of importance but that's not what this is. Just some solid points for you in your trading journey and certainly not an all inclusive list. Just 10 solid points to give you something to think on and process.

1. Location/Time: Your in Pakistan, 10 hours ahead of Central Time zone. Focusing on the US session, opening at 7:00 am CST followed by the US Indices at 8:30 am CST. That would be 5:00 and 6:30 PM your time. Assuming you are not trading full time, nice, ideal times to trade. You know your life, your schedule, so keep markets and session times in mind when trading.

2. News: Not recommending you be a news trader by any means, however find you a calendar and be aware of high impacting news. Last thing you want to do is enter into a position right before a high impacting news event.

3. Make sure your in this game for the right reasons: Ask yourself, why are you trading the forex market?

4. Protect your capital, use a stop: Common sense trading here, Don't loose 20, 30, 40, 50 % of your account on one trade. Traders trying to hit it big with a small account attempt this all the time, get burnt over and over. Don't be that trader, that is if you are here to be in this business for the long haul, work and aim to be the best version of yourself as a trader. If your here to hit that home run, by all means, swing away and come back here in 5 years and tell us how many times you have had to make a deposit, that is if your still in the game.

5. Find a reputable broker, know your tools: I am going to mention something that I am not a big fan of, a demo account, go ahead and get that started, work your way around the platform and make sure you know what your working with in regards to viewing the charts, time and price visibility opening orders, closing orders, managing your trade etc.

6. Watch for scams: Anyone offering to help that is asking for money, stay away, pending your research and validation, don't do anything blindly. Donfriday mentioned finding a mentor, that will typically cost you something. If you have a good head on your shoulders and have some common sense, you can tackle entry into this business without a mentor. No amount of mentorship or training guarantees success in this business anyway and there is all the information you need to succeed freely on the internet.

7. Mindset: Success, your mindset needs to be set on Success. Committing to building your business, your life that you envision. Its setting that high standard for yourself, constantly working. Building the skills needed to succeed. Patience, Fortitude, Grit, Resilience, Confidence, fortitude, self-belief, perseverance, adaptability and so many more...

8. Fitness: Fitness plays a big role in this industry and any industry in my opinion, the entrepreneurial space. Its not just about loosing weight, your fitness journey ties into the mindset needed to succeed. There are a lot of benefits to being physically active.

9. Cash Burn: Don't treat the loss of money like a blown up account. I don't want to see you post here on FF that you just blew an account. Its disastrous to your mindset and not good for your health. Re-read number 7. Commit to this and figure out the rest later.
Your going to burn through some cash, your going to have to make another deposit... but certainly don't treat it as a blown account. With the blown account mindset, you still counting the times you have had to make a deposit in the years to come.
Its the cost of doing business, its the cost of learning and there is a way to go about this to better prepare yourself for the double black diamond your about to come down for the first time.

10. Indicators: You will find many here wont agree, you will find many here will agree, bottom line is I am giving you my guidance and mine only. Very generic statement here, but my direction would be to stay away from indicator land.
If you take any direction from me, Focus on price, time, trend. Structure of the market is important to follow.

Look, all the above only applies to you if your serious about this. I don't think anyone hear knows your situation so a lot of what I have said above may or may not apply to you.

I am off to watch a movie now. Nun 2.

Later all.

One of the reason why PAT chiko stay dormant for a while.
The problem is not with PAT or his daily 20k, but with the folks who believe it cannot be achieved.

I wanna see how they will react when they will see someone making easily 350k-500k on T bond futures. Will they still believe it cannot be achieved or simply it sounds impossible to them to achieve.

good to view weekend mud and shit slinging. makes this next reference very easy to present===



to any original person ===== people on forums end up with precisely what they desire === the same mentality. they talk same act same think same. even justifying why a person didnt answer a question to their liking is same if u look closely. so i concluded in past they have fish bowl brains. be real funny to see them offline. trading is always same test. your money your trading your responsibility. so ur not answerable to or reliant on a person or a website. if you think like this you can do ur own research and live life. for instance== fundamentals cannot be about a speech or data release or branding on front page of this website. why is this? they are not fundamental. simple logic yes? so what is fund? geo politics, large scale financing and all that jazz. learn about this and the chart comes alive! very corny that people argue over the items that help you see they cannot be taken seriously or trusted outside this place. its worth saying coz fish bowls are where u are watched. if uve given up on trying to use fundamentals maybe youve had bad teacher or knowledge. the benefits of doing dutiful research. people on here are things or shadows not people. trust them at your own risk.

Quote of the week.

kudos, HTG

the anti gambling people on forex factory are the problem , they come has traders but have no abillitys to trade , there sole program is to discredit good traders if you look on this thread you can see them and other threads its the same thing over and over until the good traders go best thing for pat is to open his own thread and then is able to cull them has they open there mouths

That would be true in stocks, but I don't think it's true in FX.

In FX, big money always goes against majority of retail volume, hence why there is no negotiation at all in FX. It's us vs them and we have to make sure we are not in the majority ourselves.

you are small fish so its your job to follow the big money direction
you suggest the market just drop 1000pips without negotiation of trade deals?

its true on my side and i stand on it.

dxy probable pa and may to adjust probable as per in others too.

dxy supports this bear , but likely to bear , must bull a little first before every bear !
https://www.forexfactory.com/thread/...4#post14578274

Cheap demagoguery,
It is nothing but a marketing formula.
Why do you look for the charts? Just go against traders sentiment

I believe that kind of large price drops happen due to enormous amount of retail money going Long for longer period of time.

Just look at then Yen pairs for example! Huge majority is constantly Shorting Yen pairs (betting on Yen) and price constantly makes higher highs, ie. big money going against retail money.

Of course, I respect your opinion as you can be right, but we'll have to agree we disagree this time.

Charts warn me when this potential change in sentiment could be taking place and gives me the best entry on every TF. Charts are clues.

Ok, this is your opinion and I respect it.

Hello Seniors,
Look at my analysis and help me correct my mistakes.

GBPUSD H1:
Attachment g
The Orange rectangle is marking the previous 2 supports and then we can see it went bearish. It tried to retest the price upward and rejected the previous support and when bearish again. Which clearly means a downtrend to be continued. There is another long green wick upward which means sellers are in power here and the downtrend is to continue. The market closed at the price of 1.237* and when it opens up again, it will hit the green rectangle I made below the last bearish candle. But there can be a little correction before that.

GBPUSD H4:
Attachment g
Here is a wider vision of the chart where I have marked previous supports where the price can hit lower soon with corrections. The lowest possible can be 1.230* somewhere or maybe 1.215*.

All I am posting this for the seniors to correct my mistakes. Thank you people for your time.

dont mentor anyone with this type of trading mentality of retail sell big money buy, retail buy big money sell sentiment is very dumb.

No, you haven't. Software did
Hold your shit and go learn some basics.
Yearly pf is 5.6, relax

4 days after what, remind me. I think I was suspended.
_______

Due to your incompetence (you have declared a pf = 1164 b/c of wrong math), you demanded the other member to prove your manipulative and false statement. Do you admit it or will you continue to spread lies?