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Cable Update (GBPUSD)

  • #776,481
  • Sep 19, 2023 4:58pm Sep 19, 2023 4:58pm
Quoting T721
{quote} Practice where liquidity will draw price to, i dropped GU chart earlier.. Can do zoom again with you when you have time
The liquidity provides you with a potential target. Nothing about the timeframe or path to get there. We will do another zoom call but the next couple of weeks are a little busy for me.
  • #776,482
  • Sep 19, 2023 4:59pm Sep 19, 2023 4:59pm
Quoting Mitiblotch
{quote} 2440 will happen because my TP is there and because I am the market. Hahaha... please don't mind the nonsense I just wrote just kidding. On a serious note, if you pay attention to the mobthly pivot and see how it works, your whole trading life will be changed for the best. Now you work down to the weekly and daily pivots for intraday and intra week entries. That is how you build a system that actually works without bias. Once the pivots, liquidity structure and session flows align, I close my eyes and go for it and it happens like a miracle....
What do you use to identify your monthly pivot? I find different tools are giving me different results!
  • #776,483
  • Sep 19, 2023 5:00pm Sep 19, 2023 5:00pm
US Treasury Secretary Yellen warns over potential yen intervention
  • #776,484
  • Sep 19, 2023 5:17pm Sep 19, 2023 5:17pm
Quoting TheWraith
US Treasury Secretary Yellen warns over potential yen intervention
Glad she isn't in charge of the FED!
She has the gall to warn Japan about intervention in the Forex markets?
She hasn't even paid attention to the news where Japan is clearly hurting from last years intervention and is already talking about raising interest rates instead of forex intervention.
  • #776,485
  • Sep 19, 2023 5:27pm Sep 19, 2023 5:27pm
Quoting dantpm
{quote} Glad she isn't in charge of the FED! She has the gall to warn Japan about intervention in the Forex markets? She hasn't even paid attention to the news where Japan is clearly hurting from last years intervention and is already talking about raising interest rates instead of forex intervention.
She has passed that level. Lol
  • #776,486
  • Sep 19, 2023 5:29pm Sep 19, 2023 5:29pm
Quoting dantpm
{quote} What do you use to identify your monthly pivot? I find different tools are giving me different results!
https://www.actionforex.com/markets/pivot-points/

I also use this just for comparison: https://www.investing.com/technical/pivot-points

However, the first one is my first choice.
  • #776,487
  • Sep 19, 2023 5:57pm Sep 19, 2023 5:57pm
Quoting dantpm
{quote} Pretty sure that the FED only wants the US$ strong enough to support buying of US debt. If they make the US$ stronger than that the US stock market drops and businesses leave the US for other countries. A weaker US$ attracts more foreign businesses to setup in the US and helps the US stock market. It's a balancing act. Domestically higher rates are used to fight inflation and support the value of the US$
Exactly. I shared an article on the 8th of Sept explaining points why this is happening.
  • #776,488
  • Sep 19, 2023 6:10pm Sep 19, 2023 6:10pm
Quoting Mitiblotch
{quote} She has passed that level. Lol
Greenspan was the only FED chairman that made real sense to me in the last 30+ years.
Powell is at least consistent and professional. He totally screwed up financial support for Covid and the economy!
His repair of his mistake simply continues to demonstrate his competence. We would be in much worse condition with Yellin in charge!
  • #776,489
  • Sep 19, 2023 6:18pm Sep 19, 2023 6:18pm
Quoting Jolita
{quote} Exactly. I shared an article on the 8th of Sept explaining points why this is happening.
The other key variable is that the FED is made up of NGO companies that profit from their participation in the FED. This is key in deciding what the FED will do next. Powell increasing the money supply to fight covid across the board clearly demonstrated that he was working for the members of the FED and not the benefit of the US. Fed funds should have been used to support aid programs and not to try to bankroll the entire economy. The US debt would have increased much less! It would have been easier to pull excess liquidity out of the market and 'we' wouldn't be where we are today!
My
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  • #776,490
  • Sep 19, 2023 6:23pm Sep 19, 2023 6:23pm
Quoting Konichiwhaat
{quote} 20 pip TP hit, notification woke me. Nice day
Mistake, this was actually closer to 30 pips, the bulk of the whole move Back to Asia pairs this morning in preparation for any reaction from the Chinese loan news in a few hours
Emotional Control. Process, not outcome.
  • #776,491
  • Sep 19, 2023 6:36pm Sep 19, 2023 6:36pm
Quoting TheWraith
{quote} The beginning of the journey started out well! Help was taken, help was given. Basically, what this is all about. Then, they happen... Y,O&R. History does teach us that not too many souls can handle "power". TW
your not wrong
people leave, but this thread will go on for ever
  • #776,492
  • Edited 7:02pm Sep 19, 2023 6:38pm | Edited 7:02pm
Quoting dantpm
{quote} The other key variable is that the FED is made up of NGO companies that profit from their participation in the FED. This is key in deciding what the FED will do next. Powell increasing the money supply to fight covid across the board clearly demonstrated that he was working for the members of the FED and not the benefit of the US. Fed funds should have been used to support aid programs and not to try to bankroll the entire economy. The US debt would have increased much less! It would have been easier to pull excess liquidity out of the market...
Mistakes were made, let's think this time will get avoided.

We are left to repay gov debt for the rest of our and our kids lives.
Maybe is time to create new exchange, start over.
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Night peeps
  • #776,493
  • Sep 19, 2023 6:43pm Sep 19, 2023 6:43pm
Quoting Jolita
{quote} Mistakes were made, let's think this time will get avoided.
'We' could do that or 'we' could try to decide how we can profit individually from our knowledge of what is happening like every government bureaucrat or company executive is doing right now.
Do I believe that this is going to be the best solution for the country, economy and so on. No. Which do I have the greater probability to influence for my and your benefit?
That has to be worth
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  • #776,494
  • Sep 19, 2023 6:44pm Sep 19, 2023 6:44pm
Quoting dantpm
{quote} I have been 'caught' several times in the past few days exiting from positions that I shouldn't have exited from or not exiting when I should have. Still looking for the holly grail of strategies to predict price targets with the probability and timing to get to them!
Hi Dan. Getting into a trade is really easy. Getting out is the hardest challenge. Really, were we get out should be where we get back in again to trade the opposite direction, as we believe the market is about to change. But why don't people do that? Because they get nervous, greedy once in profit, they stay to "think' or "guess" what is gonna happen next. For me, it just depends. I try my best to leave TPs in place and trail SLs manually. But getting out is the biggest challenge you will face over long time. Another option could be to just enter and walk away?
Emotional Control. Process, not outcome.
  • #776,495
  • Sep 19, 2023 6:46pm Sep 19, 2023 6:46pm
Quoting Konichiwhaat
{quote} Hi Dan. Getting into a trade is really easy. Getting out is the hardest challenge. Really, were we get out should be where we get back in again to trade the opposite direction, as we believe the market is about to change. But why don't people do that? Because they get nervous, greedy once in profit, they stay to "think' or "guess" what is gonna happen next. For me, it just depends. I try my best to leave TPs in place and trail SLs manually. But getting out is the biggest challenge you will face over long time. Another option could be to...
Do you always set your take profit at 2x stop loss (or some similar formulae)? That would be a solution. Settle for the consistent profit as navk does.
  • #776,496
  • Sep 19, 2023 6:52pm Sep 19, 2023 6:52pm
Quoting dantpm
{quote} Do you always set your take profit at 2x stop loss (or some similar formulae)? That would be a solution. Settle for the consistent profit as navk does.
Kinda. I have a fairly staunch mechanical method. If taking a GU trade in Asia session, I normally have an aggressive tight 5 pip stop with a 15 pip TP (3:1). This is because range trading works quite well with this pair then. But if I am trading GU during London, I normally start with a 1:1 of 15 or 20 pips to stay clear at the start, then if it goes in my favour, I move the SL to half size immediately. Hope this helps
Emotional Control. Process, not outcome.
  • #776,497
  • Sep 19, 2023 7:33pm Sep 19, 2023 7:33pm
all my stop executed with miss 5 pips from tp...lol..now im trapped..
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  • #776,498
  • Sep 19, 2023 7:37pm Sep 19, 2023 7:37pm
Quoting dantpm
{quote} I have been 'caught' several times in the past few days exiting from positions that I shouldn't have exited from or not exiting when I should have. Still looking for the holly grail of strategies to predict price targets with the probability and timing to get to them!
Perhaps with more experience I'd have better intuition to time these early exits for appropriate times but overall it seems to be a net negative for me currently. As for your other question on setting TP, I typically do the closest pivot level to what would be the ADR if I my entry is indeed near the low/high of the day depending on bull/bear trend. This typically results in >3:1 RR trades.
  • #776,499
  • Sep 19, 2023 8:20pm Sep 19, 2023 8:20pm
Quoting dantpm
{quote} When you have the time you might be interested in this video. It is dated but still very valid. https://www.youtube.com/watch?v=L7G0OfJUON8
classic sales pitch move on.
I believe simple is best
  • #776,500
  • Sep 19, 2023 8:28pm Sep 19, 2023 8:28pm
Pound is on the brink of a collapse
I am selling rhe GBP/USD with SL 1.2576 AND TGT 1.1912
Selling GBP/JPY SL 185.99 TGT 178.85 and 172.98
GOOD LUCK FOLKS ...IT HAS BEEN A WHILE FOT ME TO POST HERE.
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