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Cable Update (GBPUSD)

  • #776,621
  • Sep 20, 2023 4:14am Sep 20, 2023 4:14am
next leg down !

all the way to Zero haha

could also be wrong.
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in wondering about yourself, you forgot what you came here to be part of
  • #776,622
  • Sep 20, 2023 4:14am Sep 20, 2023 4:14am
Quoting elbert3
{image} The play for now
Buying and selling at same time? It works if it is properly done.
  • #776,623
  • Sep 20, 2023 4:17am Sep 20, 2023 4:17am
Quoting dantpm
{quote} A rate increase, especially a surprise rate increase would drive up the value of the US$ and increase the cost of all imports putting even more pressure on inflation in the US. The US is already struggling for many specialty imports. Economic expansion is not a bad thing unless it trigger higher prices. They need it to maintain 'full employment'. Not sure what will happen, I doubt that it will be a rate increase. Rhetoric will be about how inflation has not been beat and how they will continue to watch the data and react accordingly IMHO....

An increase in the value of a currency lowers the cost of imports... you've got it a bit back to front.
  • #776,624
  • Sep 20, 2023 4:24am Sep 20, 2023 4:24am
Sold small risk 1.2370 SL 1.2385
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #776,625
  • Sep 20, 2023 4:28am Sep 20, 2023 4:28am
The mf wants to 1 23000
I Will scalp short on him until there
I am out from long with 134$ loss
Let's see if i can recover
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yes yes yes
  • #776,626
  • Sep 20, 2023 4:31am Sep 20, 2023 4:31am
Quoting goldieboy
{quote} I thought that SL wouldn't matter when that happened. The broker would just make an "SL gap"
It was not a direct drop to 1000 negative. If the price jump exceed your stop, they will give you the current moving price their bot can process. This is my experience by having position during high impact news/events.
If you have -50 stop but price jump by -70. Bot will process -70. But since there are orders que that need to be executed, then yours might trigger less than -70 or more. Depend on the price when the bot tried to execute your stop[This my own logic, but i think it should work this way].
Don't mind me.. i'm crazy
  • #776,627
  • Sep 20, 2023 4:33am Sep 20, 2023 4:33am
morning GU sold 2370 hope for slide down, still shorting BTC and DJ30, happy pippin
People don't plan to lose. They lose because they don't plan.
  • #776,628
  • Sep 20, 2023 4:34am Sep 20, 2023 4:34am
Quoting dantpm
{quote} Is there any literature on how to use it or suggestions other than what you indicated in your post? It is similar to an AI that I am trying to get programmed.
I got interested in pivots after reading a lot of posts in Davits "Pivot Trading" thread (in Trading systems).
(Very) basically, he is/was suggesting that the WEEKLY(resistance)R38, R61 and (support) S38, S61 pivots can? be turning points for price. Targets from those levels might be back to the actual weekly pivot.
He didn't trade or advise on any other time frames (Daily,Monthly etc)
With Intra day trading (I) have found that the Fibs can also provide support/resistance and trading between those levels can prove fruitful.

Having said all that, I don't trade a lot of instruments. Some appear to "work" better than others, but I have no data to show. I also use other price action techniques that helps in decision making. Davit also advised strongly to use price action in association with the pivot levels as well as doing "homework" on upcoming economic news so you are aware of what the MM's might be "wanting" to do prior to news releases.(eg. lift price a few days before news with the view to sell it off.) Thus being in the best position to "Sell at the High" or "Buy at the low".

Suggestion.....have a look at page 1 of that thread. Davit has placed some good info there. He hasn't been online for some time so the thread has gone a bit quiet of late. But if you went back for 6 months of posts, then you might get an idea of what/why and when other traders have been applying the pivots to their trading.
Also, apply the indie to a chart and use the "CountPeriods" setting to go back in time to see how price reacted at those different levels.

I hope that has helped a bit.
Cheers
Michael
  • #776,629
  • Sep 20, 2023 4:36am Sep 20, 2023 4:36am
Quoting JereMi256
{quote} We are near the projected QM zone, if this zone gets violated, my midterm projection will be invalid. {image} Follow with caution that I may be wrong. {image} Plan your trades & trade your plan! +256.
First reaction from the zone. However, more news later today will determine whether this zone is good for swings.

I have more pending orders further south incase of stop hunts.
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Face 'ur fears & tame 'ur greed
  • #776,630
  • Sep 20, 2023 4:39am Sep 20, 2023 4:39am
Quoting MichaelG
{quote} I got interested in pivots after reading a lot of posts in Davits "Pivot Trading" thread (in Trading systems). (Very) basically, he is/was suggesting that the WEEKLY(resistance)R38, R61 and (support) S38, S61 pivots can? be turning points for price. Targets from those levels might be back to the actual weekly pivot. He didn't trade or advise on any other time frames (Daily,Monthly etc) With Intra day trading (I) have found that the Fibs can also provide support/resistance and trading between those levels can prove fruitful. Having said all...
Thanks!
  • #776,631
  • Sep 20, 2023 4:44am Sep 20, 2023 4:44am
Quoting Moty
The mf wants to 1 23000 I Will scalp short on him until there I am out from long with 134$ loss Let's see if i can recover {image} {image}
what makes you think this won’t go up anymore?
  • #776,632
  • Sep 20, 2023 4:48am Sep 20, 2023 4:48am
Quoting knkie
next leg down ! all the way to Zero haha could also be wrong. {image}
Price did not move the way i wanted, so i took 3 pips loss.
Seeing other traders changing their bias to short now.
So im thinking price will go up.

looking for an entry.
in wondering about yourself, you forgot what you came here to be part of
  • #776,633
  • Sep 20, 2023 4:49am Sep 20, 2023 4:49am
Quoting ScalaFX
morning GU sold 2370 hope for slide down, still shorting BTC and DJ30, happy pippin
closed BTC now almost all 27000
rest protected for huge run down, will add after break and retest TL
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People don't plan to lose. They lose because they don't plan.
  • #776,634
  • Sep 20, 2023 4:53am Sep 20, 2023 4:53am
Quoting JoshLauder98
{quote} what makes you think this won’t go up anymore?
I am one of the many fans of Moty!
If you check out his posts from today you will find how he regularly ignores his own indicators/strategies and then beats himself up for ignoring his indicators/strategies.
Sometimes it works out, sometimes it doesn't.
  • #776,635
  • Sep 20, 2023 4:54am Sep 20, 2023 4:54am
Quoting MichaelG
{quote} I got interested in pivots after reading a lot of posts in Davits "Pivot Trading" thread (in Trading systems). (Very) basically, he is/was suggesting that the WEEKLY(resistance)R38, R61 and (support) S38, S61 pivots can? be turning points for price. Targets from those levels might be back to the actual weekly pivot. He didn't trade or advise on any other time frames (Daily,Monthly etc) With Intra day trading (I) have found that the Fibs can also provide support/resistance and trading between those levels can prove fruitful. Having said all...
Hi Michael,

Why would you promote a narcissistic MF that blows regularly his accounts (last time in June), who hides the floating loss and shows only the profits etc. etc.? He is martingaling using pivot levels...and at some point...boom. Next account please...
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #776,636
  • Sep 20, 2023 4:59am Sep 20, 2023 4:59am
Quoting dantpm
{quote} I am one of the many fans of Moty! If you check out his posts from today you will find how he regularly ignores his own indicators/strategies and then beats himself up for ignoring his indicators/strategies. Sometimes it works out, sometimes it doesn't.
Are you longing or shorting?
  • #776,637
  • Sep 20, 2023 5:02am Sep 20, 2023 5:02am
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yes yes yes
  • #776,638
  • Sep 20, 2023 5:03am Sep 20, 2023 5:03am
Quoting JoshLauder98
{quote} Are you longing or shorting?
I am long in this.
Check out T721
Many of those shorting are highlighting their trades as very risky.
All trades are risky! I believe there is a better chance of this going up than down.
Trade your funds with your strategy!
  • #776,639
  • Sep 20, 2023 5:04am Sep 20, 2023 5:04am
Quoting ScalaFX
{quote} closed BTC now almost all 27000 rest protected for huge run down, will add after break and retest TL {image}
Im sitting still with shorts, 26300 main tp
Consistency will bring everything...Be good.
100% Is The Target v.1 All Time Return: -95.4%
  • #776,640
  • Sep 20, 2023 5:06am Sep 20, 2023 5:06am
Quoting Moty
{image}
That's 3 very bearish red solders in 1 hr candles.
Not really a bullish sign for DXY!
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