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Cable Update (GBPUSD)

  • #777,221
  • Sep 21, 2023 1:57pm Sep 21, 2023 1:57pm
Quoting knkie
very exciting {image}
if they hunt the stops @ 90-91 i will exit with +8 and sign off...
in wondering about yourself, you forgot what you came here to be part of
  • #777,222
  • Sep 21, 2023 2:11pm Sep 21, 2023 2:11pm
Quoting iusman23
Can someone explain why GU can climb up to 1.238 before dipping 1.215? I can't analyze this in chart. I only see max price retracing point at 1.230 before riding low.
Sure. Using a chaos model to describe price movement, it is impossible to predict where price will stop next. So it was impossible to predict price would reach 1.238 and likewise impossible to predict how far down it would go. The best we can do is make use of the fractal nature and see where boundaries are and the direction bias on a higher TF.
To free Gazans of Hamas, use whatever it takes.
  • #777,223
  • Sep 21, 2023 2:21pm Sep 21, 2023 2:21pm
Quoting donfriday
your system works its just market condition that change sometimes... keep a good risk reward
But there are only 2 market conditions: sretching and folding. Or in more familiar terms, trending and ranging.
To free Gazans of Hamas, use whatever it takes.
  • #777,224
  • Sep 21, 2023 2:32pm Sep 21, 2023 2:32pm
....price @ the current p/back hi of the day's main down-move found supply @ bottom of the prev 4hr/dly/wkly sw lo zone that began @ 2307, = prev supp = pot sbr. On wkly this zone extends to circa 2336. 3 fib cluster there too shown on charts below (one on 4hr/2 on 1hr.) Strong bounce up post Uk data fall though, with a HL on the 1hr now.

4hr/1hr below
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Trader with an Edge.
  • #777,225
  • Sep 21, 2023 2:40pm Sep 21, 2023 2:40pm
Quoting Wavegarrick
Food for thought for newbies. In stead of trading 1 full lot with a 10 pip stop which in most cases will be taken out when a signal materializes. Trade .10c lots after every 10 pip drop which will lead you to 100 pips draw down but the same monetary value as a 10 pip stop on 1 full lot. The chances become more likely that your trade will materialize because price always retraces. Maybe not as much if your trade took off on the 1 dollar lot which probably 95 percent of the time will not happen. Trading is and never will be a get rich quick scheme....
This is a great post and a wonderful strategy - slowly win the race...

Thanks for your candid input!
Live long and prosper with green pips!
  • #777,226
  • Edited 2:51pm Sep 21, 2023 2:40pm | Edited 2:51pm
Quoting Wavegarrick
Food for thought for newbies. In stead of trading 1 full lot with a 10 pip stop which in most cases will be taken out when a signal materializes. Trade .10c lots after every 10 pip drop which will lead you to 100 pips draw down but the same monetary value as a 10 pip stop on 1 full lot. The chances become more likely that your trade will materialize because price always retraces. Maybe not as much if your trade took off on the 1 dollar lot which probably 95 percent of the time will not happen. Trading is and never will be a get rich quick scheme....
Good advice WG.
-------------------------

Should Wkly S3 be met tomorrow ( @/around 2155) it will be a nearly 1000pip fall (987pips) from current yrly hi of 3142. 89% 13wk (1/4 yr) adr traveled so far this week, with 113% 6mth amr traveled so far in September. What are the chances? Anything can happen! Mthly S3 already achieved (@/around 2240.)
Trader with an Edge.
  • #777,227
  • Sep 21, 2023 2:57pm Sep 21, 2023 2:57pm
Quoting dantpm
{quote} Doubt it. Saudi can just reverse the cuts they were going to make to try to drive prices up.
Absolutely you're right but isn't gonna be too risk?
  • #777,228
  • Sep 21, 2023 3:05pm Sep 21, 2023 3:05pm
Quoting Wavegarrick
Food for thought for newbies. In stead of trading 1 full lot with a 10 pip stop which in most cases will be taken out when a signal materializes. Trade .10c lots after every 10 pip drop which will lead you to 100 pips draw down but the same monetary value as a 10 pip stop on 1 full lot. The chances become more likely that your trade will materialize because price always retraces. Maybe not as much if your trade took off on the 1 dollar lot which probably 95 percent of the time will not happen. Trading is and never will be a get rich quick scheme....
Our cautiousness to losing applies the same as when in winning. It's knowing what to do when you are wrong, and knowing what to do when you are right, that makes the difference. Cheers!
Only an idiot knows with certainty to where the market is going.
  • #777,229
  • Sep 21, 2023 3:11pm Sep 21, 2023 3:11pm
Quoting iusman23
Just saw a news, Russia completely banned Gasoline supply. Which is an indicator of rising sign in oil demand, more demand is equal to price hike.
They've done to stabilize price of gasoline in internal market, it's not refer with oil market prices.

My thoughts that 100 will be critical level, it's also 61 fibo, even now it's too expensive imho(btw it 50 fibo with good prev resistance)
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  • #777,230
  • Sep 21, 2023 3:31pm Sep 21, 2023 3:31pm
Quoting Wavegarrick
Food for thought for newbies. In stead of trading 1 full lot with a 10 pip stop which in most cases will be taken out when a signal materializes. Trade .10c lots after every 10 pip drop which will lead you to 100 pips draw down but the same monetary value as a 10 pip stop on 1 full lot. The chances become more likely that your trade will materialize because price always retraces. Maybe not as much if your trade took off on the 1 dollar lot which probably 95 percent of the time will not happen. Trading is and never will be a get rich quick scheme....
Price does not „always“ retrace. Cheers.
  • #777,231
  • Sep 21, 2023 3:39pm Sep 21, 2023 3:39pm
We forget basic rule?

Look left before actioning..

High probability of positive data tomorrow and a nice story soon.
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If you believe in yourself anything is possible !!
  • #777,232
  • Sep 21, 2023 4:23pm Sep 21, 2023 4:23pm
FTSE SWING FOR ANY FOLLOWING ---- targets down @7100 and 7000 helluva long way to go so itsa wait n see if im right.....

Blue boxes are 4hr targets
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  • #777,233
  • Sep 21, 2023 5:37pm Sep 21, 2023 5:37pm
Buy area today 2350 for 2450
Intraday only.
  • #777,234
  • Sep 21, 2023 5:38pm Sep 21, 2023 5:38pm
before that, a sell is valid once tokyo opens.
Intraday only.
  • #777,235
  • Sep 21, 2023 6:33pm Sep 21, 2023 6:33pm
4hr inside bar off monthly support and TL.
will see what Friday brings.
Compulsions can be hard to resist
  • #777,236
  • Sep 21, 2023 6:47pm Sep 21, 2023 6:47pm
Navk you are buying from here? It might drop to 1.2202
  • #777,237
  • Edited 7:52pm Sep 21, 2023 6:48pm | Edited 7:52pm
Quoting Wavegarrick
Food for thought for newbies. In stead of trading 1 full lot with a 10 pip stop which in most cases will be taken out when a signal materializes. Trade .10c lots after every 10 pip drop which will lead you to 100 pips draw down but the same monetary value as a 10 pip stop on 1 full lot. The chances become more likely that your trade will materialize because price always retraces. Maybe not as much if your trade took off on the 1 dollar lot which probably 95 percent of the time will not happen. Trading is and never will be a get rich quick scheme....
WG, buying at this level seems to be very risky...i am trading multiple full lots..no 0.05
waste of time and i am doing this for 10 years +
good luck
  • #777,238
  • Sep 21, 2023 8:12pm Sep 21, 2023 8:12pm
Quoting Wavegarrick
Food for thought for newbies. In stead of trading 1 full lot with a 10 pip stop which in most cases will be taken out when a signal materializes. Trade .10c lots after every 10 pip drop which will lead you to 100 pips draw down but the same monetary value as a 10 pip stop on 1 full lot. The chances become more likely that your trade will materialize because price always retraces. Maybe not as much if your trade took off on the 1 dollar lot which probably 95 percent of the time will not happen. Trading is and never will be a get rich quick scheme....

Yes. "Do Not put all eggs in one basket".

Works in ranging market conditions. Market can be ranging UP and DOWN is range bound price channels.

Even if/when market breaks out into a trend and you are caught in the 'wrong' direction you have a maximum of weekly cut-loss, then there is your recovery plan to recover some losses.
It is a game we play in this world largest casino.

...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #777,239
  • Sep 21, 2023 8:22pm Sep 21, 2023 8:22pm
Still away on holiday and it's been great to think about everything trading related. I'm curious, does anyone here enter trades using only the 30 min or 1 hour candle close as their lowest time entry? One thing I have been thinking about on this trip is screen time and how to possibly cut it down Thanks in advance
Emotional Control. Process, not outcome.
  • #777,240
  • Sep 21, 2023 8:25pm Sep 21, 2023 8:25pm
99% chance of cable giving a long trade sometime today
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