Cable Update (GBPUSD)

My long term 78.60% Fib retrace at 1.29036 looks more and more likely in days to come. I will treat pullbacks towards my future daily pivot at 1.27668 ish as buy opportunities. Year end moves and lots of big moves can be expected.
Take extreme care.
Cheers.

Not sure if anybugger other than me trades usd/cad but if todays Liquidity grab holds these are the upside targets....Just manageyourfuckinrisk

6 signals with 10p sl and 15 p tp
4 winners gives 60p profit
2 losses gives 20p loss
Total is 40p profit

SL at 12755 still holding the long

Same

Today, the price seems to have stopped at 104 pips Range.

There were days... 160 to 185 pips range.

On those days, a counter trade will surely swollow the account balance.

People say, on a 100 pips move, if one capture 40 pips, that is good enough ( on the daily candle trend side )

I trade it but I use high to low Time frame and price action not fully convinced yet of the upturn

If you were lucky enough to get some of the Asia low to London/Frankfurt open, you could have picked up another 15, 35 from the London/Frankfurt open to the low of the session and then 103 from the low of London to the high of the day.
158 potential.

Asia 15 pips
LO - 20 pips

London + NY session from 1.2700 to 1.2800 another 25 pips

One could capture 60 pips easily if they follow daily candle direction.

The daily open line decides the daily candle is long or short.

For 21 p
14p sl
I am still building a new strategy

The major swings on the 5 min chart...

It will be long reading, I think it worth it.

Yeah, too took the hard way, not the smart way, don't get offended!
Well, the way I see it, although I wanted to say it in other place, no need to postpone ... it will be fully documented on my thread anyway.
Therefore, some basic math - I take the case I look to follow:
One prop firm offer 160k (eur) for 1080e fee, 5/10% daily/max dd, ... in numbers that is 8k daily allowance that we will continue with.
There are 2 phases, 1 the trader need to make 10% = 16k and 2nd 8k ... that means 24k.
Basic math! stay with me...
But, what is the real offer, the real pool the trader could swim in a day? -> 8k
So, if the trader would have had 8k account (to go all in) that is the daily allowed dd, then, he will have to do:
- phase 1 -> those 16k = 200% of the daily allowance
- phase 2 -> those 8k = 100% of the daily allowance
All good so far, right?

To have all that, the trader pay 1080 fee.
Now, let's flip the fee as if the trader would have traded the fee as own account:
start 1080
phase 1 -> 200% -> 1080 * 200% -> 2160 profit + initial 1080 = 3240
phase 2 -> 100% -> 3240 * 100% -> 3240 profit + initial 3240 = 6480

Well, there is something but still, the proof firm give mo, 8k daily and we reached only 6480.

OK, OK, we do it again, a little bit smarter this time.
To make it simpler to understand, and of course it is part of the setup, we will use a demo account of 8k that will represent the daily allowance. We also have the fee account - real account, of 1080 that will copy the trades from the demo account with 1:1 risk.
Easy to set it up, some brokers give for free after 15 lot or so, or ... Amazon free tier - 1y for free or less than 10e / month. Is enough to have 2 instances with fxblue to copy the trades.
I know, I know, at this point for the majority this scenario is already ended because you need a real account where to put the fee, something that never happen before. Maybe now is the time for it!

Back to math.
So, now we trade primarily the 8k demo account ... yeee! most are happy! ...
So what is the difference now?

phase 1 -> 200 % ... 8k -> 200% = 16k profit -> the fee account 2160 profit ...
Hmm, there is no magic, same numbers.
Let's try one more time!

phase 1 -> 8k account, we need to reach 200 % profit = 16k. When we have 8k profit, meaning first 100% - we reset the balance of the demo account to 8k or use another demo account. So, what we have now on the real account - fee account? - 1080 + 1080 -> 2160.
We are not done with phase 1, we still need to make 100% of the daily allowance = 8k.

So, as said, we reset the demo account balance to 8k (if you can't ask the broker, they can) or use a new demo account of 8k.
The fee account that is now 2160 will copy from 8k account 1:1 risk.
You start to get it? blue sky?

So, the now, another 100% of the 8k account -> phase 1 completed, 1k profit made on the demo account -> but the real account is now 4320!

Phase 2 -> we start with a fresh balance of 8k -> 100 % -> fee account is now 8640! ... wow!

Yes, but they give you back the fee on the first payout and is still not enough. If that's in your mind, start over reading it or ask special assistance.

BUT, we can get better than that!
What if we reset the demo account not every 100% profit, but after 50% profit
demo 8000 - fee 1080
demo 8000 to 12000 - reset -> fee account -> 1620
demo 8000 to 12000 - reset -> fee account -> 2430
we are at first 100%
demo 8000 to 12000 - reset -> fee account -> 3645
demo 8000 to 12000 - reset -> fee account -> 5467.5
we are done with phase 1
demo 8000 to 12000 - reset -> fee account -> 8201.25 - we stop with decimals
demo 8000 to 12000 - reset -> fee account -> 12301

What? we made it to 12k ??? no way! ... where is the magic? ... sorry, no magic, just doing it smartly!

But, now that we started to make money, can we get better numbers?
Yeah! reset the demo account every 10% profit ... I am not an excel expert, some are, I let you enjoy those numbers!

What is next? as you like trading demo account, reset the demo account balance as you like and keep on going! Let us know in a long run how great we were, we will be happy for you! At least I will!

Now you know in what slavery that daily dd put you in?

Yes, but, prop firm give you for those 1080 -> 16k daily allowance and we have the example with 8k .. so, the prop form give you 2 chances, like if you fail 1 day to 7k, then, the next day have another 8k as it is total under 16k.

I know, you're in denial, still.
Well, with the prop account you have 2 chances, let's say, of that 8k.
If you trade own money, and are addicted, ... in 8 tries of the setup where you reset the demo after 100% done, in the happy scenario you have 8k = 8 tries.

No one say you have to start big, ... stat with a different one 80k / 540fee ... or the lowest you can get .. or, whatever you can, but the conclusion is that trading own money in a smart way is better.

So, for all funded traders, take it as a New Year present from me, maybe show it to others that trade prop account and maybe they can get some freedom ...

The only requirement is to have great trading skills ... I see many have, I hope I will too.
That being said, this is the project I will start in January.

how much pips you think we can gain?? I'm in the gbpcad making some good money off it so far in a long trade also chfjpy already up a 100+ pips but going with it to see if it breaks all time Highs

Jeez what’s up with CHF . Gaining so much strength

Sorry, I think I was misunderstood.
The discussion was about the funded way and the mentality of that dd .... and I said that the price is too high in the way that you sell your skills for nothing ... even if your payout is 90% you could have made way more money trading the own money = the fee to get funded.
I explained in a post above everything.

I would be very interested in how you do this.

let me read it first

For the account scaling, if I am not wrong, scaling 8k demo to 1080 real, when taking 1lot in the 8k account -> it will take 0.15 in the real account, ... therefore, you can start 1080/15 times smaller = 533 demo / 72 eur real so that if taking 1lot on demo 0.01 could be taken on real ... of course if on demo 0.5 lot will be taken, on real it can't get under 0.01 ... therefore it will take 0.01 instead, but this also means 1:2 risk. So, be aware of the scaling.
Same, if in the demo account, take 0.01 in the real will be still 0.01 taken.

I dunno if you have understood b4 your math.

Put / correct you math like this :

400 $ fee for 100k account.

8 % + 5 % = 13 % one need to make to earn a funded account.

Once you earned 100 k funded account, trade that ac you risk your account in such a way that you make may be 3 to 4 % in a month.

Have ten such 100 k account.

Daily risk 5 % / max risk 10 %.

Once you earn 3 to 4 % in a 100k account in a month, stop trading that account.

Goto next 100 k account, repeat it.

You make 30 to 40 % in a month with a share of 80 % ( approximately 25k )

You can trade maximum 2 accounts at a time.

I do it that way using trade copier

in gbp/cad too ---- just look for Liquidity for targets, Liquidity draws price