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Cable Update (GBPUSD)

  • #802,421
  • Jan 12, 2024 10:32pm Jan 12, 2024 10:32pm
prop firm trading =

Inserted Video


O.
protein for breakfast !
  • #802,422
  • Jan 12, 2024 10:37pm Jan 12, 2024 10:37pm
Quoting 7154Superman
{quote} And now, when traders switch to mainly long, price action should turn to short and rob them again.
yeah, the main issue is that as a contra-indicator for longer term trading, we don’t know the trader bias for the day until the day is over. It’s useful to look at a series of days, say 2 weeks, for an emergence of a new trend. I don’t use it in a serious manner, particularly not on its own, but it’s an interesting study of traders. A while ago, Someone also pointed out that the majority could well have been long, then closed those longs in profit, leaving the rest holding shorts, hence showing mostly shorts at the end of the day. But I don’t know if the stats at the end of the day are current live trades open, or a total count of trades for the day. With this in mind, the stats showing overal trade return and number of profit trades is likely to be more valuable.
My swing trade outlook is very bullish longer term.
Compulsions can be hard to resist
  • #802,423
  • Jan 12, 2024 10:37pm Jan 12, 2024 10:37pm
Quoting montygoldy
{quote} After trying different money management strategies strictly for challenges. I started following this since last week. 1. .5% risk every trade till 1% up. (meaning 2 wins) 2. 1% risk after that till 3% up. (meaning 2 wins) 3. 3% risk to clear the challenge. (meaning 2 wins) Loss at any point will bring back to breakeven and start again. If losing streak continues risk only .5% and even reduce to .25%. Btw my risk in pips is minimum 20-30pips. And i only purchase 200k challenges. This year i am trying to be sensible with smaller/challenge...
My plan will work in gbpusd.

Will trade in Asia throu LO.

NYO need to be traded or can be traded if there is shortfall only on that particular day.

We need to make some adjustments to cover frankfurt and LO.
Intraday only.
  • #802,424
  • Jan 12, 2024 10:38pm Jan 12, 2024 10:38pm
Quoting 7154Superman
{quote} And now, when traders switch to mainly long, price action should turn to short and rob them again. It is a zero sum game, indeed. In order to win, somebody else must lose. Learn to be on the winning side... Think like a manipulative con artist. Contrary to real life wisdom, be a taker, not a giver. Then you might actually have an edge. Forex is really a den of thieves. Christians, beware!
10000+ eyes. wotif all wrong. people lie cheat steal kill 4 $$$. then wot weaknes. no eyes in bak of head. people make markets. study people.
protein for breakfast !
  • #802,425
  • Jan 13, 2024 12:50am Jan 13, 2024 12:50am
Last few days went not good.
breakeven here, breakeven there, few loss here, few profit there.

problem
I did not respect my strategy, forcing me in trying to overcomplicate things adding entries near suspected lows / highs, in the idea for price to go higher/lower.
This is not wrong btw, not at all since overall I know I am able to recognise price is sitting on support 1,27 and eventually hovering on resistance near 1,2770. Indeed I did it really right, but still trading with a bias so no getting profits from 1,2728 average to 1,2770 because of the idea to see it above the 1,28 so getting the target. Or avoiding the entry short when 2780, enter late and get just some 10pips profits.

solution
my strategy is clear, simple, straightforward. So I will get back to it. Show you an example so maybe helps someone having my similar difficulties when it comes to trade decision
90% of traders use TA, indicators and prediction
  • #802,426
  • Jan 13, 2024 1:04am Jan 13, 2024 1:04am
Quoting 7154Superman
{quote} My Trade Explorer is updated. I'll simply list the combined results of all my accounts below so you can get the gist of what I have achieved so far. I closed the underwater trade on the #2 Live account at a -20.61% loss, so that set me back a bit as you can see in the results below. Total results so far with my 8 accounts, best to worst. (All Demo accounts start at $100,000 and end at around $200,000 (+100%), then switch to Live account, starting at $100.) #6 Demo @ +100.64% + #1 Live @ +36.5% = $273,878 = +173.88% (11 trading days) #7 Demo...
I have a question for you, 7154, if you don't mind.

Are you using different strategies? I don't think so, no one can run 8 strategies at one go. In that case, there is very little point in running 8 accounts. If there is a change of strategy, you can adjust the start dates, right?

Demo accounts don't count for much in my opinion. Your two LIVE accounts, one with 4 days and the other with 10 days, has returned +36% and -20%. So I guess you're up 16%. Still, solid.
  • #802,427
  • Jan 13, 2024 1:12am Jan 13, 2024 1:12am
This is the recent cable price
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There are 3 main levels.
1. is this support? Should I buy? Should I close my shorts? Will it go higher? Where do I move my stop loss if I buy? At least 50 pip lower. So then, trade size?
2/3 Same questions then above but with opposite directions of course

There is no answer to these questions. Picking a trade is almost a jump in the dark, even if some will deny it coz they know everything and are 100% right all the times.

so, what I have to do is simply wait for price to move and pick entries when direction is taken, with smaller stop loss range, smaller risk, and in any case following what market is doing in that particular moment. It’s not perfect nor holy grail, since market can reverse anytime. That’s indeed why we use stop loss.

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There are multiple examples in many instrument. I use this combination of indicators but there are many different ones possible, even stochastic, macd or whatever fit better

The most important thing is :
It’s not just a “buy / sell” the 1m oversold/overbought
It’s to know where price is, and where it can go, and pick the trade when it is going there.
the trick is to pick a portion of the move, take profits, and say thank you.
90% of traders use TA, indicators and prediction
  • #802,428
  • Jan 13, 2024 1:20am Jan 13, 2024 1:20am
Quoting 7154Superman
{quote} And now, when traders switch to mainly long, price action should turn to short and rob them again. It is a zero sum game, indeed. In order to win, somebody else must lose. Learn to be on the winning side... Think like a manipulative con artist. Contrary to real life wisdom, be a taker, not a giver. Then you might actually have an edge. Forex is really a den of thieves. Christians, beware!
Respectively I think that analogy is bullshit. The pot is huge and controlled by large banks and financial institutions and I have zero problem taking money of those guys and neither should anyone here.
The money retail put in is a drop in the bucket.....
Don't Leave Money on the Table
  • #802,429
  • Jan 13, 2024 1:43am Jan 13, 2024 1:43am
Quoting _BBKing_
This is the recent cable price {image} There are 3 main levels. 1. is this support? Should I buy? Should I close my shorts? Will it go higher? Where do I move my stop loss if I buy? At least 50 pip lower. So then, trade size? 2/3 Same questions then above but with opposite directions of course There is no answer to these questions. Picking a trade is almost a jump in the dark, even if some will deny it coz they know everything and are 100% right all the times. so, what I have to do is simply wait for price to move and pick entries when direction...
I strictly trading usually this, so easy to see and trade with very tight SL ( risk ) 1. Find that you have found- price resistance or support 2. Wait for engulfing candle 3. Open trade with with direction of candle is engulfing at next candle 4. R:R os usually 1:1.5 or 1:2. Check first higher TF for overall trend and support resistance places. If you master it you can open orders with some more agressive mode, happy weekend
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People don't plan to lose. They lose because they don't plan.
  • #802,430
  • Jan 13, 2024 2:14am Jan 13, 2024 2:14am
Quoting ScalaFX
{quote} I strictly trading usually this, so easy to see and trade with very tight SL ( risk ) 1. Find that you have found- price resistance or support 2. Wait for engulfing candle 3. Open trade with with direction of candle is engulfing at next candle 4. R:R os usually 1:1.5 or 1:2. Check first higher TF for overall trend and support resistance places. If you master it you can open orders with some more agressive mode, happy weekend {image}
yes also I check direction “start” confirmed by something in h1. Engulfing candle is a good example.
cloud cover, doni, starts and so on.
still I anyway prefer my entry in the 1m chart.
my desktop setup is the 1m chart.
study is on the h1 mostly To understand main levels.
90% of traders use TA, indicators and prediction
  • #802,431
  • Jan 13, 2024 2:41am Jan 13, 2024 2:41am
Quoting Fishbones
{quote} market freeze…
It's absolute market freeze. Super tight range but will later come with sudden price explosion. Their plan is to trap unsuspecting traders after being disposed to this tight range then sudden price breakout.
Data + Stat + Risk/Emotions Management
  • #802,432
  • Jan 13, 2024 2:46am Jan 13, 2024 2:46am
Quoting Georginson
{quote} It's absolute market freeze. Super tight range but will later come with sudden price explosion. Their plan is to trap unsuspecting traders after being disposed to this tight range then sudden price breakout.
yep
next week calendar offers the opportunity I guess
90% of traders use TA, indicators and prediction
  • #802,433
  • Jan 13, 2024 2:54am Jan 13, 2024 2:54am
Just been reminiscing about my first post on this thread back on the 16th December 2020 and Sang real last post 3 June 2021......think someone's pants are on fire
  • #802,434
  • Jan 13, 2024 3:03am Jan 13, 2024 3:03am
Learning SMC to come back on GBPUSD pair.
Anyone here trading with SMC system?
Secret to the Price Action is Liquidity.
  • #802,435
  • Jan 13, 2024 3:09am Jan 13, 2024 3:09am
My viev for next week ( PA reading) :
Price closed below 2760 and in my opinion confirmed bearish sentiment but... price can take LQ above 2800 before deep strong down move so we must be carefull. I think price will be retracing now for 2350 or 2250 in longer term, cheers!
People don't plan to lose. They lose because they don't plan.
  • #802,436
  • Jan 13, 2024 3:10am Jan 13, 2024 3:10am
Quoting iusman23
Learning SMC to come back on GBPUSD pair. Anyone here trading with SMC system?
what SMC stands for?
90% of traders use TA, indicators and prediction
  • #802,437
  • Jan 13, 2024 3:11am Jan 13, 2024 3:11am
Quoting iusman23
Learning SMC to come back on GBPUSD pair. Anyone here trading with SMC system?
DM you pal
  • #802,438
  • Jan 13, 2024 3:13am Jan 13, 2024 3:13am
Quoting ScalaFX
My viev for next week ( PA reading) : Price closed below 2760 and in my opinion confirmed bearish sentiment but... price can take LQ above 2800 before deep strong down move so we must be carefull. I think price will be retracing now for 2350 or 2250 in longer term, cheers!
Bear ambush...
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  • #802,439
  • Jan 13, 2024 3:17am Jan 13, 2024 3:17am
Quoting _BBKing_
{quote} what SMC stands for?
Smart Money Concept

Quoting _BBKing_
{quote} what SMC stands for?
smart money concept
Secret to the Price Action is Liquidity.
  • #802,440
  • Jan 13, 2024 3:29am Jan 13, 2024 3:29am
Quoting _BBKing_
This is the recent cable price {image} There are 3 main levels. 1. is this support? Should I buy? Should I close my shorts? Will it go higher? Where do I move my stop loss if I buy? At least 50 pip lower. So then, trade size? 2/3 Same questions then above but with opposite directions of course There is no answer to these questions. Picking a trade is almost a jump in the dark, even if some will deny it coz they know everything and are 100% right all the times. so, what I have to do is simply wait for price to move and pick entries when direction...
Hi BBKing,

Personally I only look @ the M15 and 1 Min Time Frame

The M15 gives me my Daily Frame Work and the 1 Min my Price Action to Enter @ M15 Levels of Interest

https://www.forexfactory.com/thread/...5#post14716875

I was only around to take the Short Trade late in the Day Yesterday

https://www.forexfactory.com/thread/...5#post14717815
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