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Cable Update (GBPUSD)

  • #805,021
  • Jan 25, 2024 12:39am Jan 25, 2024 12:39am
short 2720 sl 2750 tp 2680
  • #805,022
  • Jan 25, 2024 12:49am Jan 25, 2024 12:49am
stats say this month so far I’m up 5%
started with a -1,5% down due to a stupid over-leveraged wrong trade (on cable)

so, total from low to high I’m up about 6,5%

most of profits are on oil but this is because of the wrong stupid over-leveraged trade in cable so atm I have just a 11$ profits on it (could be >1k)

this to say:
Overloading a trade still makes me the difference between a losing or a winning month.
I started trading in 2000. Still today I prefer using a relatively small size, then increase at increasing of confirmations of the trade.
Still today I want to see my trades going immediately in the right direction, or cut it quick.
still today I feel the pressure when time to decide if cut and cash, or if let it go.

but the most important thing is that…I learnt the most costly thing in trading: a wrong trade, can become even worst!
90% of traders use TA, indicators and prediction
  • #805,023
  • Jan 25, 2024 1:04am Jan 25, 2024 1:04am
In the past I used Fibonacci as follow, mostly in trend market.
Lets forget about everything and let’s assume we are at the potential beginning of an uptrend.
Price shoots up from lo to hi and retraces exactly between 50% and 61.8%
Attached Image (click to enlarge)
Click to Enlarge Name: Gu.png Size: 39 KB

At this point, fibo extension comes to draw projected levels
Attached Image (click to enlarge)
Click to Enlarge Name: Gu2.png Size: 41 KB

There we have levels to watch as targets or as entry counter direction.

In this particular case I’m not following this setup, but would not be excluding the eventuality for it to develop since atm, price formed exactly that patter.
90% of traders use TA, indicators and prediction
  • #805,024
  • Jan 25, 2024 1:19am Jan 25, 2024 1:19am
Quoting _BBKing_
{quote} eur gbp cross moving to support lately you see gbp stronger than eur gbp Goes faster and stronger on moves up. eur goes faster and stronger on moves down. The eur gbp is an important indicator to help in eventually decide if better trade the eu or the Gu
I have a more difficult time getting my head around trading cross pairs.
GU is blue and EURGBP is orange in this chart. GU does appear to move more if EURGBP is moving in the same direction or relatively flat. I haven't been able to visualize the up and down characteristics you indicate.
Attached Image (click to enlarge)
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  • #805,025
  • Jan 25, 2024 1:34am Jan 25, 2024 1:34am
Quoting dantpm
{quote} I have a more difficult time getting my head around trading cross pairs. GU is blue and EURGBP is orange in this chart. GU does appear to move more if EURGBP is moving in the same direction or relatively flat. I haven't been able to visualize the up and down characteristics you indicate. {image}
yes cross pairs are more complicated indeed.
what I mean is:
eur gbp in daily and hourly charts is mostly in downtrend
this means simple fact: gbp is stronger than eur.
so, if you compare eu and Gu charts:
Attached Image (click to enlarge)
Click to Enlarge Name: Gu.png Size: 53 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Eu.png Size: 43 KB

You notice how the eu printed smooth and clean moves down, while the Gu did not.
so, eu was more affected by usd strength, or maybe the eur itself been weaker lately. Whatever the reason, a short in eu gave a better outcome than a short in Gu in recent moves.
So, even not trading the eur gbp but simply recognising its trend, can help in deciding which of the 2 instruments to follow in a particular scenario.
90% of traders use TA, indicators and prediction
  • #805,026
  • Jan 25, 2024 1:51am Jan 25, 2024 1:51am
if you want to make some money
go to the higher tf
Attached Image (click to enlarge)
Click to Enlarge Name: gu.png Size: 20 KB
yes yes yes
  • #805,027
  • Jan 25, 2024 2:00am Jan 25, 2024 2:00am
Quoting OperaniyiFx
Sold GU 1.2722 TP 40pips SL open
trade closed to BE
  • #805,028
  • Jan 25, 2024 2:12am Jan 25, 2024 2:12am
Took short gj
Attached Image (click to enlarge)
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yes yes yes
  • #805,029
  • Jan 25, 2024 2:23am Jan 25, 2024 2:23am
Quoting Moty
Took short gj {image}
Now i got you nf
Attached Image (click to enlarge)
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yes yes yes
  • #805,030
  • Jan 25, 2024 2:26am Jan 25, 2024 2:26am
First thing first
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  • #805,031
  • Jan 25, 2024 2:29am Jan 25, 2024 2:29am
Possibility for gold to go below 2000 based on daily candles
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Extreme gut feeling trader
  • #805,032
  • Jan 25, 2024 2:31am Jan 25, 2024 2:31am
G/M, bullish engulf dly candle y/day...quite a pullback off it's hi - this the 2nd 1hr test of the prev 1hr/4hr/minor dly sw hi zone = prev res = pot res that extends up to 2785 (top of this coexistent with the dly part of the prev 4hr/dly/minor wkly sw hi zone that extends up to 2828.) Asian session mixed mainly up and an early 1st false break of the Asian hi finds supply @ a prev 1hr sw lo zone = prev supp = pot sbr. 1hr rangy - bullish right now?

1hr below
Attached Image (click to enlarge)
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Trader with an Edge.
  • #805,033
  • Jan 25, 2024 2:37am Jan 25, 2024 2:37am
Dxy looks a bit weak … may go down more before retracing .. gut feeling waiting for higher price to short
Attached Image (click to enlarge)
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Extreme gut feeling trader
  • #805,034
  • Jan 25, 2024 2:40am Jan 25, 2024 2:40am
interest rates are bullish, central banks don't control them other than overnight
but hot data does, Uk+US=hot data
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #805,035
  • Edited 2:59am Jan 25, 2024 2:44am | Edited 2:59am
...4hr is recently bullish within it's (and dly t/f's) overall 2828-2610 multi-week range. (First false downside b/o of that to 2596.) Possibly in a general uptrend?

4hr with 10/20/40 ema crosses graphic below
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 20 KB
Trader with an Edge.
  • #805,036
  • Jan 25, 2024 2:57am Jan 25, 2024 2:57am
Quoting T721
{quote} {image} 4637846
Oh!!!!! I really love this one.... let he who have ears hear this one.
Thankyou for posting, more green pips to you.
THE TRUTH IS SIMPLE,ACCEPTING THE SIMPLICITY OF THE TRUTH IS WHAT IS HARD
  • #805,037
  • Jan 25, 2024 3:00am Jan 25, 2024 3:00am
GU: H4
Attached Image (click to enlarge)
Click to Enlarge Name: GU_H4.jpg Size: 543 KB
Intraday Trading is an Art _ hoda
  • #805,038
  • Jan 25, 2024 3:02am Jan 25, 2024 3:02am
Quoting eyefeelsix
{quote} try to print mon$y from deja vu atm long for -5p risk {image}

myCable Updated --- based on EW in-out it's clear enough for me

Attached Image (click to enlarge)
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https://breakpullback.com
  • #805,039
  • Jan 25, 2024 3:03am Jan 25, 2024 3:03am
...price has traded within the 2828-2610 dly range (save for that 1 x false downside b/o attempt to 2596) since 15th Dec, and was actually within those extremes before they were established - ie since 15th Dec.

dly below
Attached Image (click to enlarge)
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Trader with an Edge.
  • #805,040
  • Jan 25, 2024 3:09am Jan 25, 2024 3:09am
Quite messy so far this morning, spikes both up and down quite limited. I’m holding shorts from 12710 will look for a drop to 12670-80 and switch to long.
Insane in the Brain..
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