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Cable Update (GBPUSD)

  • #808,681
  • Feb 10, 2024 1:15am Feb 10, 2024 1:15am
Quoting _BBKing_
{quote} well maybe I will not be looking to short this level, doesn’t seem to be much more likely will catch a scalp short o if going down from here to try the 2580 n 2540
my wave counting assumes that reaching the 1.25710 level is not excluded either.

I will open a short position on Monday, I will place the SL above the resistance.
we'll see.

M30.
  • #808,682
  • Feb 10, 2024 2:58am Feb 10, 2024 2:58am
EUR/JPY.
I am short on this pair, my wave analysis also confirmed the correctness of the direction. I usually only use wave analysis to confirm the direction + S/R levels. It is not the holy grail, but it brings good results. I always use SL because it is the only thing that protects me when things go wrong they are .
H1.
  • #808,683
  • Edited 9:05am Feb 10, 2024 3:55am | Edited 9:05am
* The < 13wk awr (67%) Wkly closed as a doji - all up from Mon's/the wkly 2519 lo - this @ a prev sw lo zone = prev supp = pot supp (that extends down to 2500) / asc t/line on this t/f. Fri's < 30day adr (49%) Dly closed as a bullish engulf of the prev day's dly candle body.
* Not much bearish about the week just closed after the 2nd and again false dly downside b/o of the multi-week 2828-2610 4hr/dly range to 2519 on Monday, and then a 3rd and false downside b/o to 2571 on Thursday. Price closed the week back inside the said range just off the 2642/43 wkly hi, that 2571 being a HL now on the dly t/f.
* Friday saw the wkly hi challenging a prev 1hr sw hi zone = prev res = pot res, this coexistent with a prev 1hr/4hr sw lo zone = prev supp = pot sbr that on 4hr extends to circa 2755. The 50% of the total 2772-2519 drop is still intact @ 2545 within this later zone.
* 4Hr closed the week rangy to bullish, and 1Hr probably in a general uptrend.

You could make an argument for an ascending triangle pattern on 1hr, as price has been ' knocking on the door ' of the potential res. This and the HL on dly are at least suggestive of an upside break, perhaps whilst the 1hr asc tri remains intact? Maybe a new dly range will turn out to be 2828-2519?

Remember though, anything can happen, follow what price does.
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Trader with an Edge.
  • #808,684
  • Feb 10, 2024 7:22am Feb 10, 2024 7:22am
Quoting _BBKing_
{quote} I don t get the point sorry. is this about zerohedge? is this about you? is this about bond yields? I mean, USD JPY and all crosses went in collapse mode lately, fueled by yields of course. so, market consider it as important. zerohedge is just one out of thousands similar out there, maybe the most popular one ? I don’t know but I just personally don’t care about. maybe are you trying to advertise yourself because you are better than zerohedge? I mean, nothing personal but I personally know nothing about yields, bond auctions, I don’t how...
Yields and Bonds are the exact same thing, but inversed, if the market is flooded with bonds, prices go down yields go up
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #808,685
  • Feb 10, 2024 7:32am Feb 10, 2024 7:32am
Avoid anyone talking about interest rates who doesn't know the basic principle of what moves yield.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #808,686
  • Feb 10, 2024 7:58am Feb 10, 2024 7:58am
Quoting HaLBot
{quote} Checking what 4% ROI really means in figure terms depending on your initial daily balance, in my opinion any % based ROI needs to be strictly adhered to. So the moment 4% is achieved and price not continuing in your favour trades must be closed. Just like the meme.....Prove Me Wrong!
Monday - ( + 8.44 % )

tuesday - ( + 3.66 % )

Wednesday - ( - 3.75 % )

Thursday - ( +11.43 % )

Friday - ( + 8.26 % )

Total for the week - ( + 30.41 % ) on a cumulative basis.
Intraday only.
  • #808,687
  • Feb 10, 2024 8:54am Feb 10, 2024 8:54am
Quoting navk
{quote} Monday - ( + 8.44 % ) tuesday - ( + 3.66 % ) Wednesday - ( - 3.75 % ) Thursday - ( +11.43 % ) Friday - ( + 8.26 % ) Total for the week - ( + 30.41 % ) on a cumulative basis.
great results, of course it wouldn't have been possible without the use of SL.
  • #808,688
  • Feb 10, 2024 9:27am Feb 10, 2024 9:27am
Quoting Pat Chiko
{quote} NASDAQ The recent rally in the Nasdaq 100 can be attributed to several factors, including: Positive Q4 earnings from major tech companies. Easing concerns about interest rate hikes. Weak US dollar. While the upward momentum is strong, Poissible retracement for the following reason. Profit-taking by investors, especially after such a rapid ascent. Unexpected negative economic data. Geopolitical or market-specific events. Impact of US Presidential Election which can introduce volatility into the markets. Partial TP {image}
NASDAQ

I successfully cashed out long-term scalping trades today!
Some, held for over two months, netted me decent profits on the NASDAQ.

No sweat about swap fees - somewhere, a long-position trader cashed out too, leading to the price dip.
I held onto the best trade possibilities for further analysis.

It's a fresh year, and I'm ready to adapt and conquer!
Here's to more wins!
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May God have mercy to those shorted the Indexes recently.
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #808,689
  • Feb 10, 2024 9:39am Feb 10, 2024 9:39am
Quoting Pat Chiko
{quote} NASDAQ I successfully cashed out long-term scalping trades today! Some, held for over two months, netted me decent profits on the NASDAQ. No sweat about swap fees - somewhere, a long-position trader cashed out too, leading to the price dip. I held onto the best trade possibilities for further analysis. It's a fresh year, and I'm ready to adapt and conquer! Here's to more wins! {image}{image} May God have mercy to those shorted the Indexes recently. {image}
INDEXES

The Nasdaq recently hit a new all-time high and is still going up, like a wave rising to its peak.

But it hasn't tested a key support level yet.
Last Friday, it gained 1.25% due to news about a chip-making project.
(source Reuters)
All three major indexes (Nasdaq, S&P 500, Dow) are on a winning streak.

However, strong economic data and hawkish comments from the Fed suggest interest rates might not fall soon.
This could cause the indexes to pull back or even go down, instead of continuing to rise.
Basically, they might take a break or even go in the opposite direction.


The Nasdaq might dip a bit. The next target is with a possible of 18,500.
S&P 500 is doing well above 5,000, there's a chance things could slow down.

Here's why:
Interest rate cuts haven't been happening as fast as expected, which has actually helped stocks, maybe because of upcoming elections.
The market is strong right now, so trying to short it (betting it will go down) could be risky.
Many investors have already sold their bonds and bought stocks, which could limit any big drops.

Basically, even though things look good now, there's a chance the party might slow down a bit in the future.
The recent strength of major indices like Nasdaq and S&P 500 has raised concerns about being overbought.
This could make them vulnerable to potential corrections, especially if upcoming economic data like the US CPI report this week (13th Feb, Tues) comes in unexpectedly negative.

Be careful if you're thinking about betting against the market.

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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #808,690
  • Feb 10, 2024 10:32am Feb 10, 2024 10:32am
BTW.

Happy Chinese New Year.
May luck always be at your door and shower you with blessings.
Wishing you a Happy Chinese New Year to everyone here.
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List of people who got pardon on CNY
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #808,691
  • Edited 11:56am Feb 10, 2024 10:41am | Edited 11:56am
eur/jpy.
M30.
the TP is still a mystery.
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  • #808,692
  • Feb 10, 2024 11:06am Feb 10, 2024 11:06am
Quoting Wavegarrick
{quote} My short trades were stopped out for a few pips profit this morning. Technically I am setting up for a bullish cycle. Moreover Gu is holding up above up above the 50% fib retrace at 1.25792 with 1 day to go for the week to end which could leave the weekly candle with a long wick and rejection off the most recent swing lows. I am in with some buy trades but could also be wrong. 1.25792 is crux at this point. Trade safe, Cheers. {image} {image}
The build up for long term trading. Close your weakest trades and secure your best trade. Trades may come back and take your positive stop, a pain in the arse, the cons of long term trading. If not. the rewards can be great.
Have a great week.
Cheers.
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Trade to trade another day
  • #808,693
  • Edited Feb 11, 2024 5:15am Feb 10, 2024 11:14am | Edited Feb 11, 2024 5:15am
Quoting tiborf71
{quote} great results, of course it wouldn't have been possible without the use of SL.
I do not use stop loss, but, i do allow little more than the DD allowed by prop firms.

The prop firms allow 5 % Daily DD.

And if the DD is close to 2 to 3 % , the fear comes in Prop account.

For example, i took short position in gu on wednesday around 1.2605/10.

The price did not go far.... it moved up approximately 30/35 pips above my short trade positions.

But all of you know the proce frustrated on wednesday in NY session, neither going up nor going down.


The short trades which I took around 1.2605/10 was in dd but less than 10 %.

Furthermore the price frustrated in wednesday NY session ( as you see in the picture ), so, i did not book any profit, but took loss of 3.6 % leaving short trades taken at 1.2605/10 still open.

What I am trying to say is the difference between prop firm and real money trading is :

there is no emotion due to 5 % daily DD breach in real money account.

In short, I do not use stop loss and I play lot size according to my balance capital.

This is suitable for intraday trading and i do not trade position trading or swing trading.
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Intraday only.
  • #808,694
  • Feb 10, 2024 11:34am Feb 10, 2024 11:34am
Quoting navk
{quote} I do not use stop loss, but, i do allow little more than the DD allowed byt prop firms. The prop firms allow 5 % Daily DD. And if the DD is close to 2 to 3 % , the fear comes in Prop account. For example, i took short position in gu on wednesday around 1.2605/10. The price did not go far.... it moved up approximately 30/35 pips above my short trade positions. But all of you know the proce frustrated on wednesday in NY session, neither going up nor going down. The short trades which I took around 1.2605/10 was in dd but less than 10 %. Furthermore...
if it works for you that's great.. I use SL, I put it below or above the S/R level, it's part of my system, part of money management.
I don't feel safe without him. and last but not least, I don't have to sit in front of the machine all the time, just set it to the desired value and it's done. because sometimes I have to sleep or have other things to do.
  • #808,695
  • Feb 10, 2024 2:30pm Feb 10, 2024 2:30pm
Quoting tiborf71
{quote} if it works for you that's great.. I use SL, I put it below or above the S/R level, it's part of my system, part of money management. I don't feel safe without him. and last but not least, I don't have to sit in front of the machine all the time, just set it to the desired value and it's done. because sometimes I have to sleep or have other things to do.
I use a price level alert system to tell me when price has reached a specific level. So, I can ignore what's going on, sleep, drive, and do other things until my phone starts lighting up.
It works about the same as using stop loss or TP. Except you do it manually.
You cannot fail if you never give up.
  • #808,696
  • Feb 10, 2024 2:34pm Feb 10, 2024 2:34pm
its been 2 weeks and cable still there
  • #808,697
  • Feb 10, 2024 3:31pm Feb 10, 2024 3:31pm
Quoting voeltoez
its been 2 weeks and cable still there
Yeah, where were you? I was starting to wonder...
You cannot fail if you never give up.
  • #808,698
  • Feb 10, 2024 4:24pm Feb 10, 2024 4:24pm
Quoting 7154Superman
{quote} Yeah, where were you? I was starting to wonder...
this bro..
Quoting voeltoez
{quote} .. this month is last my trade pal, because next month i have move to new division on my company, that area forbidden to bring cellphone for 10 work hour, the location 4 hours from home, so just 8 hour left a day, better i spend it to sleep and fams.
and very bad signal there
  • #808,699
  • Edited 4:41pm Feb 10, 2024 4:31pm | Edited 4:41pm
Quoting voeltoez
{quote} this bro.. {quote} and very bad signal there
Oh wow.
Are you able to make more money from the work than you did from trading before you moved?
The main reason why I like trading is because you can grow your wealth exponentially unlike regular work. I drive taxi, and am able to save up maybe $1,000 per month, sometimes more, which I am investing into Forex. But eventually, if my trading system is consistently profitable, I will make far more $$ from Forex than my taxi savings, ever increasing as time goes on, eventually leaving my taxi savings in the dust, time to retire from working for a living.
If my growth is consistent like it has been so far, the numbers I see on my demo accounts ($100,000 to $200,000) could be seen on my live accounts as soon as sometime next year (2025).
You cannot fail if you never give up.
  • #808,700
  • Feb 10, 2024 4:52pm Feb 10, 2024 4:52pm
Quoting 7154Superman
{quote} Oh wow. Are you able to make more money from the work than you did from trading before you moved? The main reason why I like trading is because you can grow your wealth exponentially unlike regular work. I drive taxi, and am able to save up maybe $1,000 per month, sometimes more, which I am investing into Forex. But eventually, if my trading system is consistently profitable, I will make far more $$ from Forex than my taxi savings, ever increasing as time goes on, eventually leaving my taxi savings in the dust, time to retire from...
my salary is about $2000/month, i could make $10K / month when trade. but thats not for me bro, im trade just for returning money (my friends, family &investor) that im losing for past 10years in forex., i dont feed my fams with forex money. because my trade is 50% gambling. forex just for fun for me.
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