Cable Update (GBPUSD)

Japan finance minister Suzuki: • Won't comment on forex levels. • Says it's important for currencies to move in a stable manner. • Is closely watching FX moves with a high sense of urgency. • Makes no comment when asked about currency intervention.

BoJ Gov Ueda: Inflation Target Came Within Sight - To Maintain Accommodative Monetary Policy
Accommodative Monetary Policy Likely To Underpin Economy

BOJ GOVERNOR UEDA CONFIRMS STRENGTHENING OF WAGE-INFLATION CYCLE WITH RECENT WAGE NEGOTIATION DATA AND HEARING ON COMPANIES.

BOJ GOVERNOR UEDA SEES MEDIUM AND LONG-TERM INFLATION EXPECTATIONS MOVING TOWARDS 2%

BOJ GOVERNOR UEDA CAUTIONS AGAINST WAITING FOR SUSTAINED 2% INFLATION BEFORE ENDING STIMULUS

Am I right or am I right?? Ridiculous... (I'm not an official from BoJ I promise! )

If Ueda stops slamming JPY every time he speaks, then...

Yes after months of negativity from the guy I put him on 'ignore' as well and Cable Update became a nicer experience
Nubbies posts here are childish, baffling and disturbing all rolled into one.....

Sold GU 1.2800 sl 2850 tp 2750

193.5 Hit

Is this THE TOP? God knows... could be. We'll see tomorrow with BoE if GBP will drop or rise.

Daily closed below resistance (1.28 sharp). Pullback should come.

190.4? YEAH! Let's short this bastard!

Some caution at 190.5 though... it might bounce from here and go even higher... we'll see, we'll have enough time to react.

Powell: "we're gonna bring inflation to 2% over time"

In 10 years? I agree...

What a SHIT SHOW this all this... I can pick any member here on Cable Update and that member will know more about the economy than Powell and the rest of his useless crew combined.

Hey, I'm back!!!
My live account net equity is now, once again, at an all time high. My demo accounts also made good profit.
I made good profit today because I listened to my gut saying EUR/USD will fly, so I closed all shorts regardless of drawdown, and added to my longs with stop loss at B/E on my lowest position. It paid off very good.
Currently, I have 1 long and 2 short positions on EUR/USD.
So, I tried this other technique the last 2 weeks, using a stop loss at B/E, but it didn't go so well, with very slow progress.
So, this week, I tried again with my original scalping system, made a few tweaks, setting a few rules that I may not break, to try to establish a more firm discipline in how I trade, so I can open a trade and forget it, then go live my normal life, not having to watch the price action.
Rules like, if I add to a losing position, I must wait for at least 10 pips drawdown before adding. My problem before, was adding multiple positions too close together, then when price went the wrong way, it was hard for me to hedge it profitably, stressing me out and forcing me to overtrade to try to make back what I lost, which didn't work out well.
So, this time, I will take it a bit slower and with more discipline. And if I add to a winning position, I must set stop loss on the previous position at B/E in case of a big retrace, so I can potentially enter again at a better position.
Also, I will now trade EUR/USD longs and shorts completely separate. Not trade them together like as in hedging.
Hedging is tiring and it turns out to be not very efficient.
Another general rule is, if price action is going sideways, and during drawdown, then set TP at average of 10 pips profit per position. If price is trending, then keep adding to winning positions with stop loss at B/E on previous position.
Also, for positions in drawdown, like if I have 3 EUR/USD shorts in drawdown, I cannot close any short positions until all of them combined have a net equity of B/E or in profit since opening the first one. This ensures that I take advantage of any retrace to the fullest, and have a high probability of reaching B/E or 10 pips TP before the retrace ends.
Also, if I add to trades in drawdown, the additional trades must be larger than the one placed before it in order to be able to keep the average position closer to the current price action.
I start with demo accounts, from smallest to largest, then add live accounts, from smallest to largest.
I have a lot of variation in size in each of my 16 accounts now, so this will work pretty good.
But this system still has a margin of error in case of aggressive trending action without a significant retrace.
So I must use wisdom, and avoid over trading, like if price action is going against my positions, wait until it shows more confirmation of starting a retrace before adding to the trades in drawdown.
I will also update my Trade Explorer soon with 8 of my best performing accounts.

Current progress so far:

11 Level 1 (demo) accounts are finished at +100% ROI.
4 Level 2 (Live) accounts are finished at +100% ROI.
5 Level 1 (Demo) accounts started with $100k.
7 Level 2 (Live) accounts started with $100.
4 Level 3 (Live) accounts started with $400.

Current Net Equity results from best to worst:

Level 3 Live $400 to $800:
#1 Level 3 = $502.26 (+25.57%) (21 trading days)
#4 Level 3 = $465.98 (+16.50%) (17 trading days)
#2 Level 3 = $458.21 (+14.55%) (17 trading days)
#3 Level 3 = $360.43 (-9.89%) (17 trading days)

Level 2 Live $100 to $200:
#10 Level 2 = $152.50 (+52.50%) (30 trading days)
#5 Level 2 = $126.44 (+26.44%) (46 trading days)
#9 Level 2 = $122.34 (+22.34%) (33 trading days)
#7 Level 2 = $114.54 (+14.54%) (45 trading days)
#6 Level 2 = $92.02 (-7.98%) (45 trading days)
#3 Level 2 = $80.82 (-19.18%) (48 trading days)
#11 Level 2 = $63.33 (-36.67%) (27 trading days)

Combined results for live accounts:
Deposit = $1,900.00
Net Equity = $2,538.87
Profit +$638.87 (+33.62%) (27-56 trading days)

Level 1 Demo $100k to $200k:
#12 Level 1 = $130,659 (+30.66%) (11 trading days)
#16 Level 1 = $125,295 (+25.30%) (9 trading days)
#13 Level 1 = $119,378 (+19.38%) (10 trading days)
#14 Level 1 = $107,149 (+7.15%) (9 trading days)
#15 Level 1 = $94,732 (-5.27%) (9 trading days)

Combined results for demo accounts:
Deposit = $500,000
Net Equity = $577,213
Profit +$77,213 (+15.44%) (9-11 trading days)

Overall equivalent results of 16 Total (Demo + Live) accounts combined:
Deposit = $1,600,000
Net Equity = $3,868,073
Profit = $2,268,073 (+141.75%) (9-81 trading days)

Average 42.31 trading days per account (16 Demo + Live accounts combined):
Average +2.11% ROI per trading day (+11.00% per week, +57.23% per month) compounded.

Yes, yes, follow my technical analysis as imagined in the fantasies of the local experts.

It's amazing how you all know so much about the intimacies of my life, despite me having revealed exactly none of it. "Nubcake is long... nubcake's tech analysis" etc. Ok, and where are you getting this info from? Nowhere, because fuck all y'all if you think I'll give you an inch of information.

Also amazing how when I'm right to criticize you dumb fucks you all froth at the mouth. Truly amazing, the bizarro world you live in... small fish in a small pond.

Keep having fantasies about me, and delusions about why price is doing x,y,z.

You all live in a Trump mentality of delusion and throwing shit at the wall hoping nobody notices the smell. Rarely is anything mentioned in this thread based in reality, nor have utility.

GU M15 FOMC rose even more than the NY rise on the 19th. It's a demo account because it's bedtime, but the long positions are making big profits.
There are signs of a reversal and decline in M15, but what do you think?

Notice how the longer you trade the more your profits turn negative? Let's see if that continues.

LOwer at my view, could see 189.50 low for this week,
Just hope GU today worse and JPY down,

_______ @Zebi , good to see you still makin a BUNDLE in this fx_jungle - - - me doin just Very small lots$ m8

What are you talking about? My total profit is at an all time high. My smallest account losses are nothing compared to the largest account gains. I do expect for some of my smallest accounts to potentially keep losing, while my larger accounts keep gaining more.
This happens because I enter the smallest positions first. If they get into drawdown, then I enter the larger positions. By then, the average 10 pips TP will still not be profitable for the smallest accounts with the deepest drawdown, but the largest accounts will take the cake, and so they grow faster, and my net equity profit keeps increasing. Like the rich get richer and the poor get poorer, widening the gap between them. And that's ok. I designed my system this way on purpose. That's why it works better than if all my positions were the same size/lots.
I also expected my average daily ROI to go down as I broaden my base. It's normal. I expect more like +1.00 - 1.50% ROI per day after a while. It's still at +2.11% per day.

eyeroll. just the usual monkey accounting.

Hello dear GBPUSD friends. Just wanted to say hi and re-share the following excellent post(thank you Jade!), which I mostly agree with(99%, which is very high, given my eccentric trading approaches!) and which is the best post of this nature that I've read in a long time. It has hidden golden nuggets that are often overlooked by those new to trading and also not so new!: And with that:

still holding my gold shorts bonzey...havent added any on this spike up...will add once starts falling again under 2195...gona use vic sperandeos 2B trick on gold since at all time highs

the only longs i got are UJ

you do know the fed candle will get retraced at minimum to its midpoint dont you?...seems like it overextended just like it did during jays congressional testimony 2 weeks ago and retraced ... thats basic TA 101 stuff

my other order got hit on GU bonzey...now my short average is 2783

Hey Zebi!

GU

Ouch, yesterday was definitely a rough one for both of us.
If only there was a refund button for those trades, right?...
(do you refund when losses incurred, ? As I got only small change to buy some food today)
Those losses are for I feel the educational fees front; it seems like the market always has a lesson or two in store for me. (not sure about others).

Here is my plan for today GU. .
Checking out the H4 chart for the next opportunity and considering a shallow dip for adding to positions seems like a smart move.
It's always good to approach things with a cautious mindset, especially after a tough day.

And hey, no worries about not making money on your signal.
Learning from our experiences is what it's all about.
I got nothing to hide and will post my losses a good posting my winning.

Here's to turning those lessons into profits next time!
Dont forget we got UK Official Bank Rate later hoping can make some money.

Take care and let's keep pushing forward!

Lmfao His analysis is always on point and his charts too