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Cable Update (GBPUSD)

  • #822,421
  • Edited 1:14am Apr 21, 2024 1:01am | Edited 1:14am
Quoting navk
well, People talk a lot here.. short term... long term targets. I just follow PA and decide what to do for that day. I do not trade based on target price, but trade based on target profit
I nailed the lows on EUR/USD and GBP/USD once already, so I might do it again. I'll try and trying is the first step to failure haha.
Was pounding the table with 1.048 and 1.21 on this thread as extremely likely Support where price will completely reverse.

EUR/USD went from 1.045 to 1.114 and GBP/USD from 1.204 to 1.289.

Also, there's nothing wrong with creating a plan. We are also following PA just like you are, but on a higher time frames.

I cannot trade without a plan... some people can.
  • #822,422
  • Apr 21, 2024 1:09am Apr 21, 2024 1:09am
Quoting Godspromise
{quote} I like the way you think
Haha thanks!
  • #822,423
  • Apr 21, 2024 1:28am Apr 21, 2024 1:28am
Quoting Zebi
{quote} if you're bearish GJ then don't pay any attention to me or my analysis....be true to yourself...don't let yourself get swayed by my analysis since I trade "opposite" of others just be confident in your own analysis whether right or wrong...if you or I are wrong this time doesn't mean we'll always be wrong or our systems are bad or need tweaking...don't be like moty jumping around and switching indicators everytime he has a bad trade LOL just try to keep emotions away from analysis
GJ buy limit @ 190 & TP @ 193
I'm not always right.. I'm not always wrong neither
  • #822,424
  • Apr 21, 2024 2:17am Apr 21, 2024 2:17am
I have $ at an important reversal level.
Same as EU off congestion level
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Compulsions can be hard to resist
  • #822,425
  • Apr 21, 2024 2:42am Apr 21, 2024 2:42am
How do we know that our systems for choosing market direction isn't just luck...
  • #822,426
  • Apr 21, 2024 2:44am Apr 21, 2024 2:44am
Quoting navk
well, People talk a lot here.. short term... long term targets. I just follow PA and decide what to do for that day. I do not trade based on target price, but trade based on target profit
Intraday Trading is an Art _ hoda
  • #822,427
  • Apr 21, 2024 2:50am Apr 21, 2024 2:50am
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Intraday Trading is an Art _ hoda
  • #822,428
  • Apr 21, 2024 3:58am Apr 21, 2024 3:58am
GJ - now here's an interesting TA conundrum. Daily chart is loaded with wicks (indicating south) but weekly chart has 2 inverted hammers, one bear, one bull. If those hammers were in reverse order (one bull, one bear), they would be classic tweezers (meaning south) BUT in this particular order with one bear and one bull, more inclined towards more north, looking for a touch of 195.80 (see monthly chart). And probably bec UJ will continue the merry ride north and GU will recover once it hits support (?)
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  • #822,429
  • Apr 21, 2024 4:05am Apr 21, 2024 4:05am
Quoting Waveskierrob
How do we know that our systems for choosing market direction isn't just luck...
Bec we spend thousands of hours learning how to "read" the market, trialing TA systems that work for us, researching fundies, gaining experience in how this market behaves and learning the hard way not to engage in guesswork but to wait for as much certainty as we can possibly get.

(Unless of course, someone (not mentioning any names) is an fx junkie and just HAS to have a trade on at all times. I'll whistle, you point )
  • #822,430
  • Apr 21, 2024 4:52am Apr 21, 2024 4:52am
Quoting Jade Gate
{quote} Bec we spend thousands of hours learning how to "read" the market, trialing TA systems that work for us, researching fundies, gaining experience in how this market behaves and learning the hard way not to engage in guesswork but to wait for as much certainty as we can possibly get. (Unless of course, someone (not mentioning any names) is an fx junkie and just HAS to have a trade on at all times. I'll whistle, you point )
Thanks for reply, ok but systems don't work all the time, so what I'm trying to put across is we don't know when a system gives us a direction whether it will be successful or not, so luck will come into play, I could be wrong but just my opinion and trying to get others to just think about it, I can mention a name who has constantly have over 20 trades on 24/7 (Waveski) aka Patski ....do you think it's a bad thing to have trades on all the time? if so please give your opinion ...
  • #822,431
  • Apr 21, 2024 4:56am Apr 21, 2024 4:56am
Quoting Jade Gate
GJ - now here's an interesting TA conundrum. Daily chart is loaded with wicks (indicating south) but weekly chart has 2 inverted hammers, one bear, one bull. If those hammers were in reverse order (one bull, one bear), they would be classic tweezers (meaning south) BUT in this particular order with one bear and one bull, more inclined towards more north, looking for a touch of 195.80 (see monthly chart). And probably bec UJ will continue the merry ride north and GU will recover once it hits support (?) {image} {image} {image}
excellent analysis, there are so much to learn from you
  • #822,432
  • Apr 21, 2024 5:12am Apr 21, 2024 5:12am
Quoting Waveskierrob
How do we know that our systems for choosing market direction isn't just luck...
don’t we toss a coin?
Insane in the Brain..
  • #822,433
  • Apr 21, 2024 5:13am Apr 21, 2024 5:13am
Quoting BeeTogether
{quote} don’t we toss a coin?
I use to but was too much effort just trade both ways now...
  • #822,434
  • Apr 21, 2024 5:27am Apr 21, 2024 5:27am
Easy folks... we should very, very soon find out what the long term game on USD pairs is.

Asia has a big problem with USD strength and we will probably witness a reversal in USD. If that doesn't happen, then the alternative will happen where USD will sweep the floor with every major currency. There's no 3rd possibility here in my opinion.
  • #822,435
  • Apr 21, 2024 5:30am Apr 21, 2024 5:30am
Quoting Waveskierrob
{quote} I use to but was too much effort just trade both ways now...
I’m way too under to toss anything
Insane in the Brain..
  • #822,436
  • Apr 21, 2024 6:03am Apr 21, 2024 6:03am
Quoting Waveskierrob
{quote} Thanks for reply, ok but systems don't work all the time, so what I'm trying to put across is we don't know when a system gives us a direction whether it will be successful or not, so luck will come into play, I could be wrong but just my opinion and trying to get others to just think about it, I can mention a name who has constantly have over 20 trades on 24/7 (Waveski) aka Patski ....do you think it's a bad thing to have trades on all the time? if so please give your opinion ...
What I think is each to their own. Everyone has their own system, usually one they are quite wedded to. Hedging can be helpful for capital protection but it doesn't always produce much yield (profit) which is what we all want from this market. Personally, I'd rather stay out until I have certainty (well as much as you can get trading this beasty). 80% certainty or better does it for me, I'm in, one direction only. Except last week, I was long EU and short GU. Very rare, but it made sense looking at the EURGBP cross. Was also long the cross and long AUD and NZD. Booked and closed everything in good profit Friday before close. Took an S&P long Friday as well and then booked it just after NY Open. Stops are fluid, sometimes more, sometimes less, depending on degree of certainty.

Some like to scalp too but I find the more frequent the entries, the higher the risk. Just my world view, not for everyone.
  • #822,437
  • Apr 21, 2024 6:17am Apr 21, 2024 6:17am
Quoting Jade Gate
{quote} What I think is each to their own. Everyone has their own system, usually one they are quite wedded to. Hedging can be helpful for capital protection but it doesn't always produce much yield (profit) which is what we all want from this market. Personally, I'd rather stay out until I have certainty (well as much as you can get trading this beasty). 80% certainty or better does it for me, I'm in, one direction only. Except last week, I was long EU and short GU. Very rare, but it made sense looking at the EURGBP cross. Was also long the cross...
Thanks again for reply, you get folks on here make a statement then when you ask to justify they go on radio silence .... definitely each to their own, how anybody wants to trade is up to them, I only know what works for me but always be open to others point of view, I would never say that I'm right just want folks to start thinking for themselves and maybe question things...this goes for everyone when you next place a trade also run another trade along side on paper by flipping a coin for direction, just as an experiment and see how it fairs...
  • #822,438
  • Apr 21, 2024 6:21am Apr 21, 2024 6:21am
Here we are at 1.23, now bears should push price by month end to 1.2330 to base below, the lower the better while bulls will try to push it as far as possible upward.
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #822,439
  • Apr 21, 2024 6:22am Apr 21, 2024 6:22am
Quoting Whatevs
{quote} Haha thanks!
if you had follow my gbp cad and gbpnzd trade you would caught 120 pips and currently and 120 pip to go another 120 pips on gbpnzd i go zone to zone pn the 4 hr and daily
  • #822,440
  • Apr 21, 2024 6:30am Apr 21, 2024 6:30am
Quoting Godspromise
{quote} if you had follow my gbp cad and gbpnzd trade you would caught 120 pips and currently and 120 pip to go another 120 pips on gbpnzd i go zone to zone pn the 4 hr and daily
AUD and NZD have news out this week. Take care.
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