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Cable Update (GBPUSD)

  • #830,261
  • Jun 23, 2024 2:30am Jun 23, 2024 2:30am
Quoting Waveskierrob
{quote} ...and would those 100 traders trade differently if they were told that the markets we're random, I think right or wrong, most would still try to find some pattern in the randomness, maybe a question to all "How would you trade if you thought the markets were random"...just something to think about...

Hence "know yourself, know your enemy".

That's why it take years to become proficient at trading this beast. Many fall by the wayside, but for those who don't, for those who persist and are teachable, there is much to gain.

And then you get to the best bit, "win without fighting".
  • #830,262
  • Jun 23, 2024 2:53am Jun 23, 2024 2:53am
Quoting Waveskierrob
{quote} ...and would those 100 traders trade differently if they were told that the markets we're random, I think right or wrong, most would still try to find some pattern in the randomness, maybe a question to all "How would you trade if you thought the markets were random"...just something to think about...
If the markets were random I'd stop trading and go and buy lottery tickets instead.
  • #830,263
  • Jun 23, 2024 2:56am Jun 23, 2024 2:56am
Quoting Jade Gate
{quote} Gavin Newsom (current Gov of Ca) has moved up in the betting stakes for next Pres, now in #3 spot. But he's very Dem, won't appeal to the middle ground. In politics, it's that middle ground that makes all the difference, the swinging voter. {image}
Nothing wrong with being a swinger.
  • #830,264
  • Jun 23, 2024 3:04am Jun 23, 2024 3:04am
Quoting 1 in 1 out
{quote} If the markets were random I'd stop trading and go and buy lottery tickets instead.
and how do you know they are not random...
  • #830,265
  • Jun 23, 2024 3:33am Jun 23, 2024 3:33am
Quoting Waveskierrob
{quote} and how do you know they are not random...
The FX market trades about 8 trillion daily. That's an awful lot of money, traders and trades.
Why is it then that price can turn on a dime at a particular price point?
If price is rising at a fair lick then suddenly reverses have all those trades/traders suddenly closed all their positions at exactly the same time?
Or at that exact moment sellers start to enter the market and overwhelm the buyers?
Or is it that price is controlled by the one entity that has enough money and means to do that?
  • #830,266
  • Jun 23, 2024 3:34am Jun 23, 2024 3:34am
GU 265 has played s/r since '22. USDX also stuck on a RN.
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  • #830,267
  • Jun 23, 2024 3:38am Jun 23, 2024 3:38am
Quoting 1 in 1 out
{quote} The FX market trades about 8 trillion daily. That's an awful lot of money, traders and trades. Why is it then that price can turn on a dime at a particular price point? If price is rising at a fair lick then suddenly reverses have all those trades/traders suddenly closed all their positions at exactly the same time? Or at that exact moment sellers start to enter the market and overwhelm the buyers? Or is it that price is controlled by the one entity that has enough money and means to do that?
What you've done here is avoided the question by asking questions, if you just answer my question I'll be happy to answer yours...
  • #830,268
  • Edited 3:57am Jun 23, 2024 3:42am | Edited 3:57am
Quoting 1 in 1 out
{quote} The FX market trades about 8 trillion daily. That's an awful lot of money, traders and trades. Why is it then that price can turn on a dime at a particular price point? If price is rising at a fair lick then suddenly reverses have all those trades/traders suddenly closed all their positions at exactly the same time? Or at that exact moment sellers start to enter the market and overwhelm the buyers? Or is it that price is controlled by the one entity that has enough money and means to do that?
buyers overwhelming sellers and vice versa. Buyers and sellers do not need to suddenly enter the market for one to be overwhelmed by the other. Both are present, but the volume of one over the other determines direction at any given time.
Compulsions can be hard to resist
  • #830,269
  • Jun 23, 2024 3:45am Jun 23, 2024 3:45am
Quoting Waveskierrob
{quote} What you've done here is avoided the question by asking questions, if you just answer my question I'll be happy to answer yours...

There is nothing random about what price does. It's controlled right down to the last pip.
  • #830,270
  • Jun 23, 2024 3:49am Jun 23, 2024 3:49am
Quoting 1 in 1 out
{quote} There is nothing random about what price does. It's controlled right down to the last pip.
Not trying to be funny but you've avoided the question again, it's ok to say that you don't know, I don't know if markets are random or not ...
  • #830,271
  • Jun 23, 2024 4:21am Jun 23, 2024 4:21am
Quoting Waveskierrob
{quote} Not trying to be funny but you've avoided the question again, it's ok to say that you don't know, I don't know if markets are random or not ...
Do you believe the market is random? If yes why did you think so?
It's very OK to say you don't know
  • #830,272
  • Jun 23, 2024 4:31am Jun 23, 2024 4:31am
Quoting beejay
{quote} Do you believe the market is random? If yes why did you think so? It's very OK to say you don't know
Read the post again you've replied to, that will answer your question...
  • #830,273
  • Jun 23, 2024 4:54am Jun 23, 2024 4:54am
I think the price fluctuates only in M1-H1, it only vibrates, and from the H4 time frame upwards certain conclusions can be drawn.
  • #830,274
  • Jun 23, 2024 5:23am Jun 23, 2024 5:23am
Quoting tiborf71
I think the price fluctuates only in M1-H1, it only vibrates, and from the H4 time frame upwards certain conclusions can be drawn.
these are all corrective options.
NOT ACCIDENTAL.
H4.
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  • #830,275
  • Jun 23, 2024 5:32am Jun 23, 2024 5:32am
for next week . 1) try to buy for retest of 1.269-1.27 area then resume sell for 1.2596 and 1.257 around target 2) if this start drop then try to sell till 1.2596 and 1.257 around area to complete the pattern breakout drop then start buying for retest of 1.27
  • #830,276
  • Jun 23, 2024 7:46am Jun 23, 2024 7:46am
afterall trading is all about risk management but we mostly focus on strategy.

keep looking for Holy grail or get liquidated

you have a choice
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MY OPINION NOT FINANCIAL ADVISE
  • #830,277
  • Jun 23, 2024 8:30am Jun 23, 2024 8:30am
I think 1.27000 is very possible, Monday/Tuesday.
we'll see.
  • #830,278
  • Jun 23, 2024 1:26pm Jun 23, 2024 1:26pm
Don't know why yet, but it looks like she's going down to me (GU). I don't bother trying to figure it out anymore, just follow the TA. And that isn't to say GU won't go back up some before heading back south. Can't see UJ going south, and in which case, with UJ north, GU will go south. That gap on EURGBP is going to get plugged, one way or the other.

It will be an interesting week for the PA following the triple witch last Thursday/Friday, both currencies and indices.
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  • #830,279
  • Jun 23, 2024 3:52pm Jun 23, 2024 3:52pm
Last Friday, GBPUSD price action on the daily time frame broke down the 1.28000/1.26670 horizontal channel (magenta) where is it has been consolidating for several days. However, there is no bearish momentum and the bearish candlestick printed on Friday has equal-sized shadows on both ends. We may still see a northward pullback to an area of value in the early part of this week before a southward rotation. The dominant technical structure is bearish.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #830,280
  • Jun 23, 2024 4:02pm Jun 23, 2024 4:02pm
possibility? no
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