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Cable Update (GBPUSD)

  • #840,841
  • Oct 5, 2024 5:33am Oct 5, 2024 5:33am
Quoting Nordling
{quote} Hey man I was thinking about talking to you. I have a question since you are based in UK and as far as i know handling big bank. Im thinking about switching to a safer, UK based broker. Do u have any suggestions? You can dm me if you don't wanna write it here. I wanna move to more regulated ones since the amount is not safe in the small brokerages anymore Thanks in advance
No, I've never worked in a bank, I come from the building game Nordling. I use IG who give me a free pro-realtime as part of the package.
I would recommend them since I've never had any issues and I think they're a large concern. But the UK has strict regulations, I think.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #840,842
  • Oct 5, 2024 6:04am Oct 5, 2024 6:04am
Quoting tommydoginti
{quote} Hi Nordling, I am using IG, a UK broker. They are regulated and have been operating for long time. I have no problem trading with it and smooth withdrawal of >$20k so far One thing to look out is its data centres are all in UK, so you may experience some requote requests especially during news time for manual trade execution, as I am in Asia. I have no problem with it.
Hey buddy it's great to see you! I only trade the news events, do you think i will face major problems about requotes, slippage and spreads with IG? Thx in advance

Quoting Bones
{quote} No, I've never worked in a bank, I come from the building game Nordling. I use IG who give me a free pro-realtime as part of the package. I would recommend them since I've never had any issues and I think they're a large concern. But the UK has strict regulations, I think.
Why do you think they are a large concern if you never had any issues? Should i be worried? Thx btw
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  • #840,843
  • Oct 5, 2024 6:11am Oct 5, 2024 6:11am
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Market Structure is the King.....
  • #840,844
  • Oct 5, 2024 6:26am Oct 5, 2024 6:26am
Quoting Abeylyn
{image} 4816687
The current high established at 1.3434 is most likely to be EWN 3 of daily chart since in conformity with all basic rules.

In the long term, we may be expecting another bullish run beyond the existing high to create EWN 5.

However, in the medium term, it's compulsory for price to make abc correction before EWN 4 can be established. This will require a pullback to minimum of 0.500/0.618 Fib. level. Therefore Short GU from 1.3252/1.3295 and hold.

In the short term, buyers are to push price upward to the centre if the current low can hold.

Risk Management is key.

Have a nice weekend all.
Market Structure is the King.....
  • #840,845
  • Oct 5, 2024 8:04am Oct 5, 2024 8:04am
gbp/cad.
currently this pair is in C in the abc pattern and is reaching the resistance level.
I put SL above the resistance level.
my current job is selling.
M30.
---------------------
gbp/usd also shows similar.
for sell, by the beginning of next week, scalper mode.
H1.

don't follow because it might be bad.
  • #840,846
  • Oct 5, 2024 8:36am Oct 5, 2024 8:36am
Quoting Nordling
{quote} Hey buddy it's great to see you! I only trade the news events, do you think i will face major problems about requotes, slippage and spreads with IG? Thx in advance {quote} Why do you think they are a large concern if you never had any issues? Should i be worried? Thx btw
I mean there a large company, which is good, ive been with a uk broker before that went bust. Alpari UK.
I would recommend IG, but your probably going to get less leverage, and high leverage is best.
High leverage is less money with them for the same position, also, i like high leverage, lol
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #840,847
  • Oct 5, 2024 8:50am Oct 5, 2024 8:50am
Quoting Headland
I'm just full of questions because I don't know, (and I don't have to know, - so I'm entirely comfortable with that,) unlike others here who think they do know, (they may even think they have to, to make money in trading,) for they alone have the power of prediction/foresight! Sometimes though, I know the large sample empirically sourced actual probabilities, but that is all, - probabilities. Mthly, Wkly, Dly, and 4Hr (with 10/20/40 ema crosses graphic) below. {image} {image} {image} {image}
There's going to be a point where you're not just full of questions and thats the most interesting post of all.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #840,848
  • Oct 5, 2024 9:17am Oct 5, 2024 9:17am
Quoting Abeylyn
{quote} This analysis is very key because all trading activities either long or short term must comply with it. I have it drawn on my chart but observed yours is perfectly labeled since all rules were strictly observed. However, it's important for me to point out that EWN 4 must be rested on a daily support which is around 1.30. We are currently not at a daily level and the structure to the downside needs to complete an abc before EWN 4. Your continuous update and posting of these daily chart will go a long way to assist many traders....
Abeylyn, thanks for the nice words of appreciation. I posted this chart to prove that day traders with the daily goal of 30 pips can achieve similar results as swing traders.
I agree with your assessment that 1.30 is an important level to watch as a potential end of wave 4. Also, the time for wave 4 completion hasn't been reached yet.
I don't post in this thread my EW analysis as they drive 2 traders nuts. I care about their mental well-being. You and others are invited to visit my thread
https://www.forexfactory.com/thread/...s-ewhpdw-range to discuss/ post technical analysis and ideas.
Always trade your own plan...I don't provide trading signals.
  • #840,849
  • Oct 5, 2024 9:24am Oct 5, 2024 9:24am
Quoting Bones
{quote} I mean there a large company, which is good, ive been with a uk broker before that went bust. Alpari UK. I would recommend IG, but your probably going to get less leverage, and high leverage is best. High leverage is less money with them for the same position, also, i like high leverage, lol {image}
30:1 leverage will be fine if not the best i guess but im more worried about the spreads during the news, that can annihilate me What do u think about IG's spreads during news events like NFP?
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  • #840,850
  • Edited 10:27am Oct 5, 2024 9:39am | Edited 10:27am
Quoting Whale
{quote} He is the worst trader among all.. the only one that compares Iranian currency to the Israeli currency. lol.. doesnt know how to read a chart, zero understanding in economic and geo politics

whale says I dont know how to read a chart... so here I go with more chart reading LOL

on sept 27th is when the bombing of lebanon got started and the shekel fell and has kept falling over 3% at its worst in just one fookin week against the Iranian rial
it really accelerated downward the day Iran fired missiles....if people had confidence that Israel will prevail in this multi front war its waging the shekel would be going up not down against every currency in the region... who was the last guy that started a multi front war and how did that end up for him LOL

so Israel is trying to start a fight with someone who is bigger,wealthier and stronger in spite of no USA support...and don't forget Iran fought a war with Iraq who was supplied by USA for 8 years and it ended a stalemate ...and from the look of currency traders fleeing the shekel they worried America will dial back its aid and support of Israel so they'd rather buy anyone else's currency

here's two screenshots

edit: I had to add another chart to show dates cause the first one didn't show the sept 26th and 27th dates
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short trump and go long the deepstate
  • #840,851
  • Oct 5, 2024 9:44am Oct 5, 2024 9:44am
Quoting Nordling
{quote} 30:1 leverage will be fine if not the best i guess but im more worried about the spreads during the news, that can annihilate me What do u think about IG's spreads during news events like NFP?

if you want safety of your money stay to futures brokers...either ones in your country or American ones instead of cfd brokers

USA futures brokers are regulated and have to segregate clients funds so one guy cant bring everybody down

US stock brokers are regulated even more and funds are insured
short trump and go long the deepstate
  • #840,852
  • Oct 5, 2024 9:48am Oct 5, 2024 9:48am
Quoting Nordling
{quote} 30:1 leverage will be fine if not the best i guess but im more worried about the spreads during the news, that can annihilate me What do u think about IG's spreads during news events like NFP?
Im just saying its not a good idea to leave slack money at broker, trade light balance because anything can happen, and your not as protected like your own bank?
Spread's seem ok to me. I don't trade news.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #840,853
  • Oct 5, 2024 9:56am Oct 5, 2024 9:56am
The further price goes down from the open the harder it will be to recover, another bearish weekly could seal its fate.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #840,854
  • Edited 10:24am Oct 5, 2024 9:59am | Edited 10:24am
Quoting Bones
The further price goes down from the open the harder it will be to recover, another bearish weekly could seal its fate. {image}

bonzey...i haven't seen you this fleet of foot since we've met and been arguing LOL

good going...your trading is bound to improve by tossing trend trading into the garbage bin so you don't hang around to long in a losing position when price turns and changes trend
short trump and go long the deepstate
  • #840,855
  • Oct 5, 2024 10:11am Oct 5, 2024 10:11am
Quoting Zebi
{quote} if you want safety of your money stay to futures brokers...either ones in your country or American ones instead of cfd brokers USA futures brokers are regulated and have to segregate clients funds so one guy cant bring everybody down US stock brokers are regulated even more and funds are insured
The ones in my country will tax the sh*t outta me

And as far as i know the brokers in the US won't accept customers overseas. But i will do a research on that again
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  • #840,856
  • Oct 5, 2024 10:13am Oct 5, 2024 10:13am
...speaking of probabilities, (which I was in my last post,) let's take the example of the wkly close - a big > 13wk awr bearish engulfing (x2) candle. Not a thrust candle (per the strict definition,) but very bearish nonetheless, and it's close also creates a fractal swing point on that wkly t/f, @ the 3434 last wk's & wkly uptrend hi/current mthly/current yrly hi. Now we all know cause we've seen them/observed them and have read about them yonks ago, that engulfing candles, and in this case bearish engulfing candles, are likely to see a follow-thru, and in this case, a downside follow-thru. Ie we have anecdotal/observational evidence/forex education that is telling us that. We can say that for definite, but most will not know for definite whether or not that is the actual greater probability, ie of seeing a downside follow-thru, (whether or not that probability plays out or not,) of a 'master' bearish engulfing candle on this wkly t/f, on this pairing, and in that position/context, based on an empirical, representative, large historical multi-year sample. And further - if a downside follow-thru does occur, how it occurs, ie does it have a greater probability of pulling back first, within the body of the candle, -or- does it have a greater probability of just following thru to the downside, with little-no pullback?

So it is useful to build up spreadsheet records of the probability one thing happening over the other, of certain candles on certain t/f's, (etc.) Easy for me cause I just trade Gbpusd. Without knowing these probabilities, if you act on that candle for example, and sell, you are pretty much doing so blind, based on anecdotal evidence, at best.

Wkly below.
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Trader with an Edge.
  • #840,857
  • Oct 5, 2024 10:13am Oct 5, 2024 10:13am
Quoting Bones
{quote} Im just saying its not a good idea to leave slack money at broker, trade light balance because anything can happen, and your not as protected like your own bank? Spread's seem ok to me. I don't trade news.
Yeah that's a really good point. Best to not leave a big sum in a brokerage.

Alpari blowing up is a bummer really, once the kit sponsor of West Ham Utd. Reminds me of the Andy Carroll days...
You have to have an IQ higher than 90 to interact with this user.
  • #840,858
  • Edited 4:57pm Oct 5, 2024 10:26am | Edited 4:57pm
Quoting Bones
{quote} There's going to be a point where you're not just full of questions and thats the most interesting post of all.
Hi. I have far more answers than I discuss/reveal here, but they represent proprietary information, and are a central part of my trading edge. In any event, I think my signal-to-noise ratio is high enough here, and I don't post ill thought out shit, or what I think/feel might happen, (like the market gives a fuck what we think/feel,) or indeed present it as though it definitely will happen. And before you might misconstrue this statement, I am not aiming that comment at you.
Trader with an Edge.
  • #840,859
  • Oct 5, 2024 10:30am Oct 5, 2024 10:30am
Quoting 1dominican
Hello from Punta Cana,Dominican Republic,sitting with my laptop under my coconut tree. well this is my question How to mesure the best point to take profits when trading inside bars? inside bar made money this week with controled risk. what are best place to take profits and to place stoploss when trading inside bars? {image} {image}
Hello friend,

A lot comes to play trying to determine your stop and Takeprofit.

However, market and price reaction is the best teacher. Preview your chart and pencil down your observation. Then check it out in a real market environment.

Any answer apart from these without consideration of certain factors will lead you into confusion.

Best of luck.
Market Structure is the King.....
  • #840,860
  • Oct 5, 2024 10:39am Oct 5, 2024 10:39am
Quoting Zebi
{quote} bonzey...i haven't seen you this fleet of foot since we've met and been arguing LOL good going...your trading is bound to improve by tossing trend trading into the garbage bin so you don't hang around to long in a losing position when price turns and changes trend

Enjoy Zebi

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