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Cable Update (GBPUSD)

  • #843,361
  • Oct 28, 2024 12:51am Oct 28, 2024 12:51am
Waiting for earliest signal 2950 breaks up and hold to start. While usdx down 204.37
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #843,362
  • Oct 28, 2024 1:05am Oct 28, 2024 1:05am
Quoting Konichiwhaat
{quote} I remember you saying. Well done on that move too. I always wait for trades to hit their TP. Once I have made my decision, its done, and it will be what it will be. This time it came in. Next time, maybe not, and so on

Talking about time differences the Poms and Europeans put their clocks back over the weekend meaning everything is an hour later for me.....
Don't Leave Money on the Table
  • #843,363
  • Oct 28, 2024 1:16am Oct 28, 2024 1:16am
Quoting Abeylyn
{quote} Yes without much reversing for now. Let's watch out for reaction at GU 1.2906/20. If price is able to breakout of the low then the Bear has taken full control. Congratulations on your trade bro and keep it up. I was also fully in at 1.2990 (Immediately after spotting the USD double bottom correlation in hourly chart) but reduced my exposure after the discovery that certain Algo are not properly set on 1 hour timeframe. All the way, daily is a confirmed downtrend. Have a nice pipping week.
Thanks. Usually London wants a different direction, so, maybe I'll exit those trades and reenter later.

Nice trading week to you!
  • #843,364
  • Oct 28, 2024 1:21am Oct 28, 2024 1:21am
Quoting HaLBot
{quote} Talking about time differences the Poms and Europeans put their clocks back over the weekend meaning everything is an hour later for me.....
It will be another hour worse again when the US comes off daylight saving next week Nov 3. So a further not so delightful time differential for those of us Down Under, (and other parts of Asia/Pacific) especially if trading the US indices or waiting for NY Open, or for the oil traders to hit the floor at 8.00am US ET.

I'm position trading currencies for the balance of our summer v northern hemisphere winter (deliberately because of the extra 2 hour setback) and if I happen to be burning the midnight oil into the wee hours to catch the liquidity traffic, which often happens already, then we just have to suck it up. But man does it stuff up your sleep schedule and any daytime activities you need to be doing during normal business hours here.
  • #843,365
  • Oct 28, 2024 1:27am Oct 28, 2024 1:27am
Quoting HaLBot
{quote} Talking about time differences the Poms and Europeans put their clocks back over the weekend meaning everything is an hour later for me.....
True. Maybe start looking at ways around it? Maybe set some limit and stop orders and just come back to keep an eye on news events maybe?
Emotional Control. Process, not outcome.
  • #843,366
  • Oct 28, 2024 1:37am Oct 28, 2024 1:37am
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yes yes yes
  • #843,367
  • Oct 28, 2024 1:46am Oct 28, 2024 1:46am
Quoting Jade Gate
{quote} It will be another hour worse again when the US comes off daylight saving next week Nov 3. So a further not so delightful time differential for those of us Down Under, (and other parts of Asia/Pacific) especially if trading the US indices or waiting for NY Open, or for the oil traders to hit the floor at 8.00am US ET. I'm position trading currencies for the balance of our summer v northern hemisphere winter (deliberately because of the extra 2 hour setback) and if I happen to be burning the midnight oil into the wee hours to catch the liquidity...

I'll be having late night power naps Jade
Don't Leave Money on the Table
  • #843,368
  • Oct 28, 2024 1:51am Oct 28, 2024 1:51am
Quoting HaLBot
{quote} I'll be having late night power naps Jade
Ditto, my MO too. But I'm also looking at a B-2 Tourist Visa that allows you to stay in the US for 3, 5 or 10 years. Spoke with the US Consulate in Melbourne about it last week. Tempting.
  • #843,369
  • Oct 28, 2024 1:52am Oct 28, 2024 1:52am
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yes yes yes
  • #843,370
  • Oct 28, 2024 1:52am Oct 28, 2024 1:52am
Quoting Godspromise
{quote} I dunno man I'm seeing a bearish continuation not only on this pairs but eurusd nzdusd audusd
As i said i am doubtful but if i see H1/H4 trending back down i will consider taking the short, atm it has bounced off that 2944 area i mentioned but that could also be swing two before the drop into a trend.
Follow The Markets Structure - Patience and Discipline
  • #843,371
  • Oct 28, 2024 1:54am Oct 28, 2024 1:54am
Quoting elude
{quote} Thanks. Usually London wants a different direction, so, maybe I'll exit those trades and reenter later. Nice trading week to you!
It is market Structure that controls market direction and not trading session. That's what I have noticed.

As regards your trades, you have to trade your mind and settings as I may be wrong. Mine is not an investment advice but a factor for us to watch and learn for future improvement.

Wishing you good luck bro.
Market Structure is the King.....
  • #843,372
  • Oct 28, 2024 1:56am Oct 28, 2024 1:56am
Green resistance zone above for shorts if not already
London up/NY down, (or vice versa) a frequent pattern.
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Compulsions can be hard to resist
  • #843,373
  • Oct 28, 2024 2:15am Oct 28, 2024 2:15am
Quoting Abeylyn
{quote} It is market Structure that controls market direction and not trading session. That's what I have noticed. As regards your trades, you have to trade your mind and settings as I may be wrong. Mine is not an investment advice but a factor for us to watch and learn for future improvement. Wishing you good luck bro.

With all due respect, for you, newbies and others, market structure has nothing to do with it. Liquidity surges, fundies data, sentiment and TA control the PA. Here's an article I wrote published in the Forex Journal out of Singapore in 2012. Still applies today.

Trading the 24/5 Forex Waves for Profit

Details

Published on Wednesday, 17 October 2012 21:24


Jade Gate

Articles (12)

Just like surfing ocean waves, there is a right time of day to catch incoming or outgoing Forex tide waves.
When the time comes and “the surf is up,” there is a right moment to harness the maximum power of the individual wave as it approaches (on the cusp of breaking) and rushes in to shore.  This is what support and resistance is in Forex trading, why it is so important, and why knowing where these levels are, having them plotted on your charts and trading them, and only them, is critical to successful Forex trading.
The 24-hour cycle in the trading day has very distinct moments of opportunity to profit due to higher liquidity (more market participants with deep pockets) than other times. Arriving late to the wave breaking party is something a trader learns to avoid. Arriving on time or just ahead of time has tremendous benefits, including reducing the risk of trade failure while simultaneously maximizing the potential to profit in full from a given move. Catching the wave as it breaks and riding it in to profit shores is what makes money in this market. Many other lesser waves may come and go. A good surfer knows that it is worth by-passing the distractions while waiting for the best waves.
Forex traders often keep strange hours due to the wave-trading windows of opportunity (especially traders on the U.S. east coast, who are often up in the middle of the night to catch the London/European wave).
This article is a brief summary of the global trading sessions in approximate order of wave-trading priority.  Also included are several of the regular special events in the currency calendar year.

In approximate order of priority –
1. London/Europe Open – Tide Coming In. This occurs from around 6:00 a.m. London time, increasing in velocity by 7:00 a.m. and is in full swing by 8:00 a.m.  In a bull market environment, Europe frequently sells the U.S. dollar hard during this period of time while buying up their currencies (subject to news data releases due and U.S. futures data).
Being on board at the beginning of this session (or when this session has finished selling EU or GU down in the wake of news and there is evidence of support coming in), is critical if the market is going to head north that day. The price action begins here and generally continues tracking until the U.S. equity markets open. In a bear market, the reverse occurs, with prices heading south with force during this time.

2. U.S. Open – Rip Tide Potential Beware. This session commences at 7:00 a.m. U.S. Eastern time.  This is “Game On” time when the serious counter-trend challenge often begins. When the United States commences work for the day – it is the time of day that the USD is most likely to find or extend its support, or conversely, in a bull market, U.S. traders add their weight to the dollar selling pressure.
An hour earlier, at 6.00 a.m. U.S. Eastern time, the LIBOR rates (London Interbank Offered Rate – the short-term interest rate that banks use to loan to each other for the next 24-hours) are set in London. It happens on occasion that once the daily LIBOR rates are set (especially on a Friday, ahead of the weekend LIBOR rates), a given currency that has been performing very well may sell off hard immediately after the LIBOR fixings.  Some traders prefer not to trade on Fridays for this and other reasons (including the ‘quad witching*’ every quarter) related to volatility and unpredictability ahead of the weekend.

3. U.S. Equities Open – Tide Wave Pre-Peak. Typically in a bull market, equity market participants do much of their buying in the first one or two hours after the market opens. This speculation is often reflected in the currency market as it tracks the futures data. The majors often gain ground at the USD’s expense during this time. Of course, red futures in the time slot pre-open indicate that the market may go short that day.  Hence, look to trade the majors short if so.

4. U.S. Close – Tide Going Out. Typically this occurs from around 7:30 p.m. U.S. Eastern time, picking up speed around 9:00 p.m.  The U.S. traders are bedding down the dollar for the night, often buying it up at this point through until around midnight. This is usually a good time to short the majors, and not normally a good time to open a long position.  After midnight, the Asian markets take over, often reversing this move in anticipation of the upcoming European session.

5. Overlap U.S. and Europe while the Dow is trading – Tide Peak. This time of day is the point when the market is at its most liquid.  All major players are present and participating fully. This often results in grid-lock between bulls and bears, or forceful moves in either direction when sentiment shifts as a result of good/bad earnings reports or the release of good/bad economic data.
New traders need to acquire an international digital time clock that can be set to 4 international time zones (e.g. London, Berlin, New York, Tokyo etc).

Special Regular Events
The release of Non-Farm Payrolls (NFP) is the premier event in the Forex monthly calendar. This report is released on the first Friday of each month.  It is often characterized by high volatility (100 pips +/-) with the market frequently going in one direction first (on immediate data release) and retracing with equal force in the other direction.  This report has the potential to be a very lucrative trading opportunity.  Check your broker spreads before trading this report because spreads often widen considerably during this event.
End-of-Year Book Closings. In December of each year, institutional trading houses typically close out their books for the year to log profit.  This can generate extreme volatility in the currency market.  For example, if the U.S. dollar has put in a good year, this is the time of year when it could be sold down hard regardless of fundamentals.  This is potentially a very lucrative trading opportunity.
*Quad Witching
This is the day when contracts for stock index futures, stock index options, stock options and single stock futures (SSF) all expire once a quarter.  Quadruple witching days occur on the third Friday of March, June, September and December.  Volatility in the currency market can result from traders closing out or adjusting positions to meet cash contract obligations that are due or to re-position for the new contract period.  This is an event to note and forward schedule in your diary.
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  • #843,374
  • Oct 28, 2024 2:24am Oct 28, 2024 2:24am
Quoting Jade Gate
{quote} With all due respect, for you, newbies and others, market structure has nothing to do with it. Liquidity surges, fundies data, sentiment and TA control the PA. Here's an article I wrote published in the Forex Journal out of Singapore in 2012. Still applies today. Trading the 24/5 Forex Waves for Profit Details Published on Wednesday, 17 October 2012 21:24 Jade Gate Articles (12)...
Do you have like an actual link for this article?
How to succeed in zero sum game?
  • #843,375
  • Oct 28, 2024 2:24am Oct 28, 2024 2:24am
Sold 1.2967
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #843,376
  • Oct 28, 2024 2:36am Oct 28, 2024 2:36am
Waiting intermediate sr test breaks eurusd at 0802 and gbpusd 2975 . May take time to do here.
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #843,377
  • Oct 28, 2024 2:39am Oct 28, 2024 2:39am
Quoting Jade Gate
{quote} With all due respect, for you, newbies and others, market structure has nothing to do with it. Liquidity surges, fundies data, sentiment and TA control the PA. Here's an article I wrote published in the Forex Journal out of Singapore in 2012. Still applies today. Trading the 24/5 Forex Waves for Profit Details Published on Wednesday, 17 October 2012 21:24 Jade Gate Articles (12)...
I have been trading Forex effectively since 2006, do you wanna classify me as a new bee ? Anyway, that aside.

It's possible you have never observed what is meant by Structure in the currency market.

I think it's really not necessary for me to delve into it since you as an experienced trader knows much more about the market.

However, I will always appreciate your contribution without reference to negative words like New Bees and whatever. The statement may be misconstrued and make me act irrationally.

Thanks.
Market Structure is the King.....
  • #843,378
  • Oct 28, 2024 2:40am Oct 28, 2024 2:40am
Quoting dempire1
{quote} Do you have like an actual link for this article?
Nope alas, that journal is out of publication now and not available on the web. It was both a printed hard copy journal sent to subscribers as well as online. I think FX Street might have picked up a few of mine and ran them as well but it's a long time ago now and unlikely to be available. All my articles were published here on Forex Factory first, but they don't show up in my profile list as none of them had an individual website address. I didn't publish them for the money, just wanted to educate other traders about the things I wish I knew and someone had told me before I started trading. Twee knows the history and probably has them all in an archive somewhere (or not). Hope it's useful.
  • #843,379
  • Oct 28, 2024 2:46am Oct 28, 2024 2:46am
Quoting Abeylyn
{quote} I have been trading Forex effectively since 2006, do you wanna classify me as a new bee ? .
The reference to newbies was not intended for you. I can see that you have some experience under your belt. We all have different perspectives on what drives the market. For me, it's LIQUIDITY #1 closely followed by TA #2. Others get their groove on the fundies or the sentiment that arises from fundies. We each have our own take on things and that is something that should always be treated with respect.
  • #843,380
  • Oct 28, 2024 2:56am Oct 28, 2024 2:56am
Quoting Jade Gate
{quote} The reference to newbies was not intended for you. I can see that you have some experience under your belt. We all have different perspectives on what drives the market. For me, it's LIQUIDITY #1 closely followed by TA #2. Others get their groove on the fundies or the sentiment that arises from fundies. We each have our own take on things and that is something that should always be treated with respect.
It is immaterial who the word is meant for... I consider it as insult to myself and the other party including third parties using structure.

We did not just start this discussion but something took us here. Real life market analysis and not theories....

You should have given your contribution politely without any negative words probably I may as well try to view your perspective.

That is the shit that have been going on here that we are trying to eliminate and please let's allow trading ideas unite us and forget all this egoish attitude.
Market Structure is the King.....
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