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Cable Update (GBPUSD)

  • #851,561
  • Jan 24, 2025 2:02am Jan 24, 2025 2:02am
Quoting MrFanciful
{quote} It's random
I trade as if it's random yes...
  • #851,562
  • Jan 24, 2025 2:05am Jan 24, 2025 2:05am
Quoting MrFanciful
{quote} I think I'm quitting again. I'm about to break my £34,000 of losses now. Absolutely everything I've tried doesn't work. I go back to demo, using the same account type and market data as my live and I make profit. I go back to live and it's a dumpster fire. I have a strategy that works beautifully in a ranging market and another in a trending market. I never know which I should be using. All I want to do is make a few pips. 8 pips would do me but I can't even do that. I keep telling myself to wait for a high probability setup, but everything...
if you have a system that works in a ranging market and a trending market trade both...
  • #851,563
  • Jan 24, 2025 2:10am Jan 24, 2025 2:10am
Quoting MrFanciful
I'm going to withdraw my remaining £5 from my account. Nice knowing you all.
Hi, ...Sorry to hear of your situation (again,) - you've been here before as I remember, but I am assuming your losses have gotten worse. Go and be a network engineer and forget about trading, and certainly don't continue to chase your losses, you'll very likely make them worse. This would be my advice, as it was last time. Good luck in the future.
---------------------------------

...we'd had the 1st upside b/o of the Asian hi before the better than expected Uk data - wow,! which made for a further upside leg. The only pot res factor I see @/around the current dly hi is the 4hr desc t/line that joins 3434 to 2788. 127% of 13wk awr reached and 95% of 30day adr - @ current dly hi. 98% of 6mth amr was reached @ 2100.

4hr, then potential res factors graphic, below
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Trader with an Edge.
  • #851,564
  • Jan 24, 2025 2:20am Jan 24, 2025 2:20am
Im shorting NZDCAD in addition to the GJ. I’m don for the day
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My telegram: https://t.me/avidforex
  • #851,565
  • Jan 24, 2025 2:26am Jan 24, 2025 2:26am
Quoting BigNumbers
BUY GJ
Booked 70 pips on this move stop to break even
My telegram: https://t.me/avidforex
  • #851,566
  • Jan 24, 2025 2:31am Jan 24, 2025 2:31am
I'm wondering how NY session will process Trump's speech.
I'd say if they believe Trump has any influence on the world stage, they'll take it higher. If they think he is just yapping like usual cause they are used to his meandering bs, they'll take it down.
  • #851,567
  • Jan 24, 2025 2:33am Jan 24, 2025 2:33am
Sold GU @ 1.2430 ... Target 1.2380.
Data + Stat + Risk/Emotions Management
  • #851,568
  • Jan 24, 2025 2:37am Jan 24, 2025 2:37am
Quoting MrFanciful
{quote} ... I can't wait for the collapse of the fiat currency system and the utter destruction of everything.
that's what they say, but don't wish it on our countries. it would lead to murder and death...
trading is like dancing, don't think and just listen to the music!
  • #851,569
  • Jan 24, 2025 2:41am Jan 24, 2025 2:41am
Quoting BigNumbers
{quote} Booked 70 pips on this move stop to break even
done similar on GJ, now that 193 has broken the next on my radar is the area that held as support which was 195. Might take profit well before though

BoJ seemed a bit dovish so and the hike was priced in for a few weeks. Might not see 199-200 anytime soon however we could hover around 192-196 for a bit.
BoE on Thursday rate cuts in view though not priced in Yet
Insane in the Brain..
  • #851,570
  • Jan 24, 2025 2:42am Jan 24, 2025 2:42am
Quoting MrFanciful
{quote} I think I'm quitting again. I'm about to break my £34,000 of losses now. Absolutely everything I've tried doesn't work. I go back to demo, using the same account type and market data as my live and I make profit. I go back to live and it's a dumpster fire. I have a strategy that works beautifully in a ranging market and another in a trending market. I never know which I should be using. All I want to do is make a few pips. 8 pips would do me but I can't even do that. I keep telling myself to wait for a high probability setup, but everything...
You should automate your strategy fully. If you can’t automate fully it means strategy is subjective and wouldn’t yield any profits either way. Profits come only through using excessive risk.

Automated strategies can be backtested via MT5 for a longer periods of time on historic data to get a glampse of how it performed, win rate, sharpe ratio, DD all that. Ofc historic performance doesn’t mean future profits but you get stats to work with.

Thank for honest stats. Almost nobody is sharing. You got lots of courage. Hopefully you can automate your strategies and get that lost money back!

I can give some suggestions regarding automation and optimization, reply here if you want to know. Don’t send PM.

Best
How to succeed in zero sum game?
  • #851,571
  • Jan 24, 2025 2:50am Jan 24, 2025 2:50am
Come on shorty
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yes yes yes
  • #851,572
  • Jan 24, 2025 2:52am Jan 24, 2025 2:52am
...some stalling now between 2448 current dly hi and 2421 current p/back lo, off that hi. 1st upside b/o of Asian hi and y/day hi both remain true for now @ least.

1hr below
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Trader with an Edge.
  • #851,573
  • Jan 24, 2025 2:54am Jan 24, 2025 2:54am
Quoting dempire1
{quote} You should automate your strategy fully. If you can’t automate fully it means strategy is subjective and wouldn’t yield any profits either way. Profits come only through using excessive risk. Automated strategies can be backtested via MT5 for a longer periods of time on historic data to get a glampse of how it performed, win rate, sharpe ratio, DD all that. Ofc historic performance doesn’t mean future profits but you get stats to work with. Thank for honest stats. Almost nobody is sharing. You got lots of courage. Hopefully you can automate...
yes I was wondering what is the use of an engineering background if no automation involved.
I don't know what kind of engineer but I am picturing a building engineer that uses mud to build buildings by hand.
  • #851,574
  • Jan 24, 2025 3:03am Jan 24, 2025 3:03am
Quoting MrFanciful
{quote} I think I'm quitting again. I'm about to break my £34,000 of losses now. Absolutely everything I've tried doesn't work. I go back to demo, using the same account type and market data as my live and I make profit. I go back to live and it's a dumpster fire. I have a strategy that works beautifully in a ranging market and another in a trending market. I never know which I should be using. All I want to do is make a few pips. 8 pips would do me but I can't even do that. I keep telling myself to wait for a high probability setup, but everything...
Hey mate, markets are made of people. Trick is to understand they exist so that only some people get to profit. Those people are the market makers, or the banks. The EUR has about 1.5 trillion traded each day. to move that much money the MM's have to ease in slowly and exit slowly ... and they will push price to wherever the liquidity is to enable them to move a vast amount of money over time (days, weeks, months). have a break and study how the MM have to trade to make money. I can recommend ATS trading on UTUBE as a great place to see price action as a result of the MM pushing price around. Once you see what the MM's are doing, and its does become somewhat obvious, it might assist. small positions and stop loss levels that seem crazy large is a way of staying out of the zone the MM's will reverse price even in strongly overall trending markets. They know where all the retail SL's are and they will take them out to get the liquidity, only to allow the trend to resume again. Trade like the bastards ....
  • #851,575
  • Jan 24, 2025 3:05am Jan 24, 2025 3:05am
Quoting OutThere
{quote} yes I was wondering what is the use of an engineering background if no automation involved. I don't know what kind of engineer but I am picturing a building engineer that uses mud to build buildings by hand.
He mentioned he is Network Engineer. Meaning: he works routers, admin, routes, TCP/IP - knowledge can be helpful if you want to program FIX bridge/connection between exchange and your own platform for example. Lots of the work is within that.

But his engineering role has nothing to do with programming which is completely different thing. He maybe write couple of scripts here and there, depend what company etc etc etc…
How to succeed in zero sum game?
  • #851,576
  • Jan 24, 2025 3:10am Jan 24, 2025 3:10am
Quoting dempire1
{quote} He mentioned he is Network Engineer. Meaning: he works routers, admin, routes, TCP/IP - knowledge can be helpful if you want to program FIX bridge/connection between exchange and your own platform for example. Lots of the work is within that. But his engineering role has nothing to do with programming which is completely different thing. He maybe write couple of scripts here and there, depend what company etc etc etc…
Well, 'technically minded' was what I meant.

And luckily, one doesn't have to program things themselves. There are even tons of EA's laying around.
  • #851,577
  • Jan 24, 2025 3:11am Jan 24, 2025 3:11am
Quoting MrFanciful
If the pound cratered and gilt yields soared due to Labours policies, I can only assume the markets really don't like Trumps policies given the dollar is cratering and the bond yields have started rising again.
It raises awareness of the unpredictability of markets and the critical role that governance plays in shaping economic realities.
  • #851,578
  • Jan 24, 2025 3:16am Jan 24, 2025 3:16am
Quoting OutThere
{quote} Well, 'technically minded' was what I meant. And luckily, one doesn't have to program things themselves. There even tons of EA's laying around.
Oh yeah. Technically minded people pick up programming pretty quickly, yes.

Yes there are EAs laying around but customization might be challenging because most free EAs are coded by beginner coders and it’s bad code so you have to spend lots of time to try to understand wtf is going on plus learn mql4/5 which has it’s own limitations depending on situations.

Other thing is if you don’t program then you have to accept rules of EA which are set by a programmer that wrote the system. If programmer doesn’t offer customization for your own strategies it might be “worthless”. But in general yes it can be used for certain tasks.

Auto SL, TP and all that easy stuff ofc. But again if you don’t own it then there is a risk that suddenly the free thing might outdate, no support. These are all risks that needs to be accounted in if building your infrastructure.

Good talking
How to succeed in zero sum game?
  • #851,579
  • Jan 24, 2025 3:20am Jan 24, 2025 3:20am
Quoting BeeTogether
{quote} done similar on GJ, now that 193 has broken the next on my radar is the area that held as support which was 195. Might take profit well before though BoJ seemed a bit dovish so and the hike was priced in for a few weeks. Might not see 199-200 anytime soon however we could hover around 192-196 for a bit. BoE on Thursday rate cuts in view though not priced in Yet
I’ve taken partials on GJ. And now risk free on the trade!
waiting for the next range.
I’m now short on NZDCAD
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  • #851,580
  • Edited 3:32am Jan 24, 2025 3:20am | Edited 3:32am
Quoting fontu
Checking daily tf chart , crazy bounce continued without good corrective attempt! Resistance testing too! Watching In smaller tf next target goes 2417+ {image} {image}
Ok not engage any as weekly marketing lots many home works, now check ok as a last leg up so over 2417 and last of the last leg should up still but watching limit signal 2418, test breaks . Bounce new high and break down NY open and next if engage !
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Not understand?better not follow my analyses!doubt clearer first, risks ++
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