Cable Update (GBPUSD)

" hey blondie show me your GU longs"...

On the plus side, at least GU isn't down 30% in 6 weeks unlike bitcoin. But then bitcoins not a currency so....

Congratulations to all the Bears.... You are position to earn 400/450 pips...

Looking for a better way to kick in again...

I wouldn't recommend thinking that having a bad trade makes you wrong. All you do as a trader is define what edge you trade in the market, then stick to your plan and trade the edge that you have in the market as much as you need to make the probability of the edge work. You are not here to prove the market or anything else wrong or to prove yourself right by having a good trade. The difficult aspect of trading is that traders are drawn to associate a good trade with being right and a bad trade with being wrong which hurts your confidence and triggers other negative emotions (this can also go for feeling that you are right which may trigger overconfidence etc...). Both the feeling of being right and wrong are emotional and emotions hinder you from perceiving all the data that the market is displaying to all traders. This may sound easy, but it can be very difficult to master.
I recommend the book "Trading in the zone" by Mark Douglas. There also other books for the mental aspect of trading which is a huge factor between casual traders and professionals. As long as you have an egde that works for example 6/10 times or even less if you have a good R/W ratio, then all you need to do is trade your edge in the market and do that as many times it need to let the probability of your edge work.
Remember every trade is unique and no trade has a 100% certainty of it working.

Dang if it wasn't for this trade, I would have been in the negative today. In the end made 58p.
Well done to those who stayed short GU.

....and just like that, there goes Wavegarrick's xmas bonus...

Leon was last seen 22 days ago before entering a long trade at 1.3220 and going scuba diving.

GJ


I'm eyeing a short scalping on GJ as price tests a significant resistance zone.

Price is currently testing a major liquidity zone around 205.50.
We're seeing early candlestick exhaustion on the higher timeframes, suggesting a potential reversal.

My guessing only:
The rally in JPY pairs (which we've been buying) appears to be running out of steam at this level.
I anticipate a possible "liquidity sweep" above this zone, which could trap late buyers and fuel a sell-off.
The target for a correction would be the 202.50–200.80 area.

The ideal sequence would be: a sweep of the highs, a retest of resistance, and then a bearish continuation.


Key Levels to Watch:
Resistance: 206.10 (and above for a potential liquidity sweep)
Target: 202.50 - 200.80

Fundamental Backdrop:
Keep an eye on risk sentiment.
A downturn in equities could spark a flight to safety, boosting the JPY and supporting this bearish view.



Some homework:
To dig deeper into the JPY's strength, take a look at the JPY index (JXY) or the futures charts 6J1! and 6J2!.
The correlation is key.



Important Disclaimer:
This is my personal analysis for discussion—not a trade signal.
I'm sharing my thought process as newbie.

My setups are far from perfect, so please do not blindly follow.
I strongly recommend you consult many professional traders in this thread and follow their ideas, not mine.

If you follow me and failed, dont come back here crying & blaming me.

Hi Friends,
This is how i am looking at GBPUSD
if price close above 1.32 in daily time frame i will look for buy opportunity

....but for some reason he'll claim hes up 1600 pips, incredible

A green day on the EU would be nice...

yes mister goldi

G/M, big >30day adr bearish thrust candle y/day finished off the 4hr diamond pattern with this resolution to the downside, now all the way down to the 85.4% fib of the recent 3010-3216(LWH) up-move, where some demand was encountered. Today so far; a false 1st b/o of YL, and a 2nd upside b/o of today's AH going on right now. AL is presently the CDL/CWL.

1hr below

...barring the 3091-3130 p/back, it was pretty much like a hot knife thru butter y/day re the down-move, as that p/back got sold. Just as all those prev sw lo's were pot support, now they are pot sbr, beginning @ 3084 LWL. Wide zones on 4hr. Price @ YL is in the wkly part of the prev 1hr/4hr/dly/minor wkly sw lo zone = prev supp x 1 = pot supp that extends down to 3010.

4hr with 10/20/40 ema crosses graphic below