Cable Update (GBPUSD)

All depends what chart you look at really, weekly looks up though.

Dollar Index

Hello Traders/Friends. I wanna point out something that is working for me greatly. Very easy no brainer, once a day for sure. Look at the chart, Notice all the arrows around the Red lines, Those lines are the
" Daily Open Value " Notice how price reacts i mean if the price goes below the open, 95% times it will continue down and if above , it goes up all the way. all you gotta do is watch the PA at OPEN of the day and follow it
I hope it help someone make some MOOLA.

In a little bit, Daily Open will happen. If you have the indi, thats fine if not just mark the line manualy. Now we all know that we had a big move down already and the darn thing suppose to have a Ret. So what i would do is wait till DAILY OPEN and wait for the price to go above it and if it does i will enter. If the price reverse and go below the OPEN i will also reverse my position to south . Try this on DEMO and get the hang of it
PS This is for new people because i am sure most of you guys here know this even before me .

I don't like this price actions, i think market is under influence of non-farm

Mate, what you've said is cool and very good if it works for you then you don't need anything else, just further perfect what you have developed for yourself to be consistent in the market.

I want to tell you guys a bit about my own findings and experience. I trust one who will read it carefully will gain more edge over the market understanding.

I myself have no decision making indies and draw trend lines, many lines, a lot of lines.
I also use key levels and trade from one level to another.
I don't use trailing stops, however I close positions partially on certain take levels. It all depends on market pace and momentum.

This works for me very well. I feel confidense when in trade and I risk just a little bit of margin, because I use small lot, but my takes are really nice (100+ pips), resulting in consistent nice profits.
Before I realized this I was overleveraging and as 90% of traders was aiming for 5-1-20-30 pips at maximum with 0.1-1 lots.
Until I realized that 100 pips with 0.05 lot resulting in 50 dollars of profit is way too safer to get for me than 5 pips with 1.0 lot (same 50 dollars).

Rule to use 0.1 for every 1000 dollars of margin or similar as in many of the textbooks is BS.
It's all very individual and should be based purely on your level of comfort and your trading system.
You have to develop your own comfortable lot. It could well be 0.01 for 1000 dollars account and you still be making 10-20 dollars almost every day.

So my risk at that time was indeed high and I couldn't safely bear drawdowns, it was heartbreaking to see how your 0.4-0.5 lots trade was going into the wrong direction for 50-70 or even more pips.
I also use D1, H4 and H1. H1 is my favourite timeframe. It's just perfect, no need to add to it, no need to substract from it. Just see it and use it. It was borned to serve you ))

What else I exploit is a gradual entry. Imagine, my comfortable lot is 0.1, so on first sign where I should enter, before I would enter with whole 0.1 at once.
Now I enter 0.02 lots at first sign, if price retraces, I enter 0.03, and if it retraces even more I enter 0.05 lots. So in total I still have 0.1 lot, but in reality its price is more attractive and I can put tigher stoploss and put closer target. I can easily let my trade breath and feel comfortable.

What if at first signal trade will jump to take level? So I entered 0.02 instead of 0.1, my profits will be 5 times lower?
Yes and no.
Very rarely it will not retrace after first signal for entry. Just imagine, many-many traders have similar signal almost at the same price levels. So when they all try to catch the train, train starts moving in wrong direction because big dogs see a perfect opportunity to push price further against the crowd. So here volumes are key. If signal is not supported by volumes, this is false signal. All wrong entries will eventually be losers.

But when you trade from key levels, its very obvoius how price and people react close to them. You can even be not considering too much about news impact, because all moves are still within the same levels.

D1 and H4 always make me confident I catched train into the right direction. I'm not trying to catch very bottom or very top. I wait until I see opposite power starts growing, after that I enter with SL below bottom level. This works really cool.

No need to enter on bearish candle. Better wait after some consolidation on the bottom and first one-two bullish with confirmed volumes (1 should make).

As for stoplosses and moving them to BE and further, yes, I use SL and I urge you to use wide enough SL to let market come to your take profit level.
Just lower your lot and use good SL. It may well be based on a level right after the nearest important level + 10 or 30 pips + spread. So once trade is entered, keep yourself away from computer and check it every 1-2-3 hours.
Some trades may close in 19 or 24 hours. But remember, all that time market was making your end 100+ pips profit. Don't try to catch all here and now. That's losing behaviour. It'll blow your account very soon. Patience is key also in trading.

What else I may suggest to newbies... start to write about your trades, with explanation what was done and why. Start to teach someone who knows even less than you. You'll learn your self a lot from that.
Continuous self-development and desire to further make even more perfect trades is very good factor here. Never look at key levels of your account. Don't be afraid of round figures. That's purely psychological, you have to be aware of it and just leave it from yourself when trading.

So this is a bit of my humble experience which I wanted to let people who need advice know. Continuous studying, development and understanding what works well for yourself on the market is key point of success.
Green pips to us all.

Thanks for kind advice

Hi there, Wish you lots of pips this session. What u say about having a little Ret. ?

i will go for short if price below 1.6523....
my target is 1.6495(weekly pivot)

yeay....greenday for yesterday..

Dont have position for GU atm, Closed my GJ trade --> closed at 145.55 for 123 pips

total pips for 3 days 649 pips

great week

Looks like we broke a support...should see some move down.

It's a very good advice. Thank you!!!

I wrote this a two years ago, havin a little fun. Thought I'd share...

been very lethargic with gu but the last 4 hrs been higher low...cud we see a run to 6670 anyone? looks like a gud lvl to jump in now...

im still seeing 6523 first..

ya looks short to me also will wait for further confirmation before selling 6565 should br a decent short entry tho

Gotta love it...3 hours, 14 pip channel!

**Yawn**

I know after a run down the hill, we may need a little break but seriously?

It looks to have broken support and with the recent double top I am liking it short.