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Cable Update (GBPUSD)

  • #429,781
  • Apr 27, 2016 1:44pm Apr 27, 2016 1:44pm
Quoting suneth2
Buy or Sell
wait! patience is part of trading.End of the month coming and usually price action gets squeeze
should price reach 46 78R shorting has better probability. In my view we are going into tight 200pip range until June
With Brexit still looming and vague language of the Feds I believe Cable will continue ranging.
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In trading, you have to be defensive and aggressive at the same time
  • #429,782
  • Apr 27, 2016 1:45pm Apr 27, 2016 1:45pm
Quoting suneth2
Buy or Sell
at least wait for hourly close, overall looks slightly bullish above 4490-4510 looks like absorption of selling pressure, will turn bullish break above 4600.
  • #429,783
  • Apr 27, 2016 1:49pm Apr 27, 2016 1:49pm
Quoting asgcorp
{quote} at least wait for hourly close, overall looks slightly bullish above 4490-4510 looks like absorption of selling pressure, will turn bullish break above 4600.
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In trading, you have to be defensive and aggressive at the same time
  • #429,784
  • Apr 27, 2016 1:52pm Apr 27, 2016 1:52pm
Hello everyone, Live gold trade. Long from two days ago
Please understand this is Not to brag but to show it is possible, this can be done.
I do not intend to show any live trades after this but I have done it to make the point to those having a hard time of this right now, it is possible. Do not give up, don't give in, keep at it. Focus on growth and improvement, not perfection.
best wishes
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Be careful what you think because your thoughts run your life..Solomon
  • #429,785
  • Apr 27, 2016 1:53pm Apr 27, 2016 1:53pm
Quoting Davit
{quote} although still early boys can push this lot lower..good luck
Thank you. We'll see where it ultimately goes.
  • #429,786
  • Edited 2:07pm Apr 27, 2016 1:56pm | Edited 2:07pm
my point exactly Davit!

Also you know everything needs to be put in perspective, here's a very strong H1 candle way back Oct 2015, looks like a solid buy right?
But next few days GU in fact sold off 150+ points.
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  • #429,787
  • Apr 27, 2016 2:03pm Apr 27, 2016 2:03pm
350 pips closed long position.
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  • #429,788
  • Apr 27, 2016 2:06pm Apr 27, 2016 2:06pm
also if you check EUR GBP H4 current chart in might give out hints. That's the way it works ultimately. You look across the board and check for confluence.
The reason I post charts it to hopefully encourage thinking process in traders.

You look at S&P, EU, EG find some hints and that sets a more clear picture ultimately you gain more confidence and execute your trading plan.

So as a position trader you need to always be thinking ok what's gold doing, what's the setup in the dollar index is there weakness strength, look for signs on EG and S&P.

You can't just think ok this H4 GU looking hot I'm going to get all in. That's a path to failure.
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  • #429,789
  • Apr 27, 2016 2:07pm Apr 27, 2016 2:07pm
Quoting asgcorp
my point exactly Davit! Also you know everything needs to be put in perspective, here's a very strong H1 candle way back Oct 2015, looks like a solid buy right? But next few days GU in fact sold of 150+ points. {image}
Hi friend
I am in view that what happened year ego is irrelevant today.Ton of fundamentals,news,buyers and sellers all came together in moment in time that cant be duplicated.
Can it drop 200pips by end of the month? Yes but not because what happened year ego.I learned to be good at this trading game one must rinse his/her brain and adapt quickly on ever changing environment.Adaptation is what separate losers from winners.
regards
In trading, you have to be defensive and aggressive at the same time
  • #429,790
  • Apr 27, 2016 2:16pm Apr 27, 2016 2:16pm
Quoting asgcorp
also if you check EUR GBP H4 current chart in might give out hints. That's the way it works ultimately. You look across the board and check for confluence. The reason I post charts it to hopefully encourage thinking process in traders. You look at S&P, EU, EG find some hints and that sets a more clear picture ultimately you gain more confidence and execute your trading plan. So as a position trader you need to always be thinking ok what's gold doing, what's the setup in the dollar index is there weakness strength, look for signs on EG and S&P. You...
This is very valuable for me as I am still learning. Thank you for sharing.
  • #429,791
  • Apr 27, 2016 2:19pm Apr 27, 2016 2:19pm
Quoting Davit
{quote} Hi friend I am in view that what happened year ego is irrelevant today.Ton of fundamentals,news,buyers and sellers all came together in moment in time that cant be duplicated. Can it drop 200pips by end of the month? Yes but not because what happened year ego.I learned to be good at this trading game one must rinse his/her brain and adapt quickly on ever changing environment.Adaptation is what separate losers from winners. regards
Absolutely Davit, I still catch myself looking for analogues in history. I am also struggling with adaptation as I have had some major losses due to me marrying losing trades hoping they would turn around. Fat chance... After these losses, I think I have finally come to grips with adaptation although the beginner traders psychology is still grappling me from time to time.
  • #429,792
  • Apr 27, 2016 2:26pm Apr 27, 2016 2:26pm
Quoting Denden2012
{quote} Absolutely Davit, I still catch myself looking for analogues in history. I am also struggling with adaptation as I have had some major losses due to me marrying losing trades hoping they would turn around. Fat chance... After these losses, I think I have finally come to grips with adaptation although the beginner traders psychology is still grappling me from time to time.
My best advise is reduce your lot size until you feel at ease.This has benefit of taking the stress out of trading thus allowing your trading mind to make better decisions.
I find most new traders over trade.Its psychologically easier taking .5 loss at 20pips then 2.00 lot same pips.Difference is staggering.
Regards.
Join my pivot thread.Its a valuable tool.
In trading, you have to be defensive and aggressive at the same time
  • #429,793
  • Apr 27, 2016 2:27pm Apr 27, 2016 2:27pm
NO short confirmed as of yet - see how it plays out tomorrow.
  • #429,794
  • Apr 27, 2016 2:29pm Apr 27, 2016 2:29pm
Quoting Denden2012
My long I posted yesterday has been initiated. Entry: 1.45170 SL: 1.44700 TP: 1.47940 47 pip risk 277 pip reward 6.8/1 RR
​That's a big ask mate, gl to you though. Am staying away as I fear it's in retrace mode for the next 24 hrs
  • #429,795
  • Apr 27, 2016 2:33pm Apr 27, 2016 2:33pm
Den also a good way to gauge overall market strength is comparing open vs close. Ideally in a strong bull market you'd want to have strong closes of the session.

Today if we get a bearish close I'd recommend you don't hold your long trade, don't overstretch your luck. Having said that we can still do a bullish close ideally that would be 4600+
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  • #429,796
  • Apr 27, 2016 2:34pm Apr 27, 2016 2:34pm
Quoting Davit
{quote} Join my pivot thread.Its a valuable tool.
Cool advice i hope others who need guidance will take you up on the offer.
  • #429,797
  • Apr 27, 2016 2:37pm Apr 27, 2016 2:37pm
Quoting asgcorp
Den also a good way to gauge overall market strength is comparing open vs close. Ideally in a strong bull market you'd want to have strong closes of the session. Today if we get a bearish close I'd recommend you don't hold your long trade, don't overstretch your luck. Having said that we can still do a bullish close ideally that would be 4600+ {image}
Seriously mate your great at giving it the talk but trading wise .. border line ..
People have brains, they can read charts, they can make their own decisions.
Your not that good ok.
  • #429,798
  • Apr 27, 2016 2:45pm Apr 27, 2016 2:45pm
Quoting dean1star
{quote} Seriously mate your great at giving it the talk but trading wise .. border line .. People have brains, they can read charts, they can make their own decisions. Your not that good ok.
that's too much bro. Registered 5 years ago and still trading demo. Not sure you are in position to evaluate my performance. I do make some bad trades yes but bottomline I make live trades with 10-20 std lots and I also made live calls this weekend, including GU longs, AU shorts, etc, also I posted my live trades and running P/L on live account while you's boasting your demo trades.

Grow some balls and switch to live account then we shall talk some more.

PS: I don't want to turn this thread into a fighting competition. SOmething you don't like? Just use the ignore function.
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  • #429,799
  • Apr 27, 2016 2:58pm Apr 27, 2016 2:58pm
Quoting asgcorp
Den also a good way to gauge overall market strength is comparing open vs close. Ideally in a strong bull market you'd want to have strong closes of the session. Today if we get a bearish close I'd recommend you don't hold your long trade, don't overstretch your luck. Having said that we can still do a bullish close ideally that would be 4600+ {image}
I see your point, in my fwd testing (via forex tester 2), I have noticed over time that large wicks on candles such as the one made today are almost always analogous to arrows as to future market movements with some exceptions being near swing lows and highs. This time though, the low hit the 4H ascending trend line so we'll see.

In any case, I have been spooked by all this chatter so my SL is at BE. The trade is free now so I don't care how it turns out. Perhaps a rookie mistake...


If I get stopped out, I already have another level in mind. With a 61.8 fib retracement confluence of the 1.43-1.46 move up.

Long Entry: 1.44370
SL: 1.439x
TP: perhaps 1.4600

Any thoughts?
  • #429,800
  • Apr 27, 2016 2:59pm Apr 27, 2016 2:59pm
Quoting jsk3010
{quote} ​That's a big ask mate, gl to you though. Am staying away as I fear it's in retrace mode for the next 24 hrs


Safer! Longing into a weekly S/R zone is a riskier game.

KP
Do your homework, follow the footprints of smart money
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