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GBPUSD retrace trade


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  • 2 weeks later...

We seem to be at a key support level on cable..50% fib level from the recent crash. If 12300 breaks expect selling to accelerate... 12100 the target

Cable is highly correlated with equities at the moment.. further downside in equities is likely to drag cable down with it

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43 minutes ago, Level_Trader said:

We seem to be at a key support level on cable..50% fib level from the recent crash. If 12300 breaks expect selling to accelerate... 12100 the target

Cable is highly correlated with equities at the moment.. further downside in equities is likely to drag cable down with it

image.png.f4cd591ad34d9093022b2380a4e06887.png

 

 

No idea pal.

How are YOU trading YOUR money?

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7 minutes ago, dmedin said:

How are YOU trading YOUR money?

Calmly and systematically. I trade what I see and let the market dedicate rather than second guessing. Having automated orders makes it a lot simpler and easier. Cable has worked beautifully with the technicals.  

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28 minutes ago, Level_Trader said:

Calmly and systematically. I trade what I see and let the market dedicate rather than second guessing. Having automated orders makes it a lot simpler and easier. Cable has worked beautifully with the technicals.  

Save the good stuff for yourself - good idea.

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1 hour ago, Level_Trader said:

Calmly and systematically. I trade what I see and let the market dedicate rather than second guessing. Having automated orders makes it a lot simpler and easier. Cable has worked beautifully with the technicals.  

Curious to know what technical 'indicators' are 'working beautifully' on IG's chart.  If you draw a Fib from top to bottom it gives you retracement levels that are completely out of sync with the price.  You've got a fakeout above 50 day SMA.  Oscillators swinging from side to side like a big d!ck in the wind.  Unless you mean the break beneath the 200 day SMA then it looks like garbage to me :)

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The 200 day certainly was your signal to sell..no doubting that

The 50% fib level has been a good point of reference. the bulls have defended it since the end of March and will continue to try and do so which is why I've quoted it as a big level. Look back at my chart.. (or even your screenshot) and you'll see what I mean..using your chart the break below the 20 and the 50 day (as they both converge) suggests today was your signal to sell (or be stopped out if long)

Fake outs are part of the game (institutional play) which is why stops have to be in play and respected, to stop retail investors losing all their money. 

Also my reference to technicals is price not indicators. Indicators should be used only as points of reference (at best) rather than for decision making. I would dump the Oscillator, it's not a helpful indicator.

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1 hour ago, Level_Trader said:

Fake outs are part of the game (institutional play) which is why stops have to be in play and respected, to stop retail investors losing all their money. 

Most retail traders are dying by a thousand small cuts with their tight stop losses and limited sized bets.  Yes they will stay in the 'game' longer but that just means it will take longer for them to lose all their cash.  Eventually, they will.  The vast, vast, vast majority of them.  In some senses it might be better for them to lose it all quickly so that they can move on and do something more productive with their lives instead.

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2 hours ago, Level_Trader said:

bulls have defended it since the end of March and will continue to try and do so which is why I've quoted it as a big level. Look back at my chart.

Right, so the price may or may not close beneath 50%.  And if it does close beneath it, it may go lower.  Or it may stop and start going higher again.  (Because Fibos are oft-penetrated, but the penetration is of uncertain duration.)  Who the f*ck knows.  Sounds like TA to me :)

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