GBP/USD Daily Video, October 06, 2016

[Sive Morten]

Good morning,

On Cable we expect to get bounce up to 1.2850 area:





The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[Brett Reynolds]

Double Repo NFP whipsaw Action.!!??

 

[Adam brown]

Good morning,

On Cable we expect to get bounce up to 1.2850 area:





The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[Adam brown]

I'm not sure what I've done wrong I followed your instructions.
I funded my Ig account with 100,000k with a mix of different people's money
I brought cable at 12715 @ 100perpoint I put a limit at 12840 and stop loss at 12600.

I went to bed woke up this morning and my £100,000 turn into £400 over night.

I could do with some help

 

[Synchronicity]

Open a demo account and start learning how to do this. Sive discusses his analysis of what the markets may do based on various technical factors. None of this is guaranteed to be correct and he NEVER gives instructions to trade.
If you learn properly about trading Forex you can follow Sives analysis and it will help you to stay profitable. As an example, I watched the same video as you and as a result decided to place a sell order around 1.2840. The market is generally going down so if I had decided to take a long for this retracement it would have been for a smaller trade size than I normally use.
My result was that I didn't get my entry.
You should never risk all of your money on a single trade.1-2% is plenty and, as I said, don't risk another penny until you are consistently doing well with a demo account.

I wish you well

Michael

 

[Sive Morten]

I'm not sure what I've done wrong I followed your instructions.
I funded my Ig account with 100,000k with a mix of different people's money
I brought cable at 12715 @ 100perpoint I put a limit at 12840 and stop loss at 12600.

I went to bed woke up this morning and my £100,000 turn into £400 over night.

I could do with some help

Adam, this is really awful, what has happened. But you read or listen video uncarefully. Our view is bearish on cable and that's why we've talked about 1.2450 target for the whole week. Upside retracement we have intended to use for short entry. This was major setup.
About scalp long trade - we've mentioned it just briefly, said that you could try if you have experience and if we will get pattern. We've got nothing - no pattern was formed.
Actually your result should not be as bad as now, but it has happened so that you've been caught by terrible occasion from UK Prime Minister comments that pushed Cable to 30-years lows.
Here is our conclusion from most recent weekly research. How have you decided to go long?
Conclusion:
Currently we do not want to look too far in the future. Yes, market shows strong bearish action, especially on very long-term charts, drops down indeed look miserable, and from that standpoint GBP could reach even 1.06 target, but right now we're mostly interested in tactical weekly/daily setup.

Last 3 weeks GBP looks heavy no signs of upward bounce and even has shown clear signs of weakness on daily chart. Thus, we should be ready for downward breakout and completion of our nearest downside target around 1.2450 area. Meantime, it seems that GBP is loosing shor-term downward steam either, which could lead to minor upside retracement in the beginning of the week. most recent weekly research.

Adam, lets' do couple of things:
1. Do not put any real money on your accounts for some time.
2. Open demo account. Trade on demo while you're learning.
3. Spend time on your education. You could start with our Forex Military School. IT will be very useful, especially in term of stop placement, risk management etc.
https://www.forexpeacearmy.com/comm...-trading-education-forex-military-school.158/

 

[Sive Morten]

and stop loss at 12600.

Yes, about the stops... It's also could be your retail broker story. And this is a specific of stop-order, how it works. For example, if your broker is cheating a bit a quote stream, it could show you gap from 1.27 right to 1.1350. Your stop will become market order at first uptick below your stop price. And broker has closed your position significantly lower than 1.26. Broker itself could close it right at 1.26 and grab the difference. This is classical trick. That's why this is also the story of your broker reputaion, does it rob clients or not... It could be typical scam action if this was really so as I've described.
Again - read our Forex Military school, there we've talked as about stop-order technic, how they work, as about this example of scam action.