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Cable Update (GBPUSD)

  • #2,481
  • Dec 19, 2006 3:13am Dec 19, 2006 3:13am
The forex market is even more manipulated than the stock market. Here, it's 30% skills and 70% luck.
  • #2,482
  • Dec 19, 2006 3:13am Dec 19, 2006 3:13am
Well it is in a assending triangle which could be a total of 5 waves look for the turrning point to be at 9665 this is the top of the channel and could only be a retracement at that point and then back up again before heading down. We are also still in a upward bias based on the daily chart.
  • #2,483
  • Dec 19, 2006 3:18am Dec 19, 2006 3:18am
Quoting Donadoney
It sounds like you're caught in the hype of things. Do you have a method or a strat? I caught this whole move on the GBP/CHF, praise God and my target was just met within 5 pips, it could have gone the other way no doubt, but it would have met up with my damage control. Starts inherently capture lucky breaks sometimes.
are you sure you have a good method? I don't care what you're using. there's no way it could of predicted a 200 pip move on cable today.. especially when there's no news.. You should check if your method is a working one.. it seems that you caught this when everyone else lost their arse..

It might backfire when everyone else is winning ur method wouldn't
  • #2,484
  • Dec 19, 2006 3:18am Dec 19, 2006 3:18am
well, most of us got juked by the market juuuusst like ladanian juked the crap outta KC to get a touchdown! :

or it went loonggg, hail mary.
  • #2,485
  • Dec 19, 2006 3:19am Dec 19, 2006 3:19am
Quoting southernmind
The forex market is even more manipulated than the stock market. Here, it's 30% skills and 70% luck.
Anyone using a basic MA crossover strategy or range breakout strategy could have caught that move. There may be big boys at work but it's not difficult for little boys to follow them. Come on - 70 pips in 20 minutes at the start of the London session. It didn't take much to spot a big up move there.
  • #2,486
  • Dec 19, 2006 3:20am Dec 19, 2006 3:20am
Didnt catch the move ( went to bed early) Just woke up

CAlculated my pivots before though and it just shot up when it went past up the pivot point ( 1.9499) and now just stopped at R2 1.9644

Unbelievable!!!!
Use a system that works for YOU
  • #2,487
  • Dec 19, 2006 3:21am Dec 19, 2006 3:21am
The london boys done it again, just when everybody was short they came in and clean house, this is why london is the forex capitial of the world you never know what they gonna do, it doesn't take news to get those boys excited they make the market move the way they want it to.
If I Go Broke Trying Then I Will die happy.
  • #2,488
  • Dec 19, 2006 3:23am Dec 19, 2006 3:23am
Quoting yulvme
i've learned something today, this is bull nuts !!

This is not an investment if it's crazy like this !!

This is the biggest scam for us little traders !!

for those that was lucky enough to have follow the move, well you're just lucky.
How much did you lose? I lost 100 pips.
  • #2,489
  • Dec 19, 2006 3:27am Dec 19, 2006 3:27am
Just woke up, missed the party

Considering waking up a little earlier from now on
  • #2,490
  • Dec 19, 2006 3:27am Dec 19, 2006 3:27am
Quoting yulvme
are you sure you have a good method? I don't care what you're using. there's no way it could of predicted a 200 pip move on cable today.. especially when there's no news.. You should check if your method is a working one.. it seems that you caught this when everyone else lost their arse..

It might backfire when everyone else is winning ur method wouldn't
My system caught the move. I think a problem a lot of traders may have had was "being sure" the price was going to drop today. The vast majority of the posts from yesterday and today were predicting a "down day." Also, there may not have been GBP news, but there WAS EUR news that came out much better than expected. Therefore, the already-steamrolling pound followed the EUR up after the news release.
  • #2,491
  • Dec 19, 2006 3:27am Dec 19, 2006 3:27am
Quoting Elijah
How much did you lose? I lost 100 pips.
hmm, how about this? i lost over 70% of my balance, and i have a normal account .. if that help you feel any better!

seems like all the begainners caught the move for some reason, and calling us full time traders idiots for not spotting it..

we must be idiots then.
  • #2,492
  • Dec 19, 2006 3:28am Dec 19, 2006 3:28am
ho ho ho.Iam scared...hell no.it just market.it will come down for a bit, and then let see if it still strong enough to go north.



Quoting Moe
The london boys done it again, just when everybody was short they came in and clean house, this is why london is the forex capitial of the world you never know what they gonna do, it doesn't take news to get those boys excited they make the market move the way they want it to.
  • #2,493
  • Dec 19, 2006 3:29am Dec 19, 2006 3:29am
Quoting yulvme
are you sure you have a good method? I don't care what you're using. there's no way it could of predicted a 200 pip move on cable today.. especially when there's no news.. You should check if your method is a working one.. it seems that you caught this when everyone else lost their arse..

It might backfire when everyone else is winning ur method wouldn't
This is going to sound mean, but I have to say it:

STOP COMPLAINING

I am telling you this because I care. Really. Here is the unfortunate reality you will have to acknowledge when you trade anything:

You will NOT catch every trade, you will NOT always understand why the market behaves the way it does, and eventually you WILL get whacked on a trade.

This stuff happens. You're in a tough business. It's like a giant chess game, and somebody just swiped your pawn right off the board.
Now, for the good news: There's always another trade. People are making money in this market all the time. Never chase a trade too hard.

BTW, you were talking about your heavy loss earlier. You should never put yourself in a position for this to happen by trading too heavily. Do a forum search on money management and read up.

I wish you luck.
  • #2,494
  • Dec 19, 2006 3:31am Dec 19, 2006 3:31am
Quoting rdrainey
My system caught the move. I think a problem a lot of traders may have had was "being sure" the price was going to drop today. The vast majority of the posts from yesterday and today were predicting a "down day." Also, there may not have been GBP news, but there WAS EUR news that came out much better than expected. Therefore, the already-steamrolling pound followed the EUR up after the news release.
The reason your "system" caught it was because well it did go up and all indicators would show that, if u had gone in later when the move did occur anyone would of caught it.. it just so happens that some had positions in before the move. You have noticed that there was no retracement on this huge move yet.. most lost money on shorting when it went high and thought it would retrace.. like me! i doubled my lot size trying to catch the retrace..
  • #2,495
  • Dec 19, 2006 3:32am Dec 19, 2006 3:32am
AMEN! Very well said Far From Average it gives a relief to a loser like me....
  • #2,496
  • Dec 19, 2006 3:33am Dec 19, 2006 3:33am
Quoting yulvme
hmm, how about this? i lost over 70% of my balance, and i have a normal account ..
MONEY MANAGEMENT. Money management. Wait, let me repeat that. Money management.

Most pros never put more than 2% of their account at risk on any one trade. You are at 35x that. There's a problem. You are trading too heavily.

Google Ryan Jones, (I think that's right) he has a decent system of MM.
  • #2,497
  • Dec 19, 2006 3:33am Dec 19, 2006 3:33am
Well I was looking to go short at like 9545 - 95550. But when it broke the fib ret. of 38.3 soundly I went long and closed my long at 9619. I am waiting for the next signal. Which I am thinking is a short, but may have one more push up here. It also looks like it could be forming a nice Doji on the hourly chart. But we still have 30 mins till the hour closes. The guppy rules
  • #2,498
  • Dec 19, 2006 3:33am Dec 19, 2006 3:33am
Quoting parlenk
ho ho ho.Iam scared...hell no.it just market.it will come down for a bit, and then let see if it still strong enough to go north.
What, Why, And When? if you can't answer this you should be shitting bricks.
If I Go Broke Trying Then I Will die happy.
  • #2,499
  • Dec 19, 2006 3:36am Dec 19, 2006 3:36am
Quoting yulvme
The reason your "system" caught it was because well it did go up and all indicators would show that, if u had gone in later when the move did occur anyone would of caught it.. it just so happens that some had positions in before the move. You have noticed that there was no retracement on this huge move yet.. most lost money on shorting when it went high and thought it would retrace.. like me! i doubled my lot size trying to catch the retrace..
Thank you for confirming what I said: people had already concluded the price would drop, so they already had short positions open. And apparently a lot of folks did not have stop losses set, either, for just in case they were wrong. And I did short near the top (once the retracement began) and picked up 30 pips.
  • #2,500
  • Dec 19, 2006 3:36am Dec 19, 2006 3:36am
Quoting Moe
What, Why, And When? if you can't answer this you should be shitting bricks.

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