Cable Update (GBPUSD)

Quoting arhemsi

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I hope to the south, and till the lower trendline in red

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Quoting gagakrimba

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What trendline is that ?
yearly ?

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Quoting micho

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the 10 EMA follows the price and not vice versa

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Quoting micho

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the 10 EMA follows the price and not vice versa

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Quoting micho

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the 10 EMA follows the price and not vice versa

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Quoting Turtle

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If you look at the possible first entry long you could of got in @ 6820, targeting the 10ema at around 6880-6900. Not bad!!!!!

And look where EO got in and how far it went.

Which hooks up with that 50 and 62 on the 1 hour!!

That's all I was trying to say!!

HOLLA

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Quoting nangro

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please tell me what is vice versa?..

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Quoting eohater

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That is correct. Remember everyone, no one knows where the price is going, we only know where it's been. Once the price crossed over the 10ema, it confirmed to me a change in direction. With it staying above it, it was further confirmation that longs were the major play at the time.

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Quoting micho

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i like to work with slow moving average like 50 and 62 because the fast ones change quickly. but what is scary is if you try to write a code using moving averages and back test it you will get horrible results... thats why its not reliable to work with moving averages alone... thats just my humble opinion... its really hard to follow an indicator and get good results unless you were trading using "STATISTICAL TRADING" which is the best trading strategy that works but sadly lately all the statistical patterns have changed. August results were not bad because of low volumes, they were bad because it was the start of the pattern change.
There is a book called "Fooled by randomness" it was written by a Lebanese guy who was the only person to predict the current financial crisis. Read the book, dont be fooled by trading, its not a stable source of living... it is always risky that is why the people who win, often they dont use stop loss and most of them in the end they lose it all.
It trends whenever big banks want it to, it ranges when they want it too. Only small part is left to technical indicators. You can predict that if the up trend will not break, it should reach level x but you will never guess if it will break or not or if it will reach x and go back or continue to y and z.
Can you notice the trends lately? they barely retrace to 23% where no one would dare to buy or sell and then blast up or down to x, y and z.
Big banks dont want you to win because you take their shares.



EDITED: sorry i forgot to mention "HEDGE TRADING" as well, which is another winning strategy where you open 2 accounts, one with a broker that doesn't charge swap or interest on your open trades over night and another one that charges interest+or-. you open 2 opposite trades with both accounts at the same price, you get the + interest lets say for GBPJPY +1.4 lots each day. You get on level terms with the spread (-10) after 7 days and then after you get daily 1.4 lots on the open order. if you play with 10k, thats 1.4 $. if you play with 100k its 14$... if you play with 1000k its 140$ daily. so basically you close both trades whenever your account margin call is close (usually your accounts will be around 100,000k each in order to get a decent win in this strategy...) so get the first 100,000 and say hallelujah... hehehehe

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Quoting nAVIN2007

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hi bro ...i know im in a hedge right now ..i didnt understand how would i get a margin call ...it kinda looks to me as if the swap fees - cancel the + so i can see myself getting a margin call..or am i looking at this wrong?

see my screenshot below..

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Quoting nAVIN2007

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hi bro ...i know im in a hedge right now ..i didnt understand how would i get a margin call ...it kinda looks to me as if the swap fees - cancel the + so i can see myself getting a margin call..or am i looking at this wrong?

see my screenshot below..

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Quoting micho

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hey man, no i meant something else but if im not wrong i think you are losing in the swap with every passing day so better think how to close some positions........

i was talking a strategy where you open hedged trades in 2 different accounts, one that gives you swap + and another that doesn't charge commission...

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Quoting micho

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hey man, no i meant something else but if im not wrong i think you are losing in the swap with every passing day so better think how to close some positions........

i was talking a strategy where you open hedged trades in 2 different accounts, one that gives you swap + and another that doesn't charge commission...

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Quoting nAVIN2007

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i worked out that i the hedge is costing me roughly £7, i cant exit the longs since i have loss of more than 1000 pips difference i just have to wait till theres a potential reversal and the exit the short....there no other real way to get out without damaging my account big time

or trade till i get the same as the loss back ...which is possible considering the movement these days is huge

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Quoting gammase1

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I thought most brokers were wise to that one? I can't find a broker who doesn't charge swap points. This was a very popular risk-free arbitrage trade about a decade ago, when you'd go short NZDJPY, for example, with a broker who doesn't charge to roll trade and then a long position at the same entry point with a different broker - one who'd pay you the positive swaps.

The brokers who didn't charge or pay swap points were simply running the position risk themselves and not backing out trades with a bank, on the assumption that 90% of retail traders will lose, which we do.

I've also read the book by Nassim Taleb, which is a fascinating read. But the guy hasn't always been right and some of his views I find extreme. For instance, he ran a failed hedge fund. But the guy's intelligence is definitely to be admired.

Btw... It is not the banks who decide whether we range trade or not. They do not collude to stop the little guy winning. The little guy and where his stops are placed are of no consequence to hedge funds and the bank's fx and prop trading desks.. There are far bigger dynamics moving the currency markets, chiefly a deleveraging process - the likes of which we have never witnessed before.

I worked for a big bank for many years and there was no collusion with other players in the market, just a better understanding of fundamental and technical dynamics. Even with that knowledge, it was not guaranteed that the FX Prop books would make a profit at year-end, which shows just how difficult this game can be.

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Quoting micho

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alot of brokers dont charge swap nor commission

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Quoting gammase1

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Thanks for that info. I'm going to have a thorough search around, as this is free money without any risk (while they don't charge swaps and don't go bust)...

My two broker accounts both charge swapss.

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Quoting micho

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no dont exit ur longs now... we might retrace after this daily pin... just try to close 2 hedged positions like one short and one long or something

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