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Cable Update (GBPUSD)

  • #97,001
  • Nov 11, 2008 9:28am Nov 11, 2008 9:28am
Quoting steelhead
Mike you are so correct but why dont some in here ever learn. The people that move the market dont sell as market is going down. They buy in these situations when the market is going down.

Push it down as much as you can get the retail traders selling into holes and you make lots of money.

Principles of buying low and selling high hasnt changed.
Have i got this right, you are saying that the price is plummetting because the big players are all buying? I don't think so.
You're right in that buying at lows and selling at highs is what you want to do, but as far as I know the big players don't trade the small time frames, and they won't be buying significantly until it reaches a bottom- and there is no evidence that there is a medium term bottom in place
  • #97,002
  • Nov 11, 2008 9:29am Nov 11, 2008 9:29am
Quoting steelhead
Non taken I havent bought yet i wait for a four hour candle close.

I also tend to be on the otherside of the majority in here. I like that.
GU is most probably going to make a new low, so why would you want to buy?

You would make more money selling now.

I just don't understand the concept, anyways good luck
Trade what you see, not what you think.
  • #97,003
  • Nov 11, 2008 9:30am Nov 11, 2008 9:30am
short short short all the way .....
  • #97,004
  • Nov 11, 2008 9:30am Nov 11, 2008 9:30am
Quoting karmostaji
steelhead,

no offense but you always seem to be on the wrong side of the daily trend..

Just saying..
i couldnt have put it better...
  • #97,005
  • Nov 11, 2008 9:32am Nov 11, 2008 9:32am
ALrighty guys, I got my trades all into profit now and entries set so I'm heading back to sleep for a while. Best of luck to you in your trades. THINK before you trade ladies and gents- you can go far if you do that. Have a great day! I'll be back around 5.
I dream, therefore I become.
  • #97,006
  • Nov 11, 2008 9:32am Nov 11, 2008 9:32am
Quoting spintrader
Have i got this right, you are saying that the price is plummetting because the big players are all buying? I don't think so.
You're right in that buying at lows and selling at highs is what you want to do, but as far as I know the big players don't trade the small time frames, and they won't be buying significantly until it reaches a bottom- and there is no evidence that there is a medium term bottom in place
Not exactly what Im saying. Im saying they could be pushing it down themselves to get more folks short then steal their lunch money.

They do care what retail traders are doing i promise you that.

The shorts are working for now though so good job on that.
  • #97,007
  • Nov 11, 2008 9:32am Nov 11, 2008 9:32am
I trade based on what I see on my chart..

Buying when price is tanking and then pray for it to go up, that's a strategy to go broke.

Becareful newbie's
Trade what you see, not what you think.
  • #97,008
  • Nov 11, 2008 9:32am Nov 11, 2008 9:32am
think i'm gona place a long from 1.5410 for the first time in 25 trades..there were all profitble shorts...

thats the devil in me....http://www.forexfactory.com/images/icons/icon10.gif
  • #97,009
  • Nov 11, 2008 9:35am Nov 11, 2008 9:35am
Quoting karmostaji
GU is most probably going to make a new low, so why would you want to buy?

You would make more money selling now.

I just don't understand the concept, anyways good luck


If you short now to easy to get cought in a retrace. The time to short was hundreds of pips ago for me.


Ameritrini I aint saying anything to you and havent. So why is it not a surprise you come in here and pick me out. You don't have better things to do?
  • #97,010
  • Nov 11, 2008 9:36am Nov 11, 2008 9:36am
Quoting steelhead

I also tend to be on the otherside of the majority in here. I like that.
You must have lost a lot. The majority here claims to be the winners.
  • #97,011
  • Nov 11, 2008 9:36am Nov 11, 2008 9:36am
Quoting steelhead
Not exactly what Im saying. Im saying they could be pushing it down themselves to get more folks short then steal their lunch money.

They do care what retail traders are doing i promise you that.

The shorts are working for now though so good job on that.
the whole idea about buying only makes sense when the dailly range is exceeded otherwise its just redulious to assume in a downtrend that that buying against the selling momentum is a good idea...whenever i get that crazy idea i just remind myself this a downtrend and the safest way to find is go with the flow....till theres a absolute bottom

new traders consistanly (me included) think that finding a bottom is easy, just because they have a pin and then get it....
  • #97,012
  • Nov 11, 2008 9:39am Nov 11, 2008 9:39am
Add another short @ 1.5465.
This baby is really tumbling
  • #97,013
  • Nov 11, 2008 9:39am Nov 11, 2008 9:39am
Quoting steelhead
If you short now to easy to get cought in a retrace. The time to short was hundreds of pips ago for me.


Ameritrini I aint saying anything to you and havent. So why is it not a surprise you come in here and pick me out. You don't have better things to do?
Ofcourse I have better things to do, like sell the Pound!!! ............LOL!!
  • #97,014
  • Nov 11, 2008 9:41am Nov 11, 2008 9:41am
Quoting AmeriTrini
Ofcourse I have better things to do, like sell the Pound!!! ............LOL!!
  • #97,015
  • Nov 11, 2008 9:41am Nov 11, 2008 9:41am
channels are wonderful for scalping...

I just got a little 35 pipper long from this channel.. closed it near the m15 5sma....

I don't recommend countertrend trades like this if you are new to this..
Attached Image (click to enlarge)
Click to Enlarge Name: m15.gif Size: 26 KB
Patience + Discipline - Greed = Success
  • #97,016
  • Nov 11, 2008 9:41am Nov 11, 2008 9:41am
I am playing this a 3 or 5 level run on the 5m chart only.

If the 4th leg down ( testing now) failes to break below the 3rd leg down then a long is generated.

It price breaks below the 3rd leg the I will expect it to go to a 5th level.
Attached Image (click to enlarge)
Click to Enlarge Name: nov 11.JPG Size: 135 KB
  • #97,017
  • Nov 11, 2008 9:41am Nov 11, 2008 9:41am
Waiting for a clue for long !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #97,018
  • Nov 11, 2008 9:42am Nov 11, 2008 9:42am
Exactly, I could not have explained it better. You should sell and also pay close attention on the trend. GU is tanking so you sell. I also found something pretty interesting about someone mentioning a non-use of stop loss, which sounds crazy for me because you should always keep an eye on the chart, and what about if a breakdown occurs?.
  • #97,019
  • Nov 11, 2008 9:42am Nov 11, 2008 9:42am
Quoting AmeriTrini
Ofcourse I have better things to do, like sell the Pound!!! ............LOL!!

Good keep selling into a hole.
  • #97,020
  • Nov 11, 2008 9:45am Nov 11, 2008 9:45am
Quoting mike w
That's a retracement on a higher timeframe. Check it out. On that lower timeframe, you see three steps down. Zoom out to a higher one and you'll just see 1. That large move upwards is the retracement for that one before continuing down for the larger second thrust downwards.

Confusing yet? lol Look at it for a while and I think you'll understand what I mean.
I know what you mean Mike... I was just emphasising that the trend is unquestionably down...
Patience + Discipline - Greed = Success
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