Cable Update (GBPUSD)
albchr,
Greetings Chris....
u just woke up?!?!
just dropping by intermittently...
Stew,
Don't necessarily disagree with you but that was a world of different of economies ago and although I'm new at this, I keep hearing that past results don't predict future performance?....
I've noticed a huge change in this market since Sept when I started demoing. Especially after the new year. Man things just went crazy from what I was used to...LOL
The point I was trying to make is that in the last 12 mths Cable has moved from 2 down to 1.4 and its now at 1.65. and the trend is U-P. The 50 fib of that is at about 1.7 and the 61 fib at 76 - Go figure. Alto I'm not a great fan of fibs they do say something
I'm not trying to predict anything and Cable could drop just as easily as it could continue up.
BUT..... there is more upside potential than downside and price is currently going up.
Why buck the trend?
Where's the top??? I don't know but I'm willing to bet that 1.6 will break eventually....
....Yeah I call you the FF commentator cause you're all over the place posting...
I understand your point Stew and have from the first post I saw from you. Again, I don't disagree and I'm also not trying to predict. One look at the monthly and the "long" term trend is clear (although weakening in my view).
For me, I have to make a living with my tiny account which means I have to trade every day/week. I can't simply place a 1% position, give it 300 pips or more of room and sit back to watch it climb over days, weeks and months.
I have to take advantage of the "Trends" both up and down each day/week. Knowing that as of...
my little way of alleviating boredom.
Thats my view - just buy the dips lol.
Great you can afford to do that....
AlbChr!! If you don't mind answering , can i ask u a few questions.
1. You said you have a tiny account (i presume its less than 10k) how much pip value (or lot size) you place on your account.
2. Do you place one trade at a time or do u like engaging in multiple trades?
3. And do you place stop losses with every trade as well??
Just curios to know these things as i'm a newbie with a tiny account as well so wud be nice to get some idea about these things...Thanks!!
I know...
Wish I could....
Hi Azim,
Don't necessarily disagree with you but on this day last year Cable was at 2.0000 - Just a thought - nothing is impossible in this game.
My account is half that. As for the rest, I've posted it well over 50 times and I'm sure most in here are pretty sick of hearing the tale...
But FAR more important than that, what I do is DANGEROUS, STUPID and CRAZY!!!! I only do it because I "Have to". I wouldn't recommend it for experienced traders (which I'm not) much less NEW traders.
Follow the "smart" rules of trading, play it safe and above all else, Minimize your risk, Cut your losses FAST, protect your ASSets and live to trade another day.....
hello stew. Agreed. Nothing is absolute in this business. But, like I said tho, only if price close above 6600 cleanly, then it's worth the time thinking higher.
6600 is the top I pick. If close above, that'll be the new floor, I will have no problems going long. I just don't like the idea of buying too close to what this previous 2 months had shown as an unmistakable resistance/top.
As of now, I'm staying flat.
Have a good one
LOL...I've often wondered when/if you have time to trade with all the typing you do....
You must be one of those FAT cats who can trade like I just described in my last post...
