Cable Update (GBPUSD) | Page 7697 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #153,921
  • Jul 31, 2009 1:38pm Jul 31, 2009 1:38pm
CNY = China Yuan
There are three kind of lies: lies, damned lies and statistics.
  • #153,922
  • Jul 31, 2009 1:45pm Jul 31, 2009 1:45pm
Quoting Seismograph
CNY = China Yuan
and?
will it be big impact as indicated on usd and jpy pairs and spike on Monday?
ROBOT FOREX
  • #153,923
  • Jul 31, 2009 1:55pm Jul 31, 2009 1:55pm
Quoting Forbes55
and?
will it be big impact as indicated on usd and jpy pairs and spike on Monday?
if parying ....
lol learn to day trade ..2.5% risk ... 50 pip stop ( i never hit stop as I often close trade before 50 pip if i screw up) .... 30 pip per day target .

2 k to 2.5 million 30 months... no praying required .. just patience. This is why I learnt to day trade. I made my pips hours ago now goofing off in ff .. off to lake with family for afternoon
Blogging daily now at www.volume.zone
  • #153,924
  • Jul 31, 2009 1:59pm Jul 31, 2009 1:59pm
Quoting nAVIN2007
u are wrong bro...the market is not random and u can predict where it will go one of these day i will come to your house and u can do statistics on my sh*t and i will prove it to u..

predict is the wrong word i know but u get my drift hopefully
Yep Predict is the wrong world!!!!

You can see where it's going buyer / seller pressure does create momentum, and this is what I trade on my M1 charts, but I don't know if it's going to move 5 pips or 200pips, but I know if I'm with the current direction I'm 80%+ sure of a win.

My system is virtually lag less on calling the direction, hence M1, wouldn't work on any other TF, as stated would like S20 but never mind

Other than some basic market physchology, there is no way to accurately predict anything more than above, the times it does work which if you back counted is rare is purely by statistical chance.

ie, if you draw 100lines on your chart, 1 of them is bound to work, but as you don't know which 1 ahead of time it's useless, but afterwards its so obvious ofcourse, which makes you think you can call it live and all fails are blamed on poor luck and the few times it works merely by random chance makes you believe more that you can do it with this method.

Luck is a concept which doesn't really exist.

Until you accept all of the above your not going to make forex profits.

Sorry!!


p.s. I'm profitable have been for a few weeks hence going FULL TIME Mainly cause I accept and trust above!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #153,925
  • Jul 31, 2009 2:01pm Jul 31, 2009 2:01pm
Quoting malcolmb14
if parying ....
lol learn to day trade ..2.5% risk ... 50 pip stop ( i never hit stop as I often close trade before 50 pip if i screw up) .... 30 pip per day target .

2 k to 2.5 million 30 months... no praying required .. just patience. This is why I learnt to day trade. I made my pips hours ago now goofing off in ff .. off to lake with family for afternoon
better I pray and hope God will help me again
besides I only need levels pound 1.66 and euro 1.42 and that is all on Monday
ROBOT FOREX
  • #153,926
  • Jul 31, 2009 2:04pm Jul 31, 2009 2:04pm
Quoting alex1976
Over analysis and indicator fascination creates confusion and directional illusion....
As we is rapping our way to riches Mon
Dem is so much more we can all muse on
Yeah gimme dem gujons
In de Caribeeyon !
As we stare into the fascination an wit no mo confusion
And no need for all these constantly changin directional illusion

Phew it's the heat - 103 on the patio - ginger biscuit time
  • #153,927
  • Jul 31, 2009 2:10pm Jul 31, 2009 2:10pm
Quoting alex1976
What direction its going in really doesn't matter, as long as your on board for the ride.

Holding strong opinions about where its going or where we would like it to go is really futile, but our forex egos want us to be able to predict price action cause of our technical expertise!

I myself was saying short with most others last night, then boom it took of north bound this morning.

It really doesn't matter where its going!...
I cant imagine trading with indicators..i remember around 8-9 months ago fxlocal said to me the pro's u nothing but price action. I was attached to my indicator pivot points and i just could let go of it...

indicators are lagging by the time u get the signal move is complete almost and the risk is more than the reward..all about price action, naked chart..1.72 here we come...or new low (august)

trade what u see not what u think..but we all know this
  • #153,928
  • Jul 31, 2009 2:15pm Jul 31, 2009 2:15pm
Quoting nAVIN2007
I cant imagine trading with indicators..i remember around 8-9 months ago fxlocal said to me the pro's u nothing but price action. I was attached to my indicator pivot points and i just could let go of it...

indicators are lagging by the time u get the signal move is complete almost and the risk is more than the reward..all about price action, naked chart..1.72 here we come...or new low (august)

trade what u see not what u think..but we all know this
Yeah, nav, I am beginning to realize that price alone is all you need.

And yes based on that 1.72 looks very feasilbe.
  • #153,929
  • Jul 31, 2009 2:17pm Jul 31, 2009 2:17pm
Quoting Turveyd

p.s. I'm profitable have been for a few weeks hence going FULL TIME Mainly cause I accept and trust above!!
thats good..
  • #153,930
  • Jul 31, 2009 2:18pm Jul 31, 2009 2:18pm
interesting that the euro/gbp chart is unchanged

so this is about dollar weakness and not the gbp strength

Now the mkt will have to decide whether the gbp and the euro should be moving in tandem
  • #153,931
  • Jul 31, 2009 2:25pm Jul 31, 2009 2:25pm
I do not look at daily charts

but the long was clear .... this thing could go to 1.7000 and even higher ...

the volume this month was equivalent to last months i thought for sure that indiocated massive drop . Then I looked at daily . This has been gettting accumulated of 1.6400 all month !!!

this market makes no sense to me anymore ......that is why I like my 5 min charts ..lol

Attached Image (click to enlarge)
Click to Enlarge Name: ym589.png Size: 131 KB
Blogging daily now at www.volume.zone
  • #153,932
  • Jul 31, 2009 2:25pm Jul 31, 2009 2:25pm
Quoting allserene
interesting that the euro/gbp chart is unchanged

so this is about dollar weakness and not the gbp strength

Now the mkt will have to decide whether the gbp and the euro should be moving in tandem
Yes, you can see it also in GY which moved back to the same level before GDP data release.
There are three kind of lies: lies, damned lies and statistics.
  • #153,933
  • Jul 31, 2009 2:29pm Jul 31, 2009 2:29pm
Quoting allserene
interesting that the euro/gbp chart is unchanged

so this is about dollar weakness and not the gbp strength

Now the mkt will have to decide whether the gbp and the euro should be moving in tandem

I find that very useful, to check the directional movement or lack thereof of other matching currencies to determine 'why' and 'where' also a pair might be moving and which currency is the 'driver' due to either its (or their) underlying strength or weakness.

I wish there was more discussion or reference to these comparisons...

Thanks for that observation,

Dr. D.
  • #153,934
  • Jul 31, 2009 2:36pm Jul 31, 2009 2:36pm
Quoting malcolmb14
I do not look at daily charts

but the long was clear .... this thing could go to 1.7000 and even higher ...

the volume this month was equivalent to last months i thought for sure that indiocated massive drop . Then I looked at daily . This has been gettting accumulated of 1.6400 all month !!!

this market makes no sense to me anymore ......that is why I like my 5 min charts ..lol

Attachment
hello dear!!
i have a short from 6682 i need your suggestion, should i hold it till monday or just close??
kindly advise me plzz.....
  • #153,935
  • Jul 31, 2009 2:38pm Jul 31, 2009 2:38pm
Quoting elixerripple
hello dear!!
i have a short from 6682 i need your suggestion, should i hold it till monday or just close??
kindly advise me plzz.....

in this insane market i would not be holding anything over the weekend unless 300 pip in priofit and stop at +100 ..... but that is just me.

You may be lucky..

even on a dip to 1.6680 the buyers came in on 5 min charts....nice little 20 pip Friday afternoon latte ...
Blogging daily now at www.volume.zone
  • #153,936
  • Jul 31, 2009 2:39pm Jul 31, 2009 2:39pm
Quoting malcolmb14
I do not look at daily charts

but the long was clear .... this thing could go to 1.7000 and even higher ...

the volume this month was equivalent to last months i thought for sure that indiocated massive drop . Then I looked at daily . This has been gettting accumulated of 1.6400 all month !!!

this market makes no sense to me anymore ......that is why I like my 5 min charts ..lol

Attachment
Things range for a reason, usually an accumulation of stock/contracts.

Example:

A speculator finds a stock which he thinks will double in value in 2 months. The current price is $20 per share, the last two months the high has been $25 and the low has been $18.

During this time it has been ranging and the speculator thinks the price will reach $50.

----------------------------

Price reaches $22 and he starts buying 20,000 contracts. He doesn't want to move the market but control it. Price reaches $25 and he supplies sellers at this price to keep it in the price range 25-18. Once the rebound has happened he buys all the orders which go down to $18. He has now accumulated 60,000 contracts long at an average price of $22. At the price of $18 he buys as much as he can...This happens back and forth until he has accumlated 150,000 shares.

Once he has the amount he wants he pulls the orders from $25 and starts buying all the way up. He buys every dip he can until price reaches $50.

At $50 he dumps half his stock and begins a new consolidation area where Ahe tries to dump his stock.

After he has dumped his stock the price is now $46.


I hope you can see what i'm getting at, I'm not sure this is how it works with forex especially daily forex. Although often this is why ranges exist, to accumulate contracts at a desired price.

If this is true, i reckon they'll be aiming for more than 1.72 .

I'll find the PDF of that later on, it's a very good read. I just summarised it.
  • #153,937
  • Jul 31, 2009 2:40pm Jul 31, 2009 2:40pm
Quoting alex1976
Yeah, nav, I am beginning to realize that price alone is all you need.

And yes based on that 1.72 looks very feasilbe.
the whole move up for me was based on 15 minute chart hitting support and give a bullish engulf formation
Attached Image(s) (click to enlarge)
Click to Enlarge Name: trade.gif Size: 21 KB
Click to Enlarge Name: trade2.gif Size: 25 KB
  • #153,938
  • Jul 31, 2009 2:41pm Jul 31, 2009 2:41pm
Quoting allserene
interesting that the euro/gbp chart is unchanged

so this is about dollar weakness and not the gbp strength

Now the mkt will have to decide whether the gbp and the euro should be moving in tandem
actually if you take a look at eur/lfx and gbp/lfx which are synthetic representations of the eur and gbp indexes gbp has been having three consecutive up days or "three white soldiers" pattern which suggests more upside and eur/lfx also had a very strong day following a big daily pinbar yesterday. usd/lfx - synthetic substitute of usd index was sold off hard today which means that is is both usd weakness and eur/gbp strength.
you can find those indexes at the SIGtrader metatrader platform they do offer those indexes and they have been of tremendous help to me in order to better assess which currencies are the "hot hands" for the day
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #153,939
  • Jul 31, 2009 2:42pm Jul 31, 2009 2:42pm
what GOldman own the IMF also ....

this is why the weakness in USD today .. NOW question is what are pros going to do on this strength ?

The IMF also stated that the USD was moderately overvalued. This follows a report from the same organization earlier in the week which also said the Euro was
Blogging daily now at www.volume.zone
  • #153,940
  • Jul 31, 2009 2:55pm Jul 31, 2009 2:55pm
Ok I can't find it, but I have a feeling it's included in this. I'm just about to start reading it.

Written in 1910, this looks like a great study.

It's called "Studies in Tape Reading".

Have a good weekend everybody, I hope the last few hours of Friday night action has made your weekend pleasurable. If not, don't worry, Monday always serves long slow trends.

Have fun + relax.
284 traders viewing now