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Cable Update (GBPUSD)

  • #154,481
  • Aug 3, 2009 1:10pm Aug 3, 2009 1:10pm
Quoting alex1976
albchr, are you going northbound in next uk session, assuming price doesnt retrace that much before the daily close at 5?
In all honesty Alex, I really don't know. I've never traded this time of year and from what I've recently heard, it's a tough time to do so. In 10 months of demo I've yet to see a move like this, bullish or bearish that went pretty much without "some" sort of retrace. With the prices where they've been for so long, I have to go back on the charts now to find data for new S/R levels around here. And with this pretty much straight up move (roughly 700 pips in 3 days), I have no idea where to even begin trying to draw TL's...lol

In short, I have some serious analysis to do and I only hope it helps.

Every time it hit a strong S/R, and then gave a bar that looked like a turn around I thought about going short. Thank the good Lord I didn't.

All I know is, selling the dollar across the board would have made some very rich folks...LOL
Ghost Rider - WWTBMD?
  • #154,482
  • Aug 3, 2009 1:11pm Aug 3, 2009 1:11pm
Quoting albchr
Especially when you get off TOO SOON...LOL...
Or get back in too quickly

I remember lots of experts on CNBC saying DOW 14000 was cheap given the earnings and 20k was the target

I thought I was being clever getting out and waiting for 10,700 - I wasnt

I am ok up to 9,600 right now and then I am giving it a rest until it gets to 9300 again
  • #154,483
  • Aug 3, 2009 1:14pm Aug 3, 2009 1:14pm
Quoting albchr
I know nothing about fundies but could someone explain the effect this would have on FX?
Is pretty straight forward. Since the market is zero sum, the banks need investors to get back in. Pushing the DOW up is creating more risk appetite, so the safe haven currencies are falling.
  • #154,484
  • Aug 3, 2009 1:15pm Aug 3, 2009 1:15pm
Quoting albchr
In all honesty Alex, I really don't know. I've never traded this time of year and from what I've recently heard, it's a tough time to do so. In 10 months of demo I've yet to see a move like this, bullish or bearish that went pretty much without "some" sort of retrace. With the prices where they've been for so long, I have to go back on the charts now to find data for new S/R levels around here. And with this pretty much straight up move (roughly 700 pips in 3 days), I have no idea where to even begin trying to draw TL's...lol

In short, I have...

Its not tough at all mate, we are in a low volume powerful manipulated up trend, yes sooner or later it'll turn and it'll cost you 1 SL maybe 2, but if where trusting it and trading it for the last week or 3 you'd of made so many pips 1 or 2 SL's hit wouldn't bother you at all!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,485
  • Aug 3, 2009 1:21pm Aug 3, 2009 1:21pm
Quoting Turveyd
Its not tough at all mate, we are in a low volume powerful manipulated up trend, yes sooner or later it'll turn and it'll cost you 1 SL maybe 2, but if where trusting it and trading it for the last week or 3 you'd of made so many pips 1 or 2 SL's hit wouldn't bother you at all!!

Great hindsight buddy...LOL I could have told you that....... (now)....

So where do we go from here? keep trusting it or look for the turn?
Ghost Rider - WWTBMD?
  • #154,486
  • Aug 3, 2009 1:24pm Aug 3, 2009 1:24pm
Quoting albchr
Great hindsight buddy...LOL I could have told you that....... (now)....

So where do we go from here? keep trusting it or look for the turn?

Just got to learn to stop worry, accept the losers on the trend change, your odds are much better jumping in with the trend than trying to pick a top and hoping it changes on you.

Fear, Emotion and Greed has no place in trading mate!!

2 weeks on Vulcan will sort you out
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,487
  • Aug 3, 2009 1:26pm Aug 3, 2009 1:26pm
Quoting albchr
Great hindsight buddy...LOL I could have told you that....... (now)....

So where do we go from here? keep trusting it or look for the turn?

Never look for a turn, a) your wasting time and b) odds are the turn you play won't turn and will SL you.

Didn't take me long to realise this, but it took me along time to accept this and be able to trade like this.

It's not easy!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,488
  • Aug 3, 2009 1:28pm Aug 3, 2009 1:28pm
Quoting Turveyd
Just got to learn to stop worry, accept the losers on the trend change, your odds are much better jumping in with the trend than trying to pick a top and hoping it changes on you.

Fear, Emotion and Greed has no place in trading mate!!

2 weeks on Vulcan will sort you out

Dude, I made back 2/3 this morning of the 25% I lost last month. What fear, what greed and who's picking tops? And I ain't getting pointed ears for NO ONE!! LOL

I'm just trying to figure out what's NEXT...LOL
Ghost Rider - WWTBMD?
  • #154,489
  • Aug 3, 2009 1:30pm Aug 3, 2009 1:30pm
Quoting Turveyd
Never look for a turn, a) your wasting time and b) odds are the turn you play won't turn and will SL you.

Didn't take me long to realise this, but it took me along time to accept this and be able to trade like this.

It's not easy!!
So you're saying trust the up trend and buy, right?
Ghost Rider - WWTBMD?
  • #154,490
  • Aug 3, 2009 1:31pm Aug 3, 2009 1:31pm
Quoting albchr
Dude, I made back 2/3 this morning of the 25% I lost last month. What fear, what greed and who's picking tops? And I ain't getting pointed ears for NO ONE!! LOL

I'm just trying to figure out what's NEXT...LOL
Nice dude

I spent the day with the cute girlie tidying my back room so she's happy to trade here and come here more often.

So no trades for me at all!! Tomorrow though hopefully!!



Next is always whats just happened within reason Be it strong up trend or sideways chop!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,491
  • Aug 3, 2009 1:31pm Aug 3, 2009 1:31pm
Quoting Turveyd
Its not tough at all mate, we are in a low volume powerful manipulated up trend, yes sooner or later it'll turn and it'll cost you 1 SL maybe 2, but if where trusting it and trading it for the last week or 3 you'd of made so many pips 1 or 2 SL's hit wouldn't bother you at all!!
I don't know why everyone's so conspiratorial. It's a normal market reaction.

We live in an artificial reality based on market forces that have been detached from it's actual valuation for decades.

When they run out of cake, then the shit hits the fan.
  • #154,492
  • Aug 3, 2009 1:36pm Aug 3, 2009 1:36pm
Quoting Turveyd
Its not tough at all mate, we are in a low volume powerful manipulated up trend, yes sooner or later it'll turn and it'll cost you 1 SL maybe 2, but if where trusting it and trading it for the last week or 3 you'd of made so many pips 1 or 2 SL's hit wouldn't bother you at all!!

Beautifully put Turvey!

Its so true, if we just trust and trade what we see, then one can do well, and one or two stopped out trades wouldn't really matter that much.
  • #154,493
  • Aug 3, 2009 1:40pm Aug 3, 2009 1:40pm
so far we held going to my target..i hope u lot had the seat belts on...
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  • #154,494
  • Aug 3, 2009 1:40pm Aug 3, 2009 1:40pm
Quoting alex1976
Beautifully put Turvey!

Its so true, if we just trust and trade what we see, then one can do well, and one or two stopped out trades wouldn't really matter that much.
Got to get over that fear of losing, why do you think we are all demo account millionaires!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,495
  • Aug 3, 2009 1:41pm Aug 3, 2009 1:41pm
Quoting alex1976
Beautifully put Turvey!

Its so true, if we just trust and trade what we see, then one can do well, and one or two stopped out trades wouldn't really matter that much.
I just love how everyone throws "trade what we see" around like it's child's play. Perhaps after many years of "seeing" it, it becomes easier. But I've seen a lot of what I "thought" I knew was happening and it was wrong...LOL
Ghost Rider - WWTBMD?
  • #154,496
  • Aug 3, 2009 1:42pm Aug 3, 2009 1:42pm
Quoting Turveyd
Got to get over that fear of losing, why do you think we are all demo account millionaires!!
yes i guess so..
every1 has a price to get nervous with real money thou..
  • #154,497
  • Aug 3, 2009 1:42pm Aug 3, 2009 1:42pm
Quoting Turveyd
Never look for a turn, a) your wasting time and b) odds are the turn you play won't turn and will SL you.

Didn't take me long to realise this, but it took me along time to accept this and be able to trade like this.

It's not easy!!

Damm true!

Trying to pick a top or trade a turn is like trying to surf into the wave instead of with it!

I am guilty of this many a time, and I know its wrong, but have not yet fully controlled my emotions to hold off of trades like that.

When I do, and just take trades with the immediate trend, then Im sure I will start being consistently succesful.
  • #154,498
  • Aug 3, 2009 1:45pm Aug 3, 2009 1:45pm
Quoting alex1976
When I do, and just take trades with the immediate trend, then Im sure I will start being consistently succesful.
You know how 80% of your trades like that fail, well 80% of your trades with the trend will succeed it really is that simple.

Taken me ages to, not had a slip recently but we'll see!! Full Time here got to take is SERIOUSLY!!

Holding a EJ for a Bounce here, to bail +1.5 or hold, hmmmmmmmmmm
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,499
  • Aug 3, 2009 1:46pm Aug 3, 2009 1:46pm
Quoting albchr
I just love how everyone throws "trade what we see" around like it's child's play. Perhaps after many years of "seeing" it, it becomes easier. But I've seen a lot of what I "thought" I knew was happening and it was wrong...LOL

Albchr, that is also very true, cause sometimes I myself think I am trading what I'm seeing, only to find out that I was wrong!

So of course its easier said than done, to trade what you see!

Im not successful yet although I know what I am doing sometimes is wrong.
  • #154,500
  • Aug 3, 2009 1:47pm Aug 3, 2009 1:47pm
Atleast I've got my Sensa ( sp! ) speech down Just my trading to fix
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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