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Cable Update (GBPUSD)

  • #183,121
  • Nov 16, 2009 10:49am Nov 16, 2009 10:49am
Quoting Magix
I am not looking for justification to your logic....
I'm not trying to justify my logic. As a philosophy lecturer I spend all day doing that! Instead, I'm here to learn, nothing more.

I have seen just as many trend traders blow out. It's not what you trade, it's how you trade it. If one method does not work for you, it does not mean it won't work for someone else.

Surely diversity is the spice of life?
  • #183,122
  • Nov 16, 2009 10:49am Nov 16, 2009 10:49am
going short i think she will retrace to 6745
  • #183,123
  • Nov 16, 2009 11:00am Nov 16, 2009 11:00am
Quoting Honor
I'm not trying to justify my logic. As a philosophy lecturer I spend all day doing that! Instead, I'm here to learn, nothing more.

I have seen just as many trend traders blow out. It's not what you trade, it's how you trade it. If one method does not work for you, it does not mean it won't work for someone else.

Surely diversity is the spice of life?
I am really not trying to slam you nor insult your logic or reasoning. I think if you take some time and read through the information that I post and the responses, it is not to pick a fight.

Giving the chart a quick look...Since it's last retrace we have come 130ish pips from bottom on a chart that is uptrending.

If you read through the posts since we touched support and began a climb, you will see how many others have been shorting and waiting and losing on this logic.

This is counter trend trading.

Check all of the posts where people say, I do not scalp, but yet attempt to pick ambiguous targets on the chart to short from, and follow with ambiguous s/l's and t/p's, it is not scalping but when you are playing counter trend, this is exactly what you are attempting.

It was about a month ago, when I lost my cool. Couldn't stand to see the grand standing of the bear logic and counter trend trading.

There were a lot making a little on the shorts, there were a lot more who lost their asses doing the same. When the chart spiked against the short trend 1000 pips, there were still people calling it a bear market.

I have come back, have challenged the logic of this, and am not telling others when to trade, how to trade, when to enter and when to exit, just trying to help others understand some very expensive lessons that I have learned.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #183,124
  • Nov 16, 2009 11:06am Nov 16, 2009 11:06am
Quoting Magix
I am really not trying to slam you nor insult your logic or reasoning....
I'm well aware that you are not trying to pick a fight, I apologies if I put you on the defensive.

Thanks for the all the advice, I will certainly take it on board.
  • #183,125
  • Nov 16, 2009 11:12am Nov 16, 2009 11:12am
being short from 6791,
trying to catch some from Mr Bernanke speak also.
Lets see.
never run after pips, let pips just come to you
  • #183,126
  • Nov 16, 2009 11:14am Nov 16, 2009 11:14am
Quoting Magix
I am really not trying to slam you nor insult your logic or reasoning....
the logic is behind the time frame...and actually on a longer term, longer than 4hr we have been in a range..5 months...maybe that why people were short.
also look across the market and see where USD sits

theres no right or wrong way to trade.

one more thing, i ask this because im curious, u have 2 indicators for macd, same setting, what are there purpose on yur chart cause there identical?
  • #183,127
  • Nov 16, 2009 11:14am Nov 16, 2009 11:14am
just trying to help others understand some very expensive lessons that I have learned.

Keep preaching brother, I'm a sponge soaking up any ideas, logical trading, trends, eliott waves, EOW patterns, indicators, swing trading, you name it I wanna learn more.
Thnx for all your threads Magix.. keep em coming
  • #183,128
  • Nov 16, 2009 11:15am Nov 16, 2009 11:15am
Quoting Magix
I am really not trying to slam you nor insult your logic or reasoning. I think if you take some time and read through the information that I post and the responses, it is not to pick a fight.

Giving the chart a quick look...Since it's last retrace we have come 130ish pips from bottom on a chart that is uptrending.

If you read through the posts since we touched support and began a climb, you will see how many others have been shorting and waiting and losing on this logic.

This is counter trend trading.

Check all of the posts where people...
I really have to agree here. While money can be made trading counter trend, one must know what they are doing and be very careful. One look at a daily chart on GU and it's hard to imagine this puppy is in anything but an uptrend "ATM".

With that said, we are still in the range we've been in since mid May and darn near at the top. A break and test from the top of that range would certainly indicate more uptrend IMHO. A test and failure would likely mean we stay in it for a while longer. I do trade both the ups and downs moves within this range but one must be careful doing so.

Good trading to all....
Ghost Rider - WWTBMD?
  • #183,129
  • Nov 16, 2009 11:19am Nov 16, 2009 11:19am
wtf is going on???
e/u u/j and everything is weakening appart from the pound
  • #183,130
  • Nov 16, 2009 11:20am Nov 16, 2009 11:20am
:nerd:1.6765 !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #183,131
  • Nov 16, 2009 11:21am Nov 16, 2009 11:21am
Quoting skerdi-meta
wtf is going on???
e/u u/j and everything is weakening appart from the pound
Ah yes, the magic words of Mr. Bernanke ....
Ghost Rider - WWTBMD?
  • #183,132
  • Nov 16, 2009 11:23am Nov 16, 2009 11:23am
Quoting nAVIN2007
the logic is behind the time frame...and actually on a longer term, longer than 4hr we have been in a range..5 months...maybe that why people were short.
also look across the market and see where USD sits

theres no right or wrong way to trade.

one more thing, i ask this because im curious, u have 2 indicators for macd, same setting, what are there purpose on yur chart cause there identical?
Nav...check back, a waaaaaaaaaaaaay long time ago to when I started posting on this thread, because you asked me the same question.

Put the OSMA and MACD onto your chart. See what happens when the OSMA confirms direction with the MACD. They are 2 indicators that I love to use, and do in all timeframes.

Perhaps you missed my longer term forecasts and charts. They are just that, same as yours, educated guesses.

OKAY, so, we play in range, but it is a good range.

Raise your hand if you would like to have a thousand pips added to your account.

Raise your hand if you wish that you had played off of last support for the 130 pips from bottom.

This my friend is my view on trading.

If you want to short, be my guest. If you want to disagree with me, feel free. I am no delicate peach that cannot take a little criticism, at the same time, I am still in a learning curve myself.

I am a trading HOBBIEST!

I have taken 85 pips on longs this morning. Small spikes off of the 24SMA and the 55 EMA, playing by my rules..but I have only been awake for a couple of hours.

Keep smiling.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #183,133
  • Nov 16, 2009 11:28am Nov 16, 2009 11:28am
Quoting albchr
Ah yes, the magic words of Mr. Bernanke ....
I don't think the pound has anything 2 do with Bernanke...,,, different matter..,, heard somewhere hsbc/barclays buying cable
  • #183,134
  • Nov 16, 2009 11:34am Nov 16, 2009 11:34am
Quoting skerdi-meta
I don't think the pound has anything 2 do with Bernanke...,,, different matter..,, heard somewhere hsbc/barclays buying cable
Pound index bouncing off resistance atm. Dollar climbing hard (probably due to ben)...no?

No matter, I'm only trading EJ now anyway..........
Ghost Rider - WWTBMD?
  • #183,135
  • Nov 16, 2009 11:35am Nov 16, 2009 11:35am
Quoting Magix
Nav...check back, a waaaaaaaaaaaaay long time ago to when I started posting on this thread, because you asked me the same question.

Put the OSMA and MACD onto your chart....
yes we all different just dont like trading small time frames, id rather enter once and leave it come 2 months later, thats where i want to be.

i hear yah thou...playing ranges like what we have is very profitable and i would have as well..if ony when i was live the first time i didnt lose so much, for me to long cable i have to be convienced..but now that time is changing, monthly close above 1.67...i will be long

happy trading to u ...glad u making pips
  • #183,136
  • Nov 16, 2009 11:37am Nov 16, 2009 11:37am
Quoting albchr
Pound index bouncing off resistance atm. Dollar climbing hard (probably due to ben)...no?

No matter, I'm only trading EJ now anyway..........
falling wedge, bottom trendline and wave 5 complete..its in correction mode now hopefully
gold is out of control..making new highs
  • #183,137
  • Nov 16, 2009 11:37am Nov 16, 2009 11:37am
Quoting nAVIN2007
yes we all different just dont like trading small time frames, id rather enter once and leave it come 2 months later, thats where i want to be.

i hear yah thou...playing ranges like what we have is very profitable and i would have as well..if ony when i was live the first time i didnt lose so much, for me to long cable i have to be convienced..but now that time is changing, monthly close above 1.67...i will be long

happy trading to u ...glad u making pips

Nav!! ...lol
Ghost Rider - WWTBMD?
  • #183,138
  • Nov 16, 2009 11:38am Nov 16, 2009 11:38am
Quoting nAVIN2007
falling wedge, bottom trendline and wave 5 complete..its in correction mode now hopefully

Agreed.....
Ghost Rider - WWTBMD?
  • #183,139
  • Nov 16, 2009 11:41am Nov 16, 2009 11:41am
Quoting albchr
Agreed.....
yo

hope u doing well
  • #183,140
  • Nov 16, 2009 11:42am Nov 16, 2009 11:42am
Quoting albchr
Pound index bouncing off resistance atm. Dollar climbing hard (probably due to ben)...no?

No matter, I'm only trading EJ now anyway..........
Yep dollar climbed some due 2 ben and now pulling back,,, but g/u different story.. Barclays/hsbc buying with t/p 1.72smth,, s/l 1.648.

When is King coming on and droping it like it's hot?? C'mon King,, you're the king
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