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Cable Update (GBPUSD)

  • #190,201
  • Dec 30, 2009 12:00pm Dec 30, 2009 12:00pm
Quoting dil
Only me see duoble top ?
I see it too man
  • #190,202
  • Dec 30, 2009 12:07pm Dec 30, 2009 12:07pm
I like how every fx website I visit says the GBP rocketed against YEN, USD, etc, but none of them say why!? Still trying to find out whats behind this outlandish move on whats supposed to be a quiet day. Anyone manage to uncover anything or have we started new years eve celebrations early?
  • #190,203
  • Dec 30, 2009 12:11pm Dec 30, 2009 12:11pm
Quoting wormboy
It took me over 2 years to stop losing consistently. And like malcolm said earlier, it's the mindset that makes the difference. The day I stopped looking too much into the charts, ie different tf, indicators etc etc was the day I started my progress.

I don't make millions like some hotshot posters here lol. But I don't get beaten by the market easily anymore. I consider myself succesful just by managing to do that for 4 years now.

millions ... get it right it is singular not plural .. 1 million per day only...lol
Blogging daily now at www.volume.zone
  • #190,204
  • Dec 30, 2009 12:11pm Dec 30, 2009 12:11pm
baby trader what books did u read. i am in a similar boat i started trading one month ago. so it seems like i have a long long way to go.
  • #190,205
  • Dec 30, 2009 12:11pm Dec 30, 2009 12:11pm
Quoting Baby-Trader
Hello every body I'm back.
I'd like to tell you something.
first of all we are very lucky to have a forum like this and also have very great traders like Malcolmb,Wormboy,Global Macro,Direct-Trade,Bull-Bear,Geppyg,EGY-KID,Magix and so on...
Second, when I started read posts on this forum I started lose day after day. each post affected my thinking and my view.
I started trading 6 months ago exactly at 1st july 2009. My first 3 trades were wining trades in the first day of trading.
second day I lost about 50% of my equity.
I don't need...
heh my story is pretty much the same thing.. i started trading this august.. i was doing pretty good till one day.. dollar was gaining so much but i was still shorting it and i overlaveraged and i didnt use stop loss cause i thought it JUST HAS TO go back up.. well at the end i lost 90% of my acc.. that was a big shock for my psyche and for my life at that moment.. well i picked it up and tried again and i made it.. i started using money managment and stop losses and like a month ago i got at breakeven.. well then when i was in ''plus'' my trading changed.. i dont know why but for some reason when i was actually trying to make money to ''withdraw'' i made big mistakes and i stopped respecting stop losses.. now i am doing better, i am just few bucks far from my acc be.. the biggest problem is myself.. i just have to learn how to deal with the feelings and being patient.. seriously i think patience is the holy grail of the whole forex.. maybe it is just because i am only 18 years old but i strongly believe that oneday i will be like one of you 10 vouchers traders,.
Pation is the Holy Grail
  • #190,206
  • Dec 30, 2009 12:12pm Dec 30, 2009 12:12pm
Quoting Mr. Krebs
Malcomb14 I like your way of writing .
lol... I am a scholar .... what can i say ?
Blogging daily now at www.volume.zone
  • #190,207
  • Dec 30, 2009 12:17pm Dec 30, 2009 12:17pm
Quoting Touchdown
I like how every fx website I visit says the GBP rocketed against YEN, USD, etc, but none of them say why!? Still trying to find out whats behind this outlandish move on whats supposed to be a quiet day. Anyone manage to uncover anything or have we started new years eve celebrations early?
It is a retracement. Look at your monthly candle. This current candle reached the 161.8 fib on that. That is the S2. No matter what you trade; currency, stocks, bonds, options etc. it gets to a point where things retrace.

We are at the end of the month and end of the year. The monthly candle has been going down all month. People are taking their profits and getting ready for the next month. It is retracing up or reversing direction, time will tell. News usually doesn't affect the market because the big boys know what its going to do before it happens. And if your trading on a monthly chart or quarter chart who cares what one news event does. It will most likely retrace back up a bit to at least the 1.6200 level
  • #190,208
  • Dec 30, 2009 12:17pm Dec 30, 2009 12:17pm
Looks like it is about to hit Decembers top trendline, if it goes past that the next one I could find was a trendline from last year(2008) in July which was hit 3 times in the past couple of months.

That upmove hit my trendline from 23rd exactly, not even 1 pip off, thats pretty good luck haha

Looks like it might just be bouncing back in forth inside an expanding wedge there, will have to see if it consistently makes higher lows if it is an uptrend or not.

Still not making any decisions till January 4th when the market returns to normal.

Anyways, happy new years everyone, hope you have all enjoyed the holidays.
Attached Image (click to enlarge)
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  • #190,209
  • Dec 30, 2009 12:22pm Dec 30, 2009 12:22pm
Quoting malcolmb14
millions ... get it right it is singular not plural .. 1 million per day only...lol
LOL...is that all you shoot for 1 million a day. I would think you should set the bar high, 10 million per day only LOL.
  • #190,210
  • Dec 30, 2009 12:26pm Dec 30, 2009 12:26pm
Quoting Touchdown
I like how every fx website I visit says the GBP rocketed against YEN, USD, etc, but none of them say why!? Still trying to find out whats behind this outlandish move on whats supposed to be a quiet day. Anyone manage to uncover anything or have we started new years eve celebrations early?

I find it very odd that we rocketed right into the upper value area of yesterday and stopped dead.

Not only that but the daily now looks like an engulfing even more misleading for those poor shorts and luring all the bulls in...YEAH HERE WE GO TO 1.6800 ' I can hear then shouting.

What better way to break that 5750 strong support than to pull everyone in long and then drop it. They will running for the doors screaming ' I WANT MY MUMMY' . Price may pound down right thru support if this is some form of bull trap.

Why do i smell 100 % intervention / manipulation under low volume conditions.

In order not make sure this move is real i would like to see some form of retrace. May be to the 1.6020 level and see if that holds. Then I may be tempted into believing bulls are back

I mean come on ...last day of year trading a trend reversal of a 1 month long down trend in low volatility conditions. I find that hard to believe

May be we do have a solid reversal forming but as I said I would like to see some form of retracement and test.

As for egkid and dx .... here is the daily ... doji for up move and today another doji. 78 is key for now. Also note dx is 57% weighted euro. EU dropped into 14270 while gu was ripping. Has now tested supply 1.4350.

1st couple of weeks of Jan should be interesting. The key to survive in these market conditions is good mm and stops.

Attached Image (click to enlarge)
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Blogging daily now at www.volume.zone
  • #190,211
  • Dec 30, 2009 12:32pm Dec 30, 2009 12:32pm
You will be served better by looking at the action on the charts, have a plan that deals with everything and forget the news. If you want to arrive at a fundamental reason for doing things technically, be prepared for a lag in this information as it relates to price. Although history has shown us the most ethical people seek jobs on Wall St it is possible the information "might" already be in play.

News is a tool used by those with the financial power and stomach to get you to do what they want.

What happened is..... (looking around to see if anyone is listening)....
There was greater overall demand than supply.

Happyyyyyyyyyyy New Year
BR

Quoting Touchdown
I like how every fx website I visit says the GBP rocketed against YEN, USD, etc, but none of them say why!? Still trying to find out whats behind this outlandish move on whats supposed to be a quiet day. Anyone manage to uncover anything or have we started new years eve celebrations early?
  • #190,212
  • Dec 30, 2009 12:33pm Dec 30, 2009 12:33pm
Quoting CzechTrade
heh my story is pretty much the same thing.. i started trading this august.. i was doing pretty good till one day.. dollar was gaining so much but i was still shorting it and i overlaveraged and i didnt use stop loss cause i thought it JUST HAS TO go back up.. well at the end i lost 90% of my acc.. that was a big shock for my psyche and for my life at that moment.. well i picked it up and tried again and i made it.. i started using money managment and stop losses and like a month ago i got at breakeven.. well then when i was in ''plus'' my trading...
I wish I started this when I was 18. I didn't learn about this market until I was 24 and stared trading it at 26. And to think my Bachelor's is in Finance and Masters degree in Accounting. Worthless knowledge. I would rather have the $120,000 I spent on the two degree's and put it into the Forex.
  • #190,213
  • Dec 30, 2009 12:34pm Dec 30, 2009 12:34pm


Quoting Ctic
It is a retracement. Look at your monthly candle. This current candle reached the 161.8 fib on that. That is the S2. No matter what you trade; currency, stocks, bonds, options etc. it gets to a point where things retrace.

We are at the end of the month and end of the year. The monthly candle has been going down all month. People are taking their profits and getting ready for the next month. It is retracing up or reversing direction, time will tell. News usually doesn't affect the market because the big boys know what its going to do before...
  • #190,214
  • Dec 30, 2009 12:34pm Dec 30, 2009 12:34pm
Quoting Big1red9
You will be served better by looking at the action on the charts, have a plan that deals with everything and forget the news. If you want to arrive at a fundamental reason for doing things technically, be prepared for a lag in this information as it relates to price. Although history has shown us the most ethical people seek jobs on Wall St it is possible the information "might" already be in play.

News is a tool used by those with the financial power and stomach to get you to do what they want.

What happened is..... (looking...
Well said.
  • #190,215
  • Dec 30, 2009 12:35pm Dec 30, 2009 12:35pm
malcom,

if i am understanding rigt u think there will b a retrace tomorw to 1.6 or u think its shootin up up up.
  • #190,216
  • Dec 30, 2009 12:40pm Dec 30, 2009 12:40pm
Quoting Nomi1
malcom,

if i am understanding rigt u think there will b a retrace tomorw to 1.6 or u think its shootin up up up.
I think he was just pointing out that if there is no retrace it is a fake move, so if it is fake, there will be no retrace back down, it will just keep going up as whomever is fixing the market will just keep pushing it.
  • #190,217
  • Dec 30, 2009 12:41pm Dec 30, 2009 12:41pm
Quoting malcolmb14
millions ... get it right it is singular not plural .. 1 million per day only...lol

if they knew...

...that it is only half a million per month!

it is not worrying about the trades to take, it is about planning how to hit the bid without to rattle the markets if not sticking to the most liquid instrument.
  • #190,218
  • Dec 30, 2009 12:46pm Dec 30, 2009 12:46pm
Quoting Nomi1
baby trader what books did u read. i am in a similar boat i started trading one month ago. so it seems like i have a long long way to go.
trade on demo only. dont rely on indicators . there is a lot of stuff in the web about forex. it will take some time and after you will become familiar with price action. than you can open real account. remember, 95 precent are loosing their money. try not to be one of them.
  • #190,219
  • Dec 30, 2009 12:52pm Dec 30, 2009 12:52pm
And who really knows the basic reason of this strong movements of gbp?
why it got so strong toward other currencies?
There is no randomness. It is just Chaos, a higher form of order.
  • #190,220
  • Dec 30, 2009 12:56pm Dec 30, 2009 12:56pm
Quoting mosheber
trade on demo only. dont rely on indicators . there is a lot of stuff in the web about forex. it will take some time and after you will become familiar with price action. than you can open real account. remember, 95 precent are loosing their money. try not to be one of them.
Not only that, but the hard part is trade the demo account like it is real money. That was my biggest mistake starting out. I had an unreasonable demo account balance, way more than I was planning on trading and naturally made money because I was able to ride out the downs. I then put real money in thinking it was that easy and all of a sudden my profits in the demo turned to losses in the real. When I was trading the demo I had no fear because, hey it isn't real money.

You have to treat it like it's real money. Start out with an amount that you plan to trade using real money. Don't start a 100K demo if you are only going to put 10K real in. Learn the money management functions and analysis in the demo before you move up.

It sucks because you want to start manking money right away and it is just play money, but if you follow this you will thank yourself later when you blew out the demo 10 times and not the real. (I wish someone told me this when I started.) From there you will progress.
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