Cable Update (GBPUSD)

hi

What?

You sunk a cable trade close to 700 pips and it took 7 weeks to recover...
Going from the same day of your post, your Euro trade is still some 300-600 pips underwater...

The only way people would have made money reading your tripe is by doing the exact opposite of what you say.

Anybody that started trading today, had the same range of play and the same profit range that you have been in over the last 7 weeks, which is the 1.49 to current...without having to pay rollover fees for losses for that 7 weeks.

And you think you have cause to question my ability to read a chart?

The long charts are the same as the short charts, the only thing that changes is the range....I will give you a couple of examples....

Look closely at the triggers, the moving average lines and the MACD.

You can continue to believe the crap that you spew but you should start to go back to square one on your charting.

Maybe even a stop by my MTF thread, you can begin to understand that:
1. All time frames play the same.
2. What can help you define a trend.
3. When you are holding against the trend.
4. You don't need to draw trendlines, follow the moving averages.

D1, H4, H1...see the similarities?

Yellow line, 200EMA..strong support, strong resistance.
Large arrows, price above or below trigger lines.
MACD, trigger in and out of trend.

I am out to prove something. That what you say is completely pointless, baseless and when you apply it, meaningless. That's been my point all along. Just because you can quote phrases from a traders manual, doesn't make you a trader, and that people actually stand a better chance trading off a coin toss or tea leave reading then do by following your words of wisdom.

if someone says cable will move 200 pips on daily chart trend

i scalp 2000 off it n we both know how

Hello ForexLion!

I want to be like you

look man!! u got issues u think because u have a moving average on a chart u can trade..i have news for u..any1 having a moving average on chart can see where the average levels out that is support and resistance..there no skill in that

u post the same rubbish day in day out like your trading with any hindsight..when only i see after event chart..remember one thing im not here to take any1s money i have people constantly sending private pm asking me to manage there accounts..and im not interested


at least post macd and show the diverences..oh wait maybe u dont know what that is!!..

why are u so bothered acting like u some big shot..."empty vessel always make big sound"..grow the hell up!!!..and stop acting like a child..i post when i see opportunities and i let people know what i think..i ask nothing in return..yet u attack..why??

all u trying to do is take peoples money..the vulnerable .. thats why!!!

I have news for u any1 knowing how to trade can see u know nothing about trading that any1 trading 3 months can pick up!!!..goodluck working on yur complex..i have no time to talk rubbish with u..

show me 5 post in all the time i have been here..where i posted live chart and price hasnt gone where i said giving at least 50 pips..?

Dude...you are holding trades that go 700 pips underwater and expect anybody to believe that people are asking you to manage money? Bullshit.
What color is the sky on your planet?

Whose money is it that I am taking? Or asking to take? Show me 1 post, 1 private message or 1 person that says I have asked them for anything, then talk this smack.

I post daily targets that get met...you have been spouting 1.5 all week and for the 6 weeks prior, it is only today that we have held above.

Again, I pose the question, if you had any idea about where price was going, why would you have held a single position that went 700 under? Why if you are so smart and moving averages are so easy, is this your only position? And last but not least, how far underwater is that Euro trade?

My point is the same. You are full of shit. Your posts are dangerous to new traders. Your words of wisdom are out of a traders manual, and you still have no idea what is going on with market.

this is the only thing on yur chart worth something and u couldnt even point it out!! yur a joke!!! ..anyways happy weekend

07 feb 09..well that explains it!!..trading live for max 1 year and few months..

G'day everyone. My first post here.
I'm a long term trader, but occasionally scalp on shorter TF's.

I'm keen to get involved with the cable discussions here.

magix and navin plz no more i will give u some ice cream coffee and cigar enjoy the week end

agree guys........ don't be like forexlion ( lion which talking like a duck ) ....... the ducky forexlion it is ....

Hello guys!I think the GU go down in the next week.Why?I show you in the picture.

me and magic just playing..hehe
i do respect him

i know bro next time i will give u guns to play and some sugar candy

Yeah it means your broker wanted to take out some stops, XE still showing 50630 and Oanda 50648

But FL is making a good point here, every 200 pip move on the daily does have 1,000's of tradeable pips within it. And that is the heart of this discussion, what TF do we trade on. Some here are longer time traders taking DD's that for daytraders would be unheard of and some here are intra day traders looking for the tradeable ranges within the larger moves.

And Navin, Magix and I agree that we are heading towards the 525 area, just a matter of identifying from where and how. Trade the pullbacks and buy the dips. A longer time trader would hold his longs and add on the dips, an intraday trader would play both sides of the moves.

And guess what both would be right, the intraday trader if he plays his moves right would end up with more pips though. However that is where the "newer" traders have so much difficulty and where there is every opportunity to b@lls it up ending up in the red.

Took 14% profit against usd from the bank. 12% - yearly interest + 2% usd drop. Reloaded for 2 years with 10% yearly against usd

i took a short at 5044 for a quick scalp... then the market jumped another 30 pips taking me out... unfortunate..

Little dislecxik today or hung over? Am sure that should read 5044? But it does show again how risky picking tops is, and that is how this whole malarkey started here. A few here called shorts in face of a massive moving train and some of us took the effort posting charts and scenarios showing the very unlikely probability of success. This started a whole 5 page discussion again and in the end the "old timers" were proven right once more, don't pick the tops. Don't assume it is going to turn around just because it went up 160 pips, assume; lovely word but it does make an ass out of u and me. IF one could pick every top and bottom one would be a billionaire inside a month.

And of course that started the discussion about how much DD to carry for Monthly/weekly traders vs Daily/intraday. That discussion is as old as the pyramids and will never get resolved. Maybe we should split the thread up to intraday and weekly+ or so. Or if we do post very long term trades add a caveat stating so.

But then again those traders that have been around a while pretty much know each and everyone's trading style and preference.

All this shows that there are millions of ways to skin a cat. However it still does not take away from the fact that picking tops and bottoms should not belong in any trading strategy, period. And it again adds to the long time held belief and rate of success that simple strategies using a few tools including SR, TL's, MA's and fibs trump again over any complicated multi indicator all bells and whistles trading strategy. If you ever have a chance, have a look at the trading desks of big firms and see how many indicators and coloured bells and whistles they have on their screen, it will be an eye opener. You can see my charts in the last few pages, not much on them really and while we are at it lets dig up that good old discussion about momentum indicators, I can't recall the last time I even looked at a MACD or SToch, it has been so long I forgot what they add to ones strategy, something about the momentum of change I think but they have nothing to do with where the actual price is going and that is all that I am concerned about.

It is the weekend, might as well throw everyting on the table here.....

a bit of both.... bad week last week.. though started off well... next week is another week... maybe i can recoup the losses... i know the general idea is to wait for a confirmation .... been stung a couple of times like that... should have learnt my lesson by now

No disrepect intended and sorry for singling you out, but what makes you think you can call the top of a move exactly? Why short at 5044? If you were so good at trading that you could pick that as the exact reversal you should get your CV to GS and demand an 8 figure salary a year, they have been looking for a guy like you for over 100 years........ OR call Gulfstream in Savannah and order the next 650, it should only take you a couple of weeks to pay for it.

My point is though and most traders would agree with this, that a price of a currency ebbs and flows. After a move it will consolidate forming a range before either continuing or reversing, the safe trader would identify that range and play the breakout to the next range, a gambler would toss a coin and decide to just gamble the reversal with no technical support for that decision. Consistent traders wait for a currency to move, a river to flow to use an analogy and jump on board the move and get out once she starts slowing down a bit, have a look at what she is doing and jump in the next flow, the next confimed move of a breakout of a range. This applies to any TF.

IT is a heck of a lot easier to identify a confirmed move and just go along for the ride then to identify a point of reversal. Finding the flow and just move with it, being for 5 pips or 100 pips is a profitable way of trading, trying to identify the tops and getting stopped out 12 times in a row because you are not sure is costly and will shorten your career as a trader dramatically.

One other thing to keep in mind that it is a lot easier for a currency to continue a direction once it is established then to reverse it, so your probability of success should always be in a confirmed direction. For it to reverse it needs to slow down first, then stop, then sit there for a while while everybody else that is trading that direction gets out and take their profits, while each and every other potential trader in the world starts building their positions for the reversal and then it need to find that one trader to start the new direction and for lots of other traders to agree with that decision for it to continue its reversal

A continuation of a trend does not take a lot, just a few traders to buy the dips and off she goes again.

So picking 5044 as "your" reversal you need to find a lot of traders around to world to agree with you. Was 5044 significant enough to warrant that decision? Was 5044 a major resistance on the H4/daily? Was 5044 an exact fib retrace? Was 5044 the top of a prominent TL or channel? IF the answer to any of those is "no" what makes you think that it is the reversal and what makes you think that other traders agree with you to facilitate that?

Now take of all your indy's and put up a simple 25ma on the M5, nothing else; what does that tell you?

Now imagine you are a big trader on a big trading floor in a big bank, in a big building, in a big city and you have a long going with a decent target of the next major resistance and you see a dip, what is the easiest for you? Close the damn thing, take your profit, stamp your card, rebalance your book and reverse. Or just add a long? Using your new long to add profit to the old one, bearing in mind that you pay no spread and only pennies in execution costs? And imagine now what you the big trader are going to do on the next dip? And the next?

Now at what point are you Mr. Big trader, going to take all those longs of the table? At your next major resistance. Now how do we retail traders know that the big boys are no longer buying dips? A confimed reversal of direction, preceeded by some long wicks and high volume signifying profit taking and a good few bars of the M5/15 below the TL set by the move up, once that occurs we retail traders watch the new direction flowing and we join the ride.

The problem with 5044 as a top was that 5018 kept being bought. There was no indication whatsoever that 5044 was a confirmed reversal, just another opportunity to add to your longs. So next time you see a solid move up don't look for opportunities to reverse it instead look for opportunities to add to it.

The only indication that 5044 could have been a top was that you were running out of space on your screen, and that's why my screens are in portrait mode. So instead of risking your money on predicting the tops, spend your money on buying a bigger screen.