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Cable Update (GBPUSD)

  • #255,421
  • Sep 23, 2010 9:10am Sep 23, 2010 9:10am
ES moved up but GBP doesn't want to follow
  • #255,422
  • Edited 9:15am Sep 23, 2010 9:10am | Edited 9:15am
Quoting bbakker
Try to ignore the fundamentals. Price is based on demand and supply just like anything else in life. News is usually already factored into the price, unless the news was not forseen!
I have to disagree with this-rumours are factored in,but news can't be until its released-there are plenty of times when economic releases surprise the forecasters and then traders,retail or otherwise act on that.Telling somebody to "ignore the fundamentals" is not good advice.

Also-news can and does have a lasting effect on price action and from this,one can establish a bias
  • #255,423
  • Sep 23, 2010 9:10am Sep 23, 2010 9:10am
I took the out for +12, not bad for sub 2mins

There be buyers and sellers it's bouncing between the 2, let them work out who's stronger than join in later.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #255,424
  • Sep 23, 2010 9:12am Sep 23, 2010 9:12am
short from 1.5698

TP 1.5616
Attached Image (click to enlarge)
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  • #255,425
  • Sep 23, 2010 9:18am Sep 23, 2010 9:18am
Quoting chazzle
I have to disagree with this-rumours are factored in,but news can't be until its released-there are plenty of times when economic releases surprise the forecasters and then traders,retail or otherwise act on that.Telling somebody to "ignore the fundamentals" is not good advice.

As you doubtless well know,individual data/news releases are part of the jigsaw that makes up the overall fundamental/global macro picure affecting an instrument..this also includes, economic, geo political and other factors. Trading the reaction to intraday data is not trading fundamentally which is expressing your globa macro/overall fundamental view in a longer term trade...so fundamental trading is not a good intraday edge (as opposed to trading individual; intraday news/data reactions which may or may not be.)

To this extent BBaker's advice is good.
ex member
  • #255,426
  • Sep 23, 2010 9:21am Sep 23, 2010 9:21am
Quoting ubaidahsan
what is your SL its looking like a ping pong game up down up down

Ub
  • #255,427
  • Sep 23, 2010 9:22am Sep 23, 2010 9:22am
Quoting scurt
There are two 4H candles(9.22. 12:00, and 9.23. 8:00) which are 100% bullish, the last one is even bigger, already create higher high...and we are above DP... keeping my longs with a stop at 1.56...
just buy at 1.5680 ..stop at 1.5600 den tp at 1.5920....dont play wit this.
  • #255,428
  • Sep 23, 2010 9:23am Sep 23, 2010 9:23am
Quoting chazzle
I have to disagree with this-rumours are factored in,but news can't be until its released-there are plenty of times when economic releases surprise the forecasters and then traders,retail or otherwise act on that.Telling somebody to "ignore the fundamentals" is not good advice.

Also-news can and does have a lasting effect on price action and from this,one can establish a bias
Well I think what bbaker trying to say was, usually the economist and the large trading firms have their own view on the market. We are the end user who no nothing of what really happen in the market or the country as a whole. Maybe some of the news is already edited or even worse fabricated. As speculators, we don't have the privilege to see like what the professional see and the closest thing to see what they see is by studying the PA.
  • #255,429
  • Sep 23, 2010 9:25am Sep 23, 2010 9:25am
I see your point bbmac
I think we can establish a bias based on fundamentals and use that bias as a "background" for our intraday trades-I have been doing it since BoE announcement yesterday.But I still think it is bad advice to tell someone to ignore fundamentals on any level.
  • #255,430
  • Sep 23, 2010 9:25am Sep 23, 2010 9:25am
Quoting A-speculator
Well I think what bbaker is trying to say is, usually the economist and the large trading firms have their own view on the market. We are the end user who no nothing of what really happen in the market or the country as a whole. Maybe some of the news is already edited or even worse fabricated. As speculators, we don't have the privilege to see like what the professional see and the closest thing to see what they see is by studying the PA.

Go long when there buying and go short when there selling, there so big and trade such high volumes they can't do this thats our strength.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #255,431
  • Sep 23, 2010 9:30am Sep 23, 2010 9:30am
Quoting A-speculator
Well I think what bbaker trying to say was, usually the economist and the large trading firms have their own view on the market. We are the end user who no nothing of what really happen in the market or the country as a whole. Maybe some of the news is already edited or even worse fabricated. As speculators, we don't have the privilege to see like what the professional see and the closest thing to see what they see is by studying the PA.
I agree,up to a point,(institutions have better facilities and capital)but traders are human-institutional or otherwise.If,as retail traders we continually see ourselves as being at a disadvantage to institutional traders,this will be no good for our psychological edge.Retail traders should stop seeing themselves as somehow inferior.
  • #255,432
  • Sep 23, 2010 9:31am Sep 23, 2010 9:31am
and on that fundamental point/discussion as the excellent NNt says in his book The Black Swan and other writings/speeches...just accept that we are not clever enough to understand the fundies or at least intrept them in a way that the market is m,ost liekly to interpret them on a medium-long term basis...Hell...at the height of the post 2008 we had the Boe/MPC comprised of nobel winning laureats, professors, economic phd's etc still worrying about inflation keeping rates @ 5% whilst everything crashed and burned...and even the guys writing the derivatives didn't understand them. Whjat chance have we got ?? Trade what is clear andcunequivical- price action and demand/supply...this gives us an edge (not a projection , but an edge) I think it was Tennyson that wrote: '..we are not to reason why...'

G/L
ex member
  • #255,433
  • Sep 23, 2010 9:32am Sep 23, 2010 9:32am
Quoting chazzle
I agree,up to a point,(institutions have better facilities and capital)but traders are human-institutional or otherwise.If,as retail traders we continually see ourselves as being at a disadvantage to institutional traders,this will be no good for our psychological edge.Retail traders should stop seeing themselves as somehow inferior.

It's a question of recognising what you know and being good at it, and recognising what you don't know and not kidding yourself that you do. For me, I know what I know and am very good at it...and in way feel inferior to my institutional counterparts....who think they know what they know (lol!)
ex member
  • #255,434
  • Sep 23, 2010 9:38am Sep 23, 2010 9:38am
Quoting bbmac
It's a question of recognising what you know and being good at it, and recognising what you don't know and not kidding yourself that you do. For me, I know what I know and am very good at it...and in way feel inferior to my institutional counterparts....who think they know what they know (lol!)
Well,I can't argue with that,lol
  • #255,435
  • Sep 23, 2010 9:40am Sep 23, 2010 9:40am
Well done longers!
  • #255,436
  • Sep 23, 2010 9:43am Sep 23, 2010 9:43am
what happened to cable,suddenly up so much?
  • #255,437
  • Sep 23, 2010 9:45am Sep 23, 2010 9:45am
what happend to the cable lool
  • #255,438
  • Sep 23, 2010 9:46am Sep 23, 2010 9:46am
Quoting egkid
Everyone trade depends on His/here MM and How read his/here own chart
My view Golden point to long 1.5570 and i just did depends my 4H(But For longer Time Frame ) I could b wrong so GL
Enjoy the song

http://www.youtube.com/watch?v=bkBYVNrjjIs
Hello All
Just back from my work
Nice i c g/u moves nice good girl
U know guys what I LV Most( When all my tools give me same result)
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  • #255,439
  • Sep 23, 2010 9:50am Sep 23, 2010 9:50am
Quoting mikok730
what happened to cable,suddenly up so much?
there were more buyers than sellers...you can always chill out to this:

Inserted Video
ex member
  • #255,440
  • Sep 23, 2010 9:52am Sep 23, 2010 9:52am
Hey guys... I had shorts in both GBP/JPY and GBP/USD last night. I closed both for profit and sat for awhile on the sidelines. I watched and felt like things were acting odd. As much as I wanted/expected both pairs to correct further for better long entries, it just didn't feel like they were going to. I finally decided to put order in to go long GBP/JPY at 132.15 and GBP/USD at 1.5630... I was filled for both overnight and we're looking good.

I'm targetting 1.5900 initially in GBP/USD and I'm not sure on my GBP/JPY target yet, but it could be as high as 139.00... I'll have to do some more chart analysis tonight.

Hope everyone is doing well!
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