Just entered short @ 1.57024. SL @ 1.5731, low risk
Cable Update (GBPUSD)
- #321,622
- Aug 16, 2012 5:47am Aug 16, 2012 5:47am
- Joined Mar 2011 | Status: Bullish Behavior | 3,182 Posts
what else has there been to do this week?
- #321,623
- Aug 16, 2012 5:48am Aug 16, 2012 5:48am
- | Joined Apr 2012 | Status: Trader | 1,823 Posts
Sometimes it's better to be wrong,to learn..
- #321,625
- Aug 16, 2012 5:49am Aug 16, 2012 5:49am
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
I like it and would love to see it too 
Come with me if you want to live....
- #321,626
- Aug 16, 2012 5:51am Aug 16, 2012 5:51am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
all short must be thinking..why did i press?
- #321,627
- Aug 16, 2012 5:54am Aug 16, 2012 5:54am
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
Market Wizards - Monroe Trout interview
What else did you learn on the floor?
I learned about where people like to put stops.
Where do they like to put stops?
Right above the high and below the low of the previous day.
One tick above the high and one tick below the low?
Sometimes it might be a couple of ticks, but in that general area.
Basically, is it fair to say that markets often get drawn to these points? Is a concentration of stops ata certain area like waving a red flag in front of the floor brokers?
Right. That's the way a lot of locals make their money. They try to figure out where the stops are, which is perfectly fine as long as they don't do it in an illegal way.
What else did you learn on the floor?
I learned about where people like to put stops.
Where do they like to put stops?
Right above the high and below the low of the previous day.
One tick above the high and one tick below the low?
Sometimes it might be a couple of ticks, but in that general area.
Basically, is it fair to say that markets often get drawn to these points? Is a concentration of stops ata certain area like waving a red flag in front of the floor brokers?
Right. That's the way a lot of locals make their money. They try to figure out where the stops are, which is perfectly fine as long as they don't do it in an illegal way.
- #321,628
- Aug 16, 2012 5:54am Aug 16, 2012 5:54am
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
Come with me if you want to live....
- #321,630
- Aug 16, 2012 6:08am Aug 16, 2012 6:08am
- Joined Mar 2011 | Status: Bullish Behavior | 3,182 Posts
- #321,631
- Aug 16, 2012 6:09am Aug 16, 2012 6:09am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
- #321,632
- Aug 16, 2012 6:10am Aug 16, 2012 6:10am
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
Been going nowhere lately
Inserted Video
Come with me if you want to live....
- #321,633
- Aug 16, 2012 6:12am Aug 16, 2012 6:12am
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
thats one way to look at it..or its a bull flag with false break to downside..now waiting for up side break
Especially useful when there are supply and demand levels right where stop clusters are.
- #321,634
- Aug 16, 2012 6:28am Aug 16, 2012 6:28am
Well this is my view of the current market.
Been going nowhere lately
http://www.youtube.com/watch?v=G152f...eature=related
- #321,635
- Aug 16, 2012 6:31am Aug 16, 2012 6:31am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
Oh I didn't mean to go short here. It's just something well worth marking off on the charts each day.. Also we know retail traders put there stops behind the round numbers.
Especially useful when there are supply and demand levels right where stop clusters are.
for sure..
- #321,636
- Aug 16, 2012 6:32am Aug 16, 2012 6:32am
- | Joined Apr 2012 | Status: Trader | 1,823 Posts
Sometimes it's better to be wrong,to learn..
- #321,637
- Aug 16, 2012 6:36am Aug 16, 2012 6:36am
- Joined Jul 2012 | Status: "Winners knowl"!! | 2,171 Posts
I dont recomend marrying the short but there is a pretty good RvR opportunity here on Gbp/Jpy. Just sayin
Don't follow me! You can and most likely will LOSE all your money!!!!
