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Cable Update (GBPUSD)

  • #328,241
  • Oct 25, 2012 6:40am Oct 25, 2012 6:40am
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  • #328,242
  • Oct 25, 2012 6:43am Oct 25, 2012 6:43am
Quoting Grumbo
From BBMac"There are a million different ways to derive an edge - and the answer is yes you can derive an edge from technical factors. Edge's don't predict the future - none of them they simply tell us based on historical precedent of the last times they set-up what the greater probability may be - THIS IS NOT PREDICTION. The technical constants of support (demand) and resistance (supply) and price action are what you should look to base your edge on - not 'coincidences'"



however patterns and previous zones , trend lines etc. can in the short...
I disagree..we use the past to forecast the present..i personally think its all in the charts first therefore its a leading indicator, an edge is defined by forecasting therefore it cannot be lagging
  • #328,243
  • Oct 25, 2012 6:45am Oct 25, 2012 6:45am
I think one day soon I'm gonna open a demo account and trade just GU and EU using nothing more than a coin toss to place trades. Heads long, tails short.

Using regular mm to place targets and stop losses. When either is hit, flip the coin and go again. Paying no attention at all to price, candles, trends or ranges, news or anything else. Just completely random trades based on nothing but the chance outcome of the coin toss.
Ghost Rider - WWTBMD?
  • #328,244
  • Oct 25, 2012 6:49am Oct 25, 2012 6:49am
Quoting Grumbo
From BBMac"There are a million different ways to derive an edge - and the answer is yes you can derive an edge from technical factors. Edge's don't predict the future - none of them they simply tell us based on historical precedent of the last times they set-up what the greater probability may be - THIS IS NOT PREDICTION. The technical constants of support (demand) and resistance (supply) and price action are what you should look to base your edge on - not 'coincidences'"

I don't disagree at all with anything you say. I believe that the real...
Maybe a coincidence, I really don't know

But it's a valid TL retest.

It's late here so off to bed.

Goodnight all and may the Forex Gods be with us all
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Come with me if you want to live....
  • #328,245
  • Oct 25, 2012 6:50am Oct 25, 2012 6:50am
Quoting albchr
I think one day soon I'm gonna open a demo account and trade just GU and EU using nothing more that a coin toss to place trades. Heads long, tails short.

Using regular mm to place targets and stop losses. When either is hit, flip the coin and go again. Paying no attention at all to price, candles, trends or ranges, news or anything else. Just completely random trades based on nothing but the chance outcome of the coin toss.
u have the ability to simply follow price..on a 15 minute chart..without thinking i think that be more interesting..our fear just makes this thing harder

i mean we broke 1.6..which was an absolute bitch to break..and now we at 1.61??..yes we needed something strong and gdp came good!!..made sense but the fear of the thing falling ..stopped meh

just face it we p*ssies
  • #328,246
  • Oct 25, 2012 6:54am Oct 25, 2012 6:54am
Quoting nAVIN2007
I disagree..we use the past to forecast the present..i personally think its all in the charts first therefore its a leading indicator, an edge is defined by forecasting therefore it cannot be lagging
Navin,
then you are better than me . I think sometimes that whatever the trnd line , pivot ,supply zone ,what will happen next is always a guess for me.

By the way you are a better trader than me, along with Bbmac and many others here. Which is why i will watch and learn.

Cheers.
  • #328,247
  • Oct 25, 2012 6:54am Oct 25, 2012 6:54am
Quoting nAVIN2007
u have the ability to simply follow price..on a 15 minute chart..without thinking i think that be more interesting..our fear just makes this thing harder

i mean we broke 1.6..which was an absolute bitch to break..and now we at 1.61??..yes we needed something strong and gdp came good!!..made sense but the fear of the thing falling ..stopped meh

just face it we p*ssies
I have NO fear!

And I can't go to hell because the devil still has a restraining order against me...
Ghost Rider - WWTBMD?
  • #328,248
  • Oct 25, 2012 6:56am Oct 25, 2012 6:56am
Quoting albchr
I have NO fear!

And I can't go to hell because the devil still has a restraining order against me...
what do u think is the chance of us going back to 1.6040 today?
  • #328,249
  • Oct 25, 2012 6:59am Oct 25, 2012 6:59am
Quoting Grumbo
Navin,
then you are better than me . I think sometimes that whatever the trnd line , pivot ,supply zone ,what will happen next is always a guess for me.

By the way you are a better trader than me, along with Bbmac and many others here. Which is why i will watch and learn.

Cheers.
it is a man who always thinks he has much to learn which will succeed
nobody is better than any1..

regards
  • #328,250
  • Oct 25, 2012 7:04am Oct 25, 2012 7:04am
Quoting nAVIN2007
what do u think is the chance of us going back to 1.6040 today?
50/50...wait...let me flip a coin...LOL

Dollar on moderate support, Pound against moderate resistance. It's possible but not before we hit 6150/70 me thinks. Last 4H just closed serious bull. Honestly bro? I just
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Ghost Rider - WWTBMD?
  • #328,251
  • Oct 25, 2012 7:04am Oct 25, 2012 7:04am
Quoting nAVIN2007
what do u think is the chance of us going back to 1.6040 today?
me want some good US data to push us down to 1.60 today me want some goodies
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #328,252
  • Oct 25, 2012 7:09am Oct 25, 2012 7:09am
Quoting albchr
I think one day soon I'm gonna open a demo account and trade just GU and EU using nothing more than a coin toss to place trades. Heads long, tails short.

Using regular mm to place targets and stop losses. When either is hit, flip the coin and go again. Paying no attention at all to price, candles, trends or ranges, news or anything else. Just completely random trades based on nothing but the chance outcome of the coin toss.
Often think I could greatly improve my chances this way. Strictly, though, using stop losses would be cheating.

Incidentally, I'm a long-time lurker on this forum, and have greatly enjoyed your and others' posts. It does a lot to help one suffer the slings and arrows when you know you're not the only one looking for shelter, and thinking 'WTF?!'

So...Hi to all, and good luck in your trading!
  • #328,253
  • Oct 25, 2012 7:09am Oct 25, 2012 7:09am
Quoting albchr
50/50...wait...let me flip a coin...LOL

Dollar on moderate support, Pound against moderate resistance. It's possible but not before we hit 6150/70 me thinks. Last 4H just closed serious bull. Honestly bro? I just

say yes or no? ..
  • #328,254
  • Oct 25, 2012 7:15am Oct 25, 2012 7:15am
Hourly is showing a potential flag... I still see no signal for a short on the lower timeframes... even they look bullish.

Let's see whay NY does... Maybe a push higher to 1.6168 deeper into the supply zone!
  • #328,255
  • Oct 25, 2012 7:15am Oct 25, 2012 7:15am
Quoting Fudomyo
Careful there, I think Jimmy Wong already patented that technique.

http://www.forexfactory.com/showthread.php?t=391446

edit: booooooo Twee removed the best comment on the thread.

http://www.forexfactory.com/showthread.php?t=391617
DAMN!!
Ghost Rider - WWTBMD?
  • #328,256
  • Oct 25, 2012 7:15am Oct 25, 2012 7:15am
from my own chart, i think it wont touch 1.6185. if do, we will see a bulll to 1.6230. im bearish on gbp/usd & eur/usd if Core Durable Goods Orders m/m & Unemployment Claims is 20% higher than expected. hope it does
  • #328,257
  • Oct 25, 2012 7:17am Oct 25, 2012 7:17am
Quoting bbakker
Hourly is showing a potential flag... I still see no signal for a short on the lower timeframes... even they look bullish.

Let's see whay NY does... Maybe a push higher to 1.6168 deeper into the supply zone!
days like these makes me wonder what the fuck is going on... GBPUSD bullishness should be priced in, besides.... Companies like ford are cutting jobs.... so dont tell me the domestic economy is recovring over 1 single olympic games.... hell if Olympics was everymonth in UK then id say UK has plenty potential but WHAT THE FUCK!?
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #328,258
  • Oct 25, 2012 7:25am Oct 25, 2012 7:25am
Quoting fxtyrant
days like these makes me wonder what the fuck is going on... GBPUSD bullishness should be priced in, besides.... Companies like ford are cutting jobs.... so dont tell me the domestic economy is recovring over 1 single olympic games.... hell if Olympics was everymonth in UK then id say UK has plenty potential but WHAT THE FUCK!?
Its not just the olympics, regional data was strong too and really, it was the London Olympics. Ford are struggling because of Ford. Nissan in the north east just created a shed load of jobs earlier this year so its not the motor industry per se although you would have thought global economy would contribute to poorer figures there. However, I hate all this fundie market, big spike then zip for 4 hours, you cant trade purely on news, its unsustainable.
  • #328,259
  • Oct 25, 2012 7:28am Oct 25, 2012 7:28am
Quoting fxtyrant
days like these makes me wonder what the fuck is going on... GBPUSD bullishness should be priced in, besides.... Companies like ford are cutting jobs.... so dont tell me the domestic economy is recovring over 1 single olympic games.... hell if Olympics was everymonth in UK then id say UK has plenty potential but WHAT THE FUCK!?
For sure the Olympics are a one-off event that has boosted GDP and that was forecasted in the 0.6% but it came in 0.4% higher and that is a lot in the grand scheme of things.

I am just as disappointed as I have some long-term shorts still going with a SL just below 1.62. I have locked in profit, but it could have been so much nicer.

But hey... the fat lady hasn't sung yet and I am sure we will get technical sellers coming to the party soon... like me they are still waiting for NY to decide.
  • #328,260
  • Oct 25, 2012 7:33am Oct 25, 2012 7:33am
Quoting bbakker
For sure the Olympics are a one-off event that has boosted GDP and that was forecasted in the 0.6% but it came in 0.4% higher and that is a lot in the grand scheme of things.

I am just as disappointed as I have some long-term shorts still going with a SL just below 1.62. I have locked in profit, but it could have been so much nicer.

But hey... the fat lady hasn't sung yet and I am sure we will get technical sellers coming to the party soon... like me they are still waiting for NY to decide.
Great news in US.... ill be expecting a drop in new york
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
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