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Cable Update (GBPUSD)

  • #328,401
  • Oct 26, 2012 5:58am Oct 26, 2012 5:58am
Quoting bbmac
Nav's advice is good - 'trade what you see - not what you think ' What if price just keeps going up - and you are selling every top instead of buying the pullbacks - just beacuse you ahve a 'view' that price will be lower at eod. Personally i have no idea what the next tick will be let alone where it will be in 1min, 5min, 1hr, 4hr or eod - absolutely none - so beacuse of this _ I don't make assumptions or take a view - I just trade what I see regardless of what direction it is going and i am happy that i am clueless as to be being able to predict/take...
True, although you know that shorting at the top is better than at the bottom - therefore the odds of profiting are at least that bit better.

I don't normally do it, but I've been having a bit of fun selling tops/buying falls and scalping for 5-10 pips here and there, whilst nurturing a larger short position (when I say 'nurturing', I mean 'obsessing over'). It works to generate a bit of pocket money whilst I would otherwise just be biting my nails. I don't 'know' I'll win - I'm just playing the odds, as we all are.

I absolutely agree that you should/can only play what you see in the chart.

P.S. - Like the Spectrum logo. Happy days. Where's my hovercar, that's what I want to know? And holidays on Mars?
  • #328,402
  • Oct 26, 2012 6:07am Oct 26, 2012 6:07am
Fighting over 6100 now - the prize is 6060.
  • #328,403
  • Oct 26, 2012 6:10am Oct 26, 2012 6:10am
Here is my prediction for GBPUSD:
SELL
If the price breaks through the level 1.60828 bearish movement will start. Targets of the bearish movement: 1.60522, 1.59912.
  • #328,404
  • Oct 26, 2012 6:14am Oct 26, 2012 6:14am
Quoting bbmac
Nav's advice is good - 'trade what you see - not what you think ' What if price just keeps going up - and you are selling every top instead of buying the pullbacks - just beacuse you ahve a 'view' that price will be lower at eod. Personally i have no idea what the next tick will be let alone where it will be in 1min, 5min, 1hr, 4hr or eod - absolutely none - so beacuse of this _ I don't make assumptions or take a view - I just trade what I see regardless of what direction it is going and i am happy that i am clueless as to be being able to predict/take...

that is true..so true however thanks god im using mm and the no point of no return is 1.6470..i doubt 1.63 will break (this might be the point of no return also, not sure i havent look at the charts) and am actually playing the monthly bearish candle which i think is likely..yes it is risky but the channels im playing are down not up..so they are with the intermediate trend i feel..

i see a downward channel we are in ..to 1.5..
  • #328,405
  • Oct 26, 2012 6:31am Oct 26, 2012 6:31am
Quoting tirmizi
i am expecting one more spike up, if any; to add short
hello good fellow friend traders what do u think of another spike towards 6150/55 before going to my first target

1: 6066 and
2: 5999/6003
Learning Requires Failure
  • #328,406
  • Oct 26, 2012 6:33am Oct 26, 2012 6:33am
Quoting fxtyrant
Oh my god dumb f**ks on the AUDUSD thread think the us federal reserve is there to fix the us economy for the good....
They are THAT dumb....

lol
Learning Requires Failure
  • #328,407
  • Oct 26, 2012 6:33am Oct 26, 2012 6:33am
Can't get military analogies out of my head - especially as we're fighting over a flag...
At the moment, I think momentum is with the bears (yay!). Still hanging in the balance, though.

viz.:

(note the rejection from the top trendline, too)
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  • #328,408
  • Oct 26, 2012 6:37am Oct 26, 2012 6:37am
i like it
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Learning Requires Failure
  • #328,409
  • Oct 26, 2012 6:40am Oct 26, 2012 6:40am
Quoting tirmizi
i like it
  • #328,410
  • Oct 26, 2012 6:48am Oct 26, 2012 6:48am
Quoting nAVIN2007
007 do u think we need another spike up to clear some stops above 6143 and then down.. what are you thinking man?
Learning Requires Failure
  • #328,411
  • Oct 26, 2012 6:54am Oct 26, 2012 6:54am
what a day. No clear direction yet however the market knows where it wants to go just waiting for an excuse to go there. lol
  • #328,412
  • Oct 26, 2012 6:57am Oct 26, 2012 6:57am
Quoting tirmizi
007 do u think we need another spike up to clear some stops above 6143 and then down.. what are you thinking man?

i think we will just go down..but i have no idea, i will be at work when fireworks start..depends on gdp of US
  • #328,413
  • Oct 26, 2012 7:04am Oct 26, 2012 7:04am
Quoting nAVIN2007
i think we will just go down..but i have no idea, i will be at work when fireworks start..depends on gdp of US
i want it that way too, but i "wish" it would be better if we have another spike then down
Learning Requires Failure
  • #328,414
  • Oct 26, 2012 7:06am Oct 26, 2012 7:06am
Quoting tirmizi
i want it that way too, but i "wish" it would be better if we have another spike then down

thats just greed..
  • #328,415
  • Oct 26, 2012 7:09am Oct 26, 2012 7:09am
Quoting adewolem
what a day. No clear direction yet however the market knows where it wants to go just waiting for an excuse to go there. lol
Absolutely! If the US GDP figures are good, and the market wants to go up, it'll say 'GDP's good, everything looks great!'. If it wants to go down, it'll say 'GDP's good, QE's on hold'. That's why I think fundamentals are a waste of time. Excuses are all they provide.
  • #328,416
  • Oct 26, 2012 7:14am Oct 26, 2012 7:14am
Quoting nAVIN2007
i think we will just go down..but i have no idea, i will be at work when fireworks start..depends on gdp of US
Trouble is, look what effect the positive housing starts had - none. And after a series of good data, the market is probably factoring in strong GDP anyway.

Mind you, I'm praying for and expecting a strong $ for now, based on PA, but I don't put more than a 60% probability on it.
  • #328,417
  • Oct 26, 2012 7:23am Oct 26, 2012 7:23am
Quoting nAVIN2007
thats just greed..
no, i think smaller tf wave count suggest another push up, now the question is that this push break the yesterday high or truncated 5th, i dont know this
Learning Requires Failure
  • #328,418
  • Oct 26, 2012 7:45am Oct 26, 2012 7:45am
I closed my GU short and went long on EU

http://gyazo.com/416ce2701794381b2114b6d741a41a02

Let's see what happens!
  • #328,419
  • Oct 26, 2012 7:46am Oct 26, 2012 7:46am
is going up befor down look the line
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trade small no lose
  • #328,420
  • Oct 26, 2012 8:00am Oct 26, 2012 8:00am
Quoting bbakker
I closed my GU short and went long on EU

http://gyazo.com/416ce2701794381b2114b6d741a41a02

Let's see what happens!
Very different Idea ... I am feeling opposite ...Good Luck with your trade
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