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Cable Update (GBPUSD)

  • #351,961
  • Nov 6, 2013 1:51am Nov 6, 2013 1:51am
London calling!
  • #351,962
  • Nov 6, 2013 2:04am Nov 6, 2013 2:04am
Quoting Tiyaga
{image}
Great another graph without comments, so it's just a picture some can enjoy.
  • #351,963
  • Nov 6, 2013 2:06am Nov 6, 2013 2:06am
Quoting Tom_d
{quote} I do this a lot, I started doing this after the frustration of being stopped out frequently over the past 4 years I've been trading, I now use no stops (full year now) and i'm finally making good money. Generally my worst trades end up being the best trades, just gotta be patient, sometimes its only a day, others a few weeks

I don't use stops either.
My stop is money allocated for specific currency pair.For example I decided before even entering that I am willing to risk 500 dollars
Then as long as that number is not reached I am fine with holding.If that is reached then I take a loss as business expense.
Beauty of this system is you have lot more room to navigate ,negative is your loss is greater then average.Its a matter of balancing your tolerance with account size vs lot size.
Generally going small with higher mileage is lot better in the long run.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #351,964
  • Nov 6, 2013 2:06am Nov 6, 2013 2:06am
GJ going south
EU going south

GU DOES NOT want to going south

What is this pair doing?!
Don't give up
  • #351,965
  • Nov 6, 2013 2:14am Nov 6, 2013 2:14am
Good day to you.

Marking 1.5982 as possible TP and building short from here.

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh4.png Size: 65 KB
  • #351,966
  • Nov 6, 2013 2:15am Nov 6, 2013 2:15am
Quoting Davit
{quote} You can not be completely wrong specially about a currency which is highly inflated without substance.. British Pound is most overrated currency now. Lets put this in fundamental perspective Biggest GB trading partner is Euro zone which is in stagnate economic environment much worse then US, 12-27% Unemployment and not expected to grow much until 2017 Majority of UK "growth" is around London but outside is totally different picture. UK is developing scary housing bubble which is similar to 2008 bubble.Average household income is lower but...
Very good insight, except it's the same outside the Island - direction Western, South-Western Europe. USA may be bad, but they have bigger economy and they can change their situation faster than EU and UK could, it's just obvious they do not wish to do so at the moment, obviously certain societies benefit from what is happening, and that is all around the world.
GU will collapse, EU will follow as well. There was a moment where GU and EU were out of sync, after they correct and sync again direction will be short. We all know what happens at the end of the year, profits are being collected and large moves might occur in both directions. Fortuna to all those trading during this period, me as well.
  • #351,967
  • Edited 3:20am Nov 6, 2013 2:17am | Edited 3:20am
Quoting Davit
{quote} You can not be completely wrong specially about a currency which is highly inflated without substance..

LOL ...but the fundamentals keep messing things up.

First we had the Royal baby knock on effect. Then when it looked like we would finally drop on US Fed tapering, Bernanke chickened out. Then we had the hat trick on last month's GBP numbers. Then when it looked like we would drop on the US going to war with Syria, Obama chickened out [which was good].

Then when it looked like we were ready to drop again, Congress shot the USD in the foot with the shut down. And now we had yesterday's PMI numbers. So it's been a remarkable string of events and missteps that lead GU to this point. No one could have guessed that one in a million years.
  • #351,968
  • Nov 6, 2013 2:25am Nov 6, 2013 2:25am
Quoting geomink
GJ going south EU going south GU DOES NOT want to going south What is this pair doing?!

strongly bullish behaviour ?
Don't give up
  • #351,969
  • Nov 6, 2013 2:26am Nov 6, 2013 2:26am
Quoting geomink
GJ going south EU going south GU DOES NOT want to going south What is this pair doing?!
waiting for the news, IMHO
In the end its just a stupid numbers game
  • #351,970
  • Nov 6, 2013 2:27am Nov 6, 2013 2:27am
Quoting danzka
{quote} waiting for the news, IMHO
probably, the big boys need liquidity

in any case it seems strongly bullish to me
Don't give up
  • #351,971
  • Nov 6, 2013 2:29am Nov 6, 2013 2:29am
Quoting geomink
{quote} probably, the big boys need liquidity in any case it seems strongly bullish to me
btw not yet touched the yesterday high................
Don't give up
  • #351,972
  • Nov 6, 2013 2:29am Nov 6, 2013 2:29am
maybe consolidation on 608-604 then a strong bearish move to 1.589x below.
  • #351,973
  • Nov 6, 2013 2:29am Nov 6, 2013 2:29am
Quoting geomink
{quote} probably, the big boys need liquidity in any case it seems strongly bullish to me
*want
  • #351,974
  • Nov 6, 2013 2:35am Nov 6, 2013 2:35am
Quoting Luther
{quote} LOL ...but the fundamentals keep messing things up. First we had the Royal baby knock on effect. Then when it looked like we would finally drop on US Fed tapering, Bernanke chickened out. Then we had the hat trick on last month's GBP numbers. Then when it looked like we would drop on the US going to war with Syria, Obama chickened out [which was good]. Then when it looked like we were ready to drop again, Congress shot the USD in the foot with the shut down. And now we had yesterday's PMI numbers. So it's been a remarkable string of events...

This is why I advocate smaller lots with greater mileage strategy to overcome uncertainty.I trade price channels.
Lets put this in proper perspective.
80% of forex is not trending.Yes folks its not trending.What you think is a trend is in fact a range.That range could be 300 in case of UC since June of 2013 or 500-800 pips with most common pairs.Fact is with exception of Yen most pairs are confined to fix range.
This is result of global currencies being pretty much in same economic paradigm.Its a global market.When US is down so is China.Europe,UK and Japan.
This means no single economy can overtake another with extreme disparity.Those days are gone when pound was trading above 2dollars.Its a different environment all together.
since 2009 GU has been in a channel.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.weekly.png Size: 31 KB
In trading, you have to be defensive and aggressive at the same time
  • #351,975
  • Nov 6, 2013 2:35am Nov 6, 2013 2:35am
it is rising to a point where data cannot come stronger than this. that is why it will struggle to rally further. it is going to fight the seasonal downtrend. with every strong usd data it will lose 50-60 pips
  • #351,976
  • Nov 6, 2013 2:40am Nov 6, 2013 2:40am
Quoting Davit
{quote} This is why I advocate smaller lots with greater mileage strategy to overcome uncertainty.I trade price channels. Lets put this in proper perspective. 80% of forex is not trending.Yes folks its not trending.What you think is a trend is in fact a range.That range could be 300 in case of UC since June of 2013 or 500-800 pips with most common pairs.Fact is with exception of Yen most pairs are confined to fix range. This is result of global currencies being pretty much in same economic paradigm.Its a global market.When US is down so is China.Europe,UK...
ya it is diff but when you have a central bank which says our economy is weaker than expected for the past 2 years it makes you sick. according to me qe should have been rolled back last year itself
  • #351,977
  • Nov 6, 2013 2:42am Nov 6, 2013 2:42am
Quoting PipTrapper
Short Cable at 1.6054 SL 1.6084 Target open GBPUSDCALL
Stopped out overnight for -30 pips
Those who say it cannot be done should not interrupt those who are doing it
  • #351,978
  • Nov 6, 2013 2:44am Nov 6, 2013 2:44am
Quoting PipTrapper
{quote} Stopped out overnight for -30 pips

I would not be worrying too much with your recent good form my man
  • #351,979
  • Nov 6, 2013 2:47am Nov 6, 2013 2:47am
Quoting Pumpndump
{quote} I would not be worrying too much with your recent good form my man
I'm not worried. The sad face always gets appended to a stop out. It's doesn't really reflect my mood. Just a habit
Those who say it cannot be done should not interrupt those who are doing it
  • #351,980
  • Nov 6, 2013 2:53am Nov 6, 2013 2:53am
Quoting PipTrapper
{quote} Stopped out overnight for -30 pips
Yep
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