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Cable Update (GBPUSD)

  • #354,161
  • Nov 25, 2013 7:06am Nov 25, 2013 7:06am
Quoting mima
{quote} Today JPM said go long EU and GU and a few days ago BofA said sell EU...
I do not consider JPM and Bofa recommendations as they do not have the order size matching goldman sachs. I think it all depends on gold now..if gold rebounds then we will see all risk currency pairs shooting down. otherwise, i am going to get into gold bus :-)
  • #354,162
  • Nov 25, 2013 7:08am Nov 25, 2013 7:08am
Good day,

Out of GU longs. Banked a few. Full focus on EU for the next few hours. Current 8hr bar closes in 53 min. Next one looks to be up. Will then close EU longs.

Regards
  • #354,163
  • Nov 25, 2013 7:08am Nov 25, 2013 7:08am
Quoting TauTrader
{quote} Taking a little risk on EU in the spirit of the longs. Regards {image}

do the red and lime green stripes indicte the long and short positions taken on that particular candle ?
  • #354,164
  • Nov 25, 2013 7:15am Nov 25, 2013 7:15am
Quoting giveachance
{quote} why do you hold positions for so many days and cry everyday about the GBP. I sense that you have a position open from 1.58-1.60 area

  • #354,165
  • Nov 25, 2013 7:15am Nov 25, 2013 7:15am
Quoting TauTrader
Good day, Out of GU longs. Banked a few. Full focus on EU for the next few hours. Current 8hr bar closes in 53 min. Next one looks to be up. Will then close EU longs. Regards
Due to different time zone H8 chart is different...here is what I have...
(Of course I might be wrong)
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH8.png Size: 103 KB
The Market pays you to be disciplined
  • #354,166
  • Nov 25, 2013 7:20am Nov 25, 2013 7:20am
Quoting TauTrader
Good day, Out of GU longs. Banked a few. Full focus on EU for the next few hours. Current 8hr bar closes in 53 min. Next one looks to be up. Will then close EU longs. Regards
Tau, why do you use 8h bars? Do they give a better sense of the trend or you just want to differentiate sessions with them?

Ty in advance.
  • #354,167
  • Nov 25, 2013 7:20am Nov 25, 2013 7:20am
Quoting TauTrader
{quote} Good day to you, Sir No - Nav and I made a deal that I would have one on him locally. We apparently are not allowed to ship beer across borders.But I was lucky - that bet worked in my favour. All success to you Regards

that trade of your shows me..u really know how the market behaves..damn good trade bro
  • #354,168
  • Nov 25, 2013 7:25am Nov 25, 2013 7:25am
Quoting veer2010
Guys, some info from an insider from goldman sachs.. cable is going to go high around 1.65 area in coming few weeks. He says the support is well bid and all short positions of retailers will be stopped out.. just an input..trade as you wish..
Hmmm. That's really interesting. My friend at GS told me that they are targeting 1.55, but they want retailers to flip to buying first so that it gives them liquidity to sell when taking out the stop losses of the bulls. Therefore they are going to start telling retail traders that they are targeting 1.65
Those who say it cannot be done should not interrupt those who are doing it
  • #354,169
  • Nov 25, 2013 7:25am Nov 25, 2013 7:25am
Quoting lumesh
{quote} do the red and lime green stripes indicte the long and short positions taken on that particular candle ?
Good day to you, sir

It does show the influx of positions - but it changes as the candle grows / matures.

It is relative. Not fixed.

But some candles are clear. ( well - the way I look at it) - in theory - the current EU candle is a bear trap. If I can keep my average entry price close to where it tracks, I may end in profit. Again - greed/fear comes into play. I could have taken profit 2 times already - and should have done so. This order flow, coupled with overall longs vs. short - gives an edge.

But this is just scalping. Options and futures levels will make the long term trades.

Regards
  • #354,170
  • Nov 25, 2013 7:35am Nov 25, 2013 7:35am
Quoting TauTrader
{quote} Good day to you, sir It does show the influx of positions - but it changes as the candle grows / matures. It is relative. Not fixed. But some candles are clear. ( well - the way I look at it) - in theory - the current EU candle is a bear trap. If I can keep my average entry price close to where it tracks, I may end in profit. Again - greed/fear comes into play. I could have taken profit 2 times already - and should have done so. This order flow, coupled with overall longs vs. short - gives an edge. But this is just scalping. Options and...
I see your attachment and it seems that you're trading on a demo account. It is good to build up confidence trading on a demo account but the real pressure you feel when you trade real money and those stop loss hunters exists in real money market and not on demos.. So, the p&l on a demo account is more of a fiction for me as it doesn't really match what happens to retailers in a real account scenario..
  • #354,171
  • Nov 25, 2013 7:35am Nov 25, 2013 7:35am
Quoting sakisf
{quote} Tau, why do you use 8h bars? Do they give a better sense of the trend or you just want to differentiate sessions with them? Ty in advance.
Good day to you,sir

The 8hr bars I found to be more functional for one indicator I use. No preference.

All time frames have value - depending on your personal way of dealing with the market. BTW - i'm in trouble on EU.

This is the point of NO EMOTION.

All success to you

Regards
  • #354,172
  • Nov 25, 2013 7:38am Nov 25, 2013 7:38am
Quoting Kevingreene
{quote} sell at 1.6180, s/l 1.6218, t/p 1.6142
so you are short now?
fortis fortuna adiuvat
  • #354,173
  • Nov 25, 2013 7:38am Nov 25, 2013 7:38am
Quoting PipTrapper
{quote} Hmmm. That's really interesting. My friend at GS told me that they are targeting 1.55, but they want retailers to flip to buying first so that it gives them liquidity to sell when taking out the stop losses of the bulls. Therefore they are going to start telling retail traders that they are targeting 1.65

yep, thought something similar
  • #354,174
  • Nov 25, 2013 7:43am Nov 25, 2013 7:43am
Quoting TauTrader
{quote} Good day to you,sir The 8hr bars I found to be more functional for one indicator I use. No preference. All time frames have value - depending on your personal way of dealing with the market. BTW - i'm in trouble on EU. This is the point of NO EMOTION. All success to you Regards
I am also using them for the TMS system (by eelfranz) as they seem to give better signals than 4h. But was thinking if their use is perhaps to compare sessions and not for actual use as they contain too much data.

Btw, it seems that U/CHF is very bullish today so perhaps you should reconsider EU shorts.
  • #354,175
  • Nov 25, 2013 7:43am Nov 25, 2013 7:43am
Quoting veer2010
{quote} I see your attachment and it seems that you're trading on a demo account. It is good to build up confidence trading on a demo account but the real pressure you feel when you trade real money and those stop loss hunters exists in real money market and not on demos.. So, the p&l on a demo account is more of a fiction for me as it doesn't really match what happens to retailers in a real account scenario..
Sir,

Yes - my published account is a demo. Now load a demo and trade it for 100 days - then we talk.

I have stated my reasons for the demo. 365 days is the target. It is a personal issue. You could be correct. I want to ask you the question - if I had to remove the trade explorer - will my posts become more valuable? Less valuable?

I will not disagree with you.

I guess it does not matter - really.

I respect your view.

Regards
  • #354,176
  • Nov 25, 2013 7:51am Nov 25, 2013 7:51am
Quoting TauTrader
{quote} Taking a little risk on EU in the spirit of the longs. Regards {image}

can you post the same chart for cable please in 1H period. Thanks
  • #354,177
  • Nov 25, 2013 7:54am Nov 25, 2013 7:54am
seems gbp and eur are in profit taking mode today compared to their high yield peers such as aud and nzd.
  • #354,178
  • Nov 25, 2013 7:58am Nov 25, 2013 7:58am
Quoting TauTrader
{quote} Sir, Yes - my published account is a demo. Now load a demo and trade it for 100 days - then we talk. I have stated my reasons for the demo. 365 days is the target. It is a personal issue. You could be correct. I want to ask you the question - if I had to remove the trade explorer - will my posts become more valuable? Less valuable? I will not disagree with you. I guess it does not matter - really. I respect your view. Regards
nothing wrong in trading on a demo account and I'm not arguing on that at all.. my view was that fx market is not really retailer friendly and lot of stop loss hunting happens and it doesn't reflect on a demo account.. just a matter of fact, market makers know where everyone has set their stop loss..
so, what you're doing is on a learning curve and no harm at all.. my point was more on pressure environment..
  • #354,179
  • Nov 25, 2013 8:00am Nov 25, 2013 8:00am
Quoting lumesh
seems gbp and eur are in profit taking mode today compared to their high yield peers such as aud and nzd.
Have you noticed that according to traditional correlations, there is a sense of fear (risk aversion) creeping into the currency markets for the last few weeks... despite the Dow making all time highs?

Look at Swissie, more specifically EUR/CHF
Those who say it cannot be done should not interrupt those who are doing it
  • #354,180
  • Nov 25, 2013 8:06am Nov 25, 2013 8:06am
Quoting Kevingreene
{quote} sell at 1.6180, s/l 1.6218, t/p 1.6142
look like we got entry now lets see how it plays out
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