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Cable Update (GBPUSD)

  • #354,881
  • Nov 28, 2013 10:46am Nov 28, 2013 10:46am
TauTrader I would appreciate if you could send me the same pm with the persons above on where you get the information on stops. Thanks.
  • #354,882
  • Nov 28, 2013 11:00am Nov 28, 2013 11:00am
GBPUSD - The ratio of long to short positions in the GBPUSD stands at -4.36 as 19% of traders are long. Yesterday the ratio was -4.47; 18% of open positions were long. Long positions are 4.1% higher than yesterday and 19.1% below levels seen last week. Short positions are 1.5% higher than yesterday and 9.5% above levels seen last week. Open interest is 1.9% higher than yesterday and 14.1% above its monthly average. The trading crowd has grown less net-short from yesterday but further short since last week.
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GBPJPY - The ratio of long to short positions in the GBPJPY stands at -3.03 as 25% of traders are long. Yesterday the ratio was -2.96; 25% of open positions were long. Long positions are 9.2% lower than yesterday and 9.6% above levels seen last week. Short positions are 6.9% lower than yesterday and 21.4% below levels seen last week. Open interest is 7.5% lower than yesterday and 3.0% above its monthly average. The trading crowd has grown further net-short from yesterday but moderated since last week.
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Those who say it cannot be done should not interrupt those who are doing it
  • #354,883
  • Nov 28, 2013 11:04am Nov 28, 2013 11:04am
Quoting PipTrapper
GBPUSD - The ratio of long to short positions in the GBPUSD stands at -4.36 as 19% of traders are long. Yesterday the ratio was -4.47; 18% of open positions were long. Long positions are 4.1% higher than yesterday and 19.1% below levels seen last week. Short positions are 1.5% higher than yesterday and 9.5% above levels seen last week. Open interest is 1.9% higher than yesterday and 14.1% above its monthly average. The trading crowd has grown less net-short from yesterday but further short since last week. {image} GBPJPY - The ratio of long to short...
Good one - I check these every Thursday too.

Thanks for sharing Kind of you..

Regards
  • #354,884
  • Nov 28, 2013 11:26am Nov 28, 2013 11:26am
Quoting TauTrader
{quote} Good day to you, sir Need 6 pips north to resolve earlier shorts into a nett gain. Retailers still heavy short. Short stops @ 21'700 vs 1'660 long - go figure. Bulk of stops between 1.6370 and 1.6400 ( 14'000 of them). Below - the only area of substance in relation is between 1.6280 and 1.6250 We wait - we see. Trade well
TauTrader, what do you use to look at retail open orders? Are you on an ECN or are you using Oanda's order flow data?
  • #354,885
  • Nov 28, 2013 11:38am Nov 28, 2013 11:38am
You gotta be careful with the mindset that retail=dumb, and price won't change til retail positioning changes.
I have no clue what I'm talking about.
  • #354,886
  • Nov 28, 2013 11:45am Nov 28, 2013 11:45am
from Duetche Banks Research.. roadmap for ECB

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  • #354,887
  • Nov 28, 2013 11:45am Nov 28, 2013 11:45am
Iv used this reasoning in the past with retail positioning and it doesnt always work, what iv learnt in my numerous account blowing is money management and knowing when to get out if ur wrong...that is key, i can not stress tis enuf...u must know when to get out, dont move ur stop, dont put more money in...u were wrong, accept it and move forward...figure out what went wrong and try not to repeat it...in fact have a sheet in front of you of your mistakes and u feel an idiot if u keep repeating them
  • #354,888
  • Nov 28, 2013 12:04pm Nov 28, 2013 12:04pm
Quoting monkey@forex
Iv used this reasoning in the past with retail positioning and it doesnt always work, what iv learnt in my numerous account blowing is money management and knowing when to get out if ur wrong...that is key, i can not stress tis enuf...u must know when to get out, dont move ur stop, dont put more money in...u were wrong, accept it and move forward...figure out what went wrong and try not to repeat it...in fact have a sheet in front of you of your mistakes and u feel an idiot if u keep repeating...
  • #354,889
  • Nov 28, 2013 12:09pm Nov 28, 2013 12:09pm
I sold my position before bed last night (just after the spike down, so could have had about 30 pips more profit.) and now I can't decide if I want to enter long or short.

I mean, this one has been going up very strong. I think it's going to keep going up, but I'm not accustomed to straight up like this one has practically been doing. I keep expecting a correction and there really hasn't been one.
  • #354,890
  • Nov 28, 2013 12:21pm Nov 28, 2013 12:21pm
Quoting Baggi
I sold my position before bed last night (just after the spike down, so could have had about 30 pips more profit.) and now I can't decide if I want to enter long or short. What do you chart show ?
I mean, this one has been going up very strong. I think it's going to keep going up, but I'm not accustomed to straight up like this one has practically been doing. I keep expecting a correction and there really hasn't been one.
based on my chart,I see we have 406 pips correction from 1.3259 to 1.5853 and normaly when we have retest the second top wave,then the third top wave will always breaking up,but now we found another supply zones,lets see where the cable heading next by looking the daily close ( Minimum TF )


Stay Lovely
  • #354,891
  • Nov 28, 2013 12:32pm Nov 28, 2013 12:32pm
Quoting DailyChart
{quote} based on my chart,I see we have 406 pips correction from 1.3259 to 1.5853 and normaly when we have retest the second top wave,then the third top wave will always breaking up,but now we found another supply zones,lets see where the cable heading next by looking the daily close ( Minimum TF ) Stay Lovely
actually 812 Pips correction ( 406 x 2 )
  • #354,892
  • Nov 28, 2013 12:33pm Nov 28, 2013 12:33pm
i am now very much convinced that we will see a 68 or higher, i have just placed a buy at 6345 with tp at 6638 and sl 6138. all i can see is the devaluation of the dollar
The fragrance remains in the hands of those that gves the rose
  • #354,893
  • Nov 28, 2013 12:38pm Nov 28, 2013 12:38pm
Quoting DailyChart
{quote} actually 812 Pips correction ( 406 x 2 )
Illustration
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  • #354,894
  • Nov 28, 2013 12:43pm Nov 28, 2013 12:43pm
This is monkey forex quotes,very important message for all of you here,3 thing you should remember :

  1. Iv used this reasoning in the past with retail positioning and it doesnt always work,
  2. what iv learnt in my numerous account blowing is money management and knowing when to get out if ur wrong...that is key,
  3. i can not stress tis enuf...u must know when to get out, dont move ur stop, dont put more money in...u were wrong, accept it and move forward...figure out what went wrong and try not to repeat it...


Golden,Brilliant !!!

  • #354,895
  • Nov 28, 2013 1:06pm Nov 28, 2013 1:06pm
Here are another few disasters iv been thru:

1) don't follow anybody...even with a great track record, iv followed someone who suddenly goes thru a bad patch and disappears from the forum

2) don't follow anyone...u don't know how deep their pockets are and where there stop or exit is

3) u can't gamble at the casino if u blow all ur chips...don't over leverage, money management is key, otherwise ul be walking home from the casino and likely to get mugged, have enuf money for that taxi...in other words don't throw ur life savings into this

4) indicators are 95% time total crap, the 5% time it may be useful is for divergence (which works half the time)

There is loads more of stupid mistakes iv made...learn from them
  • #354,896
  • Nov 28, 2013 1:07pm Nov 28, 2013 1:07pm
Indicators work in trending markets. The biggest mistake we make as traders is trading markets that are all over the place/ trendless, other than the money management part which is probably the biggest mistake I've made and continue to make.

Money management is #1
  • #354,897
  • Nov 28, 2013 1:23pm Nov 28, 2013 1:23pm
5) never trade if ur in a losing streak...in other words, uv lost 3 trades that day, walk away...lost 6 trades that week, scream...but walk away...ur method isn't working or it's the wrong market for ur method

6) never revenge trade...imagine mike Tyson punched u in the face, it hurts big time, stay down cos if u get up all angry, the next punch could finish u...I lost a 3 month account in 2 hours once...u can never believe how limitless ur stupidity can be

7) a woman will give u 2 chances if she's smart...3rd time u mess up its over...if ur in a winning trade and u dont take ur profit, don't let it become a losing trade...the market conditions have changed, it ain't going back to profit, if ur lucky it will go to breakeven maybe once again...get out of that trade
  • #354,898
  • Nov 28, 2013 1:47pm Nov 28, 2013 1:47pm
To succeed in this u must develop a mindset and strategy that suits u...if your on forex factory then I doubt your a millionaire, we're 99 % average joe with average joe jobs n incomes...a winning year doesn't mean u tell the boss to screw himself...I suggest step one is set urself a monthly target, lets say £1000, step 2, how many pips is required to make that, £1 a pip means u need 1000 pips, 20 trading days in the month, that means u need 50 pips a day, step 3...does ur method make u 50 pips a day? Step 4, make that amount consistently for 3 months and then up ur target...

now assess the time uv got...all day looking at the 15min chart, yes u can enter 5-6 times a day but it requires quick analysis n ul be more error prone, the urge will be to keep entering the market and u end up over trading and losing gains...hourly/4hourly/daily means ur not looking at the chart every 5 secs but u got longer to plan ur trade...

at the end if day u want the money to buy more time in life, exchanging a 9-5 job to look constantly at a screen from 7-4pm for more risk n less gains is stupid...use time away from screen, spend it at the gym, with ur family, whatever...

all methods work with discipline...recognise y u r entering a trade, what confirms it, where is ur exit, where is ur stop...make the pips u need and walk away...the market can go to hell 5min afterwards don't matter, next day is a new day to get ur pips...

Iv made mistakes n repeated them and its taken me a long time to recognise my biggest enemy is not the market or the banks but myself...the more money u lose the worse a trader u can become...deal with ur mindset first...good luck all noobs
  • #354,899
  • Nov 28, 2013 2:09pm Nov 28, 2013 2:09pm
Regardless, today is not a good day for me to trade. The spread is too big, probably because everything is closed as far as trading today in the US.
  • #354,900
  • Nov 28, 2013 2:24pm Nov 28, 2013 2:24pm
Thanks for pointing out the spread Baggi, I checked and my spread is about triple at the moment as well.
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