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Cable Update (GBPUSD)

  • #355,241
  • Dec 4, 2013 9:48am Dec 4, 2013 9:48am
Quoting squawk
Since we are throwing in some statistics here, Elliot, Fibs etc I will give you something you might find interesting. Out of last 2 years data. The next days trading day (starting at London Open) hits the previous New York high or low (depending on which traded last) approx 73% of the time before reversing or continuing in the same direction. If it doesn't hit that day then approx 10% of the time it hits the following day. If it does not hit the next day or the following day then theres a 15% chance that it won't see it for at least the next 5 to...
Thanks for that. Definitely compels me to do a study on it.
Cheers
Those who say it cannot be done should not interrupt those who are doing it
  • #355,242
  • Dec 4, 2013 10:06am Dec 4, 2013 10:06am
Quoting PipTrapper
{quote} Thanks for that. Definitely compels me to do a study on it. Cheers
Dont forget the usual disclaimer on that lol we are dealing with the hardest way to make money,if you think this could be a game of 50/50 why are there more lossers ????
  • #355,243
  • Dec 4, 2013 10:18am Dec 4, 2013 10:18am
Quoting PipTrapper
{quote} Thanks for that. Definitely compels me to do a study on it. Cheers

  • #355,244
  • Dec 4, 2013 10:18am Dec 4, 2013 10:18am
Quoting elbert3
{quote} i have a 10 day sma on a 15 min chart if you put it on price should move away from the line to see a faster move down .hopefully lol
trading is not as easy as putting a line on your chart, if it's that's easy, the wall street won't need to invest millions on human development. another thing is, the instrument in trading does not directly related to what's going on in the real world, it only related on human emotion. what I mean is if ebay stock soars $10, it does not mean that ebay has expanded it's businesses, it only means that traders around the world believe that ebay will expand, same goes to forex. My point is, rely on price action as it will always tells you the hidden story/behind the scenes stories.

What i can tell you is, trading is not as easy as people always says.. not too mention the emotions that involved.. you can learn technical analysis in a year but to trade (in emotion term) it will take years to develop.
  • #355,245
  • Dec 4, 2013 10:23am Dec 4, 2013 10:23am
Quoting A-speculator
{quote} trading is not as easy as putting a line on your chart, if it's that's easy, the wall street won't need to invest millions on human development. another thing is, the instrument in trading does not directly related to what's going on in the real world, it only related on human emotion. what I mean is if ebay stock soars $10, it does not mean that ebay has expanded it's businesses, it only means that traders around the world believe that ebay will expand, same goes to forex. My point is, rely on price action as it will always tells you the...
Yes i agree you will see what i wrote in the last message that is why only a few people can make a lot of money. as i said if you could look at this as 50/50 up or down ,why do more than 50% lose ?????????
  • #355,246
  • Dec 4, 2013 10:28am Dec 4, 2013 10:28am
Quoting elbert3
{quote} Yes i agree you will see what i wrote in the last message that is why only a few people can make a lot of money. as i said if you could look at this as 50/50 up or down ,why do more than 50% lose ?????????
Because you ignore the capital differences between involved parties, your statement isn't entirly valid. If 10 people holds 90% of the markets capital and 90 people holds 10% of the capital, statistic may show that majority losses, even though it's not exactly the case.
  • #355,247
  • Dec 4, 2013 10:29am Dec 4, 2013 10:29am
Quoting elbert3
{quote} Yes i agree you will see what i wrote in the last message that is why only a few people can make a lot of money. as i said if you could look at this as 50/50 up or down ,why do more than 50% lose ?????????
well, i think it's because only 10% knows what they are doing, others rely on indicators which in the long run won't work, same as casinos, the house always wins.
  • #355,248
  • Dec 4, 2013 10:30am Dec 4, 2013 10:30am
Quoting Black Bird
{quote} I'm looking to buy ~1.6320 (~50% fib. level for the last 5-6 days) with sl below 78.60% fib. level and tp ~1.6450 (~50% projection of the last 5-6 days measuring from 1.6320).
1.6320 might be a tick too low...rebound off 1.6324 was solid...might have been it.
Hear the music before the song is over ...
  • #355,249
  • Dec 4, 2013 10:36am Dec 4, 2013 10:36am
Quoting A-speculator
trading is not as easy as putting a line on your chart
I agree

you need at least 3
  • #355,250
  • Dec 4, 2013 10:38am Dec 4, 2013 10:38am
Quoting chazzle
{quote} I agree you need at least 3

  • #355,251
  • Dec 4, 2013 10:39am Dec 4, 2013 10:39am
Quoting chazzle
{quote} I agree you need at least 3
  • #355,252
  • Dec 4, 2013 10:46am Dec 4, 2013 10:46am
GU D1

At the moment looking at the mid of the breakout extension as a kind of swing point - getting a bit choppy though
Attached Image (click to enlarge)
Click to Enlarge Name: gud1.PNG Size: 36 KB
  • #355,253
  • Edited 11:42am Dec 4, 2013 11:32am | Edited 11:42am
Quoting GlobalMacro
Looks like I'm the only bull in the house. 1.6333 Truely bargain prices!
Quoting GlobalMacro
I'm not scalping! In fact, I'm gonna add to my longs above 1.6374. What level are you short from, btw?
Added to long position @ 1.6376 .
Hear the music before the song is over ...
  • #355,254
  • Dec 4, 2013 11:37am Dec 4, 2013 11:37am
Quoting forexalien
GU - Monthly is Long Weekly is Long Daily is Long H4 is resting and taking profits Follow lower TF's as to the new direction, or continuation of GU................
posted 2 1/2 hours ago...........

Lower TF's turned long again.....................
The More You Learn, The More You Earn.....
  • #355,255
  • Dec 4, 2013 11:39am Dec 4, 2013 11:39am
Quoting GlobalMacro
{quote} {quote} Add to long position @ 1.6376 .
good one mate.. this will be bumpy ride for seller of course.. careful in this wave.. cleared 2 of my positions and add long to EG 8290.
  • #355,256
  • Dec 4, 2013 11:47am Dec 4, 2013 11:47am
Quoting A-speculator
{quote} good one mate.. this will be bumpy ride for seller of course.. careful in this wave.. cleared 2 of my positions and add long to EG 8290.
Thanks. Next we need to see whether or not 1.6450 finally yields...
Hear the music before the song is over ...
  • #355,257
  • Dec 4, 2013 11:51am Dec 4, 2013 11:51am
seems like this one might retest the top, cleared all my positions on cable.. will wait next consolidation..
  • #355,258
  • Dec 4, 2013 11:56am Dec 4, 2013 11:56am
Quoting GlobalMacro
Added to long position @ 1.6376 .
nice trading GM
  • #355,259
  • Dec 4, 2013 11:56am Dec 4, 2013 11:56am
Quoting GlobalMacro
{quote} Thanks. Next we need to see whether or not 1.6450 finally yields...
yeah, sometime need to beat harsh retreat.. well, if you're interested, might want to see kiwi 4h.. consolidation there..
  • #355,260
  • Dec 4, 2013 12:59pm Dec 4, 2013 12:59pm
Dear all,

still hold my long on cable
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