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Cable Update (GBPUSD)

  • #359,961
  • Jan 22, 2014 10:57am Jan 22, 2014 10:57am
I clearlly remember the time of 4810 that look like that we are gona go to 4200 and i just didnt long that by thinking so and didnt short that cause its too low.
now very the same. i want to short it but i feel pressure to get hit by strong continuation.
  • #359,962
  • Jan 22, 2014 11:00am Jan 22, 2014 11:00am
I have no idea what we do next, and I have no good levels anywhere nearby right now, so I'm gonna leave it alone for a few days me thinks...
Look Sharp/Trade Tight
  • #359,963
  • Jan 22, 2014 11:06am Jan 22, 2014 11:06am
1 more short, you have to give it a go, if it is going down and you think or even better you know it is going down put in tight sl then you wont have regrets, i will be on 1 min trading down on the fibs. 6575 was a good res now broken so that could be your sl , but you can trade better than i , no??? respect
  • #359,964
  • Jan 22, 2014 11:08am Jan 22, 2014 11:08am
EG

Come on... don't make me sweat it out for the rest of the week, I've waited long enough. Give it to me now, and allow me to roll into the weekend nice and mellowed.
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Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #359,965
  • Jan 22, 2014 11:10am Jan 22, 2014 11:10am
Quoting Kajos2250
{quote} What is your invalidation price???
targeting 1.6476 at least
  • #359,966
  • Jan 22, 2014 11:18am Jan 22, 2014 11:18am
Quoting Trader88q
I am asking my self why i closed longs at 5050, 5200,5420, 5600 and even at 5700 with small 45 pips profit? And why i closed my shorts at 6350 last year at 6300 and then it hited 4800? why did I? I call it psyhological pressure. Now retailers are under great pressure cause it could continue to go up and up and killing up i probably it will. Dam pound ! Looks like need to start hedge up.
For long term trades I am avoiding staring at hourly chart and on different accounts from intraday and scalping.
  • #359,967
  • Jan 22, 2014 11:27am Jan 22, 2014 11:27am
Quoting smikester
{quote} It's easy to think that. Losing trades don't usually get as much publicity as winning trades for obvious reasons. I would concentrate on honing your trading skills and only visit this kind of thread occasionally, and just for entertainment. There are/have been a few good threads in Forex Factory though...
ohh, don't worry about me.. but I do agree in what you're saying though..
Patience is a virtue...
  • #359,968
  • Jan 22, 2014 11:33am Jan 22, 2014 11:33am
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something to look at
  • #359,969
  • Jan 22, 2014 11:39am Jan 22, 2014 11:39am
85% of lots short now on the trade explorer !?...do they know something the bulls don't !?...they are expecting this attempt on last year's 6603 hi to get repelled now ?....we will see how daily closes but if it closes bullishly/strongly bullishly there is a good /higher chance than not that the level will be taken out and a new high will be realized. The 6603 hi was an attempt on the weekly hi of 6615 established in August 2011. The weekly / monthly hi of 6746 is above that and this was seen in April of the same year.

Best Wishes
it's all gone a bit........
  • #359,970
  • Jan 22, 2014 11:40am Jan 22, 2014 11:40am
Seeing this daily bullish marobozu, tomorrow i hope ~6700 is comeing
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Anything is math!
  • #359,971
  • Jan 22, 2014 11:48am Jan 22, 2014 11:48am
Quoting petetong
85% of lots short now on the trade explorer !?...do they know something the bulls don't !?...they are expecting this attempt on last year's 6603 hi to get repelled now ?....we will see how daily closes but if it closes bullishly/strongly bullishly there is a good /higher chance than not that the level will be taken out and a new high will be realized. The 6603 hi was an attempt on the weekly hi of 6615 established in August 2011. The weekly / monthly hi of 6746 is above that and this was seen in April of the same year. Best Wishes

I don't know how the trade explorer works, but could it be people who are taking profits? After a nice run up like we've had, I wouldn't be surprised if some people are selling to close, rather than selling to open a new position.
  • #359,972
  • Jan 22, 2014 11:54am Jan 22, 2014 11:54am
Quoting Baggi
{quote} I don't know how the trade explorer works, but could it be people who are taking profits? After a nice run up like we've had, I wouldn't be surprised if some people are selling to close, rather than selling to open a new position.
Yes understand that - but I think it is open positions it is based on though, so it shows how many traders/lots traded by them as a % of total traded by them are currently long/short with open positions.

Best Wishes.
it's all gone a bit........
  • #359,973
  • Jan 22, 2014 11:58am Jan 22, 2014 11:58am
Quoting Baggi
{quote} I don't know how the trade explorer works, but could it be people who are taking profits? After a nice run up like we've had, I wouldn't be surprised if some people are selling to close, rather than selling to open a new position.
76% of all open positions. 663 losing trades. average trade duration 5 weeks. some people are married with their positions, not with their wifes...
fortis fortuna adiuvat
  • #359,974
  • Jan 22, 2014 12:01pm Jan 22, 2014 12:01pm
Quoting petetong
85% of lots short now on the trade explorer !?...do they know something the bulls don't !?...they are expecting this attempt on last year's 6603 hi to get repelled now ?....we will see how daily closes but if it closes bullishly/strongly bullishly there is a good /higher chance than not that the level will be taken out and a new high will be realized. The 6603 hi was an attempt on the weekly hi of 6615 established in August 2011. The weekly / monthly hi of 6746 is above that and this was seen in April of the same year. Best Wishes
in accordance with several source mixed, it seems that nearly 90% of traders are short on GU

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I do not think it means something but .... who know , maybe some bigboys have fun

i dont trade pound for now , too risky, it could fall hard at any moment.

Good luck @ all pound traders
  • #359,975
  • Jan 22, 2014 12:21pm Jan 22, 2014 12:21pm
If people want to buy tops, go ahead. I sell high. Sold at 1.6580, SL at 1.6610, TP open. Tiny risk potential huge reward. The next two days will be critical. If this week's candle manages to close above 1.66, then the sky is the limit. If it fails and price pulls back, then the bottom will fall out. Sell at resistance.
  • #359,976
  • Jan 22, 2014 12:22pm Jan 22, 2014 12:22pm
Quoting Suffo
{quote} closed BE

You entered short 6542ish and price went to 6529 less then 30min and you broke even?
Sorry man with 20lots you sat there and watched 12pip drop and let it come back? Just makes no sense.
In trading, you have to be defensive and aggressive at the same time
  • #359,977
  • Edited 12:39pm Jan 22, 2014 12:26pm | Edited 12:39pm
Quoting petetong
85% of lots short now on the trade explorer !?...do they know something the bulls don't !?..
Listen simpleton your posts are increasingly annoying.Trade what you like but don't make stupid posts.Pull a monthly chart and look at the top of range last 5yrs and get a clue.Should we report to you before placing a trade?or in your pedestrian view everyone should be a Bull.
We had idiots screaming 1.42 on Euro when it was 1.38 less then a month ego while 75% were short and price did drop to 1.3550 in 3 weeks.(wow how is that possible in bull drive)We had idiots here pulling German manufacturing stats proving that bull drive was justified even though German export numbers have been in surplus for times when Euro was trading below 1.20.I did present logical arguments for Bear and now its at 1.35 NOT at 1.42!
Trade what you think irregardless WHAT OTHERS DO.
In trading, you have to be defensive and aggressive at the same time
  • #359,978
  • Jan 22, 2014 12:26pm Jan 22, 2014 12:26pm
Retail traders are being impatient... Instead of waiting for the pull-back to go long they try to catch the top... Nett effect short squeeze.

  1. The trend is your friend
  2. Don't take positions against the trend
  3. If in doubt stay out

I appreciate no one wants to buy the top but there is no reason to sell this. I still have final target 1.675 after 1.66 swing high...
If you counter trend without a good reason, just cause it looks high...

Enjoy the drawdown

Just an example of what might happen... yes I know the pattern is not valid...

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  • #359,979
  • Jan 22, 2014 12:36pm Jan 22, 2014 12:36pm
Quoting $teve
If people want to buy tops, go ahead. I sell high. Sold at 1.6580, SL at 1.6610, TP open. Tiny risk potential huge reward. The next two days will be critical. If this week's candle manages to close above 1.66, then the sky is the limit. If it fails and price pulls back, then the bottom will fall out. Sell at resistance.
You forgot the trend is your friend and trade with the trend your signals can have bigger chance for success!
Although your position has a perfect RR.

Good luck!
Anything is math!
  • #359,980
  • Jan 22, 2014 12:38pm Jan 22, 2014 12:38pm
Quoting Davit
{quote} You entered short 6542ish and price went to 6529 less then 30min and you broke even? Sorry man with 20lots you sat there and watched 12pip drop and let it come back? Just makes no sense.
DAVIT tomorrow i expect your live trades-and then you can teach me
With a good book and quality paper you can fine wipe your ass.
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