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Cable Update (GBPUSD)

  • #360,141
  • Jan 23, 2014 4:19am Jan 23, 2014 4:19am
Quoting JimmyC
{quote} You'll love this Yep long from 20 Jan... Just don't get why the retail crowd insists on counter trending... it explains the 95% / 5% split tho Eish!

I think it's more to do with people getting trapped against the trend in a bad position, don't want to take a loss, add to those positions at a higher level and then are more committed to it if it keeps going up.

No surprise it's traders psychology. Same psychology that traders have when we are on the winning side, we get excited, we boast, we post how many pips we have made and laugh at the traders still learning and dealing with issues and all the telling ourselves we are in the 5% and we would never get caught in that positions.

The truth is even the very experience traders get caught in a move and hold on to it longer than they should. Thats why number one issue traders face should always be on the management of equity and taking the loss.

Jimmy not having a go at your post just high lighting the battles that we all go through as traders.
  • #360,142
  • Jan 23, 2014 4:22am Jan 23, 2014 4:22am
Quoting GlobalMacro
{quote} I just raised my profit protection stop to 1.6549, just in case of some temporary profit taking, but still t/p open, so still bullish here. I don't know how your situation is but if you can afford to get out and wait....this way at least you are not exposed to more risk. If it drops back down,you can still get back in. Good luck to you.
Hi GM,

Did you still HOLD your OP Long Now ?
Always looking the GREAT, never left GOOD Point...
  • #360,143
  • Jan 23, 2014 4:25am Jan 23, 2014 4:25am
For the shorts the 660 seems to be currently holding as resistance for more move up.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_GBP_USD_1 Min_snapshot.png Size: 37 KB
  • #360,144
  • Jan 23, 2014 4:27am Jan 23, 2014 4:27am
placing buy stops. at resistances area on over bought pair ..is a bad decision. bears trap ..... buy stops were triggered ... I won't be surprised to see the panic selling ... weak longs ->>> panic selling .towards ..1.6450-20 !?? at least
  • #360,145
  • Jan 23, 2014 4:31am Jan 23, 2014 4:31am
Quoting Tsar
{quote} Hi GM, Did you still HOLD your OP Long Now ?
Hi Tsar,

Yeah, still position open, but profits locked @ 1.6549 now
and letting PA run its course.


You in any trades, Tsar?
Hear the music before the song is over ...
  • #360,146
  • Jan 23, 2014 4:32am Jan 23, 2014 4:32am
Quoting squawk
{quote} I think it's more to do with people getting trapped against the trend in a bad position, don't want to take a loss, add to those positions at a higher level and then are more committed to it if it keeps going up. No surprise it's traders psychology. Same psychology that traders have when we are on the winning side, we get excited, we boast, we post how many pips we have made and laugh at the traders still learning and dealing with issues and all the telling ourselves we are in the 5% and we would never get caught in that positions. The truth...
No worries Squawk, I'm just trying to highlight that there are a lot of counter trend calls here and I think a lot of noobs are going to get killed if they don't follow the trend. That same trading psychology you are talking about is exactly the point, if the trade was trend following then even after a big draw-down they'll come out of it. But if it was counter trend, well then the results speak for themselves... Retail traders are no indication of sentiment of Banks and major other"" players

I'm happy to counter trend if divergence has become noticeable on RSI and Stochs and there is a supporting candle and its in a rising wedge - then its appropriate - to call short

If guys are going to just short a spike and call it cause well it seems high.... I'll recall a move of the JPY which after the "spike"pulled back the JPY climbed 2000 pips over then next 8 hours.

Discipline, strategy risk control, trading logs and trade the plan are essential... Otherwise... guys are just gambling

I try to bang this drum to help some people save themselves from themselves, I figure the more I shout follow the trend the more likely some are to survive.

Have you read Trading in the Zone!?
  • #360,147
  • Jan 23, 2014 4:37am Jan 23, 2014 4:37am
Quoting JimmyC
{quote} No worries Squawk, I'm just trying to highlight that there are a lot of counter trend calls here and I think a lot of noobs are going to get killed if they don't follow the trend. That same trading psychology you are talking about is exactly the point, if the trade was trend following then even after a big draw-down they'll come out of it. But if it was counter trend, well then the results speak for themselves... Retail traders are no indication of sentiment of Banks and major other"" players I'm happy to counter trend if divergence has...

Well said. Yep read that book 10 years ago great book.
  • #360,148
  • Jan 23, 2014 4:40am Jan 23, 2014 4:40am
Quoting JimmyC
{quote} No worries Squawk, I'm just trying to highlight that there are a lot of counter trend calls here and I think a lot of noobs are going to get killed if they don't follow the trend. That same trading psychology you are talking about is exactly the point, if the trade was trend following then even after a big draw-down they'll come out of it. But if it was counter trend, well then the results speak for themselves... Retail traders are no indication of sentiment of Banks and major other"" players I'm happy to counter trend if divergence has...
Nice words , appreciate the facts you lay out here .
  • #360,149
  • Jan 23, 2014 4:41am Jan 23, 2014 4:41am
Quoting GlobalMacro
{quote} Hi Tsar, Yeah, still position open, but profits locked @ 1.6549 now and letting PA run its course. You in any trades, Tsar?
That's is GOOD.

Check it out Weekly & Monthly Chart
Found it the Candle signal, we will saw Cable more Higher...

I'm Long Champ, since the Early Of October 2013. You can Check my Posted.
My apologize... I never give my position Trade, started I sign up in FF.
Always looking the GREAT, never left GOOD Point...
  • #360,150
  • Jan 23, 2014 4:44am Jan 23, 2014 4:44am
Quoting JimmyC
{quote} No worries Squawk, I'm just trying to highlight that there are a lot of counter trend calls here and I think a lot of noobs are going to get killed if they don't follow the trend. That same trading psychology you are talking about is exactly the point, if the trade was trend following then even after a big draw-down they'll come out of it. But if it was counter trend, well then the results speak for themselves... Retail traders are no indication of sentiment of Banks and major other"" players I'm happy to counter trend if divergence has...
Smart!

I read it too some years ago, i like it's psychological theory!
Anything is math!
  • #360,151
  • Jan 23, 2014 4:48am Jan 23, 2014 4:48am
Quoting Tsar
{quote} That's is GOOD. Check it out Weekly & Monthly Chart Found it the Candle signal, we will saw Cable more Higher... I'm Long Champ, since the Early Of October 2013. You can Check my Posted. My apologize... I never give my position Trade, started I sign up in FF.
yup, watching those charts all the time...

Nice to have you aboard.
Hear the music before the song is over ...
  • #360,152
  • Jan 23, 2014 4:54am Jan 23, 2014 4:54am
Quoting squawk
{quote} Well said. Yep read that book 10 years ago great book.
I read it every few months...
  • #360,153
  • Jan 23, 2014 5:01am Jan 23, 2014 5:01am
Not the best retail numbers ...
Fix up, trade sharp ...
  • #360,154
  • Jan 23, 2014 5:01am Jan 23, 2014 5:01am
Quoting JimmyC
1 Hour to Cable event risk... CBI number will either confirm a bad holiday season for retailers or... 1.670xx is next resistance
Well that didn't scare Cable.. bit of a miss there expected 28 got 14
  • #360,155
  • Jan 23, 2014 5:04am Jan 23, 2014 5:04am
Quoting JimmyC
{quote} Well that didn't scare Cable.. bit of a miss there expected 28 got 14
yes, a non-event. no signal, no trade...
fortis fortuna adiuvat
  • #360,156
  • Jan 23, 2014 5:07am Jan 23, 2014 5:07am
Now to wait for US unemployment claims...
  • #360,157
  • Jan 23, 2014 5:17am Jan 23, 2014 5:17am
Quoting GlobalMacro
{quote} yup, watching those charts all the time... Nice to have you aboard.
See the closing Weekly Candle in this Week.

I don't get the Info How YELLEN will provide the first decision, when She become the Governor US Bank.
I think it will affect the Market's later...
Always looking the GREAT, never left GOOD Point...
  • #360,158
  • Jan 23, 2014 5:30am Jan 23, 2014 5:30am
Quoting GlobalMacro
Still bullish....just a spike down. Looking to buy: BUY LIMIT : 1.6349 S / L : 1.6287 T / P : OPEN
Alright...

I'm looking to close the long position:

Setting T/P limit @ 1.6605


LONG @ 1.6349


Profit Protection Stop : 1.6549


T / P : 1.6605
Hear the music before the song is over ...
  • #360,159
  • Jan 23, 2014 5:32am Jan 23, 2014 5:32am
expected 28 and real is 14, that is a lot miss and it became non-event. what if expect 14 and turned out 28? it will be guaranteed a big spike up. the the question is how will it ignore the fundamental now? why fundamental did not work now? why fundamental will work when they need it to be in their direction? if fundamental is not in their direction, just totally ignore it?
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #360,160
  • Jan 23, 2014 5:33am Jan 23, 2014 5:33am
Quoting GlobalMacro
{quote} Alright... I'm looking to close the long position... Setting T/P limit @ 1.6605 LONG @ 1.6349 Profit Protection Stop : 1.6549 T / P : 1.6605
Nice trade GM, well done on locking those profits.
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