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Cable Update (GBPUSD)

  • #384,301
  • Jun 29, 2014 1:49pm Jun 29, 2014 1:49pm
Quoting Toranaga
{quote} Believing, hoping, maybeng, wishful thinking aso Have no place in a successful Forex trading. Charts with trend lines and a accurate explanation is the key !!! That was not meant to you especially but to all the predictors here !!! Im sick of it. Post interesting things or let it be. Please !!
Here you are sir
This is at least one of the things i see, also on GBPCHF the trandline on daily chart is not broken yet.
Regards
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  • #384,302
  • Jun 29, 2014 1:56pm Jun 29, 2014 1:56pm
Quoting pouyanv
{quote} Here you are sir This is at least one of the things i see, also on GBPCHF the trandline on daily chart is not broken yet. Regards {image}
Hi P
If you change RSI 14 to 8 or 7 you'll get better signals and less lagging.
RSI most effecting 10-7 period range.
In trading, you have to be defensive and aggressive at the same time
  • #384,303
  • Jun 29, 2014 1:57pm Jun 29, 2014 1:57pm
You're either PREDICTING where price will go or you KNOW where price will go .
Where price is now, it has been before, and will be again.
  • #384,304
  • Jun 29, 2014 2:13pm Jun 29, 2014 2:13pm
Quoting Jenx
You're either PREDICTING where price will go or you KNOW where price will go .
Agree.Its just probability game.Your Edge whatever that is must consistently put odds in your favor and out of those odds you to win higher % then losing %

This is simple but deceiving lets say my system BB20 Dev2-3 with RSI 8 gives me good signals on daily chart.
1 or 10 trades is not enough to dismiss this edge.You must trade at least 100 trades using this system.Most traders gave up good systems without being patient enough.
Everything must be measured on series of trades.I actually measure my performance on quarterly bases like any other business.This takes the stress out of some trades that are losing.Big deal. Out of 200 trades in 3months the losing trades will fade out.
In trading, you have to be defensive and aggressive at the same time
  • #384,305
  • Jun 29, 2014 2:19pm Jun 29, 2014 2:19pm
Quoting Davit
{quote} In most basic level everyone has a bias and there is no right or wrong. For short time frame trader banking 20pips a day trend, TL could be absolute but for daily trader could have some meaning. What is more annoying typical TA trader projecting TL in the future and saying price is going xx just because it projects it so. EU at 1.3950 TL was projecting 148+ Did it happen?No. To me TL projection is just that belief,hope etc.Very thing you are sick of it.
Completely agree with Davit here. I advice any trader starting out in Forex to read "Trading in the Zone" by Mark Douglas.

This is all a game of odds and its about gaining consistency resulted from a proper strategy and money management. We can use whatever words "hope" "predict" "think", no matter what words we use, we are playing a game of probabilities. And if you have put your money on the line, then you can do whatever, hope, prey, jump around or dance around a fire if you believe that will produce your outcome.. who knows it just might.. haha but at the end, it will be those odds and probabilities that will play out. Anybody that say something will happen for certain because of their strategy will eventually learn the hard way that no outcome is certain. It's a fully random process with a memory. So my belief is that due to memory, there are patterns that will play out over and over but there is no guarantee that it will always play out the same way every time. I just need to be able to tell with a 60% probability where it will go within the next 3days to the week the rest is money management.
Focus, Patience, Determination & Order in chaos
  • #384,306
  • Jun 29, 2014 2:31pm Jun 29, 2014 2:31pm
Quoting saver0
{quote} Completely agree with Davit here. I advice any trader starting out in Forex to read "Trading in the Zone" by Mark Douglas. This is all a game of odds and its about gaining consistency resulted from a proper strategy and money management. We can use whatever words "hope" "predict" "think", no matter what words we use, we are playing a game of probabilities. And if you have put your money on the line, then you can do whatever, hope, prey, jump around or dance around a fire if you believe that will produce your outcome.. who knows it just might.....
Big fan of MD
It amazes me how so many traders put good money in the market but completely unprepared psychologically to deal with that.
This is the reason demo trading can be negative.You learn playing piano on wrong hand postures that later on becomes more difficult to correct.
Expectations are totally skewered.To me trading is all psychology moving stops,failing to take profit,allowing winner to be become a loser.Letting 100 loss become 5k loss.All these examples of trading psychology and have little to do with actual mechanics of trading even charts.
There was one Israeli guy on UC thread kept preying God for relief and he kept going against powerful trend and eventually got wiped out.
His lack of logic,psychology was staggering.I felt sorry for him since he borrowed trading money from bank and blew it.
Sorry guys just bubbling now...
In trading, you have to be defensive and aggressive at the same time
  • #384,307
  • Jun 29, 2014 2:37pm Jun 29, 2014 2:37pm
Quoting Davit
{quote} Hi P If you change RSI 14 to 8 or 7 you'll get better signals and less lagging. RSI most effecting 10-7 period range.
Thanks buddy, that was nice of you, Really haven't heard of it before, great trick
  • #384,308
  • Jun 29, 2014 2:43pm Jun 29, 2014 2:43pm
Cable opened 17032.
No emotions, just trade
  • #384,309
  • Jun 29, 2014 4:32pm Jun 29, 2014 4:32pm
good evening all sell order 766 see you in the morning
  • #384,310
  • Jun 29, 2014 4:54pm Jun 29, 2014 4:54pm
In some ways I'd like it to go higher but can't see it somehow , so now Id just like to drop like stone so we can start trading it.
Where price is now, it has been before, and will be again.
  • #384,311
  • Jun 29, 2014 5:00pm Jun 29, 2014 5:00pm
The more I observe this website and all of the threads, the more I notice that retail traders seem to be obsessed with calling tops/bottoms. I'm not sure why but it's almost like a phenomenon. It may also be why the majority of retail traders struggle.
  • #384,312
  • Jun 29, 2014 5:02pm Jun 29, 2014 5:02pm
Quoting 45Condor
Hmm… somewhat interesting that Cable seems to be finishing the month at the high of 2009. Yes, it may seem a little ‘toppy’, but then that has appeared to be the case for so long now, that any argument for a fall must come with some caveats. The daily is doing its normal thing – heading north. The daily FXCM Dollar is again tapping away at the FE 150, and if this goes, I would not be surprised to see Cable make a move for the FE 88.6 at 1.7362… which would be a shame, as I am holding a short in my efforts to catch a top. Yes, I know, I should know...
Knowing is half the battle.
  • #384,313
  • Jun 29, 2014 5:10pm Jun 29, 2014 5:10pm
In some ways, ths is turning out to be another bull run
The fragrance remains in the hands of those that gves the rose
  • #384,314
  • Jun 30, 2014 12:07am Jun 30, 2014 12:07am
Quoting okosodo
In some ways, ths is turning out to be another bull run
thats what it look like
  • #384,315
  • Jun 30, 2014 12:22am Jun 30, 2014 12:22am
Quoting PoundTrader
{quote}thats what it look like
I am waiting to catch in when the party ends
The fragrance remains in the hands of those that gves the rose
  • #384,316
  • Jun 30, 2014 12:24am Jun 30, 2014 12:24am
Quoting okosodo
{quote} I am waiting to catch in when the party ends
so your looking to go short?
  • #384,317
  • Jun 30, 2014 1:07am Jun 30, 2014 1:07am
atlthough this pair is long again today since it did not break 1.7006 which was friday low keep an eye on gbp/jpy which has started to breakdown and there is a real risk of it going down below 172 today and perhaps below 171.50 which is reasonable support.
  • #384,318
  • Jun 30, 2014 1:09am Jun 30, 2014 1:09am
month end dollar selling is back.
  • #384,319
  • Jun 30, 2014 1:19am Jun 30, 2014 1:19am
Gidday GBP/US

Well lets see if they pull the chain

on this move.
  • #384,320
  • Jun 30, 2014 1:34am Jun 30, 2014 1:34am
Cable feels not confortable at >170 levels. Lets see how uk data will move it.
No emotions, just trade
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