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Cable Update (GBPUSD)

  • #387,461
  • Jul 15, 2014 7:40pm Jul 15, 2014 7:40pm
Quoting Capelli
A total of 300 pips in GBP/NZD toady. Who else took advantage of this move today ??
Have never traded that pair, or even watched it.. Nice job
  • #387,462
  • Jul 15, 2014 8:42pm Jul 15, 2014 8:42pm
Quoting Capelli
A total of 300 pips in GBP/NZD toady. Who else took advantage of this move today ??
I began to watch GBP JPY about 2 weeks ago, after I read of its large daily range. I kept thinking, this is looking like it will reverse before too long, and I tried to compare relative interest rates outlooks. But, because I've dived into situations in the past when I haven't studied a pair, was cautious and missed the move I'd been sure would occur. I am happy you took it for me.
  • #387,463
  • Jul 15, 2014 8:45pm Jul 15, 2014 8:45pm
Quoting Greenstar
{quote} I began to watch GBP JPY about 2 weeks ago, after I read of its large daily range. I kept thinking, this is looking like it will reverse before too long, and I tried to compare relative interest rates outlooks. But, because I've dived into situations in the past when I haven't studied a pair, was cautious and missed the move I'd been sure would occur. I am happy you took it for me.
Thank, you will get it next time
  • #387,464
  • Jul 15, 2014 9:53pm Jul 15, 2014 9:53pm
hello mate... I'm Newbie here..

yesterday I was just trying to catch some pips, then I stayed out for a while, when I returned the pair had jumped high, I forgot that there is important news ..

i just need some advice from expert here, this is going dive or back to up, should I dispose of or retained??


Thx's..

this is my situation

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  • #387,465
  • Jul 15, 2014 11:12pm Jul 15, 2014 11:12pm
good morning

i think it is no coincidence: those who are using (some kind of) martingale sometimes are posting very emotional stuff. many of them are talking about "rigged markets" when they are on the losing side.

if markets are random, martingale would be a fair gamble, the expected value for each trade (gamble) will be zero, also the sum of all trades (gambles).

if markets are manipulated, the market can be considered as a casino. retail traders are systematically in disadvantage, the expected value will be negative, also the expected value of all trades (gambles).

logically, notably those who believe in manipulated markets should not martingale.
fortis fortuna adiuvat
  • #387,466
  • Jul 15, 2014 11:12pm Jul 15, 2014 11:12pm
Quoting asnan7
hello mate... I'm Newbie here.. yesterday I was just trying to catch some pips, then I stayed out for a while, when I returned the pair had jumped high, I forgot that there is important news .. i just need some advice from expert here, this is going dive or back to up, should I dispose of or retained?? Thx's.. this is my situation {image}
Hi Asnan
If you new to forex save your money for now.Demo trade for 6-1yr. It takes 3 years to get handle of it.Educate yourself constantly.Watch price as much as you can to get a feel for pattern behavior and check news everyday.Mark important dates

Books I recommend to read


1.All Market Wizards books by JACK D. SCHWAGER (This is to open your eyes what is possible in Trading)
2.REMINISCENCES OF A STOCK OPERATOR (Read it twice 2nd time got lot more out of it)
3.Harmonic Trader by Scott Carney (anything by him)
4.Bird watching in Lion Country by Dirk du Toit (implemented lots of ideas from him)
5.Trading in the Zone (classic on psychology of trading)
6.Van Tharp - Super Trader (Even if you absorb 20% of the book you’ll improve by huge margin)

As for asking in forum what to do with your trades that's up to you.If you are asking if anyone knows for sure what may happen 10hrs from now then that's tall order.Nobody knows.Trading is simply probability game.Stack as many odds in your favor whatever that is and implement your future gained knowledge.
If you last 2yrs you have a chance.Most fail in 1year
In trading, you have to be defensive and aggressive at the same time
  • #387,467
  • Jul 15, 2014 11:14pm Jul 15, 2014 11:14pm
Welcome Asnan, i am no expert here, and even the most succesful trader cant predict the future.
90% of traders lose in this market, i still belong to that 90% honestly.

in my opinion, i am currently bearish, GU is currently near the resistance zone, a pinnochio bar and price has moved below that bar.
News will be in 2 hours, so it will either dive 60 pips down or it will break through yesterday's high.
  • #387,468
  • Jul 15, 2014 11:35pm Jul 15, 2014 11:35pm
Quoting Davit
{quote} Hi Asnan If you new to forex save your money for now.Demo trade for 6-1yr. It takes 3 years to get handle of it.Educate yourself constantly.Watch price as much as you can to get a feel for pattern behavior and check news everyday.Mark important dates Books I recommend to read 1.All Market Wizards books by JACK D. SCHWAGER (This is to open your eyes what is possible in Trading) 2.REMINISCENCES OF A STOCK OPERATOR (Read it twice 2nd time got lot more out of it) 3.Harmonic Trader by Scott Carney (anything by him) 4.Bird watching in Lion Country...
take heed and listen to the advice ..
at least 12 months to get the feel for this pair and the way it repeats the moves over time .. ;-)
  • #387,469
  • Jul 15, 2014 11:37pm Jul 15, 2014 11:37pm
NOW ELBERT wheres that Tea .. i can hear the kettle boiling some where .. good pips today E.. be cool Hombre as u always are ..
  • #387,470
  • Jul 15, 2014 11:39pm Jul 15, 2014 11:39pm
Quoting ffleo
nothing wrong with adding to a loser position to average better price.
Well, adding to this conversation, i have to say that this tactic is a road to catastrophy

Even if the size matters, and lets assume that one has lots of money, soon or later will face his fate...

Better took his losses than feeding a loosing position...

Market do NOT know who you are or what you do... what the market needs is RESPECT

of course thats only my thoughts... and everyone act as he thinks better....

Venceremos
The good thing with the future is that it is progressively approaching...
  • #387,471
  • Jul 15, 2014 11:45pm Jul 15, 2014 11:45pm
Quoting Davit
{quote} Hi Asnan If you new to forex save your money for now.Demo trade for 6-1yr. It takes 3 years to get handle of it.Educate yourself constantly.Watch price as much as you can to get a feel for pattern behavior and check news everyday.Mark important dates Books I recommend to read 1.All Market Wizards books by JACK D. SCHWAGER (This is to open your eyes what is possible in Trading) 2.REMINISCENCES OF A STOCK OPERATOR (Read it twice 2nd time got lot more out of it) 3.Harmonic Trader by Scott Carney (anything by him) 4.Bird watching in Lion Country...

hi, david, thank you for your advice and I appreciate it. I will try to find the book. thanks
  • #387,472
  • Jul 15, 2014 11:48pm Jul 15, 2014 11:48pm
Quoting asnan7
{quote} hi, david, thank you for your advice and I appreciate it. I will try to find the book. thanks
If you Google the titles there are free PDF's to download
(some could be mine...)
In trading, you have to be defensive and aggressive at the same time
  • #387,473
  • Jul 15, 2014 11:51pm Jul 15, 2014 11:51pm
Quoting Just.a.pip
Welcome Asnan, i am no expert here, and even the most succesful trader cant predict the future. 90% of traders lose in this market, i still belong to that 90% honestly. in my opinion, i am currently bearish, GU is currently near the resistance zone, a pinnochio bar and price has moved below that bar. News will be in 2 hours, so it will either dive 60 pips down or it will break through yesterday's high.

hi just.a.pip

thank you for your opinion, I also hope it still falls down, at least throw a little loss...
  • #387,474
  • Jul 15, 2014 11:55pm Jul 15, 2014 11:55pm
Quoting DerekTrotter
{quote} take heed and listen to the advice .. at least 12 months to get the feel for this pair and the way it repeats the moves over time .. ;-)
hi DerekTrotter..
ok, thank you once again, nice people at this thread forum..
  • #387,475
  • Jul 15, 2014 11:57pm Jul 15, 2014 11:57pm
short gbp/cad @1.8455. willa dd more at 1.8400. stoploss 1.86
  • #387,476
  • Jul 15, 2014 11:58pm Jul 15, 2014 11:58pm
Quoting Davit
{quote} If you Google the titles there are free PDF's to download (some could be mine...)

wow, it's nice if there is a PDF version and free download. I'll try to Google it, thanks davit
  • #387,477
  • Jul 16, 2014 12:09am Jul 16, 2014 12:09am
Very dangerous pair to trade right now in my opinion, as we are now in a range which is neither bullish nor bearish, I for one have absolutely no idea which way it could go from here, it all depends on economic data, as yesterday showed. The same can be said for GY although yesterday's move was easier to catch as technically it was already hovering just above strong support in the form of the H4 200ema, and the positive CPI gave fuel to sterling which probably would have rallied without any news on the technical picture alone. Today though is far more difficult to call, and all depends on the clutch of date released in an hour and a half. I will stay clear prior to the news.
  • #387,478
  • Jul 16, 2014 12:35am Jul 16, 2014 12:35am
hello thread people,

monthly chart shows the area that still causes resistance in this pairing at yesterday's high. 7333 above there is the 50% 2.1162-1.3505. Fall from yesterday's high finding some support at a former swing high on 1hr. Yesterday's daily candle looks significant ? - bull engulfs last 2 candles re body of the candle

best wises
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it's all gone a bit........
  • #387,479
  • Jul 16, 2014 12:44am Jul 16, 2014 12:44am
uk data due out at 0930am uk time. If you consider with daily candle yesterday....the highest probability has to be generally more northwards move ?

best wishes.
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it's all gone a bit........
  • #387,480
  • Jul 16, 2014 12:56am Jul 16, 2014 12:56am
UK NEWS seems to be pretty positive these days ..
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