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Cable Update (GBPUSD)

  • #396,661
  • Sep 5, 2014 8:01am Sep 5, 2014 8:01am
the move took out the bottom by pips but stopped on the morning high ,i just wonder if it can ??
  • #396,662
  • Sep 5, 2014 8:02am Sep 5, 2014 8:02am
Quoting Pharm0r
{quote} I've lost my entire year's profits on UJ. Looks like my system has a weakness.....BOJ manipulation. lol No worries really- only $250....and the account is meant for ironing out these "weaknesses" before I join you big boys. But common- UJ is just silly.
Very sorry to hear that. I was just looking to trade a swing back down to buy at 103ish. Like GU, I didn't expect quite this push before that happened. Read a couple reports lately. Apparently the BoJ is "ok with the yen being weak against the dollar". Go figure ... eh?

Anyway, gotta run. Enjoy the day folks and be careful. Could still get whacky today.
Ghost Rider - WWTBMD?
  • #396,663
  • Sep 5, 2014 8:06am Sep 5, 2014 8:06am
Quoting Ill-b-back
{quote} I'm not into bagging people for losing trades. BUT, I feel it is naïve to classify him as just another trader who got it wrong on a trade. We all make mistakes but his presence, assurance and "secret" as he called it comes with some responsibility to keep people informed when things look awry. He disappears when things go wrong? No problem, but he could do much better given the posturing etc that he did. I'm trying a long here back "towards" the weekly 55 ema at 1.65ish. and will report the result lol... {image} {image}
Decided to skip on that for -14 pips.
will watch for a bounce to 1.64 then look for signs of bear continuation from there.
With 1.60/50fib being a nice AB=CD on the daily and weekly, it is attractive.

night all
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: GBPUSDWeekly.png Size: 41 KB
Come with me if you want to live....
  • #396,664
  • Sep 5, 2014 8:08am Sep 5, 2014 8:08am
Hi All

Any suggestions for USDCAD.... I am stuck with AVG heavy buying at 1.0950 (from 10900 to 1.0985)

CAD and USD data are mixed ... unable to determine if it will to these levels

Thanks for the guidance...
  • #396,665
  • Sep 5, 2014 8:10am Sep 5, 2014 8:10am
Quoting Orly
{quote} No it was an email informing users that IBFX is no longer supporting retail MT4 individual accounts as of Friday 19 September. Everything gets transferred to FXCM at the close of business on that date.
I see. I just received the same email now. WTF?? Oh well, I was just about to switch brokers anyway. But it won't be to FXCM...

I was hoping to be in profit and flat before I switched. But since it seems they will now "LIQUIDATE all open positions below 1000 units by market order and by 3:00pm today (whoops the 19th as you said ) prior to the transfer", I guess not.

Gotta love these guys for the fair heads up and time to do something no?

Hey IBFX....
Attached Image
Ghost Rider - WWTBMD?
  • #396,666
  • Sep 5, 2014 8:13am Sep 5, 2014 8:13am
Quoting Carlicus
Dear friends, members, and guests, I'm writing this post just in case some newbie can consider it interesting in order to learn from my mistakes. Also, because I want to record here how stupid I have been. Many people here never admit their mistakes, but I'm writing this to admit I've been terribly wrong. In order to solve a problem, the first step is to admit you have a problem, and my problem is that I do not use a stoploss. This is totally crazy, and I must make whatever it takes to focus on never doing a single trade again without a stoploss....
I have the same problem as you do, my friend.
You are not alone and I wish you the best of luck.
When you have it figured out, please return and share your findings with your fellow losers, will you?

Many green pips for the future to you, my friend. Remember that Viktor Frankenstein spent many years in his basement laboratory with stinking, rotting corpses before he found the answers.

  • #396,667
  • Sep 5, 2014 8:13am Sep 5, 2014 8:13am
cable bounced from 1.6282 which is the 38.2% retracement of 1.48/1.72. selling levels 6330/40 . Take care as I see many traders who had a margin call lately and they are giving up on this game.
Get Rich or Die Tryin
  • #396,668
  • Sep 5, 2014 8:14am Sep 5, 2014 8:14am
Quoting Bones
very true nice chart {quote}
Bones, what is your thought on GA now ? Time to go long ?
Attached Image (click to enlarge)
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Intraday only.
  • #396,669
  • Sep 5, 2014 8:14am Sep 5, 2014 8:14am
Quoting Carlicus
Dear friends, members, and guests, I'm writing this post just in case some newbie can consider it interesting in order to learn from my mistakes. Also, because I want to record here how stupid I have been. Many people here never admit their mistakes, but I'm writing this to admit I've been terribly wrong. In order to solve a problem, the first step is to admit you have a problem, and my problem is that I do not use a stoploss. This is totally crazy, and I must make whatever it takes to focus on never doing a single trade again without a stoploss....
Respect.
If anyone wants to ever call themselves a trader he/she should start trading with stop loss or working on it asap. Consider it tuition money, my friend - to have attained this invaluable knowledge. Work on your risk management and come back ever stronger.
Wishing you all the best
GlobalMacro
Hear the music before the song is over ...
  • #396,670
  • Sep 5, 2014 8:16am Sep 5, 2014 8:16am
Quoting albchr
{quote} I see. I just received the same email now. WTF?? Oh well, I was just about to switch brokers anyway. But it won't be to FXCM... I was hoping to be in profit and flat before I switched. But since it seems they will now "LIQUIDATE all open positions below 1000 units by market order and by 3:00pm today prior to the transfer", I guess not. Gotta love these guys for the fair heads up and time to do something no? Hey IBFX.... {image}
Yeah, ain't that about no shit? It is a business decision because all this manipulation must be cutting into their profits big time. The big banks are, once again, shooting themselves in the foot only to get gangrene down the road.

My note says by the end of business on Friday 19 September. Yours says today?
  • #396,671
  • Sep 5, 2014 8:17am Sep 5, 2014 8:17am
Quoting Carlicus
Dear friends, members, and guests, I'm writing this post just in case some newbie can consider it interesting in order to learn from my mistakes. Also, because I want to record here how stupid I have been. Many people here never admit their mistakes, but I'm writing this to admit I've been terribly wrong. In order to solve a problem, the first step is to admit you have a problem, and my problem is that I do not use a stoploss. This is totally crazy, and I must make whatever it takes to focus on never doing a single trade again without a stoploss....
Carlicus,

Huge respect to you. Stoploss is alpha & omega of trading - I've learned that the hard way (same as you). Everyone who says S/L is not needed in trading is full of **** or was just plain lucky so far. Some people say they use mental S/L which is even bigger bullcrap. Every trading plan needs to be solidly backtested and you can't backtest without a hard S/L. Trading is about statistics, and if you don't use hard S/L then you can't implement statistics to your trading plan.

Moreover it takes years (3+)to learn how to trade and be consistent.

Practice, patience, persistance
  • #396,672
  • Sep 5, 2014 8:19am Sep 5, 2014 8:19am
Quoting Carlicus
Dear friends, members, and guests, I'm writing this post just in case some newbie can consider it interesting in order to learn from my mistakes. Also, because I want to record here how stupid I have been. Many people here never admit their mistakes, but I'm writing this to admit I've been terribly wrong. In order to solve a problem, the first step is to admit you have a problem, and my problem is that I do not use a stoploss. This is totally crazy, and I must make whatever it takes to focus on never doing a single trade again without a stoploss....
Carlicus my dear friend I'm so sorry to hear this buddy. Please do not be gone completely if possible. Pop in to say hello if you can.

God speed with your personal issues as I can really relate. See to them first and foremost.
Ghost Rider - WWTBMD?
  • #396,673
  • Sep 5, 2014 8:24am Sep 5, 2014 8:24am
Quoting Pharm0r
{quote} I've lost my entire year's profits on UJ. Looks like my system has a weakness.....BOJ manipulation. lol No worries really- only $250....and the account is meant for ironing out these "weaknesses" before I join you big boys. But common- UJ is just silly.
If you want to trade UJ you need to understand the fundamentals behind it.

There's the strong Dollar effect, but the main driver is they've been pricing in additional QE and the GPIF shift into equities. This week, Abe appointed Yasuhisa Shiozaki as Minister of Health, Labor and Welfare. Shiozaki is in favor of diversifying the GPIF $1.2-trillion portfolio into assets, so there's going to be a very large amount of money shifted out of bonds. This is the reason for the strong speculation on UJ longs at the moment, not BOJ manipulation.

Also, the next round of BOJ QE may be coming soon. Here's a two minute clip with Ray Dalio discussing it that sums up the situation well. Dalio has one of the best financial minds in the industry, which is probably why he runs the world's largest hedge fund. (starting at 101:00 to 103:10).
Inserted Video


We could see some kind of pullback off the 2014 highs. (the big orders are sitting above 105.50) but if you remember UJ in 2012, once it started moving it didn't stop and had very shallow pullbacks. Longer term, Yen has the potential to go 110 and much higher. So my trading plan hasn't included any UJ shorts. GBPJPY is better if you want to trade long and short on intraday because it's more evenly weighted between Yen and Pound weakness at the moment.

Anyway, UJ is a great pair to trade once you get the hang of it, so I wouldn't give up on it too quickly. Especially if we get any sign from Kuroda that the next phase of QE is on the table and the GPIF starts selling off bonds. It's really going to take off.

Good luck with your trades.
  • #396,674
  • Sep 5, 2014 8:25am Sep 5, 2014 8:25am
Quoting Carlicus
Dear friends, members, and guests, I'm writing this post just in case some newbie can consider it interesting in order to learn from my mistakes. Also, because I want to record here how stupid I have been. Many people here never admit their mistakes, but I'm writing this to admit I've been terribly wrong. In order to solve a problem, the first step is to admit you have a problem, and my problem is that I do not use a stoploss. This is totally crazy, and I must make whatever it takes to focus on never doing a single trade again without a stoploss....
Carlicus ,,sorry buddy to hear that news i showed concern for you before as i know you where following HDA it is a different game buddy , i know i am not great at this but i get by, i had a loss this week too but i have had wins to cover ,as GM said if you new a stop loss is important not only to stop further loss but it gives you time out to think again.good luck in the future you always seemed a nice guy,,best regards Billy
  • #396,675
  • Sep 5, 2014 8:26am Sep 5, 2014 8:26am
Quoting Orly
{quote} Yeah, ain't that about no shit? It is a business decision because all this manipulation must be cutting into their profits big time. The big banks are, once again, shooting themselves in the foot only to get gangrene down the road. My note says by the end of business on Friday 19 September. Yours says today?
No I corrected my post. Guess I was seeing too much red at the time.

Actually, I can't blame them really. With all the BS NFA rules, like me I'm sure many are already hunting for new brokers and pulling out of them anyway.

The US government is BENT on destroying EVERYTHING here and driving business overseas so if I were them, I'd do exactly the same thing. So I guess I owe them an apology for the finger as they ARE giving us until the 19th. That should allow my positions into profit and time to close them.

Sorry for the finger ibfx.. .....
Ghost Rider - WWTBMD?
  • #396,676
  • Sep 5, 2014 8:28am Sep 5, 2014 8:28am
Hi brother id look to scalp short if I were a scalper ,

Quoting navk
{quote} Bones, what is your thought on GA now ? Time to go long ? {image}
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #396,677
  • Sep 5, 2014 8:29am Sep 5, 2014 8:29am
I would also like to commend all members who have contributed the record of their frustrations on this board lately. Rarely is such honesty seen in the public space.
We are all trying to do better and the love and respect for our fellow traders has (save the occasional ranting asshole...) been quite refreshing. We now know that we are not alone in our frustrations. The successful traders here have usually nothing more to say than good things and Godspeed.

Many thanks to ForexFactory for allowing us to discover this vital information.

  • #396,678
  • Sep 5, 2014 8:32am Sep 5, 2014 8:32am
Quoting Luther
{quote} If you want to trade UJ you need to understand the fundamentals behind it. There's the strong Dollar effect, but the main driver is they've been pricing in additional QE and the GPIF shift into equities. This week, Abe appointed Yasuhisa Shiozaki ...
What a fantastic post. Thank you very much for your informative insight.

IMO posts like that are the vision of what this forum should entail. Bravo
  • #396,679
  • Edited 8:47am Sep 5, 2014 8:35am | Edited 8:47am
Quoting elbert3
{quote} Carlicus ,,sorry buddy to hear that news i showed concern for you before as i know you where following HDA it is a different game buddy , i know i am not great at this but i get by, i had a loss this week too but i have had wins to cover ,as GM said if you new a stop loss is important not only to stop further loss but it gives you time out to think again.good luck in the future you always seemed a nice guy,,best regards Billy
New, old, worn-out, ragged, experienced , retail trader , institutional trader .... Doesn't matter.

EVERYBODY HAS TO USE STOP LOSS in order to be successful in trading. END OF STORY.

No exceptions. Nobody is "different". Please !
Hear the music before the song is over ...
  • #396,680
  • Sep 5, 2014 8:41am Sep 5, 2014 8:41am
if cable goes up ,$ will be driver ,gbp hasnt even broke h4 tl ,and is now bearish on d1 to monthly
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
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