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Cable Update (GBPUSD)

  • #424,101
  • Feb 14, 2016 1:46pm Feb 14, 2016 1:46pm
EU may retest the long candle breakout off current 23.6 resistance before heading higher?
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Come with me if you want to live....
  • #424,102
  • Feb 14, 2016 6:14pm Feb 14, 2016 6:14pm
http://www.forexfactory.com/showthre...07#post8753407

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>> Quinton’s Simple & Effortless Trading thread
  • #424,103
  • Feb 15, 2016 2:34am Feb 15, 2016 2:34am
The GBP/USD on a daily time-frame is making a symmetrical triangle just below the 50-day moving average and the 10-day moving average is turning down plus I suspect that is getting ready for another downward move .
  • #424,104
  • Feb 15, 2016 2:38am Feb 15, 2016 2:38am
Guys, do you have this candle around 1.437x during opening on your charts?
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  • #424,105
  • Feb 15, 2016 2:42am Feb 15, 2016 2:42am
Quoting Maks
Guys, do you have this candle around 1.437x during opening on your charts?{image}
It looks like your broker had excessively wide spreads today at the open because that price was the BID price.

GREEN pips to you Good Sir.
  • #424,106
  • Feb 15, 2016 2:57am Feb 15, 2016 2:57am
Quoting SmoothTrader
{quote} It looks like your broker had excessively wide spreads today at the open because that price was the BID price. GREEN pips to you Good Sir.
Thank you SmoothTrader! I wish you GREEN pips as well.
  • #424,107
  • Feb 15, 2016 3:10am Feb 15, 2016 3:10am
Supply overcome demand . If the price fall, then :

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Money moves the market, not an indicator.
  • #424,108
  • Feb 15, 2016 3:10am Feb 15, 2016 3:10am
Quoting Jonstaples
The GBP/USD on a daily time-frame is making a symmetrical triangle just below the 50-day moving average and the 10-day moving average is turning down plus I suspect that is getting ready for another downward move .
The GU is kinda in a coin flip situation technically. When the technicals don't point to a direction, very commonly news catalyzes the next direction. We have CPI data coming out on Tuesday. That may give the GU a good kick. Which direction... Don't bother to speculate!
"Don't fear a bubble until it starts to burst."
  • #424,109
  • Feb 15, 2016 3:16am Feb 15, 2016 3:16am
Quoting Geppy
Hey all, I just published my forex trading weekly update. It's a roadmap of what I'm seeing in different major pairs to give us a trade plan for the coming week. Check it out here: http://www.forexmademillionaire.com/...ook-2-14-2016/
I'm starting to think Denise Shull is correct, it's better to never plan anything. She worked with traders trading billions discretionary, big hedge fund managers, prop traders, and etc... You trade better just having "Rules" and "No Plan"... Just react to what presents itself.

It's real entertaining to make predictions and stuff... But it's just entertainment. That is why I hang out in this thread. Trading is really boring, and this hangout makes things a little more fun.
"Don't fear a bubble until it starts to burst."
  • #424,110
  • Feb 15, 2016 3:22am Feb 15, 2016 3:22am
But anyway, since were all addicted to making predictions... I think a really great trade may be coming up later today on the EU. If Mario scares the euro down significantly in this speech toward morning... It should setup for a great long trade at some point afterward.
"Don't fear a bubble until it starts to burst."
  • #424,111
  • Feb 15, 2016 3:29am Feb 15, 2016 3:29am
lol ,you don't make predictions cause you don't know how ,your system is dynamic because of that ,
reading lots of books is not good enough

Quoting meanvel
But anyway, since were all addicted to making predictions... I think a really great trade may be coming up later today on the EU. If Mario scares the euro down significantly in this speech toward morning... It should setup for a great long trade at some point afterward.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #424,112
  • Feb 15, 2016 4:05am Feb 15, 2016 4:05am
still waiting for a trade .. but reminded of a quote from a book i read last year

Mistakes are part of the learning process and if you haven't made them then you are, indeed, dangerous because it means you have never learned anything. Mistakes, to a samurai, are the proof of your learning.
  • #424,113
  • Feb 15, 2016 4:28am Feb 15, 2016 4:28am
Quoting Bones
lol ,you don't make predictions cause you don't know how ,your system is dynamic because of that , reading lots of books is not good enough {quote}
There isn't really any reason to make predictions. If price is selling off hard, I wait for it to start bottoming out, then start trading long, or vice-versa.

However, I do make predictions in that I trade with the generally expected scenario, but... I'm not sure that is necessary at all.
"Don't fear a bubble until it starts to burst."
  • #424,114
  • Feb 15, 2016 4:52am Feb 15, 2016 4:52am
Like for example...

The euro has been sliding right now before the Mario Speech like expected. Everyone is scared and pulling their longs before the speech. Market sentiment is sliding. Everyone expects him to say something to crash the euro.

That may or may not happen, but that expectation is driving the market at the moment.

There is no need to predict price. If price crashes to 1.11, or crashes hard to 1.1, all there is to do is wait for it to stabilize a bit, then start playing long as price regresses back up. Nobody knows exactly how big of an impact, if any his speech is... For now, people are scared though and that's causing this slide.

Making a prediction that we will crash to 1.1, or 1.11 on his speech is pure foolish speculation, but that foolish speculation is what people are doing right now, and that is a big driver of this slide.

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"Don't fear a bubble until it starts to burst."
  • #424,115
  • Feb 15, 2016 5:03am Feb 15, 2016 5:03am
Range is very clearly defined so far, so I opened a long with target 1.4550 for now.
  • #424,116
  • Feb 15, 2016 5:11am Feb 15, 2016 5:11am
Range my ass, this thing is forming a triangle which is more likely to violent break down toward 1.4375 than upward... And, that's a highly conservative target.

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However, that is actually not going to dissuade me from short term trading the GU long toward morning if we have a little crash in the next couple hours which washes the market out a bit. (Violent break of 1.4440 pretty please...)
"Don't fear a bubble until it starts to burst."
  • #424,117
  • Feb 15, 2016 5:58am Feb 15, 2016 5:58am
Love this article... Sums it right up.

"It used to be that dropping a hint of imminent stimulus was all that Mario Draghi needed to move financial markets in the direction of his choosing. Investors will find out on Monday if thats still his game."
http://www.forexfactory.com/news.php?do=news&id=578812

Be aware, that if Mario still has game, it will put moderate pressure downward on the GU if the EU collapses on his words. Little less than two hours off now!
"Don't fear a bubble until it starts to burst."
  • #424,118
  • Feb 15, 2016 6:32am Feb 15, 2016 6:32am
GU handled that support retest pretty well. Failing to maintain a Ask, the euro on the other hand... Don't expect it to find any bid until after the Mario risk has passed.
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"Don't fear a bubble until it starts to burst."
  • #424,119
  • Feb 15, 2016 6:44am Feb 15, 2016 6:44am
144 would look to buy in on the Pound Dollar later on today or into asia after that
but 144 to buy and 146 if i were to take a sell - just my preference of course
  • #424,120
  • Feb 15, 2016 6:49am Feb 15, 2016 6:49am
thats what I mean you prefer to follow price ,where I prefer to anticipate ,either way we make predictions ,just your much more narrow in view
I guess nothing wrong with either ,only Im great believer in learning to add weight to a situation -p/a etc ,higher tf
than just follow along


Quoting meanvel
{quote} There isn't really any reason to make predictions. If price is selling off hard, I wait for it to start bottoming out, then start trading long, or vice-versa. However, I do make predictions in that I trade with the generally expected scenario, but... I'm not sure that is necessary at all.
On-site guru & also FF member's' psychiatrist, when not drinking tea
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