[I]Clive Tyldesley bringing further disgrace upon the country commenting that Iceland “bringing on another name you haven’t heard of are leading England”. HUBRIS
Final score England 1 - 2 Iceland.[/I]
[B]What Ideas do you have on the trend for cable. A 33% Correction at least must be in order right?[/B]
There is a strong 21 period EMA to price cross on the 30 Min candle and trend looks up. It would make sense for cable to correct to at least the previous High of about 1.38779, which is a 500 pip move.
I cant think of any reason why it would plummet more at this point, there should in increasing confidence and certainty moving forward.
Come on people, look sharp.
I am busy haha
Mind you, UK ratings downgrade not good for sterling and QE might be in the offing. the word on wharf is still short
I’ve never pretended to be any kind of expert on fundamentals at all; but rarely, if ever, in my whole life have I seen a broader panoply of multiple reasons, myself, for a currency to plummet.
The very fact that someone can look at today’s fundamentals and imagine that they’re a reason for a long position strengthens my determination to stay [U]well[/U] away from fundamentals, because I literally have [I][U]no[/U][/I] idea at all how these circumstances could conceivably warrant such a view. :8:
Sure. What is your view and why.
I don’t but should do fundamental trading with a 1 to 3 month view. IMO it is the only sensible way to consistently make real money analysing a few simple tangible facts.
I’ve already expressed it, above, as far as I’m able to. I know very little about fundamentals. I’m just baffled that anyone seeing what’s going on with the UK economic and political situation can imagine that it’s a good sign for Sterling rather than a bad one. It kind of makes me wonder what you’d regard as bearish, if this is supposed to be bullish for the pound …
No no.you missunderstand me. The overall sentiment is definitely bearish. The correction I am thinking about is a technical play not a fundamental one. All the smart money is on down short ot medium term; I have have been harassing my friends in the city to get a feel for their sentiment.
Plus if I get it wrong, doesn’t mean the whole concept of fundamental trading is at fault.
No, I see that - I’m not suggesting the whole concept of fundamental trading is at fault (even I know better than that!); just commenting that I know nothing about it, and that I’m honestly astonished to see a bearish position on Sterling being discussed in the context of fundamentals, in these of all politico-economic circumstances. But I wish you good luck with it, anyway.
So you are for a short then
I’m for not trading Cable just at the moment (and I’m not trading it).
fair do’s. It does make sense to protect your account balance in a period of uncertainty such as this at the the same time we could take advantage of it. I heard some people got in on a sell and chickened out at the last minute.
Please. Tell me that you got in on a buy and lost, that would be less annoying.
Unless you can see order flow and real volume, you cannot trade effectively intraday,although it is possible… Most of the time, without volume stats, the levels we see on charts are treacherous , to say the least.
Therefore, ideas based on technical levels, especially if running counter to prevailing trends, can have no foundation in term of actual standing orders, and are effectively meaningless - just drawings we make on our chart… Sometimes the markets will honour these patterns, but there needs to be a lot of statistical study by a trader on any pattern he/she intends to specialise in, before trading it with confidence.
The other issue is this: we are at the mercy of bigger players…Banks holding investments do not have stop losses, and have yearly (and quarterly) price forecasts, therefore a big one-day move will grab their attention but they will likely approach risk in a very different way from an individual trader or even a money manager…
Sentiment, also, can override any news or data that disagrees with it, so that, for example if an index or currency enjoys bullish sentiment, it will downplay negative data to the point of extreme frustration for anyone who perceives the detachment between the data and the markets…
Given all of the above, therefore, it could well be that bigger players than us will downplay the ‘Brexit’ furore and quietly build up a positive positioning on Sterling, based not on logic, or data, but on sentiment play that can be in discord with what is perceived to be the consensus.
Lol, sorry to disappoint, but my most recent Cable trade was actually in December. :8:
It does appear to be coming back a little. I think it might be time to get in.
Yes, you’re right: I see on the BBC today that both the Pound and the London stock exchange are correcting a little and showing intraday gains, this afternoon.
Can some trenders on here weigh in with some entry and exit ideas.
I think the problem with trading GBP or EUR at the moment is that there is constant news. A lot of traders tend to close fx positions before scheduled important news events. With these two there is currently likely to be major unscheduled news at any time. So in a nutshell…high risk.
I agree.
For those of us already locked in long-term Pound or Euro trades, it is a different ball game: if you have not entered trades in those two currencies yet, maybe it is not quite the time to be trying to decide on a bias…
Cool cool. The next EMA cross on 30min and I’m getting in to hell with it. All this hesitating has already cost me 200 pips.
The most profitable trading I have ever done, on demo and in real life has been catching the spikes on High Impact News Release