The fate of GBPUSD. Please Help a worried soul

Thanks a lot bro. Very nice article. I will now try this MA on demo. I will read the article in detail after this.

Hello,
Please tell me what strategy do you use?
Or you are trading just by emotions.
I recommend to use simple indicators like trendlines or RSI, Macd. It’s proven that simplicity works the best.
I think it will be useful also for you:

Fundamentally: long term I agree - GBP/USD will move upward.
There are talks rights now about rate hike.
Economy moves into right direction, but it’s bumpy road- as always.

Hi Kashif,

I got your message. Sorry for the delay. I have been very busy and very limited on my time. Anyway, I look at your other posts from the other thread and it seems like you already closed most , if not all, your trades. Good for you. I know it is very difficult to take on a big lost like that. Just take it as a learning experience. It is not the end of the of the world yet. You can still get it back. However, I would really look into this EA of yours and pay more attention if you still using it and see what went wrong and find out how you can fix it. I don’t really know anything about EA. I like to trade manually because I like to be in control on my trades. If I were you, learn how to trade manually and don’t rely solely on EA. If you can, go back and learn again how to trade manually.

This is why it is so important that you journal entry every trade you take and write down what is the reason behind on taking on a trade even if you trade manually or in EA and you always have the “exit” strategy for profit and lose…always. so you do not have to rely solely on “hope and pray” that the trade will turn around and eventually it will go to your desired direction. I know it is not easy because I too fall into this trap but it is good to practice now and make it habit that every time you take on a trade, have a plan out exit strategy. Writing it down in your journal will help you to find the root cause of your habit, you have something to look back and find your reasoning why you take on a trade, how many of it is at a lose or win, etc. Search on BP school to find some guidelines on what to write on your journal or you can make it your own…

Your priority right now is not to focus on getting back what you have lost. Your primary goal is to learn how to properly trade, how to journal your trade(s), and find out what went wrong and how you can fix it. If your main focus is to get that money back right away, you will only lose more or worse it will wipe out your account. I think it will be best to trade in demo for now while you are learning how to properly trade or maybe trade using a very minimal amount of money say less than $500.

Good-luck!

Thanks a lot Sheryl for the reply. Yes I closed all my positions in a loss and like you said I will now not depend on some EA. I ll have to school myself and learn before I come back to trading again. I will never revenge trade and start things all over again considering myself new and starting my first account. I will start a journal too. I will remain away from trading for a moth or two so I ll be relax before getting back. I hope everything is fine with you and your family.

Hello Kashif,
how is it going?

The same question also from me.

I’m fine, too, hope you both are having a good day pipmehappy and inspiron

[B] How is Kashif?

Back to trading?

Please update us!

Thank you[/B]

He never answered …

Kashif? Thank heaven you got out when you did:

look at this end-of year final sprint! A grunting bear!


How is Kashif doing? Hope all is well with you buddy… Merry Christmas guys! Well Sterling in my opinion has to see 1.52 at some point so maintain a short idea especially with the Dollar. Look at the GDP figures today for the US.

UK inflation is going lower despite the festivities, we are now at 1% where the Eurozone was at the start of the year. Personally we cannot raise rates if inflation is falling steadily. We might see a retrace but beyond that a short make sense.

http://forums.babypips.com/other-top-newbie-questions-problems/53804-please-please-help-me-all-please-do-read-comment.html

The first few pages of the thread are pretty interesting, slightly prophetic.

Hello! Merry Christmas to you too!

I was reading this article, which is from June but still very much relevant, on why the BoE’s credit control measures are failing, and on why it should raise rates:
House prices: stop meddling, Mark Carney, and bite the bullet on interest rates - Telegraph

:slight_smile:

I disagree overall with the idea that the BoE is focusing on a housing bubble. The BoE is well aware that London will overall always have a housing bubble, 1. Immigration by wealthy Oligarchs and the likes are driving prices in the capital, 2. The lack of willingness to re-plan an ancient city means space will always be an issue and supply will never match demand in the near future 3. The lack of infrastructure outside the city means the flow of people will be one way again making investment in city property that generates rental yield remain strong. In this event the BoE has little choice but to somehow restrict credit to the dreamers that believe they can build the next money tree.

That said, they are right… It is simply not going to work for the simple reason housing has moved from a good of necessity to one of ostentation this means similar to the FX market people will simply jump on board as pretenders. The BoE focus I believe is primarily focused on infaltion which will be a key determinant and the market knows it, which is why Sterling continues to be sold off, while it appears inevitable that rates will rise in the future but any action too early on the BoE’s part could see the housing market pretenders go bust and demand stall.

Medium term my belief is rates stay low, long term they start to rise once the rest of Europe starts to show stability.

With less than 6 months to the general election there is no way interest rate in the uk are moving

Strictly speaking, that may not be a factor, as rates have been revised by the BoE in the last fifteen years leading up to 2009 irrespective of when general elections had been held, sometimes with the BoE applying change right before or after an election… The fact that rates have not moved past 0.5 since 2009, and that the last general election (2010) had no impact in this respect, make me wary both of thinking that there may NOT be change before the next general election (given past examples), as much as that there will be (given that there has been no change for FIVE years already)…

The jury is out…

Looks like no near turning back for Cable. Bears in full control. Waiting for another short trade.

Hi Kashif, I saw your thread on Eur/Usd parity and I thought I should ask you again: what did you learn from your GBP/USD trouble a few months ago? How are you doing now, in your trading?

Hello traders!

Interesting to resurrect this thread for anyone trading (or thinking about trading) Pound pairs, especially the Cable…

It just goes to show how automated systems still get it wrong, and how human management is the final word -

it has to be - when systems misread the situation.

Cheers.

The bearish trend is still in place for the GBPUSD, but so far the 1.4500 level is holding. A breakdown below the 1.4500 could take the pair to the 1.4400 level. For now, the 1.4600 could continue acting as resistance.

The pair is headed to 1.4250, I think, possibly even lower. The bearish trend is very strong and I doubt it will end soon.