I still believe in the GBP long-term

Options,

Everything really is coming together perfectly.. The Irish got the vote wrong and Brussels found out that cutting off their food supplies altogether until they got it right might be seen as inappropriate.. Thank God for the credit crunch to come along and give them a valid(ish) reason to go against the wishes of 80% of the population. The good news is that little Billy with the Che Guevara t-shirt will be so pleased with the Euro switch. The bad news is that the op-ed contributors from the Guardian won't have anything to talk about anymore and might have to go get jobs.

Also, I'm relatively sure EUR/USD only exists to draw in as many suckers as possible to provide enough long and short positions to satisfy the day-ruining needs of the hedge funds and investment banks.. I've pictured their little 98 pound trading nerds giggling at the prospect of wiping out hundreds or thousands of little fish at the same time on a 15 second "OH MY GOD WHAT THE HELL IS HAPPENING" trade.. You can take your 2 pip spread and shove it straight up your *** sideways giggles said nerd. Oh so you've got $10,000 short Euros?? [evil snicker] Here's $10,000,000,000 long Euros.. KACHING!

People don't realize there's a pecking order..

Investment banks
hedge funds
talented retail traders
untalanted retail traders
guys who close their eyes and randomly click buy or sell

Even though EUR/USD might be a setup it's still better than riding a sideways trade for 5 hours.. I like the volatility of EUR/USD and there's only 1 winning strategy with EUR/USD day trades.. wait.. wait.. wait. until the whales show up ;) You're shooting pellets at a tank otherwise.
 
Pippy5000 said:
Is anyone planning on buying Cable in the 144s for a move to 1.60?? I am, it's dangerous but the risk reward is definitely there.

My battle plan is as follows:

1 lot at 1.447

2 lots at 1.43

4 lots at 1.42

8 lots at 1.41

16 lots at 1.40

stop all of them out at 1.397

potential loss $3,600
reward $1,530 - $59,330

The psych level support at 1.40 is likely to be absolutely monstrous and we should be nearing EUR/GBP parity at this point as well.. The huge long-term macro players will come out of the woodwork if we should reach EUR/GBP parity and this should spark a multi-month GBP rally to 1.60.

The GBP is oversold and undervalued on the Dollar anyway..

Look at what happens historically when pairs like USD/CHF and GBP/USD come near parity.. They go in the other direction by thousands of pips, they don't continue the trend.

I'll kill the trade if I see more than 60% of retail traders with long positions at 1.42, otherwise I'll hope for the best at the 1.40 psych support. -$3600 won't kill me, but missing this opportunity will..
Click to expand...

Averaging down :eek:

I think there's a flaw in the trade setup. Can anyone else see it?
 
Pippy5000 said:
I like the volatility of EUR/USD and there's only 1 winning strategy with EUR/USD day trades.. wait.. wait.. wait. until the whales show up ;) You're shooting pellets at a tank otherwise.
Click to expand...

Hi. How do you determine when the whales have appeared?
 
fibonelli,

pippy already has a clear plan to risk X amount of dollars, this method is fine too, there is no textbook method you must follow. Try looking at it another way where he first buys his 16 lots at 1.40 then so on as it rises.
 
Very simple... I went long 25p a pip yesterday night on the EUR-USD.... and started a new trend

:)
 
Pippy5000 said:
Options,

Everything really is coming together perfectly.. The Irish got the vote wrong and Brussels found out that cutting off their food supplies altogether until they got it right might be seen as inappropriate.. Thank God for the credit crunch to come along and give them a valid(ish) reason to go against the wishes of 80% of the population. The good news is that little Billy with the Che Guevara t-shirt will be so pleased with the Euro switch. The bad news is that the op-ed contributors from the Guardian won't have anything to talk about anymore and might have to go get jobs.

Also, I'm relatively sure EUR/USD only exists to draw in as many suckers as possible to provide enough long and short positions to satisfy the day-ruining needs of the hedge funds and investment banks.. I've pictured their little 98 pound trading nerds giggling at the prospect of wiping out hundreds or thousands of little fish at the same time on a 15 second "OH MY GOD WHAT THE HELL IS HAPPENING" trade.. You can take your 2 pip spread and shove it straight up your *** sideways giggles said nerd. Oh so you've got $10,000 short Euros?? [evil snicker] Here's $10,000,000,000 long Euros.. KACHING!

People don't realize there's a pecking order..

Investment banks
hedge funds
talented retail traders
untalanted retail traders
guys who close their eyes and randomly click buy or sell

Even though EUR/USD might be a setup it's still better than riding a sideways trade for 5 hours.. I like the volatility of EUR/USD and there's only 1 winning strategy with EUR/USD day trades.. wait.. wait.. wait. until the whales show up ;) You're shooting pellets at a tank otherwise.
Click to expand...


Pecking order, ffs?!
 
FXSCALPER2 said:
He doesn't because there are no whales. We all talk sh!t.
Click to expand...

:LOL:

FXSCALPER you should know better than to argue with people who have better knowledge of the "intricate functioning" of the forex markets!

Its not as simple as price action, contrary to what profitable traders like T_D
seem to profess. Oh no sir! Its MUCH more complicated!!

There's a "pecking order" and "professional scalpers" who follow the newbies.
But the newbies are not simple newbies... they are very powerful as they move
the market by betting 25p per point. But things can get more complicated as
the newbies, though being powerful can lose thier shirt, by the stalking scalpers..

This is not it.. the script gets more complicated than this... the producers of LOST
will whimper when they look at this and compare it with the simplicity of what they came out with in 5 years :cheesy:
 
You are true friend it is not easy to trade this market. As the people trading this market with huge money do have the ability to move this market to opposite direction.
 
nah!... 50p will be too much of a bait for the scalpers stalking me at 200 a pip :)))

don't want to mess with them do I?
 
Some retail traders don't seem to understand that they only exist as lunch for the whales.. Your silly $10,000 position hiding behind some weak support will last nanoseconds if a large investment bank or your very own broker should decide that it's time for you and your retail buddies to go..

They won't enter into a large position without knowing where all the buyers and sellers will be.. They don't have to move the price very far, only far enough to crush your defenses and then your army will turn tail and run in the direction they want you to run thereby creating a snowball effect.. In times of extremely light volumes (like this week) it is not recommended to trade for this very reason. It's the pecking order at its finest.

Supply and demand causes price action.. External factors may influence supply and demand, but in the end it all comes down to simple supply and demand. If a large bank express demand for a currency the price will rise.. You might not think that large banks exist with far more capital than currently exists hiding behind your r/s line, and I'm a bit flabbergasted by the notion that you think they're a 9/11 conspiracy, but they're well aware that you exist.. [CHOMP]
 
Pippy5000 said:
Some retail traders don't seem to understand that they only exist as lunch for the whales.. Your silly $10,000 position hiding behind some weak support will last nanoseconds if a large investment bank or your very own broker should decide that it's time for you and your retail buddies to go..

They won't enter into a large position without knowing where all the buyers and sellers will be.. They don't have to move the price very far, only far enough to crush your defenses and then your army will turn tail and run in the direction they want you to run thereby creating a snowball effect.. In times of extremely light volumes (like this week) it is not recommended to trade for this very reason. It's the pecking order at its finest.

Supply and demand causes price action.. External factors may influence supply and demand, but in the end it all comes down to simple supply and demand. If a large bank express demand for a currency the price will rise.. You might not think that large banks exist with far more capital than currently exists hiding behind your r/s line, and I'm a bit flabbergasted by the notion that you think they're a 9/11 conspiracy, but they're well aware that you exist.. [CHOMP]
Click to expand...

You have too much reverence for rich people who lose other people's money and ask for handouts when discovered, mate. Who are this geniuses who are waiting to eat up our 10k positions? You might have missed it but they were found to be (if proof were needed) as good as any monkey with a 1k account at some spread bet company. We are bailing them out right, left and centre. You better get used to the idea that no one really knows sh!t and the banks and hedge funds (ffs) are pissing in the wind like everyone else.

unsophisticated twat you.
 
Hmmm... well the biggest whale of all lies at 85.00 USD/JPY .. It's the Japanese Government ready to cause massive demand for the USD bought with Yen thereby increasing demand for USD and decreasing JPY demand. Go ahead and short USD/JPY at 85.. After all the trend is down and every indicator will scream SELL MORTIMER, SELL! Then you'll fret and fret over "how did I get knocked out of the trade"?? It doesn't make any sense! Oh but it does.. You weren't paying attention to what the whale wanted to do.. You don't believe they exist..

Others lie at USD/CHF 1.00 and EUR/GBP 1.00

While big banks won't directly take your money as they do not participate in retail trading they will take the money of the smaller banks on the big markets.. In the case of retail traders, the broker whose money you are borrowing in order to play the market does in fact have lots more money with which to use and is painfully aware of where all the small fish are hiding. That's how Forex.com makes the list of fastest growing companies in the USA year after year.. It's not from spread commissions. People watch as the price touches their stop loss and reverts to or near the spot where it was 30 seconds ago.. The thing to do at that point is to run to ForexPeace Army and whine about how you got "scammed".. See, but it isn't a scam, you just need to be on the right side and the dealing desk is your friend.

I'm an "unsophisticated twat" who bothered to read the first chapter in college economics before skipping to the technical indicators chapters ;)
 
Pippy5000 said:
Hmmm... well the biggest whale of all lies at 85.00 USD/JPY .. It's the Japanese Government ready to cause massive demand for the USD bought with Yen thereby increasing demand for USD and decreasing JPY demand. Go ahead and short USD/JPY at 85.. After all the trend is down and every indicator will scream SELL MORTIMER, SELL! Then you'll fret and fret over "how did I get knocked out of the trade"?? It doesn't make any sense! Oh but it does.. You weren't paying attention to what the whale wanted to do.. You don't believe they exist..

Others lie at USD/CHF 1.00 and EUR/GBP 1.00

While big banks won't directly take your money as they do not participate in retail trading they will take the money of the smaller banks on the big markets.. In the case of retail traders, the broker whose money you are borrowing in order to play the market does in fact have lots more money with which to use and is painfully aware of where all the small fish are hiding. That's how Forex.com makes the list of fastest growing companies in the USA year after year.. It's not from spread commissions. People watch as the price touches their stop loss and reverts to or near the spot where it was 30 seconds ago.. The thing to do at that point is to run to ForexPeace Army and whine about how you got "scammed".. See, but it isn't a scam, you just need to be on the right side and the dealing desk is your friend.

I'm an "unsophisticated twat" who bothered to read the first chapter in college economics before skipping to the technical indicators chapters ;)
Click to expand...

so what happens when the whales need a fcuk and start shagging each other?
 
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