is buying GBP/USD at this level a good trade?

"I have a system that scalps 1000-points off of EUR/USD in 8 to 12 hours of straight trading. Resulting in no losses and ending flat"

"I continue to trade this system from time to time in my private trading accounts, but I have other systems that I trade also that are not for sale."

-Skalpz

Sorry Morty, you're way out of your league here. Just look what you're up against, super scalper!
 
Quote from plugger:

"I have a system that scalps 1000-points off of EUR/USD in 8 to 12 hours of straight trading. Resulting in no losses and ending flat"

"I continue to trade this system from time to time in my private trading accounts, but I have other systems that I trade also that are not for sale."

-Skalpz

Sorry Morty, you're way out of your league here. Just look what you're up against, super scalper!
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*BUSTS UP LAUGHING*

Good one, Plugger. :D
 
Interesting post Morty

1.72- 1.74 area represent good support for cable in long term basis.

Otherwise many euro traders hope 1.16 area with greed.
In long term basis the key area to be cleared by euro is around 1.2230


Have a great Fourth!!!
 
Quote from Doji7:

Interesting post Morty

1.72- 1.74 area represent good support for cable in long term basis.

Otherwise many euro traders hope 1.16 area with greed.
In long term basis the key area to be cleared by euro is around 1.2230


Have a great Fourth!!!
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Thanks. There is a possibility Cable may drop another 500 to 700 pips before it reverses.

The difference between long and short commercial future contracts is a very potent indicator for the future direction of the spot market.

For Cable, the difference needs to be around +/- 50,000 contracts. For example, on March 8, the commercials were very short the Cable (short contracts=65,916 long contracts=9,867). They had unwound all of those shorts by May 25, in which time the spot market had moved south more than 1,000 pips.

Currently the commercials are long with a difference of +21,186. This suggests that we have not seen the bottom yet with Cable.

I apologize for blundering into this thread. I thought the discussion was about when to go long the Cable.

Best wishes and a happy holiday to you!
Morty
 
Quote from mortysill:

Thanks. There is a possibility Cable may drop another 500 to 700 pips before it reverses.

Morty
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Morty, c'mon...

that would be almost 30-cents straight down from its high set the end of last year.

you can't really think that's possible...?

The risk to cable shorts (not to mention the interest they must pay to maintain open trades) would be extreme.

the further the drop the tighter the shorts' SLs because they think it will reverse hard with a "silver spike" so they'd get eaten alive by their SLs at every fluctuation.

Soon market exhaustion would set in due to shorts biting it and their accts going up in smoke.

no more shorts = a colossal silver spike UP.

I think this current downward swing has nothing really to do with GBP, it has to do with the USD.

First time USD stumbles, GBP'll be the first one to climb to the sky.

unless you know something I don't.

while, I think 100-pips is possible, maybe even 200 extreme. 500 to 700 is delusional.

(no offense)
 
Quote from sKaLpZ:

Gee, thanks, Morty.

No, that doesn't help.

s
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Skalpz, when someone tries to help you why are you a constant prick...this is why everyone hates you in this forum...literally, no more than 10 of the members here at least respect you, you are a huge ass and don't tell me to get a life or go away, I believe I speak for many
 
Quote from sKaLpZ:

Morty, c'mon...

that would be almost 30-cents straight down from its high set the end of last year.

you can't really think that's possible...?

The risk to cable shorts (not to mention the interest they must pay to maintain open trades) would be extreme.

the further the drop the tighter the shorts' SLs because they think it will reverse hard with a "silver spike" so they'd get eaten alive by their SLs at every fluctuation.

Soon market exhaustion would set in due to shorts biting it and their accts going up in smoke.

no more shorts = a colossal silver spike UP.

I think this current downward swing has nothing really to do with GBP, it has to do with the USD.

First time USD stumbles, GBP'll be the first one to climb to the sky.

unless you know something I don't.

while, I think 100-pips is possible, maybe even 200 extreme. 500 to 700 is delusional.

(no offense)
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Hi,

I can't predict the future anymore than you can! Providing there isn't an overshoot somewhere around 1.71 is the most likely.

I accept all you say but I don't use any of this information to trade myself. I admit to knowing nothing. I blot out information that would give crossed signals. My philosophy is that there are people out there whose knowledge of the markets is (and always will be) superior to mine. I don't try and second guess them.

The commercial futures traders are rarely wrong. I can give examples where they have been but in general, when they take extreme positions the market usually reverses within weeks.

At the moment, the commercials are not extremely long the Cable. Last week we were not at the bottom. It is unusual for a leap of +20,000 contracts in one week, hence next Tuesday's COT data probably won't signal a bottom either.

I have no idea where the Cable will find support. If you believe human behavior can be predicted by fib retracements then it is probably heading for 1.71.

Long response - sorry. I'll shut up now.

Best wishes
Morty
 
Morty, you'll have to be a little patient with skalpz, not everyone is familiar with the futures market and how they are traded, much less the cot reports. Interesting advice in any case, curious to see what next weeks readings will be.
 
Quote from KevinK:

Skalpz, when someone tries to help you why are you a constant prick...this is why everyone hates you in this forum...literally, no more than 10 of the members here at least respect you, you are a huge ass and don't tell me to get a life or go away, I believe I speak for many
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I wouldn't tell you to "get a life or go away," I just laugh at you as a losing Coinz-bashing flamer.

And I could care less who you "speak for."

LMAO,

The C
 
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