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

Quote from mortysill:

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
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No problem, not asking you to "shut up." There are some posters here who should shut up but you're not one of them.

No, actually I don't believe in fibs predicting anything, anymore than I do watching comfut traders.

I trade "market reality." Not "reality."

Market reality indicates that there is literally no way to EVER predict the next pip move up or down. Therefore I trade what is.

I work for my money. I'm not one of the trader slugs who sit on their flabby @$$ and think misty crystal indicator balls will show them the future.

B. Reality is filled full of those who think they can predict the future based on any number of indicators.

C. Then there are the followers.

Categories B and C comprise the majority of losers the market is make up of.

I, on the other hand, never lose. That is why I can open and close 100 winning trades straight in a row on EUR/USD.

Best regards, Morty,

Saham
 
Oh please Coinz, Morty is a respectable man here on ET. Don't treat him like he was a goufon like everybody else! :)

The guy has THE system: stay still, observe, enter only in the very few trades that you got a lot of confirmation signal! This is the traders discipline at it's best!

Not like you Coinzy that enter on both side everywhere and brag about your wins, mysteriouly forgetting about the other side that didn't went so well... :p

Face it, if you traded real money, you would always lose cause of the spread!
 
Anyway got your answer, it was not a good time to go long!

On a side note i just don't understand this USD buying frenzy! The only reason is China massively buying bonds to take the US hostage down the road...

Hit 'em where it hurts! In the pocket!
 
Quote from Maxprofit$:

Oh please Coinz, Morty is a respectable man here on ET. Don't treat him like he was a goufon like everybody else! :)

The guy has THE system: stay still, observe, enter only in the very few trades that you got a lot of confirmation signal! This is the traders discipline at it's best!

Not like you Coinzy that enter on both side everywhere and brag about your wins, mysteriouly forgetting about the other side that didn't went so well... :p

Face it, if you traded real money, you would always lose cause of the spread!
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"Morty is a respectable man here on ET."

I never said he wasn't.

As I recall, it was you who recently blew up your account, bud, on the EUR/USD short trade I called over 600-points away (40-days) by your going long EUR/USD.

Don't take it out on me.

Give me your mailing address and I will send back your money you lost to me. And tell me who to make the check out to for $2.50.

By the way, if I was long EUR/USD, and I am, how come I did not blow up my account?

Coinz
 
"I, on the other hand, never lose. That is why I can open and close 100 winning trades straight in a row on EUR/USD."

-Skalpz

So I'm sitting around this morning having coffee with Walt Disney and Howard Hughes trying to figure out who we should include in our consortium to bid on the "Super Scalper" system (they live in my basement for those who don't know). Howard tells me and Walt to jump into the Spruce Goose and the next thing I know is we're off to Honah Lee to pay a friendly visit to our good friends Puff the Magic Dragon and Jackie Paper. After a little convincing (c'mon, 1000 points in 8 hours and no losing trades), we decide to make a substantial bid. The dragon was a little hesitant, but hey, what the hell does a dragon know? So we log on to Ebay and search for the Super Scalper auction. Unfortunately we can't find it and I contact customer support. What is going on? Ebay customer support informs me that they will be adding a new product category next week called "Items for Crazy People" to accommodate this auction. Excited, I'm thinking we can make a direct offer to the super scalper himself. But alas, Puff is running his internet connection through a damn rainbow and our connection goes down. I tell ya, if we didn't go back a long ways, me and the dragon would be through.

So me, Walt and Howard hop back aboard the Spruce Goose and head back home. I hope we're not too late. Here's our bid for the super scalper system:

Howard: 2 kleenex boxes which will fit up to size 11 feet and
1 well worn house coat

Walt: 1 crayon drawing of a mouse (well, i think it's a mouse)

Puff the Magic Dragon and Jackie Paper: 1 all-inclusive vacation to Honah Lee. Bring your own pipe.

Me: 1 tin foil hat. Guaranteed to block out harmful radiation from your computer monitor.

I think we got this one clinched. Rots o'ruck to everyone else.
 
Quote from plugger:

Ebay customer support informs me that they will be adding a new product category next week called "Items for Crazy People"
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*quickly scratches this down on a scrap of paper*

thanks for the tip! :D
 
Quote from DWA:

Always trade with the trend. trend is down so wait for the next short opportunity. T
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Dude, good point, and I wouldn't hesitate to short GBP/USD even knowing it was going to spike straight up 2000-points.

I just cannot deal with the massive interest payments taken out of my account to maintain a short trade on the pair.

Any way you cut it, I'm not paying 30% of my profits in interest payments for opening a trade as risky as what GBP poses.
 
If this thread doesn't get back on topic,
either GPD/USD specifically or F O R E X
T R A D I N G in general, it will be closed, deleted or moved to Chit Chat.
 
Quote from sKaLpZ:

Dude, good point, and I wouldn't hesitate to short GBP/USD even knowing it was going to spike straight up 2000-points.

I just cannot deal with the massive interest payments taken out of my account to maintain a short trade on the pair.

Any way you cut it, I'm not paying 30% of my profits in interest payments for opening a trade as risky as what GBP poses.
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How does the differential equate to 30%. The difference is down to less than 1% per annum - that is 5 pips per week! Indeed one of the reasons £ has been so weak is for this very reason - it used to be expensive to short cable but it isn't now.
 
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