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GBP Trade Index 18-Year Chart
Daily GBP (British Pound) chart of 18 years of cyclical developments in finance & politics
if u keep on thinking that we r tracked by cookies on our position its better for a while not to trade and to make ur ideas clear.markets are jsut like fractales they tend to repeat itself in sequences and once we have the sequences then only few things can beat you. stop trading and think of method to forecast markets, for instance try elliott waves counting macd and fibo retracement; dont forget simple trend line on different time frame.
Good luck
if any help dont hesitate.
Market never move in a straight line. Volatility has always been an inherent part of FX.
It is interesting that when people make profits they congratulate themselves and feel proud/happy/intelligent.. and when they lose, they blame it on the International Conspiracy of FX Dealers.
If you think the FX markets is volatile nowadays, this is NOTHING compared to the 1980s when GBPUSD, DEMGBP and USDEM moved by an average of at least TWICE as much as today. And guess what, there was NO online FX or not even Internet.
I said numerous times on this forum and ill say it again: FX dealers will gladly chase out the weak buyers/sellers with vulnerable stops unrealistically big margin usage. But to say dealers use software to track clients' cursors is pushing things a litle too far. Let us not get carried away in our frustrations and begin to see what was done wrong.
Ashraf
All those words of you are good, but I do not believe much that, Forex is not a con job. When ever I will just try to place the order and click on it, that very same currency goes up and down to maximise the loss, and it is not just 1 day, it happens for years, and this behaviour is common with everyone. That purely means that all these software have cookies inbuilt and what they do is track every movement of cursor and is aware of your position and hence the robot crawler does best to eat you up.
I hope these things will be exposed and CFTC will take action against all the brokers like FXCM, FOREX, MG Forex, SAXO bank and all those who are advertised on Fxstreet.com
And regarding volume, there is not much volume most of time, its these banks themselves who are playing amongst themself creating orders and buying and selling, hence no losses to them. This is a fake market.
Alternatively find a way of trading for very small stakes that you can afford to lose and not worry about it, until you get more experience in this particular field.
my first financial market was from Stan Weinstein. i learned a lot through its reading and one thing stroke me when he said that "market is here to beat you" so one must find a way not to be busted.
Regulated or no regulated you me or anybody that is not aware of underway trend , countertrend must not apply for an account in FX. i used to trade in indices and forex is more complexed 'cause for instance datas and volumes are not centralized in one exchange such as shares. so action at 2-3 am european time from HK and auckland are to ponder for european session in london.
i am still learning the best way to trade with the good entry point in the market.
good luck and dont give up. Endurance and discipline
Actually, I really am the wrong person to try to answer. As I said, I have traded it with little success, at least this year (and last). I had more luck the year before (2008), but that was because it was in an established trend which I just joined (as an ignoramus...).
I have come to the conclusion that at the moment at least, I have absolutely no idea how to trade EUR/GBP.
I think this is because of its relationship with EUR/USD and GBP/USD (=cable), and where those particular pairs are at the moment.
When the markets change and those pairs change then EUR/GBP will change.
When there is clear Euro-positive news and clear GBP-negative news clearly stated, then things may change
(or vice-versa).
On technical grounds (not that I am a technical expert) I would guess it will be a couple of weeks at least before they get out of that range...
...
but to be honest, your guess is at least as good as mine.
Let me/us know how you get on!
im not a fan of these counter trade positions. GBP is down EUR is down so not sure why pople try tp be heros and stand in way of falling knives
Ashraf