Hi friends,

For those of you who might be learning about why not to guess bottoms...here is some insight and broader view since we hit 1.8235.

"IRS pay deals picked up 3.5% in the three months to July. Cable bids are cited around the $1.8015 level."

It can be so tempting to believe we've entered at the very top or bottom of a move because all the indicators say so and then see considerably further probing in the direction we know we should have been trading in the early days...

I have a rule which I learned from making the same mistake over, and over and over again until I found this simple rule: never try to guess the bottom or top if the market is trending. It's a statistically proven FACT that you are more likely to make money trading with the trend than against it.

Those as experienced as ValeoFX probably know when the market is REALLY topping, but it's all too easy to believe you have all the signs of a bottoming out market and it's just a small correction followed by another big downswing.

Further comments:

BoE’s MPC Bean warned the economic stimulus will “drag on for some considerable time.” BoE’s Blanchflower said large rate cuts are needed now to stimulate the economy.

Data released in the U.K. last week saw BBA mortgage approvals were off 65% y/y in July with net mortgage lending off 22.7% y/y; Nationwide U.K. house prices were off 10.5% y/y; the CBI’s monthly distributive trades survey’s retail sales balance worsened to -46; July Land Registry house prices fell 2% y/y; GfK August consumer confidence rose to -36; and IRS pay deals climbed 3.5% in the three months to July.

Last week’s high (1) was below the 23.6% retracement of the 1.3682-2.1159 range and last week’s low (2) was below the 38.2% retracement of the same range. Upside resistance targets include the 1.8303/ 1.8631/ 1.9117/ 1.9336/ 1.9602/ 1.9767 levels while downside support targets include the 1.8031/ 1.7420 levels.

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LIVE Tradedesk thoughts. LIVE forex trader news commentary. suk1000k's FOREX LESSONS that will make you profitable trader, a relationship with London Forex Broadsheet and much more... PRIVATEFXCLUB.com

Well, we hit 1.8000... what to expect next...

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LIVE Tradedesk thoughts. LIVE forex trader news commentary. suk1000k's FOREX LESSONS that will make you profitable trader, a relationship with London Forex Broadsheet and much more... PRIVATEFXCLUB.com

Hi Suk, so good to see you back. Your comment 2 Posts up.............."Those as experienced as ValeoFX probably know when the market is REALLY topping, but it's all too easy to believe you have all the signs of a bottoming out market and it's just a small correction followed by another big downswing."

You would have noticed some time back when I posted the weekly and Daily charts, I admitted that I don't know enough yet to be able to determine these bottoms/tops. I always say to my friends here that I just trade what comes my way and when it hits certain major supports, I am just more careful and rely on my indicators to get out or to stay in. Point in case is Friday's close..........I could not for the life of me see that the market will take a another 125 pip nosedive at opening.

Nevertheless, I appreciate learning from you too.

Enjoy the rest of the day.

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"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

I noticed with interest that this Thread had been down-graded to a 4-Star and this after it now produces consistently >50% more pips every month even during the slow trading months. I kept records for the past 5 years. Maybe it is time to pull it off the market?

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"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

No way, let's just vote it up again.

You have just made my day!! Thanks Ssotiro.

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"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

Five stars already in captain' !

According to our records you have already voted on this thread. Changing votes is not allowed.

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Picasso is the best !

Welcome back, Partner. How was your holiday? And the leg OK too? Looking forward to lots of trades with you.

Best wishes.

__________________
"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

Ah ah !

I'm still on holiday. I have an appartement in miami south beach with internet connection
Beautifull place to trade

Thanks, my knee get better everyday !
Hope you go well too.

Cheers

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Picasso is the best !

Hello everyone,
Just finished reading through both threads...

Have to say THANK YOU to ValeoFX for all of the work you have put in since the beginning of this. It is truly amazing how far this has come and all the dedication that was put into it.

Suk100k you as well, thank you. You have been insightful an innumerable number of times and your work here is very much appreciated!

Big Joe great stuff from your end as well!

I hope to see this thread stay active as seeing your entries is extremely helpful as I continue practicing this method!

thanks again to everyone! hope to see more postings!

Take care