Kumowizard

Simple answers for few questions about Cable

FX:GBPUSD   British Pound / U.S. Dollar
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Few people asked me about GBPUSD             . Here are my very simple answers (the questions you will find out) :

1. It is BEARSIH! Period.
2. I don't know what or who to blame for the flash crash, but it can happen any time on any market, more easily on a bear market.
3. No, there is no such thing as "support" on a bear market like this. Don't listen to those bullshit explanations about 30-35 years lows. Who cares? Who says it can not go to an all time low? Who ensures you it will not trade straight down to 0,80?
4. Never catch a falling knife? Why should anyone buy something which is collapsing? Just because it looks cheap? Who cares? I show you something cheaper: 1 Venezuelan bolivar fuerte = 0.100505 U.S. dollars. Would you buy that????
5. Even if you have a great knowledge of swing trading, and you have a good system signal to enter swing long, you MUST HAVE A SIGNAL! All the rest until is just bottom fishing, no actually worse, that is just gambling!
Main problem with counter trend swing positions is that even if you make some, or get out flat, it kills your mental focus! It did to me last time. I made a tiny profit on a swing long GBPUSD             , but do you think I was focused enough on the major trend and managed to get back into short? Nope.

For sure it will make pull backs, sometimes even sharp pull backs, but we do not know when the major trend will stop and reverse. The only thing we see and know is that it is bearish , and on bear market we only have bearish supports --> right now the first one is 1,2675.


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