There's more to come. This is a continuation pattern. actual 1hr candle within the previous whipsaw....
May be a stop hunting below 9400
May be a stop hunting below 9400
Why is GBPUSD called cable? 71 replies
Cable Update - Continued 102 replies
Cable (GBPUSD) vs Euro (EURUSD) 31 replies
Cable Update (GBP/USD) without Idiots 23 replies
cable short for gbpusd? 6 replies
DislikedThere's more to come. This is a continuation pattern. actual 1hr candle within the previous whipsaw....
May be a stop hunting below 9400Ignored
Disliked1 - At the moment the market (bigger traders) are mostly GBP long - So any form of better than expected CPI may not bring in all that many buyers because most of them are already long, wheras a negative number will make people dump GBP and there will be a bigger move to the downside - so in a 50/50 game the pips favored shorting cable.
2 - Recent news out of UK (since last CPI) have not been very good hence CPI could not be much better than last time.
3 - January is usually a month of high discounts in retail stores, so if at all prices will fall
4 - Last suprise rate hike with a declining housing market suggests people are not spending muchIgnored
DislikedOr it was a retrace to the .618 of the prior drop, which also lined up with an abc projection and made a 15m doji at the top, which allowed for a 15 pip stop tester-trade. But that'd be making it too simpleIgnored
DislikedI will start going for Fundamental trading next week, though I have been doing very well with TA,The damn G7 costed my a lot last week, and well, lost some pips yesterday too..People say when you lose a lot of $$ and never get yourself emotionally in control.. You will lose more cash... That's quite true for me, though I have enough experience in forex, sometimes I still lost control...Ignored
DislikedI will start going for Fundamental trading next week, though I have been doing very well with TA,The damn G7 costed my a lot last week, and well, lost some pips yesterday too..People say when you lose a lot of $$ and never get yourself emotionally in control.. You will lose more cash... That's quite true for me, though I have enough experience in forex, sometimes I still lost control...Ignored
DislikedWorks for me getting my car and getting out of the desk for some hours. For there'll be another big move on the next dayIgnored
DislikedZarul - i am both a day trader as well as a swing trader. In my experience - one cannot day trade on Fundamentals. And again in my experience swing trades pay much more than day trades (taking into account lose win ratios).
Regards,
GirishIgnored
DislikedI have been reading news just now, Many are prediction for a positive dollar movement even if the trade balance come out very bad...Ignored
DislikedThere is little reason for the trade balance to come out bad:
1 - Most of december the dollar was weak - so exporters in USA benefitted
2 - Crude prices were not very high
3 - Oil imports were lesser than forecasted because of a milder winter till then
So i feel if at all the trade balance should be better than forecasted and dollar should get into another mid term rally.
I could be wrong but i will be taking sell positions in cable, eur and CAD (cad because their news comes out at the same time and i believe their trade balance should widen).
Regards,
GirishIgnored
DislikedCable's only lost what....a mere 500 pips since Jan 23rd, give or take a pip??
I'm long overnight in cable because I think the Euro news will give it a boost (maybe the UKnews also). I'm also positioned with the euro for its opening: long at 2977; short at 2950. All positions (long cable and euro positions) will close before the UK news, with a straddle in place for the Brits' CPI announcement. Then I'll do it all again for the Yankee Trade prospects (baseball's coming soon!). If my projection on US Trade is correct, then the downtrend should continue (gbp short, dollar long).
Just information; not a recommendation.Ignored
DislikedI am really sad right now, I don't know what happened to me, I closed the order when I was + 10 pips on the news, I didn't know how on earth could I closed the deal, then I was trying to jump back in and mistakenly had a buy, instead of sell order...and the spread was big that time, 10-20 pips as a result..I lost money when I should be making them..Ignored
DislikedIn case you don't know I trade both swing trades and day trades and I also scalp, but for one weird reason, I am always better at scalping than anything else...I am not in doubt with my skill in TA, just that many times, news release ruined my day.....Ignored