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  • #961
  • Oct 10, 2006 3:13am Oct 10, 2006 3:13am
i am using both technicals and price action (which i consider technical). there was a recent (false) breakout move upwards which could not sustain it's bull power (hit a small resistance point), and as a result, is moving downwards temporarly, to around 8600, where there is a strong support point, which i believe will likely make the pair go up over the next few days or week(s). i'm just a noob though lol, so take it for what it's worth.
  • #962
  • Oct 10, 2006 3:15am Oct 10, 2006 3:15am
wow. what happened ?
  • #963
  • Oct 10, 2006 3:17am Oct 10, 2006 3:17am
Im still confidente it will move up.

fortunatly i dont use stop losses , but large hedgepoints
  • #964
  • Oct 10, 2006 3:21am Oct 10, 2006 3:21am
Quoting blueshift
I got a super strong sell signal on this pair. This isn't a trading recommendation. The pair should move down quite a bit within the next 24 hours. Lets see if I get this correct. I'd like to hear your thoughts on this as well.
hi blueshift! i was thinking of exiting my short positiions on gbp/usd...then bang...down it went... what method or indicator do you use? if you don't mind sharing. thanks!
  • #965
  • Oct 10, 2006 3:28am Oct 10, 2006 3:28am
You think this was technical prediction, or the move was based on suspect and confirmation of a negative trade balance for uk ?

personally for me technically was long, but as said foundamental data can change the technical behaviour and is always good to dont enter before a data release.
  • #966
  • Oct 10, 2006 3:29am Oct 10, 2006 3:29am
ahhh...good times... I love the market.
  • #967
  • Oct 10, 2006 3:30am Oct 10, 2006 3:30am
Quoting titikokatiting
hi blueshift! i was thinking of exiting my short positiions on gbp/usd...then bang...down it went... what method or indicator do you use? if you don't mind sharing. thanks!

no indicators. not even a single one. It was just price action.
  • #968
  • Oct 10, 2006 3:31am Oct 10, 2006 3:31am
+60 pips for me.
  • #969
  • Oct 10, 2006 3:33am Oct 10, 2006 3:33am
got in again short

2 std lots only now.
  • #970
  • Oct 10, 2006 3:36am Oct 10, 2006 3:36am
Quoting trucco
You think this was technical prediction, or the move was based on suspect and confirmation of a negative trade balance for uk ?

personally for me technically was long, but as said foundamental data can change the technical behaviour and is always good to dont enter before a data release.
Very good question! Possible anticpation of negative trade balance. Personally, I don't like entering before a economic release either. I see various support levels between 8500 - 8630. Of course, they could be broken. Most significant support level may be the 61.8% fibo at 8500.
  • #971
  • Oct 10, 2006 3:36am Oct 10, 2006 3:36am
this, I'm not too sure of. Hence the low risk.
  • #972
  • Oct 10, 2006 3:36am Oct 10, 2006 3:36am
Dito, but something is VERY wrong, a 43 pip bounce in 4 minutes?
This market is trying to get away with something before New York or something happened or what???....But it was totally out of the blue, before and after UK trade news...very erratic, and very FAST. Crazy.
And it wasn't just UK, nippy, euro, swissy etc also reacted, this was a sudden dollar surge..
Trust price. Know yourself.
  • #973
  • Oct 10, 2006 3:41am Oct 10, 2006 3:41am
I actually didn't take into consideration the economic release. And the market moved down well before the release. And I was in the right direction after the release.
  • #974
  • Oct 10, 2006 3:43am Oct 10, 2006 3:43am
Quoting SeekingLight
Dito, but something is VERY wrong, a 43 pip bounce in 4 minutes?
This market is trying to get away with something before New York or something happened or what???....But it was totally out of the blue, before and after UK trade news...very erratic, and very FAST. Crazy.
And it wasn't just UK, nippy, euro, swissy etc also reacted, this was a sudden dollar surge..
it was china comments about the risk of holding $

I mean the $ weak again
  • #975
  • Oct 10, 2006 3:45am Oct 10, 2006 3:45am
Quoting blueshift
got in again short

2 std lots only now.

i had 5 short positions from different prices...1.8672, 1.8650, etc...
when it spiked up to 1.8702 my heart sank. my finger was on the trigger to stop...then i asked myself would i go long when i felt that it can't sustain a rally up...or rather, would i confidently enter a long position..no. so i stayed, thank God i did. learned a valuable lesson today.
i don't know how to look at price action yet... did you gain this 'talent' over time? sorry for the curiosity...
  • #976
  • Oct 10, 2006 3:47am Oct 10, 2006 3:47am
Quoting Nipper
Very good question! Possible anticpation of negative trade balance. Personally, I don't like entering before a economic release either. I see various support levels between 8500 - 8630. Of course, they could be broken. Most significant support level may be the 61.8% fibo at 8500.
the problem of trading the pound is that it moves a lot and quicky and sometimes it makes you very confused

The pound can pass some 'so called' important supports and resistance for more then 30 pips, making you think, this is a break out, and then go back like nothing happend.

To trade the pound yu must be open to big stop losses in my opinion
  • #977
  • Oct 10, 2006 3:47am Oct 10, 2006 3:47am
Quoting titikokatiting
i had 5 short positions from different prices...1.8672, 1.8650, etc...
when it spiked up to 1.8702 my heart sank. my finger was on the trigger to stop...then i asked myself would i go long when i felt that it can't sustain a rally up...or rather, would i confidently enter a long position..no. so i stayed, thank God i did. learned a valuable lesson today.
i don't know how to look at price action yet... did you gain this 'talent' over time? sorry for the curiosity...
so how much money did you make?

and no.. I haven't been trading for long. only a few months.
  • #978
  • Oct 10, 2006 3:49am Oct 10, 2006 3:49am
titio: I never add to my positions until corrections happen. I dont care even if it moves down 1000 pips without a correction. But thats just me...
  • #979
  • Oct 10, 2006 3:51am Oct 10, 2006 3:51am
My "system" generated the SELL @ 4:00 am EST at price of 1.8662. The announcement was 30 minutes later and by then I had been able to lock-in 10 pips; so if the announcement forced the price back up, I made 10 pips for my trouble, but I managed to bank +57 after the sudden retracement.

I would like to compliment BlueShift for "seeing" something so important especially considering that he does not use any indicators. What a gift!!
Hercs
  • #980
  • Oct 10, 2006 3:51am Oct 10, 2006 3:51am
Quoting trucco
it was china comments about the risk of holding $

I mean the $ weak again

wow, people sure can react on comments that may or may not happen...
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