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Cable Update (GBPUSD)

  • #201
  • Nov 24, 2006 3:28am Nov 24, 2006 3:28am
Hey Trucco

Be very careful with your hedged positions! Maybe you have successfully managed such situations in the past, but I got burned 3 times thinking it wouldn't be so difficult to get but believe it is a lot more tricky than it seems! when the market does crazy shit like today, you can easily pick the wrong points to close one hedge and see your position deteriorate.

Good luck though
Consistency and patience is everything
  • #202
  • Nov 24, 2006 3:34am Nov 24, 2006 3:34am
I wouldn't short it for the life of me! Both Euro and Cable broke important psychological levels.
I had a smallish long position on Cable since yesterday and was pleasantly surprised to suddenly see it rise to 150+ pips . For now I won't open any new positions till next week, things need to chill a bit.

Quoting nerolink
Hi there all! What a jump. I just want to know if most traders are going short now? I really hope so because my account is in the danger zone.
-soso
  • #203
  • Nov 24, 2006 3:34am Nov 24, 2006 3:34am
Quoting Geldmeister
Hey Trucco

Be very careful with your hedged positions! Maybe you have successfully managed such situations in the past, but I got burned 3 times thinking it wouldn't be so difficult to get but believe it is a lot more tricky than it seems! when the market does crazy shit like today, you can easily pick the wrong points to close one hedge and see your position deteriorate.

Good luck though
I know what you mean, but when Im not following and I dont want to close one operation, i put this in freeze, then i will decide. the pound long i closed already, and let now the short breath a bit more.

What happend today is for sure a lesson to retail traders, or maybe there are options expireing today, or things like this, but for sure in not a market decided move. I wonder why retail tarders still think that they have any power on the price
Have you ever been to london and saw what money go around there on forex ? ...

And especially when there is THIN LIQUIDITY, such people can do what ever they want to. maybe they get excited !
  • #204
  • Nov 24, 2006 3:35am Nov 24, 2006 3:35am
Glad I had a S/L today - S/O at 9188 and reversed went long 9193.
Out at 9215. Crazy stuff...

Someone mentioned about price action, I must admit, this is something I'm still learning about. A

Anyone knows where I could find some material about this?
  • #205
  • Nov 24, 2006 3:35am Nov 24, 2006 3:35am
dont listen to me,...i am on demo...
1 target 1.31
2 target 1.32
3 target 1.33

hope i am wrong

2 days extra spending, and no real defence from ur banks ... and fundamentals doesnt look positive until new year,...usa election effect still in our heads.
its just money
  • #206
  • Nov 24, 2006 3:59am Nov 24, 2006 3:59am
Quoting soso_beton
I wouldn't short it for the life of me! Both Euro and Cable broke important psychological levels.
I had a smallish long position on Cable since yesterday and was pleasantly surprised to suddenly see it rise to 150+ pips . For now I won't open any new positions till next week, things need to chill a bit.
Thanks for the advice SOSO. My nerves are just up there now, even my hands are shaking, so I ended off only taking 3 pips. I was in the minus for more than -35 pips and thats alot of money for me. But hey taking 3 pips today is good for me. I sruggle so much on my live accout. On demo I did over 100 pips now but when it comes to the real thing, I just freeze. I think my biggest problem is the emotional side and that's why my trading suffer so much, because I trade on emotion and not on price like most traders here.

Thanks for all the great traders on this thread, I learn so much from everybody here and for me this mean so much.

Hope you all have a great and wonderful weekend.

Nerolink
  • #207
  • Nov 24, 2006 4:00am Nov 24, 2006 4:00am
Quoting soso_beton
I wouldn't short it for the life of me! Both Euro and Cable broke important psychological levels.
I had a smallish long position on Cable since yesterday and was pleasantly surprised to suddenly see it rise to 150+ pips . For now I won't open any new positions till next week, things need to chill a bit.
Thanks for the advice SOSO. My nerves are just up there now, even my hands are shaking, so I ended off only taking 3 pips. I was in the minus for more than -35 pips and thats alot of money for me. But hey taking 3 pips today is good for me. I sruggle so much on my live accout. On demo I did over 100 pips now but when it comes to the real thing, I just freeze. I think my biggest problem is the emotional side and that's why my trading suffer so much, because I trade on emotion and not on price like most traders here.

Thanks for all the great traders on this thread, I learn so much from everybody here and for me this mean so much.

Hope you all have a great and wonderful weekend.

Nerolink
  • #208
  • Nov 24, 2006 4:15am Nov 24, 2006 4:15am
Nerolink the thing that did the trick for me is to use very small positions, so the emotional attachment to the trade becomes much smaller than when trading fully loaded positions. As your account grows you increase your position size along with it. Use growth percentages like when you rise by 5%, and it will take some time if you trade very small positions, you will increase your positions size. When you arrive to the 10% barrier you increase again, and so on.
By using this incremental approach you arrive to trade normal positions but with a much more healthy mental attitude, and a proven strategy by the way
Myself I'm walking this path and I don't trade fully loaded positions but I am getting closer.


Quoting nerolink
I sruggle so much on my live accout. On demo I did over 100 pips now but when it comes to the real thing, I just freeze. I think my biggest problem is the emotional side and that's why my trading suffer so much, because I trade on emotion and not on price like most traders here.

Nerolink
-soso
  • #209
  • Nov 24, 2006 4:31am Nov 24, 2006 4:31am
lol just scalped 30 pips off the top of this move...
  • #210
  • Nov 24, 2006 4:50am Nov 24, 2006 4:50am
I don't like to give signals but happy xmas to all.

get ready to sell
  • #211
  • Nov 24, 2006 4:51am Nov 24, 2006 4:51am
everytime someone said that it went up... lol
  • #212
  • Nov 24, 2006 5:05am Nov 24, 2006 5:05am
how about euro at 2.00 ? thats what will happen if everyone decides to dump the dollar... lol
  • #213
  • Nov 24, 2006 5:10am Nov 24, 2006 5:10am
"The [USD INDEX] continues to head south at an alarming rate. The index has now lost just under 2 big figures since last week's softer than forecast US housing and CPI data, as broad Usd negative sentiment abounds."
  • #214
  • Nov 24, 2006 5:54am Nov 24, 2006 5:54am
Quoting rchapmand
I don't like to give signals but happy xmas to all.

get ready to sell
I don't think so. When we think this price is already too high and this is the time to sell then that is the time all the big player taking our money. We always think the market is already overbought ( because our technical indicator say so) but guess what at the actual field the market is oversold. Because everyones of us place short position. I think that how the market works. I just faund this today when I already loss 30% of equity. I've done for thiss week, this is the most horrible day in my trading journal.
  • #215
  • Nov 24, 2006 6:07am Nov 24, 2006 6:07am
Looking at weekly chart the price already touch the resistance line.
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"Invest With The Insiders, Not The Masses" George Muzea
  • #216
  • Nov 24, 2006 6:17am Nov 24, 2006 6:17am
Well, I dont have great ideas in this moment, but this is what a friend did...

2006.11.24 13:10 EURUSD You SOLD 5 lots @ 1.3091 STOP: 1.315 TARGETS 1.3036 1.3003 1.2985

no raccomandation at all at this point

Maybe I change trading field and go on stocks !
  • #217
  • Nov 24, 2006 6:21am Nov 24, 2006 6:21am
Quoting alpin
I don't think so. When we think this price is already too high and this is the time to sell then that is the time all the big player taking our money. We always think the market is already overbought ( because our technical indicator say so) but guess what at the actual field the market is oversold. Because everyones of us place short position. I think that how the market works. I just faund this today when I already loss 30% of equity. I've done for thiss week, this is the most horrible day in my trading journal.
you got the point man

This was the week of FEW big players playing on indicators and against one milions of short positions. Consider that who is making the most of this are the british....no other big markets are open in these days, a part swiss and some german maybe
  • #218
  • Nov 24, 2006 6:28am Nov 24, 2006 6:28am
i think the pound wants to give the u.s. some of that up trend. becareful on those shorts.
If I Go Broke Trying Then I Will die happy.
  • #219
  • Nov 24, 2006 6:31am Nov 24, 2006 6:31am
Quoting Moe
i think the pound wants to give the u.s. some of that up trend. becareful on those shorts.
keep us informed of yer tics moe got alot of hurting people atm......
Ghost Swoopen in for my pips while no one is lookin !!
  • #220
  • Nov 24, 2006 6:33am Nov 24, 2006 6:33am
good point no more big stops on this, taking a tight stop with a spec short on gbp usd @ 9331 off the 1min chart, this is totally insane.... stop is slightly above 9150 not taking any chances here...
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