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Cable Update (GBPUSD)

  • #241
  • Nov 24, 2006 11:04am Nov 24, 2006 11:04am
Quoting Ghostpipper
yes the pain is not a good pain, hopefully there will be one hell of a correction but remember newstraders post with all of those facts I believe this will be going higher !!!
really dunno right now. Have to see it with clear mind. i think i better off closed my computer and see it on sunday or monday.
  • #242
  • Nov 24, 2006 11:33am Nov 24, 2006 11:33am
i learned a few valuable lessons this week
1 expect the unexpected
2 follow the trend until it fails dont try to trade against it, then trend was up the whole time after that double bottom at 8834 level,
3 when fading the trend use tight stops at previous resistance top... this is more speculative and dangerous method of trading, unless the downtrend has been established.
4.you dont always have to be right but when ur wrong make sure ur not risking ur entire portfolio.
  • #243
  • Nov 24, 2006 11:34am Nov 24, 2006 11:34am
14 RSI on the hourly chart blew over the 90 level, as long as it stays above 50 we are in a firm uptrend. fade at ur own risk...
  • #244
  • Nov 24, 2006 11:43am Nov 24, 2006 11:43am
Quoting enoc2g
i learned a few valuable lessons this week
1 expect the unexpected
2 follow the trend until it fails dont try to trade against it, then trend was up the whole time after that double bottom at 8834 level,
3 when fading the trend use tight stops at previous resistance top... this is more speculative and dangerous method of trading, unless the downtrend has been established.
4.you dont always have to be right but when ur wrong make sure ur not risking ur entire portfolio.
I agree.
Never go against the trend until it is proved that has changed.
The trend was UP, all of us knew it. But we all supposed it was 'too high'...
next time, before entering the short, let it be proved first
  • #245
  • Nov 24, 2006 11:45am Nov 24, 2006 11:45am
dango right. i figured a wave two on a one hour chart forming last night then a tremendous wave three. well guess i was wrong.
  • #246
  • Nov 24, 2006 12:09pm Nov 24, 2006 12:09pm
Quoting turin0107
ghostpipper, i am still in short position too @9150. Gosh.... didnt put stop loss and all of sudden it climbed up to the moon. Cant do anything right now, i am also awaiting for price movement on monday. To decide weather to cut loss or hold. But the pain is here already....
I think you'd better go to the church on Sunday and pray. Nothing you can do at this point, except cut your losses. Sometimes, you just can't be overconfidence by not putting a stop loss. It's a mistake and I hope you can take a good lesson for this one.

Wish you all the best.

- SkYliNe -
"Even the word impossible says that I M possible"
  • #247
  • Nov 24, 2006 1:45pm Nov 24, 2006 1:45pm
Quoting Ghostpipper
im guessing we didnt hit any highs/lows this morning with the us session because its stinken friday....... stupid friday . Hey BK im still in short on the GBP at 8990 im going to see what happens monday and maybe tuesday wghen the entire US market is open. market cant go up forever. Some type of a retracement has to come whether its 10% or 40% before we go higher. And thats if we go higher but im guessing we will be unless some real homes were bought this last month but im not counting on it....
You gotta know when to hold 'em and when to fold 'em. And when you can't beat 'em join 'em.
A. Finesse Williams Making Millions One Pip At A Time!
  • #248
  • Nov 24, 2006 1:54pm Nov 24, 2006 1:54pm
Quoting enoc2g
i learned a few valuable lessons this week
1 expect the unexpected
2 follow the trend until it fails dont try to trade against it, then trend was up the whole time after that double bottom at 8834 level,
3 when fading the trend use tight stops at previous resistance top... this is more speculative and dangerous method of trading, unless the downtrend has been established.
4.you dont always have to be right but when ur wrong make sure ur not risking ur entire portfolio.
Wisdom gomes with pain.
A. Finesse Williams Making Millions One Pip At A Time!
  • #249
  • Nov 24, 2006 3:36pm Nov 24, 2006 3:36pm
I was wondering how many accounts got a margin call tonight...

There is a saying though: what goes up must come down.
The question is when :-)
  • #250
  • Nov 24, 2006 3:38pm Nov 24, 2006 3:38pm
A very astute professional trader I know told me yesterday that he had been holding a cable long position since the beginning of the year.
As a joke, I asked him just how high he was expecting it to go since he was still holding it. His answer to me was 1,9500 to 2.000. He added that at this point (yesterday, before the last 150+ move up) that 1.9500 was very realistic.

I am feeling that it is more and more likely that he may be correct. Right now I am very glad that I got rid of my short already since I do not have an infinite account.

We may be at or near a temporary dip but it is not something I would count on. If the past few days has taught us nothing else, we should have learned that there are not necessarily logical explanations for what occurs. What the fates (whoever they may be) have decreed will occur, will occur. If news occurs which ccan be used as a convenient excuse to explain what happens, so much the better, but if not it will still occur. I am more and more getting the impression that the news does not have any "real" impact on the market. It may cause a very temporary spike, but what causes moves which appear to be due to news is something (or somebodies) quite different. Only if Iknew that or them would I be able to predict the market.
  • #251
  • Nov 24, 2006 3:56pm Nov 24, 2006 3:56pm
Quoting trucco
I agree.
Never go against the trend until it is proved that has changed.
The trend was UP, all of us knew it. But we all supposed it was 'too high'...
next time, before entering the short, let it be proved first
Thatīs the point. Price never said "Iīll go down" but a lot of traderīs brain did it.
Johann Channels and cycles are everything
  • #252
  • Nov 24, 2006 3:56pm Nov 24, 2006 3:56pm
Quoting moonchild
A very astute professional trader I know told me yesterday that he had been holding a cable long position since the beginning of the year.
As a joke, I asked him just how high he was expecting it to go since he was still holding it. His answer to me was 1,9500 to 2.000. He added that at this point (yesterday, before the last 150+ move up) that 1.9500 was very realistic.

I am feeling that it is more and more likely that he may be correct. Right now I am very glad that I got rid of my short already since I do not have an infinite account.

We may be at or near a temporary dip but it is not something I would count on. If the past few days has taught us nothing else, we should have learned that there are not necessarily logical explanations for what occurs. What the fates (whoever they may be) have decreed will occur, will occur. If news occurs which ccan be used as a convenient excuse to explain what happens, so much the better, but if not it will still occur. I am more and more getting the impression that the news does not have any "real" impact on the market. It may cause a very temporary spike, but what causes moves which appear to be due to news is something (or somebodies) quite different. Only if Iknew that or them would I be able to predict the market.

I dont know if keeping a trade for a year for potential 2000-2500 pips (200 pips a month...)all the year makes sense.
What about all the interests he had to pay ?!
  • #253
  • Nov 24, 2006 4:09pm Nov 24, 2006 4:09pm
I just want to encourage all traders that they follow ONLY trend patterns. I know it is difficult when we have range trading markets (overall when they can last up to 2 months!) but when you trade the trend the rest of the months... you make LARGE and FAT profits!

Following trend patterns, in this week only, I have +350 pips ONLY in my cable trade. I am up to +150 usdjpy, +250 eurusd and +175 usdchf... maybe more... I have not my platform opened right now.

Please, please... do not fool yourselves... read the title of this post... it is as simple as that!

I admire proffessional scalp traders.. that they are making constantly good money along the day... but... if you have tried to scalp, and lost money, if you had tried a lot of techniques and still failed... maybe... YOU ARE FIGHTING THE TREND!!! please do not do it....

Decemeber is one of the best months of the year to trade... do not spend it trying to pick cable tops GUESSING that is a reversal price... just chill-out... take it easy... follow the trend...

Comments?
  • #254
  • Nov 24, 2006 4:28pm Nov 24, 2006 4:28pm
Quoting iiivb
I just want to encourage all traders that they follow ONLY trend patterns. . . . .
I admire proffessional scalp traders.. that they are making constantly good money along the day... but... if you have tried to scalp, and lost money, if you had tried a lot of techniques and still failed... maybe... YOU ARE FIGHTING THE TREND!!! please do not do it....

Decemeber is one of the best months of the year to trade... do not spend it trying to pick cable tops GUESSING that is a reversal price... just chill-out... take it easy... follow the trend...

Comments?
So many times I heard this advice. After a few burnt fingers I conclude it is right on the nail.

I think the new claimant count has spoked the market this week, and why today there was such a big move . . . ?

USD looks set to weaken further as a rate cut is looking on the cards. What target for the US$ ? 2.00 is looking very likely to me.

<FEELING bruised>
Minesweeper target: 284
  • #255
  • Nov 24, 2006 5:55pm Nov 24, 2006 5:55pm
I never would have thought it all true...

However it has now been most of a year gone by since Rob Booker predicted all these things.... EUR and GBP skyrocketing to these new highs, AND also that by the end of this year, the thought of interest rates coming down would in the air... and even that oil prices would be falling as they have...

Incredible predictions if you ask me... and yet I seem not to have heeded, and still have the taste of so many lost pips in my mouth...

I have only the excuse that I was asleep last night as my stops were being hit... my wife had no excuse for not making a ton of money since she was staring at the screen all night. I still find it hard to believe that she decided NOT to wake me up in time to make up all the money I lost !!!

I for one say trend is probably not over. Good chance we see 1.94 on GBP next week...
  • #256
  • Nov 24, 2006 10:48pm Nov 24, 2006 10:48pm
Quoting iiivb
I just want to encourage all traders that they follow ONLY trend patterns. I know it is difficult when we have range trading markets (overall when they can last up to 2 months!) but when you trade the trend the rest of the months... you make LARGE and FAT profits!

Following trend patterns, in this week only, I have +350 pips ONLY in my cable trade. I am up to +150 usdjpy, +250 eurusd and +175 usdchf... maybe more... I have not my platform opened right now.

Please, please... do not fool yourselves... read the title of this post... it is as simple as that!

I admire proffessional scalp traders.. that they are making constantly good money along the day... but... if you have tried to scalp, and lost money, if you had tried a lot of techniques and still failed... maybe... YOU ARE FIGHTING THE TREND!!! please do not do it....

Decemeber is one of the best months of the year to trade... do not spend it trying to pick cable tops GUESSING that is a reversal price... just chill-out... take it easy... follow the trend...

Comments?
Amend my brother. The trend is your friend.
A. Finesse Williams Making Millions One Pip At A Time!
  • #257
  • Nov 24, 2006 10:49pm Nov 24, 2006 10:49pm
Quoting iiivb
I just want to encourage all traders that they follow ONLY trend patterns. I know it is difficult when we have range trading markets (overall when they can last up to 2 months!) but when you trade the trend the rest of the months... you make LARGE and FAT profits!

Following trend patterns, in this week only, I have +350 pips ONLY in my cable trade. I am up to +150 usdjpy, +250 eurusd and +175 usdchf... maybe more... I have not my platform opened right now.

Please, please... do not fool yourselves... read the title of this post... it is as simple as that!

I admire proffessional scalp traders.. that they are making constantly good money along the day... but... if you have tried to scalp, and lost money, if you had tried a lot of techniques and still failed... maybe... YOU ARE FIGHTING THE TREND!!! please do not do it....

Decemeber is one of the best months of the year to trade... do not spend it trying to pick cable tops GUESSING that is a reversal price... just chill-out... take it easy... follow the trend...

Comments?
Amen bro. The trend is your friend!
A. Finesse Williams Making Millions One Pip At A Time!
  • #258
  • Nov 26, 2006 3:02am Nov 26, 2006 3:02am
If we look at weekly chart, cable already touch the resistance line so i hope this week cable will go down. Do u agree?
"Invest With The Insiders, Not The Masses" George Muzea
  • #259
  • Nov 26, 2006 3:52am Nov 26, 2006 3:52am
Quoting Qu|cksilver
If we look at weekly chart, cable already touch the resistance line so i hope this week cable will go down. Do u agree?
what i can see in monthly chart still have chance for GU HIT 1.946x but must hold at 1.9286 if not..maybe GU breakdown to 1.9300-1.928x

weekly long term resistance :1.9460-80,
monthly, resistance :1.9664


just my 2 cents...
  • #260
  • Nov 26, 2006 3:55am Nov 26, 2006 3:55am
After the big move Friday the GBP/Usd really did not do too much. From what I heard read the moved was again based on China stating they were looking to buy other currencies. It definetly is going to highs it has not seen since 2004. Also how many times has the gbp/usd moved 500 pips which it has since Nov 15 low of 1.8839 and Friday's high of 1.9352. I know in late July it moved 600 pips exactly before it retraces. On the other had someone posted it and I seen it on FXCM's web site. Is in the month of December the dollar has gone down in value 8 of the last 10 years and 14 of the last 20 years. I would think it would retrace a bit before too long.
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