Cable Update (GBPUSD) | Page 917 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #18,321
  • Jul 11, 2007 4:42pm Jul 11, 2007 4:42pm
Quoting MPP
Would you mind enlightening the new trader here, I use a simple SMA chart with a few additional lines, and they all say LONG.

kind regards
Hi..chart and explanation already posted just before your request......
  • #18,322
  • Jul 11, 2007 4:47pm Jul 11, 2007 4:47pm
The strange thing about trading is it's all relative to your own method. You'd have to be mad to dismiss the relativity of a pin bar - but for my trading style they have no significance. I don't doubt that cable is coming down - but how far I haven't a clue. I entered on Friday at 2.0142 and I've just locked in a massive 3 pips!

The main thing IMHO is to understand your weaknesses - I could sell now - but I know I have trouble re-entering - so I'm sticking with it - and maybe I'll make just a few pips - but I do know that when there's 7-800 pips to be had I WILL have them - I used to over-react to movement - constantly looking at my account - now I really don't care, because I have faith in my proven system.
I've got my pips - go get yours!
  • #18,323
  • Jul 11, 2007 4:56pm Jul 11, 2007 4:56pm
As for me, right now I have been scalping since 0200. The trend on my daily is still up (and looking strong) and I'm not fighting that trend.

I know the market will start to turn, just don't know when, so I'm looking at it on more of a daily basis and be a scalper while also keep watch on the market.

With these unknown waters ahead, it's one trade at a time for me...
  • #18,324
  • Jul 11, 2007 4:57pm Jul 11, 2007 4:57pm
I too am getting a short signal on my system (4Hr simple system courtesy Philip) last 4 hr bar on the MACD was red (bearish) but also might be a head and shoulder in the making, so could it be small short , small long , then the retracement ?? if that's the case i guess it would takes 12-16 hours for the significant short signal - it was almost very precise in the past 48 hours
Attached Image (click to enlarge)
Click to Enlarge Name: 4hcable.jpg Size: 68 KB
  • #18,325
  • Jul 11, 2007 5:00pm Jul 11, 2007 5:00pm
As I say guys this is a Potential short entry. The way I am trading this method is experimental at present I honestly havent lost a trade with it. However its only been 2 weeks lol.

Money management is key. Once price moves enough my way I set my trades to breakeven. I have lost money in the past so I am going for a new style which is money preservation and trade on larger timeframes. Trading 5 min and 15 min charts I was getting butchered.

Here is UJ with 2 entries I missed, Ive decided not to trade carries yet as whenever ive shorted in the past with others ive been butchered , however with this new system it gave a good short entry.

1st circle shows good divy bar, 2nd circle is the entry point. Entry point comes after we have a cross formed. (Sometimes it will look like a cross has formed early however trial and error shows price can change quickly and that cross disappear leaving you in the poo)

to right side we see similar long entry. 2nd circle is entry after a cross has formed.
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 16 KB
  • #18,326
  • Jul 11, 2007 5:00pm Jul 11, 2007 5:00pm
From this last 3 days bull's run - Low 2.0097 - High 2.0361, Cable still lies above 23% fib (around 0300). Above that level I'm not going short.

Tomorrow I'll catch up by London open. Break of this level brings 38% (0270 area - expected support) and then (what I think most likely in case of a correction until Friday) the 50% 0230.

As I usually stink during correction periods, it will be time for me to start learning.

Any bouce off 0300 / 0280 (previous daily high) and I'm back long big time. Since this push up was so strong, we may haven't seen the top yet.
  • #18,327
  • Jul 11, 2007 5:08pm Jul 11, 2007 5:08pm
Exactly right 2.0300 is what im looking for as well, break of this will add weight to my shorts
  • #18,328
  • Jul 11, 2007 5:11pm Jul 11, 2007 5:11pm
Respect to anyone who can make profits from scalping - I've tried it and I can't make long term profit - I feel that I'm at the mercy of the market. I can make fabulous profits one day, when the conditions are right and then spend the rest of the week giving it back - and ended up looking like my avitar!
I've got my pips - go get yours!
  • #18,329
  • Jul 11, 2007 5:14pm Jul 11, 2007 5:14pm
Quoting BackTestDummy
Respect to anyone who can make profits from scalping - I've tried it and I can't make long term profit - I feel that I'm at the mercy of the market. I can make fabulous profits one day, when the conditions are right and then spend the rest of the week giving it back - and ended up looking like my avitar!
Ive given up as well 4 hour and daily charts now for me. However its not as exciting as doing some good scalping. Thats maybe one of my problems I had was trading for excitement as well as for cash.
  • #18,330
  • Jul 11, 2007 5:17pm Jul 11, 2007 5:17pm
4 hour charts are the bomb - definitely the right balance.
I've got my pips - go get yours!
  • #18,331
  • Jul 11, 2007 5:21pm Jul 11, 2007 5:21pm
Forgive me if I wasn't to clear...I'm scalping right now because of these high levels and the unknown.

But if a trend presents itself or I see a nice entry to buy on the dips, then of course I will get in for a long term.

But when I do scalp, I use bigger lots, knowing that I'm only looking for smaller pip counts.
  • #18,332
  • Jul 11, 2007 6:09pm Jul 11, 2007 6:09pm
Man...cable is going nutzzzz....I'm attending a vacation bible school with my kids and every time I come back home the cable has jumped 100 pips....I'm loosing all the fun...hehhehehheehheh !!!!!!!!!!!!!
For he that would be deceived, let him.
  • #18,333
  • Jul 11, 2007 6:20pm Jul 11, 2007 6:20pm
Quoting pinchapip
Man...cable is going nutzzzz....I'm attending a vacation bible school with my kids and every time I come back home the cable has jumped 100 pips....I'm loosing all the fun...hehhehehheehheh !!!!!!!!!!!!!
To each his own but it doesn't seem like I would want to mix the two.

Happy hour and god's hour. Know what I mean.
  • #18,334
  • Jul 11, 2007 6:43pm Jul 11, 2007 6:43pm
Quoting pinchapip
Man...cable is going nutzzzz....I'm attending a vacation bible school with my kids and every time I come back home the cable has jumped 100 pips....I'm loosing all the fun...hehhehehheehheh !!!!!!!!!!!!!
Vacation Bible School? Cīmon! Place the trade and place the prayer!!!!

Well, that I call cheating....

No stoploss depends on your faith, though
  • #18,335
  • Jul 11, 2007 9:17pm Jul 11, 2007 9:17pm
Quoting emptmata
Just manage to close half of the Trades during interest rate news.cover previoust lost.Stoll holding long.I strongly bealive GBP will beat all this week high.today news hopefully favourig BGP for uptend to continue.

maybe i have to wait more longer time-to make profit.(now I'm break even)
###Another hope.....this bull will end around 2.0440####
I'm really confuse now:Cable manage to break 2.0330 stuck in the middle on the way to 2.0440.
I try to stay away from market.....but my hand shaking, addicted to the buy/sell button......(my biggest problem)
  • #18,336
  • Jul 11, 2007 10:08pm Jul 11, 2007 10:08pm
Quoting emptmata
I'm really confuse now:Cable manage to break 2.0330 stuck in the middle on the way to 2.0440.
I try to stay away from market.....but my hand shaking, addicted to the buy/sell button......(my biggest problem)
So what is so magical about 2.0440

Can't wait to hear this one. ggggggg

You are having a problem just deciding if it is gbp or bgp.

Time for a break. Good thing weekend is only a trading day away.
  • #18,337
  • Jul 11, 2007 10:17pm Jul 11, 2007 10:17pm
the trade balance is tomorrow. it says that its -60 does that mean that its bad or good? thats the forecast anyways? the previous it is -58.6 so i assume that -60 is bad and the gbp will rally once more right? or im i reading it wrong?
  • #18,338
  • Jul 11, 2007 10:19pm Jul 11, 2007 10:19pm
we have US news release later today and tomorrow.

looks like the US data is good, then time for cable to plunge 30-50 pips...

good area for bottom fishing, maybe around 2.0200
  • #18,339
  • Jul 11, 2007 10:30pm Jul 11, 2007 10:30pm
Quoting BackTestDummy
Respect to anyone who can make profits from scalping - I've tried it and I can't make long term profit - I feel that I'm at the mercy of the market. I can make fabulous profits one day, when the conditions are right and then spend the rest of the week giving it back - and ended up looking like my avitar!

Scalping for me is something that has evolved over the years. My greatest problem with scalping used to be that I would focus on a pair like gbp and try to scalp every last opportunity. Where it has gotten to now is that I dont really look for it - I focus on longer term moves - however, I have a smaller account set up that I scalp with from time to time using higher leverage. When my daily trend is clear, and my other higher timeframes' trends are clear and I get a nice pullback forming top bottom support or bottom top resistance coupled with positive and negative reverse divergences in rsi, i'll throw one on with very tight stop to catch the move. I also look for these moves now with all pairs. I will go days and days sometimes without any trades( some weeks i wont even get any opportunities) on this account but my profitability scalping has gotten much better being much more selective about my entries and only scalping in the direction of longer term trend and only after a sizeable pullback to levels where resis has become support and vice versa. Not sure if this is the right place to put this, so i will leave it at that.
Man who scratches ass should not bite fingernails
  • #18,340
  • Jul 11, 2007 10:34pm Jul 11, 2007 10:34pm
Quoting treadline
the trade balance is tomorrow. it says that its -60 does that mean that its bad or good? thats the forecast anyways? the previous it is -58.6 so i assume that -60 is bad and the gbp will rally once more right? or im i reading it wrong?
The cable and the dollar have shown a remarkable ability to ignore what the news tells them they "should" do. It wasn't that long ago that the dollar continued to gain strength with terrible news. Now it's losing strength with good news.
2,028 traders viewing now, 2 are registered:
Ankrish47
,