Ghost
Swoopen in for my pips while no one is lookin !!
- #507
- Dec 1, 2006 7:50am Dec 1, 2006 7:50am
- | Joined May 2006 | Status: Trader | 1,043 Posts
So profit-taking begins in earnest......when??
- #508
- Dec 1, 2006 7:52am Dec 1, 2006 7:52am
- Joined Feb 2006 | Status: Pips Pod... | 1,611 Posts
So profit-taking begins in earnest......when??
Or do you see a retracement a bit before a move back up?
I think it's difficult to predict how long this rally will last, but there is always a retracement. I even made pips a few minutes ago on a small retracement. The question is what do you mean by "bit".
- #513
- Dec 1, 2006 8:39am Dec 1, 2006 8:39am
- | Joined May 2006 | Status: Trader | 1,043 Posts
Open time : 2006.12.01 14:35 CET... just after my lunch... with an expresso :-)
Cable now passing through 1.9780s.... grabbed another 29 pips profit on the retracement/profit-taking.
- #514
- Dec 1, 2006 8:53am Dec 1, 2006 8:53am
- Joined Feb 2006 | Status: Pips Pod... | 1,611 Posts
Great work dswk....actually though I was referring to the other profit-taking: in the form of the cable sell-off!!
Cable now passing through 1.9780s.... grabbed another 29 pips profit on the retracement/profit-taking.
During a strong trend like that, i take positions with no t/p, only 1 s/l and a t/s around 25-50 pips. When i feel i cut myself the trade, if not my t/s do it for me.
In fact what is the most important, it's the size of your spoon :-)
Actually i work forex with a crane as spoon
http://www.grues-imex.com/images/grue-acc1.jpg
Happy Trading...
Going back to the previous question of how long this rally will last...
I rarely look at the monthly charts, but if we do look, we will of course see that we are coming up on a very strong resistance going all the way back to 1990-1992 (man that's a long time ago). You'll see that we are only about 200-250 pips away from that. I think GBP/USD will be tempted to try that resistance this year. Actually considering that Christmas time is very slow, we may arive at that resistance very soon, perhaps next week. I don't see any good news for the dollar to hold the pair from getting there. I think the beginning of the year is usually pretty slow, so I see the pair hanging around that resistance level for quite some time. But if it breaks through... I'm not going to London any time soon.
Any thoughts?
I rarely look at the monthly charts, but if we do look, we will of course see that we are coming up on a very strong resistance going all the way back to 1990-1992 (man that's a long time ago). You'll see that we are only about 200-250 pips away from that. I think GBP/USD will be tempted to try that resistance this year. Actually considering that Christmas time is very slow, we may arive at that resistance very soon, perhaps next week. I don't see any good news for the dollar to hold the pair from getting there. I think the beginning of the year is usually pretty slow, so I see the pair hanging around that resistance level for quite some time. But if it breaks through... I'm not going to London any time soon.
Any thoughts?