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GBP/USD Trade Room

  • #1
  • First Post: Sep 12, 2007 12:40am Sep 12, 2007 12:40am
DEDICATED FOR TRADING THE CABLE < GBP/USD >
Proper Prior Planning Prevents Piss Poor Performance
  • #2
  • Sep 12, 2007 12:42am Sep 12, 2007 12:42am
Cable testing upper limits of a 4 hour Chart.
My Position: FLAT

Chart for review
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Proper Prior Planning Prevents Piss Poor Performance
  • #3
  • Sep 12, 2007 3:37pm Sep 12, 2007 3:37pm
Quoting TheLFB.com
The UK Claimant Count and Average Earnings both showed a strong read today, offering a signal that infaltionary pressures are still in the UK economy, the labor market is tight, and the BoE may still need to address Interest Rates this year.

Cable has lagged behind both Swissy and Euro, getting stuck around the 2.0300 area at the same time as Euro tests all time highs at 1.3880 and Swissy tests the weekly chart Triple Bottom at 1.1800.

If there is a run on the US$ then GBP/USD has some catching up to do, 300 Pips worth, to get to the level that the other Europeans are at right now. The Economics have been posted, now its time for the Technicals to step up. 2.0370 to 2.0400 to 2.0470 will be where most Trader's focus will be today, if the US$ weakens.
GBP/USD has been a dog and certainly didn't contribute to the dollar sell off. It is for this reason that i always trade the pair that is making a technical break. Notice how EUR/USD zoomed through resistance and GBP/USD has slipped down. Of course this is due to EUR/GBP rally for the most part. Anyway this was the pair to avoid if you wanted to catch some of the dollar sell off.
  • #4
  • Edited 6:08pm Sep 12, 2007 5:44pm | Edited 6:08pm
Hi All...

While eur/usd busted out....gbp/usd was a different story.

YES! - I caught some of the eur/usd....THX to Roland (above post). I was watching/focusing on this pair at the 4 hr channel top when Roland posted a possible eur break on another thread.

I traded the cable this way....2 good scalps off the 4 hour channel top I had posted here on this Thread ( see above ) just a bit before the trades triggered.

15 minute chart with 4 hour channel top

S @ 2.0348
TP @ 2.0318
Stop @ 2.0378
+30 pips

Bounced right back...denied, triggered another short scalp opportunity

S @ 2.0347
TP @ 2.0317
Stop@ 2.0367
+30 pips

2nd Trade Stop placed a bit tighter due to the positive news
( keeping that in the back of my mind as I read the charts )
You'll notice the Cable whipped around a bit after the 2nd entry.

Hope some found the 1st chart posted of some value.....why did the cable not move with eur??? dunno, it did look to try though, but failed....just traded what I saw.

Fxj

One can look at the chart and see a Long trade setup in between the 2 shorts...News on Postive GBP reports/
I don't trade news.
I did however consider going Long on the channel break....though I like getting into a position the next bar after signal is triggered....I am uncomfortable getting into a scalp in the middle....a justifiable cause I think. Scalping is tough enough with a good trigger.
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Proper Prior Planning Prevents Piss Poor Performance
  • #5
  • Edited 10:15pm Sep 12, 2007 10:01pm | Edited 10:15pm
To the guests and all others that want this group to aquit themselves, here it is[at least a portion of it]Ba||s to the Wall gimmee the goods,...

GBP/USD @ 2.14?? in the coming months.{12 months or so}
Post Date: Sept 12th 07.

Govern yourselves accordingly.

Explanations are lengthy and boring.
  • #6
  • Sep 14, 2007 4:25am Sep 14, 2007 4:25am
Cable back to it's previous support at 2.0150. I'm long from 2.0160 ... got a Daily trendline coming into play from here too. Also appears to be the base of the second shoulder of a possible inverted head-n-shoulders.
Keeping it Simple
  • #7
  • Sep 14, 2007 5:39am Sep 14, 2007 5:39am
is that the trendline from Aug17 ? I'm shorting against the break, with a target of the 100 day average....
  • #8
  • Sep 14, 2007 6:55am Sep 14, 2007 6:55am
A couple of small positions based on 38 fib on the last weekly L/H and the weekly TL which appears to have been solid against several hits.
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  • #9
  • Sep 14, 2007 7:09am Sep 14, 2007 7:09am
Quoting HalifaxCB
is that the trendline from Aug17 ? I'm shorting against the break, with a target of the 100 day average....
That one is closed after the touch & refusal at the 100 day average (2.0091) at 2.0001 . I think there's lots of room to go lower, but I'm dmnd if I'll hold this one over the news. The next target is 2.0041 (+10), the sept 4 low.
  • #10
  • Sep 14, 2007 7:18am Sep 14, 2007 7:18am
Quoting HalifaxCB
is that the trendline from Aug17 ? I'm shorting against the break, with a target of the 100 day average....
No ... the one from Aug29. I'm stopped out. Calling it a week.

Take Care
Habeeb
Keeping it Simple
  • #11
  • Sep 14, 2007 8:55am Sep 14, 2007 8:55am
Just curious as to whether Northern Rock would be likely to have extensive US holdings, in which case one might expect significant movement from USD to GBP as they raise cash....Thoughts/comments?
  • #12
  • Sep 14, 2007 11:57am Sep 14, 2007 11:57am
Chart below: this is why I was searching today for Sterling Pound weakness across the board against other GBP crosses.
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  • #13
  • Sep 17, 2007 1:19pm Sep 17, 2007 1:19pm
1 trade taken during London/US hours overlap.

While Target price was hit.....had I been using a trailing stop...high of the previous bar...( discreationary with a 15 time frame ) I'd have made more pips....did fatigue play apart in not being totally focused???????

Using a version of Boxingislife's Sexy Stoch- a good read/method to learn IMO.
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Proper Prior Planning Prevents Piss Poor Performance
  • #14
  • Sep 20, 2007 12:03pm Sep 20, 2007 12:03pm
LFB, Thx for this Fundie breakdown....I used 2.0140 as a S/R point to short if it did not hold, and my set ups appeared....and a Target if spot closed 2.0000+


My only regret.....I took the 18th off. I really did "feel" the market would whipsaw BAD.
One can see, that long before the FED news, Cable was headed higher.

FYI...There were, for myself, multiple entries and exits during the past 2 days in this pair ( Lon/NY hours ). Targets hit, retrace, re-enter...etc. Not shown, only wanted to post for review the major set ups that I witnessed with my trading style.

Fxj
Attached Image (click to enlarge)
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Proper Prior Planning Prevents Piss Poor Performance
  • #15
  • Sep 24, 2007 9:33pm Sep 24, 2007 9:33pm
Worth waiting for:
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  • #16
  • Sep 24, 2007 9:45pm Sep 24, 2007 9:45pm
Quoting BeachBum
Worth waiting for:
Not any more unfortunately. The pin bars on daily were very bearish, it will probably drop to at least the 61.8 fib.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #17
  • Sep 24, 2007 9:58pm Sep 24, 2007 9:58pm
Quoting Plutonite
Not any more unfortunately. The pin bars on daily were very bearish, it will probably drop to at least the 61.8 fib. That's what I was planning for; my T/P is 2.0050...
Perhaps I did not make myself entirely clear: I have been short since 2.0215, thanks to the beautiful PB at the top of the chart.........
  • #18
  • Sep 24, 2007 10:37pm Sep 24, 2007 10:37pm
Quoting BeachBum
Perhaps I did not make myself entirely clear: I have been short since 2.0215, thanks to the beautiful PB at the top of the chart.........
Hey BB,
Do you have an area defined as potential TP? {Turning Point }
  • #19
  • Sep 24, 2007 11:11pm Sep 24, 2007 11:11pm
Quoting BeachBum
Perhaps I did not make myself entirely clear: I have been short since 2.0215, thanks to the beautiful PB at the top of the chart.........
LOL, my bad, I thought you were talking about the future (and everybody is interested in the future aren't they). Congrats on the trade, you'll see in my journal how I took it too, though you beat me by 5 pips you mean person.

Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #20
  • Sep 25, 2007 4:31am Sep 25, 2007 4:31am
I posted this on the cable thread, but I dont know whether you guys follow that thread so I will reload the pics here.

Cable, Weekly and Daily charts. Looking for a breakout to the upside in order to search for longs. If breakout to the downside, I will pass.
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