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Cable Update (GBPUSD)

  • #2,141
  • Dec 15, 2006 9:25am Dec 15, 2006 9:25am
Looking at the weekly channel:

1. Close today/week above the 1.9550 area we will be in the bottom of the top channel of Andrews Pitchfork.

2. Close below 1.9550 area we will be in the top of the bottom channel of the Pitch.

This would help us in trading for next week, which would be like this:

If 1 happens - we would go back up on the weekly to around 1.9860 to the top of the channel.

If 2 happens - we would go down on the weekly to around 1.9270 for the bottom of the bottom channel.

My Trades for the next two week:
(I am going to be gone but still trading blindly)

Still open - I had 1 Entry Short at 1.9720 to target at 1.9340 - could bank 380 pips if completed.

I had 1 Entry Short at 1.9743 but changed it just now to 1.9840 for the jump up for next week if it happens while I am gone, target for exit will be 1.9620

Trust in the system, and let it run without watching for 2 weeks, I must be a crazy trader for doing that.

I will see either losses, or gains when I return - will let you know the outcome then.

Monarch
  • #2,142
  • Dec 15, 2006 9:26am Dec 15, 2006 9:26am
Short from 9565 with a huge S/L 9673. At -99 pips loss I was getting ready to throw up but I kept the position. 9 pips before shooting myself dead the cable reversed and rewarded me with 42 pips. Fortunately my wife is a psychiatric nurse...

Quoting katzenhai2
Well, possible it will come back... we will see. Its crazy so far.
  • #2,143
  • Dec 15, 2006 9:30am Dec 15, 2006 9:30am
Quoting milan47
Short from 9565 with a huge S/L 9673. At -99 pips loss I was getting ready to throw up but I kept the position. 9 pips before shooting myself dead the cable reversed and rewarded me with 42 pips. Fortunately my wife is a psychiatric nurse...


Had a minor panic attack too - now I know why I trade the daily charts and go to work. Anyhow - back up over 650 pips now

Kind Regards
Steve
  • #2,144
  • Dec 15, 2006 9:32am Dec 15, 2006 9:32am
Quoting monarch
Looking at the weekly channel:

1. Close today/week above the 1.9550 area we will be in the bottom of the top channel of Andrews Pitchfork.

2. Close below 1.9550 area we will be in the top of the bottom channel of the Pitch.

This would help us in trading for next week, which would be like this:

If 1 happens - we would go back up on the weekly to around 1.9860 to the top of the channel.

If 2 happens - we would go down on the weekly to around 1.9270 for the bottom of the bottom channel.

My Trades for the next two week:
(I am going to be gone but still trading blindly)

Still open - I had 1 Entry Short at 1.9720 to target at 1.9340 - could bank 380 pips if completed.

I had 1 Entry Short at 1.9743 but changed it just now to 1.9840 for the jump up for next week if it happens while I am gone, target for exit will be 1.9620

Trust in the system, and let it run without watching for 2 weeks, I must be a crazy trader for doing that.

I will see either losses, or gains when I return - will let you know the outcome then.

Monarch
Good luck bro happy holidays 2 u & ur family!
  • #2,145
  • Dec 15, 2006 9:38am Dec 15, 2006 9:38am
What a day, got my Long on on the pull back 1.9625 area, saw resistance and wussed out nr 45 for a whopping 14pips, then went out.

If only I'd shorted atleast I didn't hold my long and keep moving my stop until my account was vaporised as per normal



CRAZY!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #2,146
  • Dec 15, 2006 9:39am Dec 15, 2006 9:39am
Falling Yen crosses are pushing down other currencies. In this thin market, Yen crosses has staged the same scence as of last December. Cable's fate is upto the hands of carry traders.
  • #2,147
  • Dec 15, 2006 9:41am Dec 15, 2006 9:41am
Truth is: big boys don't talk pips. They talk cents.
  • #2,148
  • Dec 15, 2006 9:55am Dec 15, 2006 9:55am
Quoting katzenhai2
By the way: I used a special data analysis technique which was right 3 days in a row and now 1 day more. It told me yesterday that there would be many ups and lows before the price will reach a specified price. And now it tells me that the price today will reach at least 1.9685. As well as it told me that the price will head up and the that the market will not react how everyone expect it. It told me more that there will be bigger retracements down, but in the end it will be heading up more.

Its even hard to believe for myself that it worked until now.
Hope it will be right once more with this.

But I'm out and don't trade that, sitting on my hands and watching only.
its difficult now
  • #2,149
  • Dec 15, 2006 9:59am Dec 15, 2006 9:59am
Quoting steviet


Had a minor panic attack too - now I know why I trade the daily charts and go to work. Anyhow - back up over 650 pips now

Kind Regards
Steve
I know what you mean. I've employed your strategy, and am now short for cable and eur/usd, and long for usd/chf and usd/jpy. I was away when the CPI news came out and got back in front of my PC at the top of the move after the news. Since I too committed to this system and promised not to move my stops or manually take profit, I switched my PC off and watched HBO expecting to find my stops taken out later. But I couldn't resist so I logged back in and to my surprise found my positions all in very good state.
  • #2,150
  • Dec 15, 2006 10:01am Dec 15, 2006 10:01am
Quoting REPApips
I know what you mean. I've employed your strategy, and am now short for cable and eur/usd, and long for usd/chf and usd/jpy. I was away when the CPI news came out and got back in front of my PC at the top of the move after the news. Since I too committed to this system and promised not to move my stops or manually take profit, I switched my PC off and watched HBO expecting to find my stops taken out later. But I couldn't resist so I logged back in and to my surprise found my positions all in very good state.
Well done - patience is a virtue my mother always told me

Kind Regards
Steve
  • #2,151
  • Dec 15, 2006 10:09am Dec 15, 2006 10:09am
Quoting teknostart
i was sooooooooooo chicken,,,, could have gotten out with ease

i will be waiting for the support ... then make a Long...

hope this times chickens will out of the questions...

Could have made $2k....
long live the chickens. too bad i cancelled my 9650 sell limit. good thing is i didnt lose anything today.
  • #2,152
  • Dec 15, 2006 10:23am Dec 15, 2006 10:23am
Guess it's spent and will be relatively flat into the close
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #2,153
  • Dec 15, 2006 10:25am Dec 15, 2006 10:25am
Any expectations on EU & US markets closing today?
  • #2,154
  • Dec 15, 2006 11:16am Dec 15, 2006 11:16am
what really gets me is the fact that the biggest rally we had in cable happened when no one was in the bloody market... lol ie from nov24th on, i mean liquidity was supposed to be low ect ect... what a joke now were not even getting close to those types of moves. going foward im gonna keep my eyes peeled during holidays for those types of breakouts. everything is just in total grid lock right now, with no clear trend.
  • #2,155
  • Dec 15, 2006 12:52pm Dec 15, 2006 12:52pm
Another week, another few pips earned. Was too tired went to sleep and set a limit and caught something.
Have to thank everyone here for their great suggestion and techniques.
Some of you have gone to vacation already.

Like Monarch, so next week I guess I'll be trading blindly on my own.
Over all a nice week and hope future weeks are nice for everyone!

Couldn't do it without you guys.. Here's my new home now.

Cheers everyone.. "BEER ALL AROUND"

P.S. for those that didn't do so well as planned, come here more often as I have and learn, study and hopefully we all can work it through in this unpredicatible market together!
  • #2,156
  • Dec 15, 2006 2:11pm Dec 15, 2006 2:11pm
Agreed.

20% is about making pips, 80% is about the fun of being among you guys.

MOPHA HAGOTDI*, everybody


César
* Making Our Pips HAppy and HAving a GOod Time Doing It

Quoting yulvme
Another week, another few pips earned. Was too tired went to sleep and set a limit and caught something.
Have to thank everyone here for their great suggestion and techniques.
Some of you have gone to vacation already.

Like Monarch, so next week I guess I'll be trading blindly on my own.
Over all a nice week and hope future weeks are nice for everyone!

Couldn't do it without you guys.. Here's my new home now.

Cheers everyone.. "BEER ALL AROUND"

P.S. for those that didn't do so well as planned, come here more often as I have and learn, study and hopefully we all can work it through in this unpredicatible market together!
  • #2,157
  • Dec 15, 2006 2:40pm Dec 15, 2006 2:40pm
I'm just bored since it's almost closing time for the market.was flipping through to other currency and saw something on CHF. Any comments? Looks as if CHF has retraced to 38% fib level, in correlation with Euro and since Euro kinda go with Cable I don't know if this means anything? Just for thoughts.

Might be CHF ended the week with a retrace from the fall, and continue lower so cable might go up next week?
Attached Image
  • #2,158
  • Dec 15, 2006 2:41pm Dec 15, 2006 2:41pm
holy moly....

the power just came on at my house, it was out all night.

I was in a long order from yesterday at 19687 and at about midnight or so the power goes out so I call my forex broker periodically and check the status, I just happened to call twice in the time period when it was peaking at 19660 and again it was at 19649 and i decided to close it and take the loss. whoooooooooooo good thing I did as it was (come to find out now ) dropping rapidly to well under 19600.
  • #2,159
  • Dec 15, 2006 2:51pm Dec 15, 2006 2:51pm
Quoting jeghead1
holy moly....

the power just came on at my house, it was out all night.

I was in a long order from yesterday at 19687 and at about midnight or so the power goes out so I call my forex broker periodically and check the status, I just happened to call twice in the time period when it was peaking at 19660 and again it was at 19649 and i decided to close it and take the loss. whoooooooooooo good thing I did as it was (come to find out now ) dropping rapidly to well under 19600.
Always have a generator if you're a full time trader. Plus it's nice to have one for winter anywayz. nice that you got out in time
  • #2,160
  • Dec 16, 2006 7:10am Dec 16, 2006 7:10am
Hi guys, just to put an idea on the table:

Looking back, in October-November, Cable performed a low - little up - little low then started trending up to 9800, or something like that. See below:

http://i2.photobucket.com/albums/y28.../reversal1.jpg

Can we say that the same (in the opposite direction) is a possibility now? Ok, "everything is a possibility", but I mean, can we from now on start considering a massive dollar recovery?

http://i2.photobucket.com/albums/y28.../reversal2.jpg

I'm asking that because I see here a expectation about Cable hitting 2.00 as a matter of WHEN not IF. For us, actually, it doesn't matter if Cable starts rising to 2.00 or drop to 9200, as long as we're trading in the right direction, right?

Haven't run Fibos or whatever here, just put that landscape here for debate.

Moreover, these last two weeks have been of very, very good news for the dollar and news expecting to help Yen, for instance, failed. There's something in the air saying that dollar & US economy are doing all right, thank you very much.

Thoughts?
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Meer-Shayhak