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Cable Update (GBPUSD)

  • #4,221
  • Jan 2, 2007 1:25am Jan 2, 2007 1:25am
Man I hate taking a trade too early I did this on Friday in the early am and man I was pissed! Now this sucker is going crazy again on me, DANG IT!
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #4,222
  • Jan 2, 2007 1:27am Jan 2, 2007 1:27am
Bull market! Long all the way.
  • #4,223
  • Jan 2, 2007 1:27am Jan 2, 2007 1:27am
1st condition of my reversal setup occured. Waiting for 2nd condition/confirmation and we should have a nice 40 pip move in minimum.
Man who scratches ass should not bite fingernails
  • #4,224
  • Jan 2, 2007 1:29am Jan 2, 2007 1:29am
Damn I'm getting hammered! Entered too early on my short!
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #4,225
  • Jan 2, 2007 1:30am Jan 2, 2007 1:30am
Quoting Leugimp
1st condition of my reversal setup occured. Waiting for 2nd condition/confirmation and we should have a nice 40 pip move in minimum.

North or south?
  • #4,226
  • Jan 2, 2007 1:30am Jan 2, 2007 1:30am
I was short but the spike upwards just stopped me out. The spike went right through the trendline and also through a resistance that had been tested twice previously at 1.9678. Now the current price is just below a previous trendline. I'm wondering whether it's time to go short again expecting a bounce off this upper trendline, or if this trendline will be broken and it'll be time to go long.
  • #4,227
  • Jan 2, 2007 1:32am Jan 2, 2007 1:32am
Looking at the 1.9700 mark to see if it holds - key point of resisitance in the past.

It may just be pulling everyone in on Long here then reverse to Short and will pull every ones stops out, watching for this now.
  • #4,228
  • Jan 2, 2007 1:34am Jan 2, 2007 1:34am
If 9700 gives way I think we have no way to go but up. Channel is broken on my charts, but the #'s can be off a bit on the longer term charts.
  • #4,229
  • Jan 2, 2007 1:34am Jan 2, 2007 1:34am
Quoting dimmi
North or south?
Reversal to go south, however it is imperative for me to wait for confirmation, keeps me out of trading against momentum of the immediate move.
Man who scratches ass should not bite fingernails
  • #4,230
  • Jan 2, 2007 1:34am Jan 2, 2007 1:34am
Quoting mickeymickey
I was short but the spike upwards just stopped me out. The spike went right through the trendline and also through a resistance that had been tested twice previously at 1.9678. Now the current price is just below a previous trendline. I'm wondering whether it's time to go short again expecting a bounce off this upper trendline, or if this trendline will be broken and it'll be time to go long.
If your entering in this type of market you will need more than 30 pip stops, it could expand you for 50 or more before turning.

You could just re-enter if it drops back down to where you were stopped out, if you feel it will still go short.

Just a small idea, keep loose if your trading in this condition.
  • #4,231
  • Jan 2, 2007 1:37am Jan 2, 2007 1:37am
Quoting monarch
If your entering in this type of market you will need more than 30 pip stops, it could expand you for 50 or more before turning.

You could just re-enter if it drops back down to where you were stopped out, if you feel it will still go short.

Just a small idea, keep loose if your trading in this condition.
I think it is also important to enter at the time when your strat says it is time, and to set your stops at the levels, wether 10 or 100 pips, where your logic is no longer valid.
Man who scratches ass should not bite fingernails
  • #4,232
  • Jan 2, 2007 1:39am Jan 2, 2007 1:39am
Come on you little rat turn around and party on down south! I knew I should've held off on that short as soon as the next 15 min candle formed a spinning top and headed back up! Oh well, once again another lesson, lol!
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #4,233
  • Jan 2, 2007 1:40am Jan 2, 2007 1:40am
I would guess that most traders who went short between 1.9640 and 1.9670 were stopped out during this jump.

Now we see if it settles back down after taking most stops out and pulls the Longs stops out.

This is how the path is cleared for takeoff folks.
  • #4,234
  • Jan 2, 2007 1:42am Jan 2, 2007 1:42am
Quoting Leugimp
I think it is also important to enter at the time when your strat says it is time, and to set your stops at the levels, wether 10 or 100 pips, where your logic is no longer valid.
Anyone entering during the minutes after open were truly surprised, and mostly they entered out of excitement rather than their strategy placement.
Keep you stop where you planned to keep it, but do not keep getting in and out during the movement, you will be beaten alive.
  • #4,235
  • Jan 2, 2007 1:46am Jan 2, 2007 1:46am
Still short and waiting for the turn but she's not giving in here!
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #4,236
  • Jan 2, 2007 1:47am Jan 2, 2007 1:47am
Quoting Qwiktrader
Come on you little rat turn around and party on down south! I knew I should've held off on that short as soon as the next 15 min candle formed a spinning top and headed back up! Oh well, once again another lesson, lol!
Please take this the right way. Realizing a mistake, in the sense of analysis, is only 5% of improving. It is important to excercise and build confidence in your strat by putting yourself in conditions of complete unexpected mental duress. By desensitizing yourself to these situations, you will be able to act quickly and save yourself money or make more. The difference between the pro and amateur trader is hardly analysis, but rather confidence which leads to very efficient execution. You say you knew you should have, but if you really knew, why are you still in this position? Everything is very easy looking back, it is discipline and confidence that really need to be strengthened. Once that becomes your objective, you wont need to worry so much about being wrong. Just an opinion.
Man who scratches ass should not bite fingernails
  • #4,237
  • Jan 2, 2007 1:51am Jan 2, 2007 1:51am
Just went short @ 90. stop @ 9705. look for 1st move to 9750. Trailing rest after.
Man who scratches ass should not bite fingernails
  • #4,238
  • Jan 2, 2007 1:52am Jan 2, 2007 1:52am
The pound is holding strong, be careful don't get cought up in the movement, ie buying to high and selling to low.
If I Go Broke Trying Then I Will die happy.
  • #4,239
  • Jan 2, 2007 1:53am Jan 2, 2007 1:53am
Quoting Leugimp
Just went short @ 90. stop @ 9705. look for 1st move to 9750. Trailing rest after.

9650?
  • #4,240
  • Jan 2, 2007 1:54am Jan 2, 2007 1:54am
Quoting dimmi
9650?
sorry, you're right
Man who scratches ass should not bite fingernails
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