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Cable Update (GBPUSD)

  • #4,561
  • Jan 3, 2007 5:26am Jan 3, 2007 5:26am
Quoting Leugimp
confirmed reversal, will only go with 2 lots. long @ 9614 - 1st tp = 9654, sl -9592
Should have listened to your advise. Closed Short for +87 points. Also waiting for 9654 then possible short TP 9573. Good Call
  • #4,562
  • Jan 3, 2007 5:28am Jan 3, 2007 5:28am
Quoting cesarnc
You still in?
yes
Man who scratches ass should not bite fingernails
  • #4,563
  • Jan 3, 2007 5:31am Jan 3, 2007 5:31am
price seems to be stalling though and if it doesn't reach my first tp soon, I will have to exit(especially since neg reversal is starting to form in immediate short term).
Man who scratches ass should not bite fingernails
  • #4,564
  • Jan 3, 2007 5:41am Jan 3, 2007 5:41am
I'm out... too risky (FOR ME) to stay in. I'm currently managing to recover losses here....

Will wait for upcoming news
  • #4,565
  • Jan 3, 2007 5:50am Jan 3, 2007 5:50am
Refueling past 9629++ done...now to head south back again...
  • #4,566
  • Jan 3, 2007 5:50am Jan 3, 2007 5:50am
Quoting cesarnc
I'm out... too risky (FOR ME) to stay in. I'm currently managing to recover losses here....

Will wait for upcoming news
its ok, just remember it is important to decide this before making entry at all times, not worth taking risk if not going to give yourself the chance for reward. This is true for all setups, the only time you should get out is on stop or if scenarios change, even though they may be changing now, it is not yet confirmed, and even if it was confirmed, may not be worth quitting right now to save myself 8-10 pips unless I plan on reversing my position. As for this move down, my guess is a short term double bottom. Could be wrong though, that why only 2 lots.
Man who scratches ass should not bite fingernails
  • #4,567
  • Jan 3, 2007 5:51am Jan 3, 2007 5:51am
Key resistance seems to be at 1.9595
  • #4,568
  • Jan 3, 2007 5:52am Jan 3, 2007 5:52am
I will stick with my 1.9590 SL, changed TP to 1.9630. Now's the time to go long at 1.9600 before U.S. news at 10EST
  • #4,569
  • Jan 3, 2007 5:55am Jan 3, 2007 5:55am
Nevermind, SL touched and will wait for the news
  • #4,570
  • Jan 3, 2007 5:56am Jan 3, 2007 5:56am
oh well!! wait for the next one.
Man who scratches ass should not bite fingernails
  • #4,571
  • Jan 3, 2007 5:57am Jan 3, 2007 5:57am
wish i was awake when it went up to 35 and reversed.
Man who scratches ass should not bite fingernails
  • #4,572
  • Jan 3, 2007 5:58am Jan 3, 2007 5:58am
bubble is at lower band again though so will wait for confirmed reversal to do it again.
Man who scratches ass should not bite fingernails
  • #4,573
  • Jan 3, 2007 6:01am Jan 3, 2007 6:01am
4 hr is poised to turn up, if it doesn't break 65 and turns, we can look for a nice move up.
Man who scratches ass should not bite fingernails
  • #4,574
  • Jan 3, 2007 6:06am Jan 3, 2007 6:06am
Cable hit another support which is the close price of last week, together with the trendline it may hold the cable from falling but there seems to be heavy selling today,even on the bad news. although USD fell initially against the pound then retraced and went higher. My projection for the day is that the lows will be below or just slightly above 1.95 area.

This is my first post on the forum to share my view.

P.S. Im trading with oanda and they have open orders statistics which went from bullish to bearish on the cable this is partly why im bearih
  • #4,575
  • Jan 3, 2007 6:08am Jan 3, 2007 6:08am
Quoting Leugimp
its ok, just remember it is important to decide this before making entry at all times, not worth taking risk if not going to give yourself the chance for reward. This is true for all setups, the only time you should get out is on stop or if scenarios change, even though they may be changing now, it is not yet confirmed, and even if it was confirmed, may not be worth quitting right now to save myself 8-10 pips unless I plan on reversing my position. As for this move down, my guess is a short term double bottom. Could be wrong though, that why only 2 lots.
Got that... But I was foreseeing the expected retracement for quick pips. When it stalled my feelings of risk/reward changed... Manage to stay profitable yet, could have lost 20 pips - way too precious to me so far...

Thanks for you comments anyway. Your strategy is clearly the most effective for larger profits... Unfortunately I'm not in position of risking too much pips. So I'm going baby steps until I reach my targeted balance here...
  • #4,576
  • Jan 3, 2007 6:09am Jan 3, 2007 6:09am
pending orders entered:-

half lot gbp/usd short 9595 tp 9565
half lot gbp/yen short 233.83 tp 233.44
half lot usd/chf long 2168 tp 2208

  • #4,577
  • Jan 3, 2007 6:11am Jan 3, 2007 6:11am
I bought more on the way down at .9600 and 9588. I just feel the ISM is going to be weak today.
  • #4,578
  • Jan 3, 2007 6:15am Jan 3, 2007 6:15am
I would like to see price reach 9575 before turning(strong support on 1600 tick chart).
Man who scratches ass should not bite fingernails
  • #4,579
  • Jan 3, 2007 6:34am Jan 3, 2007 6:34am
confirmed on 150 tick - long 2@ 1.9590, tp1 1.9630 sl 1.9572
Man who scratches ass should not bite fingernails
  • #4,580
  • Jan 3, 2007 6:35am Jan 3, 2007 6:35am
i think ISM will spike at least 60 going by the previous data.
anybody has a contrary opinion?
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