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Cable Update (GBPUSD)

  • #4,881
  • Jan 4, 2007 2:49am Jan 4, 2007 2:49am
Nearing first target of 1.9355 now. Gold is now sitting right on its trendline, if that goes things will get really fun.
Trust price. Know yourself.
  • #4,882
  • Jan 4, 2007 2:50am Jan 4, 2007 2:50am
out @ -36 pips, thank god only 1 lot
Man who scratches ass should not bite fingernails
  • #4,883
  • Jan 4, 2007 2:51am Jan 4, 2007 2:51am
picked up another 40pips and am out. Now I would like this baby to go all the way up.
trading on demo is not trading
  • #4,884
  • Jan 4, 2007 2:51am Jan 4, 2007 2:51am
Quoting SeekingLight
Nearing first target of 1.9355 now. Gold is now sitting right on its trendline, if that goes things will get really fun.
Do u think it will go to 355 now??
  • #4,885
  • Jan 4, 2007 2:53am Jan 4, 2007 2:53am
theres a good example of why you should wait for confirmation. I allow myself, though, to do these things once in a while but at minimal position sizes.
Man who scratches ass should not bite fingernails
  • #4,886
  • Jan 4, 2007 2:54am Jan 4, 2007 2:54am
the pound has move 120 pips top to bottom why is it going to turn
  • #4,887
  • Jan 4, 2007 2:56am Jan 4, 2007 2:56am
The selling is relentless. I love it. Took my daily expenses, now am working on the play money. We could see a relief candle coming up. Might give an entry if you missed the first ride. I am looking for a pull back to put a couple more lots on.
  • #4,888
  • Jan 4, 2007 2:56am Jan 4, 2007 2:56am
which way is it going to be fun?
Quoting SeekingLight
Nearing first target of 1.9355 now. Gold is now sitting right on its trendline, if that goes things will get really fun.
  • #4,889
  • Jan 4, 2007 2:58am Jan 4, 2007 2:58am
Quoting enzo2325
picked up another 40pips and am out. Now I would like this baby to go all the way up.
Long @ 9408
  • #4,890
  • Jan 4, 2007 3:04am Jan 4, 2007 3:04am
Quoting marwan2010
Long @ 9408
Long @ 9414
  • #4,891
  • Jan 4, 2007 3:05am Jan 4, 2007 3:05am
Quoting c1ro
Do u think it will go to 355 now??
I have no idea where it will go
Currently 1.9408 is support, but since EURUSD targets and GBPUSD targets line up with more dollar strength I simply will wait and see what happens.
Early entry + stops at break even = eternal patience.
I marked the targets because I feel they are areas of confluence and price tends to move to them and they have a certain "twang" to them, that can burn pips in no time if they hold, so I try to TP before them.

If you ever want to put up a post it or reminder for trading, let it be this one:
NEVER EVER EVER EVER ENTER IN THE MIDDLE.

I feel like a lot of folks are perpetually tempted to do that and I myself have done it far too many times.
And also: don't ever without a setup that you know to work and that you see.
I used to go long against these 200+ pip drops too at minor s/r zones until I realized I was trying to stem a big move with pocket change on an unknown broker somewhere in the world and that it was the stupidest thing to do to go AGAINST the current direction when there was NO SIGN FOR IT.
No idea why we do it, but it happened a LOT back when I started.
Thank god that's over.

Trading psychology > everything
Trust price. Know yourself.
  • #4,892
  • Jan 4, 2007 3:05am Jan 4, 2007 3:05am
Im up 20 pips on EurAud in case anyone is interested
  • #4,893
  • Jan 4, 2007 3:08am Jan 4, 2007 3:08am
Quoting goodthings
which way is it going to be fun?
If Gold closes below the trendline it should be descending further.
Traditional understanding is higher gold = weaker dollar and vice versa.
So far it's making a bounce and that's currently coinciding with cable pausing it's descent
No visible reason to panic just yet for me though, haven't seen a reversal sign yet. If we pause too long that's a different story.
Minor tiny news in 15 mins, maybe that restarts the engine on cable.
Trust price. Know yourself.
  • #4,894
  • Jan 4, 2007 3:09am Jan 4, 2007 3:09am
Quoting SeekingLight
I have no idea where it will go
Currently 1.9408 is support, but since EURUSD targets and GBPUSD targets line up with more dollar strength I simply will wait and see what happens.
Early entry + stops at break even = eternal patience.
I marked the targets because I feel they are areas of confluence and price tends to move to them and they have a certain "twang" to them, that can burn pips in no time if they hold, so I try to TP before them.

If you ever want to put up a post it or reminder for trading, let it be this one:
NEVER EVER EVER EVER ENTER IN THE MIDDLE.

I feel like a lot of folks are perpetually tempted to do that and I myself have done it far too many times.
And also: don't ever without a setup that you know to work and that you see.
I used to go long against these 200+ pip drops too at minor s/r zones until I realized I was trying to stem a big move with pocket change on an unknown broker somewhere in the world and that it was the stupidest thing to do to go AGAINST the current direction when there was NO SIGN FOR IT.
No idea why we do it, but it happened a LOT back when I started.
Thank god that's over.

Trading psychology > everything
Amen brother, I too get very tempted, my only relief is that when I do it I at least use minimal sizing w/no leverage. I do need to check myself on this though. Every Pip counts.
Man who scratches ass should not bite fingernails
  • #4,895
  • Jan 4, 2007 3:09am Jan 4, 2007 3:09am
anybody forseeing the news reversing this
  • #4,896
  • Jan 4, 2007 3:10am Jan 4, 2007 3:10am
sorry guys for the bad timing but I've become more and more frustrated about certain things with my broker...which brokers would you recommend?
  • #4,897
  • Jan 4, 2007 3:13am Jan 4, 2007 3:13am
I thought yesterday after the big drop off it would hold, but it just went sideways all day.

Then tonight it went down again, I expect it will hit 38.2% Fibo on the Monthly at 1.9333 area.

I would then contemplate a Long.
  • #4,898
  • Jan 4, 2007 3:13am Jan 4, 2007 3:13am
Quoting goodthings
anybody forseeing the news reversing this
I see it reversing it regardless of how it comes out. If cable negative, I see a fade, if positive - well, same direction. Then again, I am still bothered by the extreme readings of COT report. Will wait and see what happens. Either way, any long positions I take right now will continue to be on small position sizes.
Man who scratches ass should not bite fingernails
  • #4,899
  • Jan 4, 2007 3:21am Jan 4, 2007 3:21am
There is a lot of wisdom in Seeking Light's posts.

Go back and read them if you haven't already. Find a method that works for you. Doesn't have to be complicated. Mark the line in the sand and execute your plan. If it doesn't work one time. Accept it and do it again. I wish someone would have impressed this on me when I began trading. Sure would have saved me a bunch of money !!
  • #4,900
  • Jan 4, 2007 3:21am Jan 4, 2007 3:21am
Both cable and poundyen have followed through on the divergence. If anyone took the short on poundyen it has been good for over 100 pips so far. I would expect both to continue on down. Not surprising since that divergence had been quite impressive.
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