Cable Update (GBPUSD)

Quoting enzo2325

Disliked

Looking at my charts in all different time frames It MUST go down. Tp 9378

Ignored

Quoting mtrmth

Disliked

good thoughts, but i am confused about what you mean by a tick chart, is that minute by minute or second by second??

i am new to this thread and trading and i am looking for my own style, besides maximizing pips as everyone here is, so my knowledge of all the teminology is limited. bear with me.

just looking for opinions on how the charts are read and what people see the direction is taking. i will say, you are right lately, and i listen to yoru insight.

Ignored

Quoting mtrmth

Disliked

were you the one who looks at the COT reports?? i went there, but which ones were you looking at, the futures or the futures and options form?? which group is most pertinant to us??

Ignored

Quoting monarch

Disliked

Hey Enzo, my projection Low is 1.9367, but it could actually go to 1.9333 to hit a Fibo level I have targeted.

This should hold till the NFP, then we could see continuation in this channel, or actaully a drop out of the channel for a change in trend.

I don't know if NFP has that much pull on the Market, any comments folks?

Ignored

Quoting Leugimp

Disliked

1 portion of my longs already hit target. 2nd came short by a couple of pips, but everything seems to look the same for me. After such a long move like this, consolidation is normal before a reversal, especially with NFP coming up. If you are long, I would pay particualr attention to risk. Tomorrow is NFP and this consolidation period can get pretty confusing leading up to the release. You don't want to be pressured out of your position on a spike just because you are nervous and overleveraged. If this is a time where you are hoping to God that NFP comes your way, let go of the position and wait until after the release or even until monday. There are much easier days ahead of us, dont risk what you have made to this point on a hope that this volatile release doesn't touch your arbitrary stop - and by the way, during NFP, every "stop if touched" is an arbitrary stop. Just like you wouldn't pick a stop level that doesn't make sense on the timeframe you are trading, do not pick a random stop during NFP that is based on normal trading periods. In my opinion, and that is all this is, just an opinion, to trade NFP consistently and profitably, you must have
a)decent bankroll
b)longer frame setup - to line risk:reward up with ATR of volatile NFP periods
c)very strong technical and fundamental reason to be in the trade

if all of these things don't line up by that time, get out. If things line up afterwards, ok jump in - but in general if I'm not in it by the release, I'm usually done for the week as I have noticed that fridays are in general my worst days when I try to make sense of all of these factors pushing in many directions(prior releases,NFP,Profit taking). In fact I am pulling the plug on a couple of positions and dividing the rest among my profit targets that have yet to be reached - It has been a good enough week no need to try and force things.

Ignored

Quoting Leugimp

Disliked

1 portion of my longs already hit target. 2nd came short by a couple of pips, but everything seems to look the same for me. After such a long move like this, consolidation is normal before a reversal, especially with NFP coming up. If you are long, I would pay particualr attention to risk. Tomorrow is NFP and this consolidation period can get pretty confusing leading up to the release. You don't want to be pressured out of your position on a spike just because you are nervous and overleveraged. If this is a time where you are hoping to God that NFP comes your way, let go of the position and wait until after the release or even until monday. There are much easier days ahead of us, dont risk what you have made to this point on a hope that this volatile release doesn't touch your arbitrary stop - and by the way, during NFP, every "stop if touched" is an arbitrary stop. Just like you wouldn't pick a stop level that doesn't make sense on the timeframe you are trading, do not pick a random stop during NFP that is based on normal trading periods. In my opinion, and that is all this is, just an opinion, to trade NFP consistently and profitably, you must have
a)decent bankroll
b)longer frame setup - to line risk:reward up with ATR of volatile NFP periods
c)very strong technical and fundamental reason to be in the trade

if all of these things don't line up by that time, get out. If things line up afterwards, ok jump in - but in general if I'm not in it by the release, I'm usually done for the week as I have noticed that fridays are in general my worst days when I try to make sense of all of these factors pushing in many directions(prior releases,NFP,Profit taking). In fact I am pulling the plug on a couple of positions and dividing the rest among my profit targets that have yet to be reached - It has been a good enough week no need to try and force things.

Ignored

Quoting Leugimp

Disliked

1 portion of my longs already hit target. 2nd came short by a couple of pips, but everything seems to look the same for me. After such a long move like this, consolidation is normal before a reversal, especially with NFP coming up. If you are long, I would pay particualr attention to risk. Tomorrow is NFP and this consolidation period can get pretty confusing leading up to the release. You don't want to be pressured out of your position on a spike just because you are nervous and overleveraged. If this is a time where you are hoping to God that NFP comes your way, let go of the position and wait until after the release or even until monday. There are much easier days ahead of us, dont risk what you have made to this point on a hope that this volatile release doesn't touch your arbitrary stop - and by the way, during NFP, every "stop if touched" is an arbitrary stop. Just like you wouldn't pick a stop level that doesn't make sense on the timeframe you are trading, do not pick a random stop during NFP that is based on normal trading periods. In my opinion, and that is all this is, just an opinion, to trade NFP consistently and profitably, you must have
a)decent bankroll
b)longer frame setup - to line risk:reward up with ATR of volatile NFP periods
c)very strong technical and fundamental reason to be in the trade

if all of these things don't line up by that time, get out. If things line up afterwards, ok jump in - but in general if I'm not in it by the release, I'm usually done for the week as I have noticed that fridays are in general my worst days when I try to make sense of all of these factors pushing in many directions(prior releases,NFP,Profit taking). In fact I am pulling the plug on a couple of positions and dividing the rest among my profit targets that have yet to be reached - It has been a good enough week no need to try and force things.

Ignored

Quoting monarch

Disliked

Leugimp I agree totally with this post.

Take our profits from all the hard work and studying and be done. Go relax during this time, and come back fresh for next week.

There are plenty of easy ways to make pips, and the NFP is high volume, it is quick and a dangerous period where you could find yourself sinking fastly and deep into a pip-sinking sand pit.

This has been a very profitable week for trading, hope to see a channel the rest of 2007 - bwould be great for all of us.

Good Trading Folks!

Ignored

Quoting obeewon

Disliked

i agree. i think i may even sit out and wait until monday or tuesday because i also dont like to trade on mondays. however i have a decision to make. i am short gbp @9525; should i wait until right before nfp or should i just close position now? not exactly sure what i want any suggestions?

Ignored

Quoting mmccormac

Disliked

I would tighten my stops before the relese just in case... Could be a very bad number if the ADP is even in the same ballpark witch could cause a major upmove in the GBP... We will see I guess.

Ignored

Quoting obeewon

Disliked

i agree. i think i may even sit out and wait until monday or tuesday because i also dont like to trade on mondays. however i have a decision to make. i am short gbp @9525; should i wait until right before nfp or should i just close position now? not exactly sure what i want any suggestions?

Ignored