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Cable Update (GBPUSD)

  • #55,121
  • Feb 21, 2008 6:49am Feb 21, 2008 6:49am
Quoting Big Wave Rider
I would kindly like to thank everybody who is short right now. Thank you for your money, I will spend it wisely at the pub.
Yes you took some of my money. I am alright with it, but the market certainly isn't. It will inevitably get it back from you.

Again, the market is all powerful!!
  • #55,122
  • Feb 21, 2008 6:53am Feb 21, 2008 6:53am
Quoting mazdaz
Yes you took some of my money. I am alright with it, but the market certainly isn't. It will inevitably get it back from you.

Again, the market is all powerful!!
starting to have second thoughts because we r close to braking an important pshycological barrier.

19600


if it is broken i would have to agree with the bulls in here.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #55,123
  • Feb 21, 2008 6:55am Feb 21, 2008 6:55am
Quoting Big Wave Rider
I think your screen is upside down. How are you making money in a short right now?
Humble Lifetime Member
  • #55,124
  • Feb 21, 2008 6:57am Feb 21, 2008 6:57am
It is not rocket science cable bottoming in 1.93 and it is not that un-expected effect. So i will buy dips.. any dips
  • #55,125
  • Feb 21, 2008 6:58am Feb 21, 2008 6:58am
Quoting Big Wave Rider
Here is whats up with cable. Bounced three times off of the 50% fibo fan line from the weekly up trend, now needs to break through the daily down trend fan lines to signal continuation of trend. took a scalp from .9380 to .9555 and closed half of my position and moved the stop loss up on the other half for a guaranteed 50 pips after banking 175.
I got that fan on my chart now
Just wondered if you could help me further
Is the position of the lower handle on the daily fan on the bottom of the bearish bar or the open of the bullish bar.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #55,126
  • Feb 21, 2008 7:03am Feb 21, 2008 7:03am
Quoting Bones
I got that fan on my chart now
Just wondered if you could help me further
Is the position of the lower handle on the daily fan on the bottom of the bearish bar or the open of the bullish bar.

I have mine from the close of the candles,

When you fist apply them you start from the price high and low but then check the close next as sometimes the close is a stronger level then the price action, same thing with normal fibs as well. All of this could come down to broker times and other variables which is why it's important to see where it fits either the high/lows or the close.
Just Trade It
  • #55,127
  • Feb 21, 2008 7:09am Feb 21, 2008 7:09am
what do we think guys? short if it bounces off the resistance at 19600ish?
  • #55,128
  • Feb 21, 2008 7:09am Feb 21, 2008 7:09am
Unemployment Claims Does Not Have Much Diiffernce Then Previous...so It Wouldnt Effect Dollar In A Positive Direction At All.......

Technicals Are Saying Its STRONG Bullish In 4hr...but 9582 Is A Strong Resistance Comprising Of Weekly PIVOT And R2 For Today......

If It Breaches And Breaks 9582 Level Then I Will Go Long For Another 50pips............
  • #55,129
  • Feb 21, 2008 7:13am Feb 21, 2008 7:13am
http://www.forexfactory.com/news.php?do=news&id=71285
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #55,130
  • Feb 21, 2008 7:23am Feb 21, 2008 7:23am
me myself im not short, but if you guys are looking at going short, i wound't short anything below 1.9650
If I Go Broke Trying Then I Will die happy.
  • #55,131
  • Feb 21, 2008 7:24am Feb 21, 2008 7:24am
Quoting Moe
me myself im not short, but if you guys are looking at going short, i wound't short anything below 1.9650
Why 1.9650?
.
  • #55,132
  • Feb 21, 2008 7:30am Feb 21, 2008 7:30am
Quoting iakq
Unemployment Claims Does Not Have Much Diiffernce Then Previous...so It Wouldnt Effect Dollar In A Positive Direction At All.......

Technicals Are Saying Its STRONG Bullish In 4hr...but 9582 Is A Strong Resistance Comprising Of Weekly PIVOT And R2 For Today......

If It Breaches And Breaks 9582 Level Then I Will Go Long For Another 50pips............
there is also resitance of 60 fib retracement, and resitance on the daily chart. im not sure i would go 50 points but i might be wrong.

http://img139.imageshack.us/img139/2559/ssmm4.jpg
  • #55,133
  • Feb 21, 2008 7:34am Feb 21, 2008 7:34am
Quoting bullrock
Why 1.9650?
LOL, because thats where my t/p is at. im long from 1.9366
If I Go Broke Trying Then I Will die happy.
  • #55,134
  • Feb 21, 2008 7:35am Feb 21, 2008 7:35am
hourly chart note stochastic,

http://img86.imageshack.us/img86/3218/sskg0.jpg
  • #55,135
  • Feb 21, 2008 7:39am Feb 21, 2008 7:39am
Slapped some shorts on at 1.9587

I know Mike Huckerbee does not believe in gravity but I am relying on it..


The philly Fed is usually important so that should be a laugh
  • #55,136
  • Feb 21, 2008 7:40am Feb 21, 2008 7:40am
i have also gone short from 19577 TP 19527
  • #55,137
  • Feb 21, 2008 7:48am Feb 21, 2008 7:48am
i also shorted at 19579 but this time im regretting it.

"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #55,138
  • Feb 21, 2008 7:49am Feb 21, 2008 7:49am
Pictures of thousands words. You'll get from what you see. Wrong interpretation.. you'll lose


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  • #55,139
  • Feb 21, 2008 7:51am Feb 21, 2008 7:51am
Quoting Malaysia
Pictures of thousands words. You'll get from what you see. Wrong interpretation.. you'll lose


I just SHORTED exactly at 61.8% Fibbo.... SCALPING for possible price correction from the surge UP This kind of trade very RISKY since it's against the momentum.

Safer side... BUY FROM DIP if Cable stays above the Daily Pivot (US Session)... Patience is needed. Might Break the Channel Resistance. If Fail to break it.... I'll be Lucky of Shorting from Top. I'll place a tight SL.




Attached Image (click to enlarge)
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  • #55,140
  • Feb 21, 2008 7:53am Feb 21, 2008 7:53am
Sorry guys for my hick ups, but are we remembering the most important 10 trading rules?

Do you remember that staying out of the market is one the "best strategies"? I see lots of people chasing 10 pips up, 10 pips down and etc.. That's not right.

Don't you really believe that spending more time on reading and analysis will serve you better on the long run? Enter a trade, when you are almost 100% sure it will hit its target; its' never that you think it will; believe me in such cases it will probably not.

I like that guy (about 20 posts earlier) that commented "i TP'd today & out, gnight all". He's damn right. He studied the market well, knew the cable was going to fire up, entered probably with a lot or two knowing exactly that his 10 pip SL will not be hit, and went out for some beer. Let me tell you that he'd have lost those few greenbucks if he stayed in the market till now chasing the floating pennies around.

Talking for myself, i took 1 lot at 1.9645, 50% split at 1.9550, then 50% split again at 1.9560 and holing the remaining 0.25 till now.. Guess what? i don't care if it loses..

Anyway, i am again sorry for these hickups, i just felt the need to write a little maybe some folks will be advised to study and learn more and act only when more sure of what is going on.

PS> Anyone trying to think selling some of the crazy pair GBP/JPY? Ain't cable going up and the Yen down? Study it, say thanks when you make the greenbucks ..

Good luck all and happy trading ..
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