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Cable Update (GBPUSD)

  • #56,021
  • Feb 26, 2008 4:36pm Feb 26, 2008 4:36pm
looks like euro is correcting after such a spike.
lets c if cable follows.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #56,022
  • Feb 26, 2008 4:42pm Feb 26, 2008 4:42pm
Quoting AmeriTrini
On the contrary, The Sun hits Asia before it hits Europe(therefore movements occur in the GBP/JPY pair before they happen in the cable). GBP/JPY is the primer for GBP/USD.
That’s interesting Ameri I was wondering how you would use a 90% positive correlation .I have had a quick look at GBP-JPY and it looks like its coming up to some tough resistance.

Oh my I think we have a possible pin on cable 4 hour might have to wait for 12 ,just need a little drop further
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #56,023
  • Feb 26, 2008 4:42pm Feb 26, 2008 4:42pm
EURUSD and GBPUSD do look similar and follow each other most of the time, but not 100%, so not trading / or trading base on the EURUSD has lost me money quite freqently, but nothing is perfect.

I do better, since I stopped using the EUR chart to trade the GBP anyway.

USDJPY seems to obey the over all trend ( in reverse ofcourse ), but totally unrelated movements wise during the day, which i like!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,024
  • Feb 26, 2008 4:57pm Feb 26, 2008 4:57pm
The only way is up !

The decision is made

How long before someone says '2.50 here we come'

and why not ?
  • #56,025
  • Feb 26, 2008 4:59pm Feb 26, 2008 4:59pm
I'm waiting for 3.0000 till I book my really cheap holiday in the USA and order some more mountain bike parts from the USA
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,026
  • Feb 26, 2008 5:01pm Feb 26, 2008 5:01pm
Quoting Turveyd
EURUSD and GBPUSD do look similar and follow each other most of the time, but not 100%, so not trading / or trading base on the EURUSD has lost me money quite freqently, but nothing is perfect.

I do better, since I stopped using the EUR chart to trade the GBP anyway.

USDJPY seems to obey the over all trend ( in reverse ofcourse ), but totally unrelated movements wise during the day, which i like!!
Last year I traded the gbp with one eye on the Euro and it correlated beautifully with sometimes a one minute lag - easy

Now they are divorced it has been harder - but I think they are getting reconciled slowly

I think they will be friends until Germany turns down and the pressures of south inflation /north recession build again - but that is 18 months off I guess

They all live in rented apartments and save like jesus anyway so the euro will be more stable because of northern europe
  • #56,027
  • Feb 26, 2008 5:07pm Feb 26, 2008 5:07pm
Quoting allserene
The only way is up !

The decision is made

How long before someone says '2.50 here we come'

and why not ?
why is a better question than why not?
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #56,028
  • Feb 26, 2008 5:09pm Feb 26, 2008 5:09pm
just shorted for 1.9760
And your mouth dropped
  • #56,029
  • Feb 26, 2008 5:15pm Feb 26, 2008 5:15pm
Quoting makey2u
just shorted for 1.9760
theres bound to be a correction but even though seems risky
hows ur account mate.
looking forward to ur chat room.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #56,030
  • Feb 26, 2008 5:16pm Feb 26, 2008 5:16pm
Quoting salah k.
theres bound to be a correction but even though seems risky
hows ur account mate.
looking forward to ur chat room.
hey man, working on the site but its gonna take some time, just havent touched it this week because i've had to many meetings and such and im booked until friday afternoon, so i havent been trading much but my account is still growing.. lets hope it stays that forever. haha

what about youurs??
And your mouth dropped
  • #56,031
  • Feb 26, 2008 5:19pm Feb 26, 2008 5:19pm
Allserene, thats the main trading problem, the rules to how there playing the game changes and no one tell us about it.

Looking to go short GBP on a up move approaching 23:59, profit taking / new short positions should pull us back 40pips or so slowly, like nearer 1.9900 though!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,032
  • Feb 26, 2008 5:20pm Feb 26, 2008 5:20pm
Quoting makey2u
hey man, working on the site but its gonna take some time, just havent touched it this week because i've had to many meetings and such and im booked until friday afternoon, so i havent been trading much but my account is still growing.. lets hope it stays that forever. haha

what about youurs??
good so far but im staying away from gbp tonight though it seems tempting
gonna wait till gdp tomorrow might trigger a big selloff.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #56,033
  • Feb 26, 2008 5:20pm Feb 26, 2008 5:20pm
where have all the shorters gone ?
long time passing
where have all the shorters gone ?
long time ago
  • #56,034
  • Feb 26, 2008 5:23pm Feb 26, 2008 5:23pm
cable has broken out.
If I Go Broke Trying Then I Will die happy.
  • #56,035
  • Feb 26, 2008 5:29pm Feb 26, 2008 5:29pm
Quoting allserene
The only way is up !

The decision is made

How long before someone says '2.50 here we come'

and why not ?

Thats a possibility, 3.0000 on the other hand is unlikely!!
  • #56,036
  • Feb 26, 2008 5:30pm Feb 26, 2008 5:30pm
this is not true.
stochastic is a very good indicator, it' s just you don't know how to read it.
let me give you a brief update (something like 101 stochastics): since it's an oscillator, it will stay overbought in an uptrend and oversold in a downtrend - hence the false signals (any other oscillator behaves in a very similar way, RSI for instance... or CCI... you name it).
the "trick" with any oscillators is this: it shows you when to buy dips in an uptrend, and when to sell rallies in a downtrend. so in this case, since g-u is in a strong uptrend, you keep your long position and you keep adding longs every time you see stochastic going OVERSOLD.
here's a chart showing you this strategy. i opened positions where i put arrows.
the only time when you start to worry about your longs is when you see a classic bearish divergence on stochastic. which i don't see in this case, so i hold on to my longs and i hope to add some more until we reach the top.

Quoting nAVIN2007
I closed my position already as i see bears have come back ..lol
I will enter tomorrow based on what i see..and stick to my trading plan no matter what ...many pips to u ..

the biggest thing i learned today is stochastic overbought thing is a real doggy indication
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Nihil Sine Deo.
  • #56,037
  • Feb 26, 2008 5:30pm Feb 26, 2008 5:30pm
Went short on that last up move and FXCM froze on me

Hope it has another run, but with my luck doubt it

* Quit and restarted FXCM good job I checked Short at 1.9885, could of held over night and had my account toasted if I'd switched PC off and left it stopless *
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,038
  • Feb 26, 2008 5:37pm Feb 26, 2008 5:37pm
Quoting Moe
selling this pair was a big mistake for any one who went short, long all the way, 4x trader we was on the same path
Whew you made it again Moe 200+ pips profit not bad for yesterday's trading I was thinking then that I have to wait for your confirmation before I square off my pos once again the COT report was right they dump the $ M planning to re-buy the cable later. What a trade it was!
  • #56,039
  • Feb 26, 2008 5:46pm Feb 26, 2008 5:46pm
Quoting Scrat
this is not true.
stochastic is a very good indicator, it' s just you don't know how to read it.
let me give you a brief update (something like 101 stochastics): since it's an oscillator, it will stay overbought in an uptrend and oversold in a downtrend - hence the false signals (any other oscillator behaves in a very similar way, RSI for instance... or CCI... you name it).
the "trick" with any oscillators is this: it shows you when to buy dips in an uptrend, and when to sell rallies in a downtrend. so in this case, since g-u is in a strong uptrend, you keep your long position and you keep adding longs every time you see stochastic going OVERSOLD.
here's a chart showing you this strategy. i opened positions where i put arrows.
the only time when you start to worry about your longs is when you see a classic bearish divergence on stochastic. which i don't see in this case, so i hold on to my longs and i hope to add some more until we reach the top.
Ya know Scrat you are absolutely correct on that, these indicators are not being used correctly and can be profitable but they are bit lagging for instance if we close below 1.9870 there not telling you there’s a high probability of a retrace back closer to the rising 4hr Tl are they ?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #56,040
  • Feb 26, 2008 5:50pm Feb 26, 2008 5:50pm
euro 50 pip correction so far
pound not yet ready to enter correction mode??
"what doesn't bankrupt me, makes me stronger" modern nietzche
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