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Cable Update (GBPUSD)

  • #59,041
  • Mar 20, 2008 6:57am Mar 20, 2008 6:57am
Well, my TP @ 1.9715 hasn't been reached yet... Anyway, I closed it manually @ 1.9780, it wasn't a good trade for me...

I'm staying out right now, coz I have no clue to hold a position....

[I just saw the momentum(14) is pointing up]
  • #59,042
  • Edited 7:30am Mar 20, 2008 7:13am | Edited 7:30am
2nd intraday test (effective double bottom) of support shown in post 59043 above, and price trades just off this near term 9840 resistance shown in the same post.
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ex member
  • #59,043
  • Mar 20, 2008 7:23am Mar 20, 2008 7:23am
oh crap ...i didnt notice this ...
  • #59,044
  • Mar 20, 2008 7:36am Mar 20, 2008 7:36am
and it was also one of the monthly pivot points.
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  • #59,045
  • Mar 20, 2008 7:43am Mar 20, 2008 7:43am
Open Long @ 1.9821, TP @ 1.9966, SL @ 1.9716
Closed @ 1.9841 (after the news)

Trigger: momentum(14) 1H TF pointing up (slightly) at the moment, closed after cross-checking the indicator to Weekly TF (they just don't match)

Now: Out of the market having no clue
  • #59,046
  • Mar 20, 2008 7:43am Mar 20, 2008 7:43am
Well that fall never went to well for me as I brought just over half and sold the rest
.I was the looking for a buy this morning only price was approaching my triangle.I am now looking to close tonight for close. The weeks range I think has been maxed out to the downside so shorts do not look good from here.
There has obviously been a rumour here re the Halifax bank being in trouble which I think has magnified the situation.
Today’s close will give the next sign.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #59,047
  • Mar 20, 2008 7:50am Mar 20, 2008 7:50am
yeh, 9741 is the Monthly Pivot
Attached Image
ex member
  • #59,048
  • Mar 20, 2008 7:58am Mar 20, 2008 7:58am
i think we are caught in channel and it has no direction i currently down 100 pips...worst day ever ..right now i just want to cut my loses but i hanging in th cause i dont think the she devil break didnt break 1.9837 this resistance we are just bouncing from 1.9837 to 1.9734 with 1.9800..giving me headache right inbetween

hopefully the weekly second support will break ...what yah think?
  • #59,049
  • Mar 20, 2008 8:01am Mar 20, 2008 8:01am
i think every off for easter!!
Trading is 80% Emotional, 20% Technical
  • #59,050
  • Mar 20, 2008 8:03am Mar 20, 2008 8:03am
you really don't have to know what will happen next, ie predict market reaction, to make money. It's just as well, as you, I, and everyone else do not and cannot know what will happen next. Just trade your edge, as long as you are confident that it produces a gain across a given sample of it's set-up. The distribution of winning and losing trades resulting from playing our edge are not known to us in advance. This means that we should just trade our edge with impunity and without emotion.
ex member
  • #59,051
  • Mar 20, 2008 8:17am Mar 20, 2008 8:17am
Quoting bbmac
you really don't have to know what will happen next, ie predict market reaction, to make money. It's just as well, as you, I, and everyone else do not and cannot know what will happen next. Just trade your edge, as long as you are confident that it produces a gain across a given sample of it's set-up. The distribution of winning and losing trades resulting from playing our edge are not known to us in advance. This means that we should just trade our edge with impunity and without emotion.

I agree buddy but i think emotion is part of life and i think its impossible to feel it in trading unless over time u learn to control it...I think its something which has to come with time....

Its totally unnatural to not care if u lose money.. i say this cause i gone from demo to live account only this week and when on demo i actually thoought i was free of emotion and i was till i start using my own money..it changes things completey
  • #59,052
  • Mar 20, 2008 8:19am Mar 20, 2008 8:19am
Quoting nAVIN2007
i think we are caught in channel and it has no direction i currently down 100 pips...worst day ever ..right now i just want to cut my loses but i hanging in th cause i dont think the she devil break didnt break 1.9837 this resistance we are just bouncing from 1.9837 to 1.9734 with 1.9800..giving me headache right inbetween

hopefully the weekly second support will break ...what yah think?
i am with you on this Navin, i see no reason for it to not go down...just hang in there...i know it's difficult but that's what's going to make you a great trader...hope you were'nt trading with too many lots were you?
I believe . . .
  • #59,053
  • Mar 20, 2008 8:22am Mar 20, 2008 8:22am
Quoting nAVIN2007
I agree buddy but i think emotion is part of life and i think its impossible to feel it in trading unless over time u learn to control it...I think its something which has to come with time....

Its totally unnatural to not care if u lose money.. i say this cause i gone from demo to live account only this week and when on demo i actually thoought i was free of emotion and i was till i start using my own money..it changes things completey
success comes to those who are to busy to look for it...
I believe . . .
  • #59,054
  • Mar 20, 2008 8:25am Mar 20, 2008 8:25am
Quoting ghous
i am with you on this Navin, i see no reason for it to not go down...just hang in there...i know it's difficult but that's what's going to make you a great trader...hope you were'nt trading with too many lots were you?
0.2 lots..

what i hate ...it seems even thou, u know what is happening, something can easily happen instead, its like a game of chance...the weekly chart suggest next week will be bearish but that doesnt mean it wont go up wednesday and thursday ..but yes bro i hear u....i need to just hang in there..
  • #59,055
  • Edited 9:28am Mar 20, 2008 9:02am | Edited 9:28am
4hr is potentially in a new downtrend....you can see the low (l) below the last higher low (hl) of the uptrend,...then the resulting lower high (lh) followed by the lower low (ll)at todays intraday lows at 9735 area.
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ex member
  • #59,056
  • Mar 20, 2008 9:13am Mar 20, 2008 9:13am
Quoting bbmac
4hr is potentially in a new downtrend....you can see the low (l) below the last higher low (hl) of te uptrend) and lower high (lh) followed by the lower low (ll)at todays intraday lows at 9735 area.
yes that's right...

the temporary resistance should finally stay strong to help the bounce occur, the downtrend should contiue from here...i am short 1.9817 with no tp for the first few hours, would like to see how it builds...
I believe . . .
  • #59,057
  • Mar 20, 2008 9:14am Mar 20, 2008 9:14am
also i not to sure but i think ...the 1 hr time frame has divergence

lets hope this baby fall through the floor ...
the longer it takes to go .....the more likely we are to go down...the 4hr candle needs to closer lower than 1.9810 then hopefully today something will happen ...
  • #59,058
  • Mar 20, 2008 9:17am Mar 20, 2008 9:17am
Quoting nAVIN2007
also i not to sure but i think ...the 1 hr time frame has divergence

lets hope this baby fall through the floor ...
forget abt divergence Navin...it's usless....i tried to trade divergences off the 1H several times, i installed the macd looking for divergences only to find that i missed the otherwise perfect setups juust because i saw divergince on the macd.

the only relevance divergence has is on the higher tf's like the daily and the weekly, and for the divergence to trigger it can take months, stop looking for them on the shorter tf's and you'll do better...

btw how are you trading? which price smoothers or indicators if any?? or some specific system??
I believe . . .
  • #59,059
  • Mar 20, 2008 9:26am Mar 20, 2008 9:26am
Quoting ghous
forget abt divergence Navin...it's usless....i tried to trade divergences off the 1H several times, i installed the macd looking for divergences only to find that i missed the otherwise perfect setups juust because i saw divergince on the macd.

the only relevance divergence has is on the higher tf's like the daily and the weekly, and for the divergence to trigger it can take months, stop looking for them on the shorter tf's and you'll do better...

btw how are you trading? which price smoothers or indicators if any?? or some specific system??
do it again use stochastics 5,3,3 on the 15 minute chart ....use it as a confluence to enter a trade it works bro ...it saved me big time yesterday i was in a losing trade i saw the divergence i canceled the trade and saved myself 50 pip lose....i will never trade without it ..
  • #59,060
  • Mar 20, 2008 9:26am Mar 20, 2008 9:26am
Quoting ghous
forget abt divergence Navin...it's usless....i tried to trade divergences off the 1H several times, i installed the macd looking for divergences only to find that i missed the otherwise perfect setups juust because i saw divergince on the macd.

the only relevance divergence has is on the higher tf's like the daily and the weekly, and for the divergence to trigger it can take months, stop looking for them on the shorter tf's and you'll do better...

btw how are you trading? which price smoothers or indicators if any?? or some specific system??
You are right about Divergence not working on its own. But, its presence can definitely add strength to your signal.
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