Cable Update (GBPUSD)

Quoting de123

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...interesting...what i think,...is boe cut rates, and cable rally, since it was already priced in...am i mising something, ...double cut?...hm...nah

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Quoting mike w

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Excellent advice Navin. If you've missed out on a trading opportunity, do not try to force it or chase it. I've done that in the past and lost money by doing so. Navin, you also have another excellent point in this post although it may be a little subtle for the newer guys to understand. He talked about a price action pattern and the fact that it was in no man's land. ONly trade price action trades if there is solid confluence. Do not take a trade just because you see a pin bar or something. Look for that extra guidance coming from your charts and you'll make money. Great post man!

Also try and remember the trend for now ladies and gents, and don't go against it. You will just be limiting yourself to a small trade with a terrible risk to reward ratio.

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Quoting de123

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...interesting...what i think,...is boe cut rates, and cable rally, since it was already priced in...am i mising something, ...double cut?...hm...nah

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Quoting nAVIN2007

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i can see your trading style is actaully what im aspiring to develop and even though i can give sometime good advise i never seem to listen to myself...but thx mike it gives confidence u know..

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Quoting asyed4

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No You are right, it was already priced in for Thursday morning BOE session at 6:00 am but Cable is high yield currency rate, if it is going down and down then by Thursday closing time it would be 1.9000 and I am sure UK President wouldn't take that much loss in FX.

What I think since we have two more days (Today and Tommorrow) before the sessions therefore, i agree with Navine to retrace back to at least 1.9850 during these two days then finally it would drop to at least 1.95 or so.

Missing a boat is much better than be a boat without seat. I would wait until it would go back to 1.98ishhhhhhhhh then I will place a short and will stick to it so wish me good luck......

Thanks,

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Quoting mike w

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That would be fun lol That'd probably give us a short lived pa pattern on the daily. After that, I would be looking to short on another pattern to the downside. What are your thoughts on it De?

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Quoting mike w

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For sure man! Listening to your own advice is a hard obstacle to tackle. It does take time and it does take nerves to go through with it because of fear of being wrong and other things. Try to think of this; If there is one person that you could trust in this world, who would it be? For me, it's me! That's why I was able to allow myself to trade what I thought to be right. In due time, you'll be able to and you'll become a professional trader.

As they say, all you have to do is persevere. That alone is success and so far your doing a damn good job.

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Quoting nAVIN2007

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sell at the top, buy on the bottom, only thing is that bloody pin on daily was at the top, finding the bottom isnt gonna be easy..but im sure when the time comes we will know it ..

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Quoting mike w

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Price action will give it to you! Trust it when it does and then reenter on another pa pattern at a higher high. Remember that monthly bar and your golden IMO.

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Quoting asyed4

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Can anyone give me the light that is it a good time to enter into the trade or wait until it is bottom or high because BOE decision is coming up.

The second thing is looks like the trend is down. I know you can't baby sitting to any trader but I woke up late and it is right now 9:37 am in Central Zone USA and I am confused because the rate is right now 1.9680 and I am not sure which direction I will take and if it would be a good time to trade.

Any suggestion or idea will be really appreicated. I think I would wait until the Asia Session and then put a car on the second gear by looking up the trend for next session because in US session the damage has already been done and If I play with short then I wouldn't think that by 4:00 pm central zone it would break 1.9650....
Thanks,

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Quoting Maxsmart

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If you are willing to hold your position for a few days and not hours or minutes. The pair will most likely go down to 1.94 as it has broken it's major support around the 1.98 region. Take a look at the daily chart and you'll seea break out on a descending triangele. If there is a close on the daily chart below this region, look to go short towards 1.94. I have been short this pair since a 1.9903. There might be a return move to a 1.98 but it will most likely be met with selling pressure pushing the pair towards 1.94. Institutional traders went short this pair by the way last friday after being net long due to the UK outlook. Also there is more room for depreciation with the interest rate announcement not until thursday. Then look for further clues in the BOE statment for the direction of this pair. To summarize, you could go short during the next rally with your stop loss behind the 1.98 region which will now serve as support and your target for a 1.94 or 1.95 if you want to get out early. Once again it may take some time.

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Quoting Maxsmart

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If you are willing to hold your position for a few days and not hours or minutes. The pair will most likely go down to 1.94 as it has broken it's major support around the 1.98 region. Take a look at the daily chart and you'll seea break out on a descending triangele. If there is a close on the daily chart below this region, look to go short towards 1.94. I have been short this pair since a 1.9903. There might be a return move to a 1.98 but it will most likely be met with selling pressure pushing the pair towards 1.94. Institutional traders went short this pair by the way last friday after being net long due to the UK outlook. Also there is more room for depreciation with the interest rate announcement not until thursday. Then look for further clues in the BOE statment for the direction of this pair. To summarize, you could go short during the next rally with your stop loss behind the 1.98 region which will now serve as support and your target for a 1.94 or 1.95 if you want to get out early. Once again it may take some time.

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Quoting AmeriTrini

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Mike, long time no talk, I hope all is well. I have a quick question; are you going to ride the cable back up or wait for it to top out and then ride it down again?

Thanks for the help,
Jamie.

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Quoting autogas

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