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Cable Update (GBPUSD)

  • #61,021
  • Apr 9, 2008 3:06am Apr 9, 2008 3:06am
Quoting Tmac
Overall structure is bearish. Decelerating momentum could attract it towards supports at 1.9617 or 1.9599. Major support is clustered around 1.9498 limit
Tom,
Any thoughts on whether we will see much of a move upwards before the big bear move?

Thanks
Rob
  • #61,022
  • Apr 9, 2008 3:07am Apr 9, 2008 3:07am
Quoting nAVIN2007
i just cant seem to make the right decision when it matters ....its like im cursed..it can only be lack of knowledge, we nee to read more or get a better technique to enter..
No offense buddy: You need to differentiate between technique and method of trade. Following signals and indicators are like techniques, Deciding how much pain to take (No pain No gain) is the method.

You know where to pull the trigger/stoploss, where you can no longer take any more punches.

This is a very tough market at the moment. Stoploss for sell position is above 9696/ 9716 for short-term traders. above that level sell may fail to be sustained in the very short term. The trick is to enter as close as possible to those levels for sell. If it move below 9647, sell will hold. It is a two-way sword.

If you have already entered like me, then let your method playout itself.
  • #61,023
  • Apr 9, 2008 3:20am Apr 9, 2008 3:20am
Quoting priceaction
Tom,
Any thoughts on whether we will see much of a move upwards before the big bear move?

Thanks
Rob
thats a hard one there, if we do I do not expect it to last long

and a big bear move is not promised with this pair, you are trading the weak against the weak and who is weaker right now determines direction, BOE expected to cut is a major help but then again so is the Feds..........take profits and fiind a better pair to trade or should I say an easier pair
Don't chase the market, Let the market come to you
  • #61,024
  • Apr 9, 2008 3:21am Apr 9, 2008 3:21am
Quoting fxbroker
No offense buddy: You need to differentiate between technique and method of trade. Following signals and indicators are like techniques, Deciding how much pain to take (No pain No gain) is the method.

You know where to pull the trigger/stoploss, where you can no longer take any more punches.

This is a very tough market at the moment. Stoploss for sell position is above 9696/ 9716 for short-term traders. above that level sell may fail to be sustained in the very short term. The trick is to enter as close as possible to those levels for sell. If it move below 9647, sell will hold. It is a two-way sword.

If you have already entered like me, then let your method playout itself.
yur right ....im not willing to take a lose that the problem im facing and end up losing anyway ...
  • #61,025
  • Apr 9, 2008 3:44am Apr 9, 2008 3:44am
good cable news ... could it break resistance
  • #61,026
  • Apr 9, 2008 3:48am Apr 9, 2008 3:48am
cable struggling at 23.6% 19713 (9925 to 9648) if breaks then upto 38.2 19755 area perhaps, worth a sell there
Trading is 80% Emotional, 20% Technical
  • #61,027
  • Apr 9, 2008 4:08am Apr 9, 2008 4:08am
Quoting fx local
cable struggling at 23.6% 19713 (9925 to 9648) if breaks then upto 38.2 19755 area perhaps, worth a sell there
how far up do u think cable could go b4 it goes down..do u think..

i placed a short actually 2
1.9663 ...SP 1.9800 TP 1.9416
1.9687....SP 1.9800 TP 1.9417

U think this is good or bad trade...?
im thinking 1.9849 ..assuming 50% retracement ...but this to much ...
  • #61,028
  • Apr 9, 2008 4:18am Apr 9, 2008 4:18am
i think u need indepedence in making your own trading decisions... make sure u have the edge and know what it is,

waiting until after the IP data would have given u a better entry...

cable will now look for 19755 resistance.. looking for small short entry there
Trading is 80% Emotional, 20% Technical
  • #61,029
  • Apr 9, 2008 4:24am Apr 9, 2008 4:24am
short 9720 tp 9585
  • #61,030
  • Apr 9, 2008 4:24am Apr 9, 2008 4:24am
Quoting fx local
i think u need indepedence in making your own trading decisions... make sure u have the edge and know what it is,

waiting until after the IP data would have given u a better entry...

cable will now look for 19755 resistance.. looking for small short entry there
im asking for yur view on the trade, not asking for a trade call ....i never have asked and never will....i only asking u cause u have experience and yur comments can make me learn quicker
it seems to me trading against trend ....is very stressfull and i just know if i buy right now ...its gonna go down ..im just concerned with my SP...not sure if it might be hit ..
the bodies of the bears are becoming small, bulls are trying to fight back but like someone said yesterday theres plenty of selling pressure, so its very tricky and plus i have to go work now so i cant even get a confirmation..with rate b4 hand..
  • #61,031
  • Apr 9, 2008 4:29am Apr 9, 2008 4:29am
The UK fundies bring the cable test the trendline (support turn to resistance) but my resistance on 1.9727 and 1.9790..a break on this point will need to re evaluate.but a PO short on 1.9725 area maybe a good one.IMHO
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  • #61,032
  • Apr 9, 2008 4:33am Apr 9, 2008 4:33am
ok, not bad trade, technically with the trend, entries ok, if BoE cut 50 tomorrow i think your target iwill easily be reached. slow grind in cable today, abit of short covering after 9.30 data. was hoping for 1.9755 area for short but may have to move that down since cable fatigued last move up,

best of luck to u Navin2007 with that trade, imust add- only act and trade on high convictions otherwise u will always second guess yourself.
Trading is 80% Emotional, 20% Technical
  • #61,033
  • Apr 9, 2008 4:35am Apr 9, 2008 4:35am
we are right at support of a falling wedge..
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  • #61,034
  • Apr 9, 2008 4:45am Apr 9, 2008 4:45am
Quoting fx local
ok, not bad trade, technically with the trend, entries ok, if BoE cut 50 tomorrow i think your target iwill easily be reached. slow grind in cable today, abit of short covering after 9.30 data. was hoping for 1.9755 area for short but may have to move that down since cable fatigued last move up,

best of luck to u Navin2007 with that trade, imust add- only act and trade on high convictions otherwise u will always second guess yourself.
thx buddy ...and yes your right, if only i had faith in myself i would have been short right at the pin on daily start of week, and am realising this with myself as a big time weakness..
The problem comes from forums actaully, so many views and if u havent been trading long (me only 4th week) its easy to doubt yourself, and this is where its all falling apart, but i learnt a hell of a lot to..
thx for taking the time to post a reply...its apprecaited
  • #61,035
  • Apr 9, 2008 4:50am Apr 9, 2008 4:50am
Quoting nAVIN2007
thx buddy ...and yes your right, if only i had faith in myself i would have been short right at the pin on daily start of week, and am realising this with myself as a big time weakness..
The problem comes from forums actaully, so many views and if u havent been trading long (me only 4th week) its easy to doubt yourself, and this is where its all falling apart, but i learnt a hell of a lot to..
thx for taking the time to post a reply...its apprecaited

no worries mate, still very much in the learning process myself, buy and read trading the zone by Mark douglas, helped me alot when i first started, very good book on trading psycology and market wizards - read the story of Micheal Marcus, every new trader should take heart from his story into trading
Trading is 80% Emotional, 20% Technical
  • #61,036
  • Apr 9, 2008 5:03am Apr 9, 2008 5:03am
Quoting fx local
no worries mate, still very much in the learning process myself, buy and read trading the zone by Mark douglas, helped me alot when i first started, very good book on trading psycology and market wizards - read the story of Micheal Marcus, every new trader should take heart from his story into trading
Hi Navin, I did make the mistake as well. I lost 41 pips as my stop loss was 1.9650 actually I didn't have to trade with long.

Any way please anyone tell me is this the good time to place a short entry for any new position randomly like entry point: 1.9695 SL:1.9750 and PT: 1.9580 something like that Actually I had wrong stop loss last night please help me this time with SL and about the new entry.
  • #61,037
  • Apr 9, 2008 5:10am Apr 9, 2008 5:10am
Quoting asyed4
Hi Navin, I did make the mistake as well. I lost 41 pips as my stop loss was 1.9650 actually I didn't have to trade with long.

Any way please anyone tell me is this the good time to place a short entry for any new position randomly like entry point: 1.9695 SL:1.9750 and PT: 1.9580 something like that Actually I had wrong stop loss last night please help me this time with SL and about the new entry.

right now is very hard...i myself am lost but the way i see it is ..we have a huge bearish candle on daily...there maybe a retrace...draw yur fibs on the daily candle and if price goes to the fib level and might be a good place to sell, only if the price dont exceed 50 % if it does theres a change we will go right to the top..this is a gamble as i really dont know whether its going right to the top...weekly suggest bearish movement in cable....this is why every1 is short mainly....dont go against the trend, we tried this and go burned, going against trend is for the experts and people having inside info, to risky..sell on a high ....where ever this high will come from god knows ..
  • #61,038
  • Apr 9, 2008 5:18am Apr 9, 2008 5:18am
Quoting nAVIN2007
right now is very hard...i myself am lost but the way i see it is ..we have a huge bearish candle on daily...there maybe a retrace...draw yur fibs on the daily candle and if price goes to the fib level and might be a good place to sell, only if the price dont exceed 50 % if it does theres a change we will go right to the top..this is a gamble as i really dont know whether its going right to the top...weekly suggest bearish movement in cable....this is why every1 is short mainly....dont go against the trend, we tried this and go burned, going against trend is for the experts and people having inside info, to risky..sell on a high ....where ever this high will come from god knows ..
You are absolutely right Actually I am waiting for sell on a high and whenever this high will come from really GOD knows. I don't know how to draw fibs but you are right never go against the trend. In the whole picture of Wednesday trend, the only red news is FOMC Bernanke will talk about $ and if he talks about bearish then that would be the time for cable to go high. I am not seeing any other time the Cable would have that much courage to go high up to even 1.9760'ishhhhhh.
  • #61,039
  • Apr 9, 2008 5:29am Apr 9, 2008 5:29am
Quoting asyed4
You are absolutely right Actually I am waiting for sell on a high and whenever this high will come from really GOD knows. I don't know how to draw fibs but you are right never go against the trend. In the whole picture of Wednesday trend, the only red news is FOMC Bernanke will talk about $ and if he talks about bearish then that would be the time for cable to go high. I am not seeing any other time the Cable would have that much courage to go high up to even 1.9760'ishhhhhh.

with the fib thing ... high swing to low swing, really bro if u dont know this how the hell are u trading ..dont trade u not giving yourself a chance to win, believe me u cant just trade and make money ...u might as well go bingo
  • #61,040
  • Apr 9, 2008 5:29am Apr 9, 2008 5:29am
Quoting asyed4
You are absolutely right Actually I am waiting for sell on a high and whenever this high will come from really GOD knows. I don't know how to draw fibs but you are right never go against the trend. In the whole picture of Wednesday trend, the only red news is FOMC Bernanke will talk about $ and if he talks about bearish then that would be the time for cable to go high. I am not seeing any other time the Cable would have that much courage to go high up to even 1.9760'ishhhhhh.
I can help you guys with my resources I just found this hotest trading signal

Entry point 1.9683 SL: 1.9723 but I think it should be 1.9750 and TP: 1.9619

Thanks,
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