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Cable Update (GBPUSD)

  • #62,041
  • Apr 18, 2008 6:54am Apr 18, 2008 6:54am
technically i think the direction was down fundamentally ..the banks got extra funding this i think allserene can clarify that possibly the reason for this move up ....people now believe that US is in more trouble ....which should be the case ..as i say always fundamentally definately dont know what happening but think this funding of banks is the reason for moving up ..
  • #62,042
  • Apr 18, 2008 6:58am Apr 18, 2008 6:58am
some seriously easy pips to be had today if ur long, price action been great
Trading is 80% Emotional, 20% Technical
  • #62,043
  • Apr 18, 2008 7:05am Apr 18, 2008 7:05am
Just closed out a short on euro +100. Sorts out loss for the week. Now this cable must just do it thing and retrace and I will be nicly in profit.
  • #62,044
  • Apr 18, 2008 7:08am Apr 18, 2008 7:08am
Short @ 1.996

Julio
  • #62,045
  • Apr 18, 2008 7:10am Apr 18, 2008 7:10am
Quoting nAVIN2007
technically i think the direction was down fundamentally ..the banks got extra funding this i think allserene can clarify that possibly the reason for this move up ....people now believe that US is in more trouble ....which should be the case ..as i say always fundamentally definately dont know what happening but think this funding of banks is the reason for moving up ..
No expert - not by a long way - and most of my fundamentalist musings are way too premature and I am proved right only after I have given up waiting.

All I know is I have a money market account here in the States yielding 1.9% or something - and a GBP account in the UK yielding 5.5%

I am not rushing to change my GBP into USD - so why should anyone else ?

Also, the Euro is crazy against GBP - GB has huge trade with euroland - and Tourism is big business. Same for a lot of things. FX is simply a mechanism for correcting these imbalances and the correction will happen. If the euro-usd relationship is right then cable must rise.

I will probably lose a ton of money waiting for this to happen while instant traders dont care and keep making lots of small trades

Last couple of days have been nice to me but I am sure there will be big dips to either force longs out or provide more buying opportunity
  • #62,046
  • Apr 18, 2008 7:22am Apr 18, 2008 7:22am
Profit taking possibly - positions closing or just a pull back? Watching...
USD Est Non Mortuus
  • #62,047
  • Apr 18, 2008 7:23am Apr 18, 2008 7:23am
I will probably lose a ton of money waiting for this to happen while instant traders dont care and keep making lots of small trades

Allserene if it helps, us short term instant traders have been chewed and spat out this week
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,048
  • Apr 18, 2008 7:30am Apr 18, 2008 7:30am
Quoting Turveyd
I will probably lose a ton of money waiting for this to happen while instant traders dont care and keep making lots of small trades

Allserene if it helps, us short term instant traders have been chewed and spat out this week
in the last 2 days i have lost £250 ...what the hell am i doing, the market keep turning on me...
  • #62,049
  • Apr 18, 2008 7:38am Apr 18, 2008 7:38am
GBP.USD chart update:

1st. S: 1.99240

2nd. S: 1.98940

Trading Target: 1.98450

SL: 2.0045

I Hope I'm in the right side of the market.

Julio
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  • #62,050
  • Apr 18, 2008 7:44am Apr 18, 2008 7:44am
what is going on with the Dollar????
any news why it's so strong?
  • #62,051
  • Apr 18, 2008 7:49am Apr 18, 2008 7:49am
Quoting magictrader
what is going on with the Dollar????
any news why it's so strong?
Varoius US earnings results
Trading is 80% Emotional, 20% Technical
  • #62,052
  • Apr 18, 2008 7:54am Apr 18, 2008 7:54am
Quoting nAVIN2007
in the last 2 days i have lost £250 ...what the hell am i doing, the market keep turning on me...
dont worry about it, as long as u learn why u lost, u have to have a plan that enables you to win in the long run. Losing is apart of the game, losses are an occupational hazard and are unavoidable. Cut your size back. only trade very small and scale in position when winning, never add to loser(sorry for the cliche!) learn to be disloyal to a losing trade/idea and reverse if required - be flexiable.

Key is to win only 20-30% of the time and still make money each month. Easy said than done thou!
Trading is 80% Emotional, 20% Technical
  • #62,053
  • Apr 18, 2008 7:58am Apr 18, 2008 7:58am
Quoting fx local
dont worry about it, as long as u learn why u lost, u have to have a plan that enables you to win in the long run. Losing is apart of the game, losses are an occupational hazard and are unavoidable. Cut your size back. only trade very small and scale in position when winning, never add to loser(sorry for the cliche!) learn to be disloyal to a losing trade/idea and reverse if required - be flexiable.

Key is to win only 20-30% of the time and still make money each month. Easy said than done thou!
true man .....it just seem what ever i try do the opposite happens ..its nuts
  • #62,054
  • Apr 18, 2008 8:10am Apr 18, 2008 8:10am
need to be very careful entering and exiting trades, try not to look at too much stuff, keep it simple as poss, prices at the end of the day either go up, down or sideways! You need trading plan to force automatic discipline, cut your size drastically, have a strategy that doesnt create any internal conflict.

Imagine the trade from the perspective of already being in the position & consider what might be wrong with the trade before putting it on...

Take the time to think of low risk strategies, always ask what is the maximum loss i could suffer... have to think outside the box to outwit these markets... predetermine your exit point for loss and profit (never hope and wish market to turn in your favor) - be objective!

good luck
Trading is 80% Emotional, 20% Technical
  • #62,055
  • Apr 18, 2008 8:10am Apr 18, 2008 8:10am
Quoting nAVIN2007
true man .....it just seem what ever i try do the opposite happens ..its nuts
Hi, why don't you (in addition to keeping your position sizes smaller) choose only one direction in which to trade.... it will lessen your risk as well. For instance if you only go long, then choose a retracement and buy, tp early on. ... Just a thought, it works for me.
  • #62,056
  • Apr 18, 2008 8:11am Apr 18, 2008 8:11am
On H1 we might be forming right shoulder on a H&S formation.
  • #62,057
  • Apr 18, 2008 8:11am Apr 18, 2008 8:11am
Bwoy this week was good till this morning.....

I made a mistake I shud have never made.....I didnt set my SL and had it rush and to do something else...... it only wiped out the 10% profit I made this week so I'm at break even...lesson well learnt.
  • #62,058
  • Edited 8:38am Apr 18, 2008 8:20am | Edited 8:38am
Quoting manize
For me, up limit to move up more, 1.9973. Let see next !
My feeling is right. Hope touches my short at 1.9855. Next limit 1.9898 - 1.9938.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #62,059
  • Apr 18, 2008 8:29am Apr 18, 2008 8:29am
Sorry, double post.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #62,060
  • Apr 18, 2008 8:41am Apr 18, 2008 8:41am
my feeling is that movement down for a correction from yesterday...it hit excatly the 61 % fib and looks to be on the way up...what do u guys think ..

i exited just incase ...i need better trades, my main problem is and i havent found a solution is i seem to think more logical on a demo and make excellent decision this falls apart when on a live account, even when i go with small lot size...i just dont think the same
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