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Cable Update (GBPUSD)

  • #65,001
  • May 9, 2008 8:25am May 9, 2008 8:25am
Right now it is bouncing off of the 38 % fib level on the 5 Min chart. I know its just the 5 Min, but as Moe said, its Friday and sometimes you can get away with it when the big boys are packing up to leave and closing out. Let me explain a better way. Did you ever go fishing. Its like your a little fish in the ocean and your watching a big shark tear up this tuna. Your standing way back in the shadows not to be seen, but your scarfing every little scrap that drifts by. Thats what I am on Friday.


LOL
  • #65,002
  • May 9, 2008 8:25am May 9, 2008 8:25am
Quoting salah k.
yeah bro there is no room for hope
not in this business at least
crap... there is always room for hope... Keeps the brokers in change and then some
  • #65,003
  • May 9, 2008 8:26am May 9, 2008 8:26am
Quoting Moe
there won't be much action today. some don't understand that. they are still trading base on hope, hoping somethig happens .
Hope creates anxiety!!
Trading is 80% Emotional, 20% Technical
  • #65,004
  • May 9, 2008 8:26am May 9, 2008 8:26am
yeah i know ...but it will go up...all about cycles and like i said this is a position trade ...not expecting to go there today ...mid-week yes
  • #65,005
  • May 9, 2008 8:27am May 9, 2008 8:27am
By the way, trailing stops work well on Friday when volativity is down. You can usually get away with a 20 pip trail. I use a 25 by the way.
  • #65,006
  • May 9, 2008 8:30am May 9, 2008 8:30am
Ok, I got my 2 short minis floating with a 25 pip trail on oth the G/U and the CAD. Everyone have a nice weekend.

Oh by the way, Nav..... Walk away!! wE WILL GET EM NEXT WEEK


Quoting nAVIN2007
yeah i know ...but it will go up...all about cycles and like i said this is a position trade ...not expecting to go there today ...mid-week yes
  • #65,007
  • May 9, 2008 8:33am May 9, 2008 8:33am
Quoting hard1head1
By the way, trailing stops work well on Friday when volativity is down. You can usually get away with a 20 pip trail. I use a 25 by the way.
u know jim i understand excactly where yur coming from, im in this trade cause i know for a fact that it will go up, might take a week, but it will mean i have to hold the position and this is my weakness holding the damn positions...so this is a attempt to cure myself from this disease

this is the only reason why welcome this trade....cause it really will test me and maybe even cure me
  • #65,008
  • May 9, 2008 8:40am May 9, 2008 8:40am
Understood, hey by the way, do you see waht its doing right now. Pull up the chart with the 4 Hr channel we were trading, check it out, we are testing the bottom of it right now.... See below.


Quoting nAVIN2007
u know jim i understand excactly where yur coming from, im in this trade cause i know for a fact that it will go up, might take a week, but it will mean i have to hold the position and this is my weakness holding the damn positions...so this is a attempt to cure myself from this disease

this is the only reason why welcome this trade....cause it really will test me and maybe even cure me
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  • #65,009
  • May 9, 2008 8:40am May 9, 2008 8:40am
Closed then hedge +10. Looking at taking long if price crosses smoothy HH! or will hedge again at 1.9480
  • #65,010
  • May 9, 2008 8:41am May 9, 2008 8:41am
Look for an Evening star here on the 5 or 15.
  • #65,011
  • May 9, 2008 8:43am May 9, 2008 8:43am
Remember, if the Smoothy is close to the Daily Pivot, you want to cross them both... In this case I would not go long until it broke DPP and came back and tested it. Unless ou wanted t scalp the pips between.

Jim

Quoting Runway Trade
Closed then hedge +10. Looking at taking long if price crosses smoothy HH! or will hedge again at 1.9480
  • #65,012
  • May 9, 2008 8:43am May 9, 2008 8:43am
Quoting hard1head1
Understood, hey by the way, do you see waht its doing right now. Pull up the chart with the 4 Hr channel we were trading, check it out, we are testing the bottom of it right now.... See below.
I've seen you say many times that it will break a line and then go back and test it- is that what you are saying here? I'm not asking for direction, but trying to learn from your analysis.
  • #65,013
  • May 9, 2008 8:45am May 9, 2008 8:45am
CALLED THAT ONE... LOL
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  • #65,014
  • May 9, 2008 8:46am May 9, 2008 8:46am
ABSOLUTELY!


Quoting DeePipster
I've seen you say many times that it will break a line and then go back and test it- is that what you are saying here? I'm not asking for direction, but trying to learn from your analysis.
  • #65,015
  • May 9, 2008 8:47am May 9, 2008 8:47am
Check It Out, Nice Bounce!
  • #65,016
  • May 9, 2008 8:48am May 9, 2008 8:48am
Quoting hard1head1
Understood, hey by the way, do you see waht its doing right now. Pull up the chart with the 4 Hr channel we were trading, check it out, we are testing the bottom of it right now.... See below.
yeah i see bro ..im looking long term...price isnt happy downhere been rejected so many times....wish me luck with the long buddy

i will after this trade go with the trend forever i had enough of this already, always against it ...making my life tougher for no damn reason.
  • #65,017
  • May 9, 2008 9:03am May 9, 2008 9:03am
oh no something is about to happen big, there a big movement comming let's keep trading so we don't miss this move
If I Go Broke Trying Then I Will die happy.
  • #65,018
  • May 9, 2008 9:05am May 9, 2008 9:05am
Quoting Moe
oh no something is about to happen big, there a big movement comming let's keep trading so we don't miss this move

The quality of your life is brought about by the quality of your thinking.
  • #65,019
  • May 9, 2008 9:08am May 9, 2008 9:08am
I've got to learn these trendlines and the tendencies. I've been trading for only 6 months with no prior knowledge of the markets. However, even though I'm a complete newbie- I've ended up making around $1300 for these 6 months. Not bad, but I have a lot to learn before I can start making the kind of money I desire.

hard1head1, I'm learning a lot from you and the other guys like Nav, Hornet, and a slew of others (don't be offended if I didn't name you). Thanks guys!
  • #65,020
  • May 9, 2008 9:11am May 9, 2008 9:11am
Moe,

you might be right !!!! Profit taking will begin to happen sometime soon and price will move up above 1.9500...

Might even target 1.9530....

The BIG move is coming !!!

:timeout:


Closing down for the day, no trades for my good self. Have a good weekend guys.

Cheerio
The quality of your life is brought about by the quality of your thinking.
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