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Cable Update (GBPUSD)

  • #66,281
  • May 15, 2008 12:11pm May 15, 2008 12:11pm
Quoting ciscoguy
Anyway, this day was a waste after about 5:30 am. I should have quit looking for trades when I made my daily goal. I could have been on my sailboat or golfing. Good luck everyone. I'm off to bed!

funny how the action starts at 5pm ..crazy

sleep well bud
  • #66,282
  • May 15, 2008 12:16pm May 15, 2008 12:16pm
Quoting salah k.
as usual i closed half of my short
and it goes down 40 pips
freaking unbelievable

its like it was waiting for me to close
When life gives you lemons, make lemonade
  • #66,283
  • May 15, 2008 1:43pm May 15, 2008 1:43pm
Got bed .... bye .... bye ..
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #66,284
  • May 15, 2008 1:43pm May 15, 2008 1:43pm
Been away all day, did not look at the markets at all. Then read all the days post. Just by reading the post I could see nobody had any real idea what cable was doing today. Some said up now then it went straight down and visa versa. It was strange looking and reading the post after the fact - very insightful.

Then looked at EJ and GJ, much more predictable. I don’t know why we are always stuck with cable when there are other pairs to make "easier" money on. (Well lately) I'll be watching these pair much more closely in future
  • #66,285
  • May 15, 2008 2:24pm May 15, 2008 2:24pm
Quoting Runway Trade
Been away all day, did not look at the markets at all. Then read all the days post. Just by reading the post I could see nobody had any real idea what cable was doing today. Some said up now then it went straight down and visa versa. It was strange looking and reading the post after the fact - very insightful.

Then looked at EJ and GJ, much more predictable. I don’t know why we are always stuck with cable when there are other pairs to make "easier" money on. (Well lately) I'll be watching these pair much more closely in future
As a pattern recognition trader, I can find trades at any pair and @ any time frame. Actually I have 13 pair ready to find any pattern in there.
Sometimes I have 6 contract at the same time (with proper MMand lot size) because for me patterns is what matter. Sometime I check the calendar and see if my analysis is compatible with the news but thats is the 10 or 20% of my analysis. When both are compatible, yea, big contract on their way. But when set ups are not to strong, I just place a small lot size and small TP.

But for sure, there are others opportunities out there and many times better than cable. G/J E/J E/U A/U and for secures traders E/G for sure. This one paids double.
  • #66,286
  • May 15, 2008 2:56pm May 15, 2008 2:56pm
im starting to think i should have kept the longs now but i felt like it could have sunk...what to do aye
what do we suppose is happening here ....uptrend retracement or still downtrend?
  • #66,287
  • May 15, 2008 3:05pm May 15, 2008 3:05pm
Quoting nAVIN2007
im starting to think i should have kept the longs now but i felt like it could have sunk...what to do aye
what do we suppose is happening here ....uptrend retracement or still downtrend?
Hi Navin
I think the 200 ema on the 30 min TF needs to be taken out and a test to be put in as well before London Open tommorow for any chance of a long play.
The market is in a range mode, expect a big move when this completes.

baz
  • #66,288
  • May 15, 2008 3:10pm May 15, 2008 3:10pm
Quoting baz
Hi Navin
I think the 200 ema on the 30 min TF needs to be taken out and a test to be put in as well before London Open tommorow for any chance of a long play.
The market is in a range mode, expect a big move when this completes.

baz
thx m8
  • #66,289
  • May 15, 2008 3:14pm May 15, 2008 3:14pm
In the current situation if you enter in the middle of the range in either direction and aim for 8-10 pips you'll be in profit almost certainly.
Markets have entered range mode across the board - GBP, EUR, JPY, CAD (this one is breaking the parity as we speak though, but won't go too far yet), even that ever-trending AUD....

Forget the currencies, my ForEx portfolio has been ranging inside a very tight triangle since Monday irrespective of what I do with it - I wonder what direction it will break in?

I just went short @ 1.9476 target - 1.9465
"Luxury is one of the basic needs", (c), Don Corleone
  • #66,290
  • May 15, 2008 3:19pm May 15, 2008 3:19pm
For Friday's session, note the pin bar / hammer on the daily chart.

Rob
  • #66,291
  • May 15, 2008 3:20pm May 15, 2008 3:20pm
Quoting Firstboss
In the current situation if you enter in the middle of the range in either direction and aim for 8-10 pips you'll be in profit almost certainly.
Markets have entered range mode across the board - GBP, EUR, JPY, CAD (this one is breaking the parity as we speak though, but won't go too far yet), even that ever-trending AUD....

Forget the currencies, my ForEx portfolio has been ranging inside a very tight triangle since Monday irrespective of what I do with it - I wonder what direction it will break in? :-)

its looking like up but u never know whats happening exactly..i agreee it looks as if other pairs all stuck in a range
  • #66,292
  • May 15, 2008 3:31pm May 15, 2008 3:31pm
Nav... You're only out the spread if you place the order again when the market is going in the right direction for you. Simple enough. Just make a note of the price at which you were long, and place long pending orders at those spots. You'll be right back where you were, but only if the market turns your way. Heck, i still have a Long order siting at 1.5600 for EURUSD. If the market turns back my way, I'll only be out 3 pips. My point is, you won't lose sleep with a pending trade... But you will when it's turned badly against you.

C

Quoting nAVIN2007
im starting to think i should have kept the longs now but i felt like it could have sunk...what to do aye
what do we suppose is happening here ....uptrend retracement or still downtrend?
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  • #66,293
  • May 15, 2008 3:45pm May 15, 2008 3:45pm
Quoting ciscoguy
Nav... You're only out the spread if you place the order again when the market is going in the right direction for you. Simple enough. Just make a note of the price at which you were long, and place long pending orders at those spots. You'll be right back where you were, but only if the market turns your way. Heck, i still have a Long order siting at 1.5600 for EURUSD. If the market turns back my way, I'll only be out 3 pips. My point is, you won't lose sleep with a pending trade... But you will when it's turned badly against you.

C
yes i see that now ...its a great way at looking at it....if i enter now it will be exactly the same trade except dont have to take the chance of it going south..i should have canceled the trade this moring and placed a buy straight away , then no difference
the trade cost me all my profit and extra +£60 but im not bothered so much cause i learnt a ton form holding the position, now i realise that being patient is something needed big time, im pretty sure it going up now...just need a confirmation which wont happen till morning i guess

equity intact just the profit lost...which is fine since still learning and going one stage up from demo ...
  • #66,294
  • May 15, 2008 5:13pm May 15, 2008 5:13pm
Quoting nAVIN2007
yes i see that now ...its a great way at looking at it....if i enter now it will be exactly the same trade except dont have to take the chance of it going south..i should have canceled the trade this moring and placed a buy straight away , then no difference
the trade cost me all my profit and extra +£60 but im not bothered so much cause i learnt a ton form holding the position, now i realise that being patient is something needed big time, im pretty sure it going up now...just need a confirmation which wont happen till morning i guess

equity intact just the profit lost...which is fine since still learning and going one stage up from demo ...
Higher high, Lower Low and over the 62EMA line, euro's showing weakness so 70% shot on tommorow being a GBP up day if only for a profit taking into the weekend bounce.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #66,295
  • May 15, 2008 5:22pm May 15, 2008 5:22pm
Quoting Turveyd
Higher high, Lower Low and over the 62EMA line, euro's showing weakness so 70% shot on tommorow being a GBP up day if only for a profit taking into the weekend bounce.
I see the higher high and higher low, but how do figure its a 70% of an up day tomorrow?
  • #66,296
  • May 15, 2008 5:43pm May 15, 2008 5:43pm
Quoting Carrera
As a pattern recognition trader, I can find trades at any pair and @ any time frame. Actually I have 13 pair ready to find any pattern in there.
Sometimes I have 6 contract at the same time (with proper MMand lot size) because for me patterns is what matter. Sometime I check the calendar and see if my analysis is compatible with the news but thats is the 10 or 20% of my analysis. When both are compatible, yea, big contract on their way. But when set ups are not to strong, I just place a small lot size and small TP.

But for sure, there are others opportunities out there and many times better than cable. G/J E/J E/U A/U and for secures traders E/G for sure. This one paids double.
http://www.tradingpricepatterns.com/guides/

Navin I never got an email
Don't chase the market, Let the market come to you
  • #66,297
  • May 15, 2008 6:00pm May 15, 2008 6:00pm
To me looking around at other pairs the Forex market seems to be channelling or ranging right now so if that is true of us we are at the bottom with least resistance up.
The Dollar seems to be at a fair price within these ranges.
We just need a trigger, I would look to 9600 then 9730
I know its contrarian but if price retraces today’s bar buy.

Unless your already in.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #66,298
  • May 15, 2008 6:41pm May 15, 2008 6:41pm
Quoting AmeriTrini
I see the higher high and higher low, but how do figure its a 70% of an up day tomorrow?
Own personal weird system be here all night and you'd never understand.


p.s. 70% is the MAX I will ever give on longer term trade, I simply don't believe higher odds on the next day are possible!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #66,299
  • May 15, 2008 6:44pm May 15, 2008 6:44pm
Quoting Firstboss
I just went short @ 1.9476 target - 1.9465
Heh, quick ten pips there mate.
  • #66,300
  • May 15, 2008 7:49pm May 15, 2008 7:49pm
Quoting forexmoments
Heh, quick ten pips there mate.
10 pips is a huge profit during these painfully slow hours :-) Closed short 1 minute before the swap :-)

off: While GBP is stuck in the narrow range I am scapling on USD/CAD - it keeps bouncing down off the pivots day after day, about to break the parity (great level for profit targets)
"Luxury is one of the basic needs", (c), Don Corleone
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