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Cable Update (GBPUSD)

  • #67,441
  • May 23, 2008 2:51am May 23, 2008 2:51am
Quoting Moe
some wont be back these past two weeks have hurt a lot of members accounts so i don't expect them to be back.
yeah bro i hear u

the use of s/l or hedging would have spared them all those accounts.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #67,442
  • May 23, 2008 2:55am May 23, 2008 2:55am
Quoting Moe
some wont be back these past two weeks have hurt a lot of members accounts so i don't expect them to be back.
A lot of the old guys are chatting on Hard1Head1's new thread.... I still see them around.
  • #67,443
  • May 23, 2008 2:59am May 23, 2008 2:59am
Pffff, when will people learn you need to use SL or Hedge!
  • #67,444
  • May 23, 2008 3:06am May 23, 2008 3:06am
not good euro zone news today
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #67,445
  • May 23, 2008 3:12am May 23, 2008 3:12am
Im so pissed Ive had atleast 4 opportunities to turn a hedged loss into a profit and i didnt because i fell asleep. If i cant do something tonight im going to just eat the loss. I was thinking of cutting the longs for profit when it gets around 2.000 and then waiting for it to come back down to cut the shorts. But i think im just going to eat it and move on.
  • #67,446
  • May 23, 2008 3:18am May 23, 2008 3:18am
Date: 2008/05/23Time: 09:49 (GMT +2)Ticker: GBPLast: 1.9778Pivot: 1.9851st sup.1.9762nd sup.1.97323rd sup.1.97041st res.1.9852nd res.1.98753rd res.1.99Title: GBP/USD intraday: consolidationSummary: Update on supports and resistances.Story: Pivot: 1.9850.

Our Preference: SHORT positions below 1.985 with 1.976 & 1.9732 in sight.

Alternative scenario: The upside penetration of 1.985 will call for 1.9875 & 1.99.

Comment: Intraday technical indicators are losing upside momentum.

Trend: ST Ltd Upside; MT Bullish
http://www.tradingcentral.com/chart/...0523094758.GIF
  • #67,447
  • May 23, 2008 3:19am May 23, 2008 3:19am
Quoting Andrezt223
Im so pissed Ive had atleast 4 opportunities to turn a hedged loss into a profit and i didnt because i fell asleep. If i cant do something tonight im going to just eat the loss. I was thinking of cutting the longs for profit when it gets around 2.000 and then waiting for it to come back down to cut the shorts. But i think im just going to eat it and move on.
unlucky mate it happened to me quite a few times too.
  • #67,448
  • May 23, 2008 3:19am May 23, 2008 3:19am
Quoting Andrezt223
Im so pissed Ive had atleast 4 opportunities to turn a hedged loss into a profit and i didnt because i fell asleep. If i cant do something tonight im going to just eat the loss. I was thinking of cutting the longs for profit when it gets around 2.000 and then waiting for it to come back down to cut the shorts. But i think im just going to eat it and move on.

believe me ..trading this currency is impossible. i know some people high up and they said to me forex in the early days was easy to make money but now to stand a chance u need inside info, its all against u and and u cant compete with the likes of the big players...

inorder to make it in this game u cant not risk, this i think is the problem, its all or nothing with forex
  • #67,449
  • May 23, 2008 3:22am May 23, 2008 3:22am
I need a friend in the bank then. Or a job trading for them.
  • #67,450
  • May 23, 2008 3:23am May 23, 2008 3:23am
Quoting Moe
do you use stop losses?
well, after 100 pips loses, i reversed my orders to longs, got 200 pips profits but still holding to the original order. hopfully it ll go down sometime soon
  • #67,451
  • May 23, 2008 3:25am May 23, 2008 3:25am
5 minutes till GDP. Does this move it alot?
  • #67,452
  • May 23, 2008 3:31am May 23, 2008 3:31am
crap
gdp came in same as expected

man we needed it to change to see some volatility that could take us out of this range
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #67,453
  • May 23, 2008 3:33am May 23, 2008 3:33am
The 1hr ascending support t/line along with 23.6% 9453-9849, 38.2% 9612-9849 fibs provided the support at current intraday lows
Attached Image (click to enlarge)
Click to Enlarge Name: ff.gif Size: 13 KB
ex member
  • #67,454
  • May 23, 2008 3:34am May 23, 2008 3:34am
Quoting Andrezt223
I need a friend in the bank then. Or a job trading for them.
no bro all u need is a STRICT MM
one that wont let u lose 200 pips in one trade and base ur trades on hopes ....

that will be the first step to actually becoming one of the big players.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #67,455
  • May 23, 2008 3:35am May 23, 2008 3:35am
see this is what i mean how can any1 have predicted this downward movement especailly after closing above the pivot and then to rush down again ....rediculious......
  • #67,456
  • May 23, 2008 3:36am May 23, 2008 3:36am
Yeah that plus staying away during news
  • #67,457
  • May 23, 2008 3:45am May 23, 2008 3:45am
Quoting nAVIN2007
believe me ..trading this currency is impossible. i know some people high up and they said to me forex in the early days was easy to make money but now to stand a chance u need inside info, its all against u and and u cant compete with the likes of the big players...

inorder to make it in this game u cant not risk, this i think is the problem, its all or nothing with forex
Nav, I disagree, your post is a reflection of your experiences re trading recently. Trading isn't easy and their are a million edges in the market, each one difficult to master. Your tag line/signature saying that the difference between a winning trade and a losing trade is the entry sums it all up, ....the difference is the exit not the entry.

For those struggling with cable or any other pairing/asset, in terms of technical trading you should examine the idea of confluence. Ie trade only at areas where a confluence of reasons line up to suggest a high probability opportunity exists. For example, I trade only at pre-identified potential support/resistance/sbr/rbs areas where I see a known repeatable pattern based on the technical phenomena of oscillator divergence/extremes and band/channel deviation, then confirmed by price action itself...all within the context of trend across 3 time frames (trigger, intermediate and trend t/f)
In this way I have 4 way confluence, and can trade with and against the trend t/f trend, ie supp/res/osc div/extr/band/channel dev/price action and so any trading opportuinity is high in probability.

Confluence, confluence, confluence
ex member
  • #67,458
  • May 23, 2008 3:52am May 23, 2008 3:52am
Quoting nAVIN2007
see this is what i mean how can any1 have predicted this downward movement especailly after closing above the pivot and then to rush down again ....rediculious......
Nothing is ridiculous.
This is market action.
Cable has been up for last 7 Trading Days.
Time now for action/reaction.
Complex retracements down/up/down as is usual.
  • #67,459
  • May 23, 2008 3:54am May 23, 2008 3:54am
Quoting bbmac
Nav, I disagree, your post is a reflection of your experiences re trading recently. Trading isn't easy and their are a million edges in the market, each one difficult to master. Your tag line/signature saying that the difference between a winning trade and a losing trade is the entry sums it all up, ....the difference is the exit not the entry.

For those struggling with cable or any other pairing/asset, in terms of technical trading you should examine the idea of confluence. Ie trade only at areas where a confluence of reasons line up to suggest a high probability opportunity exists. For example, I trade only at pre-identified potential support/resistance/sbr/rbs areas where I see a known repeatable pattern based on the technical phenomena of oscillator divergence/extremes and band/channel deviation, then confirmed by price action itself...all within the context of trend across 3 time frames (trigger, intermediate and trend t/f)
In this way I have 4 way confluence, and can trade with and against the trend t/f trend, ie supp/res/osc div/extr/band/channel dev/price action and so any trading opportuinity is high in probability.

Confluence, confluence, confluence
im trying man ...and as much as i hate to say it i know yur right ....just need to get my sh*t together im staying in this longer term and i think it better this way since my overall bias is down so just have to hope it falls...b4 i go broke ...lol

i lightned my load so i can hold it....i shall look to sell very high now ....
  • #67,460
  • May 23, 2008 4:06am May 23, 2008 4:06am
its really scary for me that most of the traders here talking and trading the cable short or ask whats happening with the cable,why isnt this thing going down..? can you pls tell me justt one signal why it must go down and not up..
here is justt a few long signals what i see on the cable ,and why i said its heading to 2.06.. tweezer bottoms on the the monthly chart,morning star on the weekly ,breakout of downward wedge on daily{reversal} starting with a massive crown/H&S on the daily/4 hour . there is many more ,but the res is tough above 2.000 but will eventually break it later in the summer..
good luck
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