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Cable Update (GBPUSD)

  • #71,601
  • Jun 19, 2008 1:42pm Jun 19, 2008 1:42pm
Quoting allserene
The occasional bit of frivolity is good in my book but when it's an ongoing chat off subject between a small group then it takes up a lot of screen.

and how come my ideas are met with incomprehension ? I don't need affirmation in my theories, I don't mind being told I am wrong, but it's frustrating when you can't understand my point - I can't figure whether my English has failed me in my powers of written expression or whether I have developed alzheimer's overnight and my thinking is jumbled and nonsensical or whether you guys would rather have your chat room in your geographic area and school work rather than engage in a discussion on the direction of the markets

You probaly don't understand that either but that's ok


no bro i understand quite perfectly
im not gonna argue with u
ur right we shouldnt chat anymore about our own issues
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #71,602
  • Jun 19, 2008 1:44pm Jun 19, 2008 1:44pm
Well i have been opening other charts this week and took a long on nzdusd,kept my shorts and added to them on usdcad and of course my cable trades.
Ive just closed 3 of my 4 cable longs as shown ,and kept the lowest one and will now wait for more pa.

All my trades were based on pin bars .Though the main 4 hr bar I based my first entry on the chart was a inverted hammer.Having said that my core position long was right of the bottom of this up move from last week only I closed that out on first move up.That buy was based on a daily pin.

I have found it very easy to scan and find profitable pin bars on other pairs and paper trade them even though I no nothing about these pairs and have found comfort from the fact that my total position is not with one pair although was based on usd weakness.
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour 4 buys chart.gif Size: 41 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #71,603
  • Jun 19, 2008 1:46pm Jun 19, 2008 1:46pm
To be safe , keep your STL wide enough for this GU and set it at 1.9860, downtrend remain intact and will see it going to hit 1.9330
  • #71,604
  • Jun 19, 2008 1:49pm Jun 19, 2008 1:49pm
I wouldnt be too hasty on shorting just yet. Take a look at the daily chart and you will see that most bullish candles of the size we had today are followed by a second one.

Thats why I will wait for a break through a decent level first.

Of course today could be an exception to the rule!
If it's too good to be true, it probably is.
  • #71,605
  • Jun 19, 2008 1:50pm Jun 19, 2008 1:50pm
Quoting salah k.
no bro i understand quite perfectly
im not gonna argue with u
ur right we shouldnt chat anymore about our own issues
Peace bro - everything in moderation is ok by me
  • #71,606
  • Jun 19, 2008 1:51pm Jun 19, 2008 1:51pm
Quoting Austin168
To be safe , keep your STL wide enough for this GU and set it at 1.9860, downtrend remain intact and will see it going to hit 1.9330
dude i cant handle such a big s/l not with a trade thats supposed to end tomorrow either way
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #71,607
  • Jun 19, 2008 1:52pm Jun 19, 2008 1:52pm
but there is nothing in between, minor resistance won't help to stop this monstor if it gets mad at the Dallas:-)
  • #71,608
  • Jun 19, 2008 1:53pm Jun 19, 2008 1:53pm
Quoting allserene
Peace bro - everything in moderation is ok by me
in that case lets get back to the political issues in lebanon; NOT

just kidding
little ice breaker
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #71,609
  • Jun 19, 2008 2:10pm Jun 19, 2008 2:10pm
Quoting SimonK
I wouldnt be too hasty on shorting just yet. Take a look at the daily chart and you will see that most bullish candles of the size we had today are followed by a second one.

Thats why I will wait for a break through a decent level first.

Of course today could be an exception to the rule!
If we do get a 150 pip push up, would you take that as trend reversal so we can start making money easily once it falls back instead of having to try like the last x days ?

Or are we still range bound but in a higher range than recently ?

I have GBP in the bank in the UK on 6.7% so I usually only short GBP on forex so I can engage in self deception - if my forex trade goes bad (cable goes up) I tell myself that my GBP in the bank is worth more USD so that's ok, and if the forex trade works, I get pleasure from that and cash out

Self deception once perfected is a source of unending happiness
  • #71,610
  • Jun 19, 2008 2:39pm Jun 19, 2008 2:39pm
i have opened another short also CMI
  • #71,611
  • Jun 19, 2008 3:09pm Jun 19, 2008 3:09pm
Quoting salah k.
in that case lets get back to the political issues in lebanon; NOT

just kidding
little ice breaker
ehh i dont know bout u guys but im still seein 9800s. i guess it really all depends where the current daily bar closes. so im puttin stops on my longs or i might close some and let the rest ride
  • #71,612
  • Jun 19, 2008 3:33pm Jun 19, 2008 3:33pm
Quoting boxingislife
ehh i dont know bout u guys but im still seein 9800s. i guess it really all depends where the current daily bar closes. so im puttin stops on my longs or i might close some and let the rest ride
could be man
if we break 9800 and the main resistance 9850 then we might be on the way to 2.00

maybe a bit early to talk about it cause today's retail sales were through the roof.

anyway im sticking for my shorts if they hit s/l we always have another chance at the market
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #71,613
  • Jun 19, 2008 4:49pm Jun 19, 2008 4:49pm
Just went Short 9721 w/ sl@ 9820 .. I hate short on cable but whatever.
USD Est Non Mortuus
  • #71,614
  • Jun 19, 2008 5:43pm Jun 19, 2008 5:43pm
recently I had a look at the cable chart.. 15m.. and wow... it was long time ago since I don't trade the cable now... I can see it is having huge swings... how can you trade this? I could imagine.. scalping intraday in the direction of the day.... or swing trading... but difficult for trend followers.
  • #71,615
  • Jun 19, 2008 6:18pm Jun 19, 2008 6:18pm
do u thing cable will down?.....today?....
be patient, self-belief and discipline... stay focus...
  • #71,616
  • Jun 19, 2008 6:29pm Jun 19, 2008 6:29pm
Quoting emda
recently I had a look at the cable chart.. 15m.. and wow... it was long time ago since I don't trade the cable now... I can see it is having huge swings... how can you trade this? I could imagine.. scalping intraday in the direction of the day.... or swing trading... but difficult for trend followers.
I actually found it a breeze to trade this week. The swing trade was awesome. All a matter of reading candles and S/R breaks...geting out at consolidation on the 15m.
There's always money in the banana stand.
  • #71,617
  • Jun 19, 2008 6:33pm Jun 19, 2008 6:33pm
Quoting emda
recently I had a look at the cable chart.. 15m.. and wow... it was long time ago since I don't trade the cable now... I can see it is having huge swings... how can you trade this? I could imagine.. scalping intraday in the direction of the day.... or swing trading... but difficult for trend followers.
I would do better as a camp- follower than a trend follower right now - a lot of enthusiatic newbies are making the right guesses and crowing about their mega gains - 50% of them are - the others are quiet - we know what happens next - one gets cocky and thinks one has a system doesn't one - then sombody up there changes all the rules and suddenly the system that worked at 1.96 doesnt work at 1.98

lots of panic and doubling up and trading when one shouldnt and suddenly all those gains have gone

You know how it goes

Yep can't wait for a direction to reassert itself

but some people would look at the daily chart and say - what are you talking about - we are in a very distinct downtrend and just kissing the top of the channel - whack your short on and shut up its a perfect entry point ... wait 3 days and scoop 300 pips

Trouble with top of channel is that it is either the perfect entry point or the break point
  • #71,618
  • Jun 19, 2008 6:53pm Jun 19, 2008 6:53pm
Quoting allserene
I would do better as a camp- follower than a trend follower right now - a lot of enthusiatic newbies are making the right guesses and crowing about their mega gains - 50% of them are - the others are quiet - we know what happens next - one gets cocky and thinks one has a system doesn't one - then sombody up there changes all the rules and suddenly the system that worked at 1.96 doesnt work at 1.98

lots of panic and doubling up and trading when one shouldnt and suddenly all those gains have gone

You know how it goes

Yep can't wait for a direction to reassert itself

but some people would look at the daily chart and say - what are you talking about - we are in a very distinct downtrend and just kissing the top of the channel - whack your short on and shut up its a perfect entry point ... wait 3 days and scoop 300 pips

Trouble with top of channel is that it is either the perfect entry point or the break point
Well said, it's true 50% are calling it, 50% are being killed by it, and the 50% that are making the very same method there using will kill them soon.

But it's still the best game in town
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #71,619
  • Edited 8:19pm Jun 19, 2008 7:12pm | Edited 8:19pm
Quoting Turveyd
Well said, it's true 50% are calling it, 50% are being killed by it, and the 50% that are making the very same method there using will kill them soon.

But it's still the best game in town
I'm new to this forum, but not fx.

if the ppl that you're referring to have found this site early on, and have read about the good and the bad of fx, they will have also learned about proper money management which can save you if your "system" isn't good, but just fits the market at the time.....

My first account, 3 yrs ago, skyrocketed up 400%-500%, then suddenly I went on a loosing streak.....if I didn't have my money management plan, which forbid me from trading after a 6% loss for the rest of the month, I would have emptied my account.....

luckily i read a book on trading for a living.....because i was thinking that this can't be this easy.....
  • #71,620
  • Jun 19, 2008 7:14pm Jun 19, 2008 7:14pm
Quoting LuckyLurker
Just went Short 9721 w/ sl@ 9820 .. I hate short on cable but whatever.
Lucky:

Did you take the cd course from MTI?? I did it and also I went to Orlando some time ago. Are you still in touch with the MTI peaople??

Thanks.
Oscar
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