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Cable Update (GBPUSD)

  • #73,921
  • Jul 1, 2008 9:37am Jul 1, 2008 9:37am
Quoting nAVIN2007
candles do work thou what yur saying is correct however she need to start with a foundation and i believe candles form a base to build on, theres also other stuff there which can help to..
I'm started my first journey wif candlestick pattern, trendlines and channel.
  • #73,922
  • Jul 1, 2008 9:41am Jul 1, 2008 9:41am
look at the market today guys..u can make profit both way up and down for gu......crazy ehh..
  • #73,923
  • Jul 1, 2008 9:54am Jul 1, 2008 9:54am
Ya, i gain 20+ pips from long and 40+ pips from short.
  • #73,924
  • Jul 1, 2008 9:55am Jul 1, 2008 9:55am
Quoting nAVIN2007
candles do work thou what yur saying is correct however she need to start with a foundation and i believe candles form a base to build on, theres also other stuff there which can help to..
candlestick signals i find been letting me down, but dailly they work great!..just my observation
yes i agree that on an intra day or very short term basis you need a lot of technical stuff because that's what the big boys use.

I am saying that it's a lot easier to trade longer term in cable as it's too whippy for short term - and if we are swing or trend traders, then shouldn't we be following a trend rather than sporadic gyrations in a very short time frame

i only glue my hooter to the screen when i am picking an entry point

today i did a bit of scalping for fun but i would like to think I am always on the long term trend
  • #73,925
  • Jul 1, 2008 10:15am Jul 1, 2008 10:15am
Entry Short .9942 TP .9700
I entered today and will wait till end of the month to see where it goes.
I am hoping after all these day noise is set and done it will come back to .9600 by end of this month.
So, that's my monthly goal.
I am very hopeful with my short position knowing where UK economy is heading.
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  • #73,926
  • Jul 1, 2008 10:19am Jul 1, 2008 10:19am
london bridge is falling down..falling down...
  • #73,927
  • Jul 1, 2008 10:28am Jul 1, 2008 10:28am
Quoting mrmunir
london bridge is falling down..falling down...
It's not falling down - but nobody wants to buy it !

Trouble with cable now is that UK/USA are both looking equally sick

When UK figures come out everyone sells cable

then US figures come out and everyone sells dollar

result = range 1.94 to 2

GBP is thrusting northwards right now so perhaps the bridge has been sold to a rich american (not many of those)
  • #73,928
  • Jul 1, 2008 10:34am Jul 1, 2008 10:34am
"GBP is thrusting northwards right now so perhaps the bridge has been sold to a rich american (not many of those)"

I was going to post an article showing that the US has more rich than any other country in the world but I'm not sure how much longer the paper will be worth counting so I won't post it.
  • #73,929
  • Jul 1, 2008 10:40am Jul 1, 2008 10:40am
Quoting allserene

GBP is thrusting northwards right now so perhaps the bridge has been sold to a rich american (not many of those)
Funny how you always seem to put down America, but you ran away from the uk and bought a house here. Why is that? If the uk is so great, you could have just stayed there and made your millions there, right?
  • #73,930
  • Jul 1, 2008 10:46am Jul 1, 2008 10:46am
Quoting atif
Entry Short .9942 TP .9700
I entered today and will wait till end of the month to see where it goes.
I am hoping after all these day noise is set and done it will come back to .9600 by end of this month.
So, that's my monthly goal.
I am very hopeful with my short position knowing where UK economy is heading.
Where about is your SL if I may ask on this position? What % of your account balance risk?

Thanks
  • #73,931
  • Jul 1, 2008 10:50am Jul 1, 2008 10:50am
Quoting allserene
It's not falling down - but nobody wants to buy it !

Trouble with cable now is that UK/USA are both looking equally sick

When UK figures come out everyone sells cable

then US figures come out and everyone sells dollar

result = range 1.94 to 2

GBP is thrusting northwards right now so perhaps the bridge has been sold to a rich american (not many of those)
Yep Long over USA news releases, Short over UK news releases would work well over all i'm sure.

Trend wise, you've always got to be with the trend, you fight the trend and your doomed simple as that, the problem is defining the trend, average price last 3 hour, 6hours, 24hours is my take on it, still working on but really looking like 6hour is key, longs above, shorts below.

3Hour was the plan, but too choppy, but 6hour is having a very good rate of either price rejection or break out, results :

6hour is KEY for reversals after a big move for SURE!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #73,932
  • Jul 1, 2008 10:52am Jul 1, 2008 10:52am
Quoting mmccormac
"GBP is thrusting northwards right now so perhaps the bridge has been sold to a rich american (not many of those)"

I was going to post an article showing that the US has more rich than any other country in the world but I'm not sure how much longer the paper will be worth counting so I won't post it.

Counting rich people as a percentage of the population, the US is one of the poorest in the world

When I first came to the US I thought it was all like hollywood but most people are living on what I consider pocket money

Most Americans are really poor and have no net assets at all

Even the poorest think they are part of the mighty empire and are so proud even though they live in fear of money and physical harm and health problems

I was lower middle class in England but I live like a king in the USA compared to the average American.

and petrol is one third of the price but they still struggle to afford it

The Emperor has no clothes
  • #73,933
  • Jul 1, 2008 10:54am Jul 1, 2008 10:54am
Quoting ehsan
Where about is your SL if I may ask on this position? What % of your account balance risk?

Thanks
My stop loss at 2.0100. I don't follow 2% rule. I am very doubtful it will reach that level.
My only risk is this Thursday's NFP report. If I survive that, it will be a breeze after.
So, waiting for that big day.
Daily Candle shaping Doji....Market undecided. Don't know what to do with this crap..
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  • #73,934
  • Jul 1, 2008 11:03am Jul 1, 2008 11:03am
Quoting allserene
yes i agree that on an intra day or very short term basis you need a lot of technical stuff because that's what the big boys use.

I am saying that it's a lot easier to trade longer term in cable as it's too whippy for short term - and if we are swing or trend traders, then shouldn't we be following a trend rather than sporadic gyrations in a very short time frame

i only glue my hooter to the screen when i am picking an entry point

today i did a bit of scalping for fun but i would like to think I am always on the long term trend
agreed
  • #73,935
  • Jul 1, 2008 11:10am Jul 1, 2008 11:10am
Quoting atif
My stop loss at 2.0100. I don't follow 2% rule. I am very doubtful it will reach that level.
My only risk is this Thursday's NFP report. If I survive that, it will be a breeze after.
So, waiting for that big day.
Daily Candle shaping Doji....Market undecided. Don't know what to do with this crap..
im with u on that.....
  • #73,936
  • Jul 1, 2008 11:18am Jul 1, 2008 11:18am
we actually not even moving right now.....like its frozen in time..
all have to do with non farm....
  • #73,937
  • Jul 1, 2008 11:42am Jul 1, 2008 11:42am
Quoting atif
My stop loss at 2.0100. I don't follow 2% rule. I am very doubtful it will reach that level.
My only risk is this Thursday's NFP report. If I survive that, it will be a breeze after.
So, waiting for that big day.
Daily Candle shaping Doji....Market undecided. Don't know what to do with this crap..
I prefer shorting cable as a downside three-wave is forming after the fifth wave completion on the 4H chart. What do you think?
  • #73,938
  • Jul 1, 2008 11:42am Jul 1, 2008 11:42am
Quoting nAVIN2007
we actually not even moving right now.....like its frozen in time..
all have to do with non farm....
I think that's how it gonna go for next couple of hours untill market close.
Last two days candle showing Doji. That's a bearish signal from daily perspective.
As a short term trader, I follow daily signal.
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  • #73,939
  • Jul 1, 2008 11:49am Jul 1, 2008 11:49am
Quoting allserene
Counting rich people as a percentage of the population, the US is one of the poorest in the world

When I first came to the US I thought it was all like hollywood but most people are living on what I consider pocket money

Most Americans are really poor and have no net assets at all

Even the poorest think they are part of the mighty empire and are so proud even though they live in fear of money and physical harm and health problems

I was lower middle class in England but I live like a king in the USA compared to the average American.

and petrol is one third of the price but they still struggle to afford it

The Emperor has no clothes
The average mindset has drastically changed over the past 30 years. Fewer and fewer of our eligable workforce have a work ethic. There is an attitude of entitlement here. It is a disheartening situation. I read somewhere that the average individual income in America is $26,000. I am an eternal optimist personally. My future is always getting brighter. However, I look for darker days in the near future for our nation as these people vote.
  • #73,940
  • Jul 1, 2008 11:56am Jul 1, 2008 11:56am
Quoting ehsan
I prefer shorting cable as a downside three-wave is forming after the fifth wave completion on the 4H chart. What do you think?
If that's your style then you should stick to that. I don't follow Elliot Wave so, I can't comment on that.
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