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Cable Update (GBPUSD)

  • #79,441
  • Aug 1, 2008 10:24am Aug 1, 2008 10:24am
Quoting allserene
I am out of practice at this losing money stuff - i only lost about $400 overnight but it has ruffled my feathers and I am seeking revenge...

How stupid to trade through news while you are asleep and when you are west coast based ! and to put on a stoploss which is big enough to sting but much more could have been eaten easily enough without endangering the account

I will review my stoploss policy today - the huge moves like the madrid bombing yielded me big bucks but if I had been long , it would have rebounded in 24 hours anyway. Hedging only saves the spread and is self delusional

Yes I will rethink stoplosses totally - I have never had a big loss except through stoplosses and my biggest gains were when i left the thing running 10 days without a stoploss or a t/p and never turned the computer on !

ps cable is out of the daily channel now so why would we rebound from 1.96 when it gets there ?
I agree after a very lucky near miss of my stop loss at 19941 after my sell order was triggered at 19860 I can only see down. 72 SMA on the daily seems to be supporting cable at the mo. I will be staring at my screen next week willing cable down in amungst doing some work! Down to 194xx please!
  • #79,442
  • Edited 10:51am Aug 1, 2008 10:32am | Edited 10:51am
Quoting allserene
I think your instincts are right Navin - actually they are not just your ideas, you have learned to sniff the market and sometimes that is better than lots of news intake

The US will be first out of this mess and the currency/stock market will perk well before the economy

That excludes Iran - if the Israelis start bombing there, then oil will be $300 and it's a whole new ball game
thanks man ...hopefully we can go back to 1.9900..id love to sell from there..probably have this chance next week
  • #79,443
  • Aug 1, 2008 10:56am Aug 1, 2008 10:56am
Quoting allserene
I am out of practice at this losing money stuff - i only lost about $400 overnight but it has ruffled my feathers and I am seeking revenge...

How stupid to trade through news while you are asleep and when you are west coast based ! and to put on a stoploss which is big enough to sting but much more could have been eaten easily enough without endangering the account

I will review my stoploss policy today - the huge moves like the madrid bombing yielded me big bucks but if I had been long , it would have rebounded in 24 hours anyway. Hedging only saves the spread and is self delusional

Yes I will rethink stoplosses totally - I have never had a big loss except through stoplosses and my biggest gains were when i left the thing running 10 days without a stoploss or a t/p and never turned the computer on !

ps cable is out of the daily channel now so why would we rebound from 1.96 when it gets there ?
Allserene, I totally agree with you about (and my biggest gains were when i left the thing running 10 days without a stoploss or a t/p and never turned the computer on !), because I had 3 cases before; two cases that I left my account overnight and didn't put any SL and I have got both times in 4 numbers (biggest gains in one shot) The third case is one time I have put a large SL of 400 pips that saved my ass against big move of 280 pips.

I think we all need to add work along with this trading business so we don't have to see the changing cable every minute because if you do that and if you put a tight stop loss then we would be screwed.....
  • #79,444
  • Aug 1, 2008 11:00am Aug 1, 2008 11:00am
One more thing before I go..... I see this as a real possibility....

Ok.... I'm done now...... party time......
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Patience + Discipline - Greed = Success
  • #79,445
  • Aug 1, 2008 11:07am Aug 1, 2008 11:07am
Quoting allserene
I am out of practice at this losing money stuff - i only lost about $400 overnight but it has ruffled my feathers and I am seeking revenge...

How stupid to trade through news while you are asleep and when you are west coast based ! and to put on a stoploss which is big enough to sting but much more could have been eaten easily enough without endangering the account

I will review my stoploss policy today - the huge moves like the madrid bombing yielded me big bucks but if I had been long , it would have rebounded in 24 hours anyway. Hedging only saves the spread and is self delusional

Yes I will rethink stoplosses totally - I have never had a big loss except through stoplosses and my biggest gains were when i left the thing running 10 days without a stoploss or a t/p and never turned the computer on !

ps cable is out of the daily channel now so why would we rebound from 1.96 when it gets there ?
It will bounce at 1.9600 because from a technical point of view, thats the first new monthly support.
  • #79,446
  • Aug 1, 2008 11:11am Aug 1, 2008 11:11am
Quoting Infinity
One more thing before I go..... I see this as a real possibility....

Ok.... I'm done now...... party time......
Me too - I have been a cable bull for a couple of years but I really stare at this thing and I see 200 or 300 pips for a short pretty soon

It scares EVERYONE to go over 2 .0000, and stand still is not natural - so:

That isnt chartist stuff - that's just watching the fear factor playing out day after day for months and months
  • #79,447
  • Aug 1, 2008 11:17am Aug 1, 2008 11:17am
Quoting allserene
ps cable is out of the daily channel now so why would we rebound from 1.96 when it gets there ?
Well we dont know if the 4hr trend has changed until 9643 is broken as that would make a lower low.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #79,448
  • Aug 1, 2008 11:20am Aug 1, 2008 11:20am
Quoting Bones
Well we dont know if the 4hr trend has changed until 9643 is broken as that would make a lower low.
Nice chart Bones! I have pending longs myself at 1.970 and 1.9685. We probably won't see those prices today.
Just digging in the trenches like everyone else!
  • #79,449
  • Aug 1, 2008 11:22am Aug 1, 2008 11:22am
day candles rule
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  • #79,450
  • Aug 1, 2008 11:25am Aug 1, 2008 11:25am
this channel seems to be repected to im gonna sell at 1.9900 and ride the channel down
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  • #79,451
  • Aug 1, 2008 11:29am Aug 1, 2008 11:29am
Quoting Bones
Well we dont know if the 4hr trend has changed until 9643 is broken as that would make a lower low.
i like your thinking..
  • #79,452
  • Aug 1, 2008 11:34am Aug 1, 2008 11:34am
Quoting nAVIN2007
this channel seems to be repected to im gonna sell at 1.9900 and ride the channel down
what's up bro? I'll be going short at 1.983x
Just digging in the trenches like everyone else!
  • #79,453
  • Aug 1, 2008 11:37am Aug 1, 2008 11:37am
Oanda does 3 hour charts but I see what you mean...

But the 3 hour shows a pretty purposeful dive now

No dithering since july 15

Still don't see why everyone wants to load up with longs when it gets to 96ish though

I bet they think long and hard when it gets there in a nose dive
  • #79,454
  • Edited 11:42am Aug 1, 2008 11:41am | Edited 11:42am
According to Abouwad analysis, if the next 4HR candle (4:00 pm Eastern time) closes above 1.9709 then on Sunday evening it will try to go back to unlimited downward area which is 1.9767 and if it crosses 1.9807 then hopefully by Monday morning it would be heading towards 1.9860 or so ......
I know those values were valid for today but I guess you can reapply when your T1 downlimited target would NOT be achieved by 4:00 pm Eastern time.

Have a nice and peac weekend everybody!!!!!

Take a deep and silent sleep for at least 2 hours because I read on the book somewhere if you deeply seep 2 hours that would be much better than sleeping on and off for 8 or 9 hours..............
  • #79,455
  • Aug 1, 2008 11:41am Aug 1, 2008 11:41am
Quoting allserene
Oanda does 3 hour charts but I see what you mean...

But the 3 hour shows a pretty purposeful dive now

No dithering since july 15

Still don't see why everyone wants to load up with longs when it gets to 96ish though

I bet they think long and hard when it gets there in a nose dive
It doesn't fall like a brick.
Just digging in the trenches like everyone else!
  • #79,456
  • Aug 1, 2008 11:42am Aug 1, 2008 11:42am
Quoting eohater
what's up bro? I'll be going short at 1.983x
yeah me too but if it decides to go 1.9900..i gonna short there too...i didnt trade today as i never knew what the outcome of non farm would be .was at work ...

oh well at least i finished the week on a postive...
how was your week bro ...? .good it was hope
  • #79,457
  • Aug 1, 2008 11:44am Aug 1, 2008 11:44am
Quoting asyed4
According to Abouwad analysis, if the next 4HR candle (4:00 pm Eastern time) closes above 1.9709 then on Sunday evening it will try to go back to unlimited downward area which is 1.9767 and if it crosses 1.9807 then hopefully by Monday morning it would be heading towards 1.9860 or so ......
I know those values were valid for today but I guess you can reapply when your T1 downlimited target would NOT be achieved by 4:00 pm Eastern time.

Have a nice and peac weekend everybody!!!!!

Take a deep and silent sleep for at least 2 hours because I read on the book somewhere if you deeply seep 2 hours that would be much better than sleeping on and off for 8 or 9 hours..............
only problem there bro ..how the hell do u find deep sleep....
  • #79,458
  • Aug 1, 2008 11:45am Aug 1, 2008 11:45am
ok i had mexican for lunch.. this will surely break the price to the downside now.
USD Est Non Mortuus
  • #79,459
  • Aug 1, 2008 11:50am Aug 1, 2008 11:50am
Quoting nAVIN2007
only problem there bro ..how the hell do u find deep sleep....
When you do not have a kid in a room where you sleep and when you are 1000 feet away from news, charts, graphs and computers. But you know I have also read when you are in deep sleep then you would see everything you did in a day time in your dream so I wouldn't be surprised if anyone has a deep sleep over the weekend and if anyone would see price is going to break or not or going upward or downward in his or her dream. So I guess in any situation inside person from a person is not satisfied right bro!!!!!!!!!!!!!!!!!
  • #79,460
  • Aug 1, 2008 11:53am Aug 1, 2008 11:53am
Quoting LuckyLurker
ok i had mexican for lunch.. this will surely break the price to the downside now.
Are they in season ? I get mine from the border guards and keep them in the deep freeze
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