where the heavens is this market going too
Cable Update (GBPUSD)
- #83,662
- Aug 22, 2008 7:37am Aug 22, 2008 7:37am
- Joined May 2008 | Status: "One for all, and all for one" | 11,228 Posts
I ALMOST GOT A PERMANENT BAN FROM 1 WEEK WHEN I TOLD ONE GUY NOT TO BUY AT 1.88
Just digging in the trenches like everyone else!
- #83,666
- Aug 22, 2008 7:50am Aug 22, 2008 7:50am
- Joined Mar 2008 | Status: Fooled by randomness | 8,364 Posts
if we get a daily close below 1.8560 then the next target will be 1.8215 
When life gives you lemons, make lemonade
- #83,668
- Aug 22, 2008 7:55am Aug 22, 2008 7:55am
- Joined Feb 2008 | Status: Trader | 5,732 Posts
price stopped at the 4h 50ema and is currently ob.... retracement is due. I am not shorting though as I am looking to buy a dip. If the gdp figure coming up is in line or better than forecast, this thing could fly..
I think we should see at least 8720 though....
I did not open a position because I was waiting until after the gdp figure. I did not take this short and I missed out on a lot of pips...... I am still on the sidelines for now.. I will consider long if 8550 holds...
Patience + Discipline - Greed = Success
- #83,672
- Aug 22, 2008 8:09am Aug 22, 2008 8:09am
- | Joined May 2007 | Status: Trader | 4,716 Posts
wtf happened just now ? SL hunting??
HOLLA
- #83,674
- Aug 22, 2008 8:10am Aug 22, 2008 8:10am
if we get a daily close below 1.8560 then the next target will be 1.8215
I am also setaside for right now. I closely watched G/U this week with two mistakes of 142 pips loss in my mini accounts. The first mistake was I tested gap up and gap down from Friday's open position until Sunday closed position (lost 50 pips) and the second mistake was I traded stupid cable on the news (one thing I want to make clear to all of the guys on the forum that fundamentals doesn't help Cable at all on the LONG side) based on long and lost 92 pips .
On the brighter side, I made 50 pips on my FXCM micro account (1-10 cents per pip)[9 pips as a mini account] based on the concept that cable is at the high for short plus I have learned a lesson from my mistakes that never trade the cable on the news and never trade the cable against the downtrend channel. Secondly always trade the cable for Short at the hight for example 1.8796 or 1.8745..... So basically I lost 142-9=133 pips..
- #83,675
- Aug 22, 2008 8:16am Aug 22, 2008 8:16am
- Joined Mar 2008 | Status: Fooled by randomness | 8,364 Posts
I just want to add one thing into it. So far this week G/U is able to performing tripple bottom 1.8536, 1.8540 and last night 1.8548 and on the top of all these bottom last week the bottom was 1.8511.
I am also setaside for right now. I closely watched G/U this week with two mistakes of 142 pips loss in my mini accounts. The first mistake was I tested gap up and gap down from Friday's open position until Sunday closed position (lost 50 pips) and the second mistake was I traded stupid cable on the news (one thing I want to make clear to all of the guys on the forum that fundamentals doesn't help Cable at all on the LONG side) based on long and lost 92 pips .
On the brighter side, I made 50 pips on my FXCM micro account (1-10 cents per pip) based on the concept that cable is at the high for short plus I have learned a lesson from my mistakes that never trade the cable on the news and never trade the cable against the downtrend channel. Secondly always trade the cable for Short at the hight for example 1.8796 or 1.8745.....
When life gives you lemons, make lemonade
- #83,678
- Aug 22, 2008 8:27am Aug 22, 2008 8:27am
- Joined Feb 2008 | Status: Trader | 5,732 Posts
I forgot to mention that it could also tank if it was worse than expected...
I did not open a position because I was waiting until after the gdp figure. I did not take this short and I missed out on a lot of pips...... I am still on the sidelines for now.. I will consider long if 8550 holds...
If 8511 goes... look out below....
Patience + Discipline - Greed = Success
