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Cable Update (GBPUSD)

  • #84,061
  • Aug 26, 2008 3:55am Aug 26, 2008 3:55am
Soooo glad I closed that long I had earlier for the +2 pips I managed to squeeze out of it
I'm not used to trading in a trending market, but I think I could get to like it, given enough time The question is, how long will the trend last?
Do you think the karate kid knows kung-fu?
  • #84,062
  • Aug 26, 2008 3:56am Aug 26, 2008 3:56am
Quoting fx local
nope im only playing it one way until somethign fundamentally changes (sept maybe interesting), ie short down, sell into failed rallies, less stressful and easier!
ok i see. I personally trade upon 15min-30mins chart sometimes confirming my trading decision with 1hr chart. Although the overal trend could be down for longterm, there are still good moves of 30-50 pips on the reverse side that anyone can profit of before deciding to go back with the overall trend. At least that's how i trade...lol
  • #84,063
  • Aug 26, 2008 4:00am Aug 26, 2008 4:00am
i have a feeling that us consumer confidence will be higher as oil has fallen from highs,what do you guys think?
  • #84,064
  • Aug 26, 2008 4:02am Aug 26, 2008 4:02am
Quoting ddblue
Soooo glad I closed that long I had earlier for the +2 pips I managed to squeeze out of it
I'm not used to trading in a trending market, but I think I could get to like it, given enough time The question is, how long will the trend last?
that is the golden question buddy.....

Trend never goes in vertical line...there is more or less correction along t way...google (ray barros)

Since GBP/USD is in the downtrend in H4 I will look for shorting opportunity rather than Long....as risk/reward ratio for going Long is just too low...

1 thing for sure is....trend will not end/change direction without the warning signal....

Our job is to pay attention to the warning signal..look out for it..

Hope it helps...Good to see u doing well...
I wonder what t kantors doing...especially lsgxxx

sonic
  • #84,065
  • Aug 26, 2008 4:07am Aug 26, 2008 4:07am
Quoting Forextrader4
ok i see. I personally trade upon 15min-30mins chart sometimes confirming my trading decision with 1hr chart. Although the overal trend could be down for longterm, there are still good moves of 30-50 pips on the reverse side that anyone can profit of before deciding to go back with the overall trend. At least that's how i trade...lol
what ever works 4 u, money talks i guess, im not even looking at charts that much in august just selling rallies heavily, strategy that is paying off, will go back to charts when something changes, ie when sentiment shifts from dollar strength and charts show signs on basing, until then i see one way traffic - what can a chart possibly tell u when trend is soo one sided and obvious just sell and go with the flow
Trading is 80% Emotional, 20% Technical
  • #84,066
  • Aug 26, 2008 4:12am Aug 26, 2008 4:12am
Quoting fx local
what ever works 4 u, money talks i guess, im not even looking at charts that much in august just selling rallies heavily, strategy that is paying off, will go back to charts when something changes, ie when sentiment shifts from dollar strength and charts show signs on basing, until then i see one way traffic - what can a chart possibly tell u when trend is soo one sided and obvious just sell and go with the flow

picking tops and bottoms hard thing to do, rarely consistantly profitable, "go with the flow" very appropreiate at this moment in time
Trading is 80% Emotional, 20% Technical
  • #84,067
  • Aug 26, 2008 4:23am Aug 26, 2008 4:23am
Quoting fx local
picking tops and bottoms hard thing to do, rarely consistantly profitable, "go with the flow" very appropreiate at this moment in time
Exactly.
  • #84,068
  • Aug 26, 2008 4:41am Aug 26, 2008 4:41am
Just woke up to some nice .

Back to bed now....
Patience + Discipline - Greed = Success
  • #84,069
  • Aug 26, 2008 4:43am Aug 26, 2008 4:43am
Quoting Infinity
Just woke up to some nice .

Back to bed now....
yep its just that easy at mo!! happy trading all
Trading is 80% Emotional, 20% Technical
  • #84,070
  • Aug 26, 2008 5:04am Aug 26, 2008 5:04am
G/U is in a free fall toward 8150. If you look out at the Day and weekly there is not much to hold it up until that point.
  • #84,071
  • Aug 26, 2008 5:04am Aug 26, 2008 5:04am
Quoting sonicdeejay
that is the golden question buddy.....

Trend never goes in vertical line...there is more or less correction along t way...google (ray barros)

Since GBP/USD is in the downtrend in H4 I will look for shorting opportunity rather than Long....as risk/reward ratio for going Long is just too low...

1 thing for sure is....trend will not end/change direction without the warning signal....

Our job is to pay attention to the warning signal..look out for it..

Hope it helps...Good to see u doing well...
I wonder what t kantors doing...especially lsgxxx

sonic
lsg is doing really well! I talk to him once in awhile. I honestly believe he has a real talent for forex, he can profit in any environment.

And since I've never traded in a trend market before, could I ask what these warning signs look like? I honestly have no idea.
Do you think the karate kid knows kung-fu?
  • #84,072
  • Aug 26, 2008 5:05am Aug 26, 2008 5:05am
You guys think it's safe to go short again?
Do you think the karate kid knows kung-fu?
  • #84,073
  • Aug 26, 2008 5:11am Aug 26, 2008 5:11am
Quoting fx local
yep its just that easy at mo!! happy trading all

hehe man ive been shorting since last time i talked to u online
at 19700
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #84,074
  • Aug 26, 2008 5:53am Aug 26, 2008 5:53am
Quoting ddblue
lsg is doing really well! I talk to him once in awhile. I honestly believe he has a real talent for forex, he can profit in any environment.

And since I've never traded in a trend market before, could I ask what these warning signs look like? I honestly have no idea.

well i know what the warning signs are and still in a mess..(wekely or monthly have to have doji and have to be on swing low (morning star formation) and bullish diverence is needed to change the trend...only think is it gonna ake months for something like that to happen..

u have to be a trader where u can just go with it...this is something not easily done for me..maybe need more practice...yesterday i had 2 losing trades..sell positions for this very same move but SL was to close and got killed...i went long yesterday, then thought nope my short is good .and entered short....now im in a real mess....hedged with 22 pips difference between long and short..

any1 wanna through advise on how to deal with this?
  • #84,075
  • Aug 26, 2008 6:04am Aug 26, 2008 6:04am
nav, if your short trade entry is higher than your long entry you could close both at any level for an effective +22pip gain. if however your short entry is at a lower level than your long entry then closing both anywhere at the same time will result in a 22pip loss.

I guess though the question you are asking is whether you should close one and keep the other open? the safest (though not risk free) would be to close the long and keep the short open (it being a downtrend with a stop at b/e entry level and an inititial target of +22pips from the point of closing the long in order to get back to net nuetral on the deal, anything above that is a bonus on a bad situation.

depends on your risk tolerances really...be aware too price is 199pips off the hi now intraday and the pip range is now beyond it's 5 10 and 20day averages.

G/L
ex member
  • #84,076
  • Aug 26, 2008 6:05am Aug 26, 2008 6:05am
I have a lot of (forced ) experience of hedging and can tell you that in the majority of cases it just causes you distraction, pain and loss of equity.

However, 22 pips is nothing! I'd suggest you wait for the next bottom - i.e. look for bullish div on 15M chart in particular, close the short and wait for price to retrace up 22 pips (or you may have a fair chance of making a few pips is a retrace is larger).

On the other hand you will know, that the 'proper' advice would be to close both positions now and take the loss which is not large at all on a pair like GU (my min SL for GU is 30 pips)

Quoting nAVIN2007
well i know what the warning signs are and still in a mess..(wekely or monthly have to have doji and have to be on swing low (morning star formation) and bullish diverence is needed to change the trend...only think is it gonna ake months for something like that to happen..

u have to be a trader where u can just go with it...this is something not easily done for me..maybe need more practice...yesterday i had 2 losing trades..sell positions for this very same move but SL was to close and got killed...i went long yesterday, then thought nope my short is good .and entered short....now im in a real mess....hedged with 22 pips difference between long and short..

any1 wanna through advise on how to deal with this?
Consistency and patience is everything
  • #84,077
  • Aug 26, 2008 6:18am Aug 26, 2008 6:18am
Quoting Geldmeister
I have a lot of (forced ) experience of hedging and can tell you that in the majority of cases it just causes you distraction, pain and loss of equity.

However, 22 pips is nothing! I'd suggest you wait for the next bottom - i.e. look for bullish div on 15M chart in particular, close the short and wait for price to retrace up 22 pips (or you may have a fair chance of making a few pips is a retrace is larger).

On the other hand you will know, that the 'proper' advice would be to close both positions now and take the loss which is not large at all on a pair like GU (my min SL for GU is 30 pips)
thx guys ..seems like a plan..i hate the fact that cable look to have found it itself in another channel
  • #84,078
  • Aug 26, 2008 6:19am Aug 26, 2008 6:19am
Quoting nAVIN2007
well i know what the warning signs are and still in a mess..(wekely or monthly have to have doji and have to be on swing low (morning star formation) and bullish diverence is needed to change the trend...only think is it gonna ake months for something like that to happen..

u have to be a trader where u can just go with it...this is something not easily done for me..maybe need more practice...yesterday i had 2 losing trades..sell positions for this very same move but SL was to close and got killed...i went long yesterday, then thought nope my short is good .and entered short....now im in a real mess....hedged with 22 pips difference between long and short..

any1 wanna through advise on how to deal with this?
nav buddy
my rules are strict but they are much needed
i say close and lose the 22 pips because the market will not stop after this trade
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #84,079
  • Aug 26, 2008 6:20am Aug 26, 2008 6:20am
Quoting nAVIN2007
thx guys ..seems like a plan..i hate the fact that cable look to have found it itself in another channel
Why??? Channels is money
  • #84,080
  • Aug 26, 2008 6:22am Aug 26, 2008 6:22am
Quoting belekas
Why??? Channels is money
yes
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