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Cable Update (GBPUSD)

  • #87,621
  • Sep 12, 2008 8:59am Sep 12, 2008 8:59am
Michigna No 73.1 big figure
Trading is 80% Emotional, 20% Technical
  • #87,622
  • Sep 12, 2008 9:01am Sep 12, 2008 9:01am
Quoting jcminvest
it just sucks to sit here and watch and know theres nothing you can do but watch it crash. I went short on Eur last night.... lost power to the house... couldnt get on untill this morning... didnt set a SL cuz i was going to watch it through the night.... ugh
I'm sorry for your situation. I know the other day that rain was knocking out my sattelite internet...kinda freaked me out. I hope you didn't lose too much $$$.

For everyone else out there...(and not too intentionally echo STEELHEAD), Why are you trading this market today. I've been following this thread for a month or so, and there seem to be some pretty savvy traders, but again I have to ask WHY??? We all know cable has been in a severe downtrend....shorts have been the order of the day. Now suddenly things have got VERY uncertain. We have several factors that need to be cleared up before that is going to change. We're still seeing fallout from the fannie /freddie situation...the Lehman failure/buyout is appearing imminent, but unresolved, and a huge hurricane is bearing down on a major us city, and disrupting the oil situation in the gulf. Our gas stations in western NC are already running out of gas due in large part to panic buying and because of what happened 3 years ago when we had one of these multi hurricane events. All this uncertainty is leading to too much guessing and subsequent losing of money. There's NO shame in standing down in an uncertain market is there??? Personally I don't feel like a day like today...with all the crazy one of akind situations effecting the market are anything to base a trend or trend reversal around. IMHO I believe that the long term trend is still down for awhile...1.70 or so for this pair, but who really knows for sure?? My point is that a day like this is not a day to make a sweeping analysis about market direction...it's just not a normal trade day. That being said...here's my chart...I think you can see which way i thought things were heading...but i'm not comfortable enough with the long side at this point to have traded it. Maybe some scalps here and there on the 5 min.
Attached Image (click to enlarge)
Click to Enlarge Name: example chart.gif Size: 39 KB
  • #87,623
  • Sep 12, 2008 9:10am Sep 12, 2008 9:10am
Quoting fx local
Michigna No 73.1 big figure
seems a lot of faith in dollar.....we probably go back in the channel now..
  • #87,624
  • Sep 12, 2008 9:10am Sep 12, 2008 9:10am
is it worth taking a 25k hit to hold 7k to continue trading another day? or risking it to see if the EUR comes back down at all for me?
Lets do this...
  • #87,625
  • Sep 12, 2008 9:18am Sep 12, 2008 9:18am
Quoting jcminvest
is it worth taking a 25k hit to hold 7k to continue trading another day? or risking it to see if the EUR comes back down at all for me?
short and medium term views suggests that eurusd will be trading around 1.48 as the "deflation" numbers today give a sign
I recommend you read something else as this sentence is now concluded.
  • #87,626
  • Sep 12, 2008 9:18am Sep 12, 2008 9:18am
Quoting jcminvest
is it worth taking a 25k hit to hold 7k to continue trading another day? or risking it to see if the EUR comes back down at all for me?
its yur call ..
it looks like we gonna get a pin on weekly possibly...that doesnt mean we goin up straight away...all speculation and nobody knows..only u can decide that but mm rule wise risking 25k to save 7 makes little sense to me
  • #87,627
  • Sep 12, 2008 9:21am Sep 12, 2008 9:21am
Quoting jcminvest
is it worth taking a 25k hit to hold 7k to continue trading another day? or risking it to see if the EUR comes back down at all for me?
What about stop loss? What about money management? You have to have a plan bro or you won't last long in this business..
Patience + Discipline - Greed = Success
  • #87,628
  • Sep 12, 2008 9:22am Sep 12, 2008 9:22am
Quoting jcminvest
is it worth taking a 25k hit to hold 7k to continue trading another day? or risking it to see if the EUR comes back down at all for me?
Jeez Louise....I guess you doon't subscribe to the 5% rule??? Were you trading 20 Lots or something!!!??? Do you only have 30 pips or so left till margin call??? I'd say it will be close...the negative news for the Euro should be done for the day...and I don't see anything rosy on the horizon for the $$$...unless Lehman puts something together that everyone just loves...now we've got WAMU being downgraded to junkbonds...not a real pretty picture. But it's your money...you obviously have a very high risk tolerance....may the force be w/ you!!!
  • #87,629
  • Sep 12, 2008 9:22am Sep 12, 2008 9:22am
Quoting nAVIN2007
its yur call ..
it looks like we gonna get a pin on weekly possibly...that doesnt mean we goin up straight away...all speculation and nobody knows..only u can decide that but mm rule wise risking 25k to save 7 makes little sense to me
im already way down.... obviously haha but I was wondering if its better to take the hit and still have something to trade with verses waiting it out and losing all of it with nothing to trade with. Just asking opinions.
Lets do this...
  • #87,630
  • Sep 12, 2008 9:28am Sep 12, 2008 9:28am
stopped out....-23

sorry guys...that trade usually works great.... like last friday, i guess oil up today held it.
  • #87,631
  • Sep 12, 2008 9:28am Sep 12, 2008 9:28am
Quoting jcminvest
im already way down.... obviously haha but I was wondering if its better to take the hit and still have something to trade with verses waiting it out and losing all of it with nothing to trade with. Just asking opinions.
the faith in dollar is strong yet we still moving up momentum is up i dunno if that gonna change...u sound like yur at that stage where it all or nothing..
  • #87,632
  • Sep 12, 2008 9:30am Sep 12, 2008 9:30am
Quoting Shilva
stopped out....-23

sorry guys...that trade usually works great.... like last friday, i guess oil up today held it.
we going towards my hedge....
  • #87,633
  • Sep 12, 2008 9:37am Sep 12, 2008 9:37am
so folks, what are expectations for next week?
I recommend you read something else as this sentence is now concluded.
  • #87,634
  • Sep 12, 2008 9:37am Sep 12, 2008 9:37am
Quoting Infinity
Around 7450 is 50% fib level from when this whole upmove started. We should watch this area carefully....
I posted this chart last week....here is an update.... the close will be interesting...
Attached Image (click to enlarge)
Click to Enlarge Name: week.GIF Size: 24 KB
Patience + Discipline - Greed = Success
  • #87,635
  • Sep 12, 2008 9:38am Sep 12, 2008 9:38am
wkly pivot 7828, but i tried a short @ 7700 yeah that worked out good

  • #87,636
  • Sep 12, 2008 9:38am Sep 12, 2008 9:38am
loss 12- pips

win 30+ pips

total 18+ pips
  • #87,637
  • Sep 12, 2008 9:39am Sep 12, 2008 9:39am
Quoting nAVIN2007
we going towards my hedge....
if it does i am really glad I had a stop!!!!!!!!!!!!!

you need somewhere around 8600 don't you?
  • #87,638
  • Sep 12, 2008 9:39am Sep 12, 2008 9:39am
Quoting nAVIN2007
we going towards my hedge....
nAVIN, Your avatar looks anxious now. What would he look like if he was 100 pips down on a 20 lot trade. Crikee!!
  • #87,639
  • Sep 12, 2008 9:41am Sep 12, 2008 9:41am
Quoting Hamood FX
loss 12- pips

win 30+ pips

total 18+ pips
My summary for today...

loss = 0 pips
win = 0 pips
total = 0 pips

Patience + Discipline - Greed = Success
  • #87,640
  • Sep 12, 2008 9:41am Sep 12, 2008 9:41am
oil down
US up
GBP do nothing
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