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Cable Update (GBPUSD)

  • #87,681
  • Sep 12, 2008 10:49am Sep 12, 2008 10:49am
Quoting asyed4
I completely understand your curiosity but I think this 385 pips jump happened because of two main factors:
1) Euro jump from 1.3972 to 1.4202
2) 3 red news of US came out negative
My conclusion based on 1) and 2) is this bounce is a fake bounce and this whole week is a mistry, on the week open there was huge gap up for 320 pips and today on the week close there was a huge bounce for 385 pips - hey this is a currency market man - face the market challenge or change your way of living...

Every day is different and every week is different my friend based on strong downtrend and UK is in sink mode with all its negative news, I think on Sunday open Asia will have hopefully gap down as I observer Asia open for the last 4 days believe me, every day Asia is either filling the gap up or filling the gap down. Since today was a huge gap up so my anticipation for Sunday open would be a gap down
i think if u look at monthly chart, technical breaking the bottom to me sounds rediculious it would drop another 3000 pips i dont think we gonna break that low..we now have 2 shadows long wick on weekly candles.....thats a turning point..be carfull about holding short at such a extreme...we cannot afford to have no stop when price is moving 400 pips one way or other..
  • #87,682
  • Sep 12, 2008 10:50am Sep 12, 2008 10:50am
I took the entry as soon as it broke the open of the 9/10 candle that was slapped back down.

Quoting PippinAintEZ
Why that entry point as opposed to just over the high/open of the pinbar day?? That looks like the logical entry to me if you were placing a buy limit??
  • #87,683
  • Sep 12, 2008 10:55am Sep 12, 2008 10:55am
You got to remember, I am looking out at this and I have been waiting for this for over a week. So I enter when I want when trading the Weekly T/F.

Jim


Quoting hard1head1
I took the entry as soon as it broke the open of the 9/10 candle that was slapped back down.
Attached Image (click to enlarge)
Click to Enlarge Name: ej weekly jmt 9-7-08.gif Size: 36 KB
  • #87,684
  • Sep 12, 2008 10:58am Sep 12, 2008 10:58am
Quoting PippinAintEZ
Allserene,

Check out my post to you on pg. 5832
Hey sounds good -I didn't know people knew about me messin' with goats !

I have added you to my buddy list so I don't lose track

Here, it is like that star trek episode where they land on a planet where its blue sky every day, and every day is the same, and everyone is nice looking, and nobody gets sick, and no work needs to be done, and they all walk around with a dopy brilliant white smile on their faces like these evangelical programs on cable - and Kirk tell the locals that humans cant live like that...

So boring, I spend my day on my knees praying for sarah to self combust on prime time telly and just leave a small pile of ashes and her melted specs behind on the stage

That sounds really nice where you are - yes i will check it out - I will.

ok thank you - I am shorting now - with a tight s/l window
  • #87,685
  • Sep 12, 2008 11:13am Sep 12, 2008 11:13am
short from 7880

stop 7926
target 7800 ...looks good so far.
  • #87,686
  • Sep 12, 2008 11:24am Sep 12, 2008 11:24am
Quoting big_pipin
short from 7880

stop 7926
target 7800 ...looks good so far.
It dont look good now...hahaha
It will touch your SL soon.
  • #87,687
  • Sep 12, 2008 11:30am Sep 12, 2008 11:30am
Quoting gagakrimba
It dont look good now...hahaha
It will touch your SL soon.
it looks great to me
  • #87,688
  • Sep 12, 2008 11:30am Sep 12, 2008 11:30am
Quoting jcminvest
greed won and I lost my friends.... im still trading... just with much less but a lesson was learned. I just hope you guys can help pick me up after this. Im back to where I started. But yes it was very very poor MM. I have learned and hope and pray I dont make the same mistake again.
Hi there jcminvest,http://www.forexfactory.com/images/icons/icon14.gif
Greed and the need to win are very powerful, Great if it comes of tragic if it doesn't. I was looking for a little action last night on CHF/JPY and Im too embarrassed to tell you about my Lot sizes compared to my account size Well I really got my fingers burnt after closing the trade because I couldnt afford to chase it any more, else I would have burnt out my account. Very annoyingly a few hours later if I hadnt closed the trade I would have been dancing in the street (well maybe in the bedroom)
Very sorry to hear of your misfortune, hope that you stay with it and manage to build your account up again. Good Luck
  • #87,689
  • Sep 12, 2008 11:45am Sep 12, 2008 11:45am
Quoting NoBread
For what it is worth, it is an unwritten rule you must loose to win? I think we all have done what you have (maybe not as much) to learn this craft. And there will be days you get beat (hence my short from 77) You can make it back but it is up to you and how much time you are willing to put towards this. I was bound and determined to learn, and for that matter still am. I think you grow as a trader everyday.

yes i think so ...i think it has nothing to do with actual trading as we think...its like once u press that button its then 100% mind game, market then plays with u to finish u off and u need a plan which u see through....thats where i fall apart unfortunately
  • #87,690
  • Sep 12, 2008 11:47am Sep 12, 2008 11:47am
Quoting big_pipin
short from 7880

stop 7926
target 7800 ...looks good so far.
i am in the same trade and i hope i dont regret cos i dont tink it looks that good.
  • #87,691
  • Sep 12, 2008 11:47am Sep 12, 2008 11:47am
Quoting big_pipin
short from 7880

stop 7926
target 7800 ...looks good so far.
To avoid eating your SL, my suggestion would be increasing your SL up to 1.7980 and always remember one thing ----------
"There is always fall/down after a huge bounce up and there is always retracement up after a sharp fall."

I am holding 2 shorts @1.7650 and @ 1.7640 in my mini (1 pip=$1) and my micro account (1 pip=50 cents @5K=5000 pips) - hoping for the best...

I don't think it is a turning point as this is not a month end plus there are several reasons for Cable to go down next week plus cable breached 1.7470 level to 1.7440 and this jump for today is all to all Euro jump and Euro jump is all to all bad US news and DJIA pulled its teeth as well.....
  • #87,692
  • Sep 12, 2008 11:49am Sep 12, 2008 11:49am
thanks again guys for all of your encouragement... i really look forward to trading with you guys and LEARNING more every day about forex. but for now a beer and some hot wings will do because I just sold my car and I am now debt free! can I get a AAAAMEN
Lets do this...
  • #87,693
  • Sep 12, 2008 11:52am Sep 12, 2008 11:52am
Quoting asyed4
To avoid eating your SL, my suggestion would be increasing your SL up to 1.7980 and always remember one thing ----------
"There is always fall/down after a huge bounce up and there is always retracement up after a sharp fall."

I am holding 2 shorts @1.7650 and @ 1.7640 in my mini (1 pip=$1) and my micro account (1 pip=50 cents @5K=5000 pips) - hoping for the best...

I don't think it is a turning point as this is not a month end plus there are several reasons for Cable to go down next week plus cable breached 1.7470 level to 1.7440 and this jump for today is all to all Euro jump and Euro jump is all to all bad US news and DJIA pulled its teeth as well.....
The rickster on cnbc reckons the fed might pull a rate cut this weekend at the same time as they eat lehman

he reckons that is driving it

exciting stuff !
  • #87,694
  • Sep 12, 2008 11:57am Sep 12, 2008 11:57am
on 10 min chart
Jesus Christ is my only Lord !
  • #87,695
  • Sep 12, 2008 12:00pm Sep 12, 2008 12:00pm
Quoting allserene
The rickster on cnbc reckons the fed might pull a rate cut this weekend at the same time as they eat lehman

he reckons that is driving it

exciting stuff !
so if fed cuts again we can expect weaker dollar yet?
Lets do this...
  • #87,696
  • Sep 12, 2008 12:03pm Sep 12, 2008 12:03pm
Quoting asyed4
To avoid eating your SL, my suggestion would be increasing your SL up to 1.7980 and always remember one thing ----------
"There is always fall/down after a huge bounce up and there is always retracement up after a sharp fall."

I am holding 2 shorts @1.7650 and @ 1.7640 in my mini (1 pip=$1) and my micro account (1 pip=50 cents @5K=5000 pips) - hoping for the best...

I don't think it is a turning point as this is not a month end plus there are several reasons for Cable to go down next week plus cable breached 1.7470 level to 1.7440 and this jump for today is all to all Euro jump and Euro jump is all to all bad US news and DJIA pulled its teeth as well.....
this weekly candle is on a mission to be bullish...if price goes down next week traders will buy like crazy....and next week we likely to have another bullish candle on weekly.. might see a morning star!.... I so can see this playing out...even look at the COT data...USD is very high, fanny and freddy bailed debt passed on to tax payers.....hectic time for USD news which can change the tide briefly...lol

when we see a hammer on monthly..time to head up and it might be building toward this

just be carefull friend
  • #87,697
  • Sep 12, 2008 12:08pm Sep 12, 2008 12:08pm
could someone let me know what is a all around good technique for setting a SL?
Lets do this...
  • #87,698
  • Sep 12, 2008 12:11pm Sep 12, 2008 12:11pm
Quoting asyed4
To avoid eating your SL, my suggestion would be increasing your SL up to 1.7980 and always remember one thing ----------
"There is always fall/down after a huge bounce up and there is always retracement up after a sharp fall."

I am holding 2 shorts @1.7650 and @ 1.7640 in my mini (1 pip=$1) and my micro account (1 pip=50 cents @5K=5000 pips) - hoping for the best...

I don't think it is a turning point as this is not a month end plus there are several reasons for Cable to go down next week plus cable breached 1.7470 level to 1.7440 and this jump for today is all to all Euro jump and Euro jump is all to all bad US news and DJIA pulled its teeth as well.....
I am glad to see I am not the only one holding my short @1.7668! I did not pull it as I dont think this run will last. will hold over the weekend and add to it if I get a new sell signal to average the cost incase the Fed cuts rates?! and we dont get to my TP! Good trading to all and many green pips
  • #87,699
  • Sep 12, 2008 12:11pm Sep 12, 2008 12:11pm
Quoting jcminvest
so if fed cuts again we can expect weaker dollar yet?

well he reckons this big drop in usd is in anticipation

so it is now built in
  • #87,700
  • Sep 12, 2008 12:13pm Sep 12, 2008 12:13pm
Quoting allserene
well he reckons this big drop in usd is in anticipation

so it is now built in
heard that rumour the this morning, not being reflected in stocks though only in dollar
Trading is 80% Emotional, 20% Technical
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