Cable Update (GBPUSD)

Quoting ezmystic

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Dam it I was in winning trade yesterday and closed out for 90 pips at midday then sold because inlaws are here and didn't want to leave trade unmanaged and did same today for 30 pips. Could have had 300 pips, but at least it's plus pips and not minus.

Hey eohater your charts posting have really been helping me please keep it up I am learning a lot and I think I'm getting a bit more of a feel for the market.

Nav how are your hedges going?

everyone else hope your all takin loads of pips.

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Quoting Infinity

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I have been looking at that strategy for a while now..It does work more often than not but you must protect profit very early and know when to take profit. I think steelhead mentioned it some time ago as well. The problem was that he was not treating it for what it is........a scalp. It is normally good for a few pips though...

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Quoting steelhead

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Infinity alot of times i get +100 pips on countertrend trades like these. So they are better than scalps most the time, but again you get up 50 or so you protect at that point and let it go.

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Quoting Infinity

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huh???? Where were you bro? We aint done dropping yet...

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Quoting \"expert\"

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Sorry guys i opened short cloed that long.And now i am in+10 total so see you down. at 6850 area(next pivot).SL is BE.Going to sleep

Forbs don't do this i mught be wrong!!!

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Quoting leu02cz

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The major European currencies declined to intraday lows Tuesday afternoon following comments from Bank of England Governor Mervyn King that the U.K. pound could fall faster and more than expected.

The euro declined to a 20-month low of $1.3060 against the dollar and the U.K. pound hit a five-year low of $1.6757 against the greenback.

The drop follows weakness throughout the trading session as stocks and crude oil futures declined with risk aversion on global recession concerns. Traders expect slow growth to lead to rate cuts in the euro zone and U.K., which would undercut the attraction of the higher-yielding currencies.

Also, investors continue to de-leverage bets abroad and demand the dollars with many seeing the potential impact of recession on the European economy as greater than on the U.S. economy.

Bank of England Governor Mervyn King said Tuesday the U.K. economy now appears to be entering a recession, and it will take a \"long, slow haul\" to bring economic growth back to more normal conditions.

King's comments suggest a significant shift in his view of U.K. economic prospects, and open the door to further near-term rate cuts. The remarks pushed down sterling, which dragged the euro down with it.

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Quoting bkg102665

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On the weekly I would expect some bounce off the 61.8 fib, what do you think?

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Quoting Infinity

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We'll see... but in conditions like this, I would'nt be surprised if we blew right past it down to 1.5500. If we see rejection there (1.6500 area), it could turn but if we get a weekly close below it......

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Quoting \"expert\"

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I say good thinking but we need some retrace.Some small one.6720 area minimum.can't go down all the time

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Quoting \"expert\"

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Well long live ninjas.They need to trade that bad news from GB today afternoon.Selling as US did.My pending order for short activated so now with that bad long i am just fine.Can lock profit and go to sleep hoping that in morning will see 200 pips !!!

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Quoting dakrusha

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bad long? ur hedged? oh man close that business!!!

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