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Cable Update (GBPUSD)

  • #95,961
  • Nov 6, 2008 4:48am Nov 6, 2008 4:48am
I'm glad I closed my short for a few pips before news, it would have come back and bit me in the arse. I don't trade news normally co anything can happen.
please DON'T copy my trades I am still learning
  • #95,962
  • Nov 6, 2008 4:50am Nov 6, 2008 4:50am
hopefully it will consolidate in the traingle to allow u get out..the direction is so confusing because of the rate cut otherwise it looked down definately
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  • #95,963
  • Nov 6, 2008 4:52am Nov 6, 2008 4:52am
hey Nav, you got your alpari account yet, or are they still dragging thier heels?
please DON'T copy my trades I am still learning
  • #95,964
  • Nov 6, 2008 4:53am Nov 6, 2008 4:53am
Quoting nAVIN2007
it can take 12 months to happen or maybe 8...its not happening quickly...its a monthly chart
Even if it happened in 12 months I would be suprised, and what use is it if it does? It's not like its going straight there, I might as well predict that it will reach 1.85 within the next 3 years. It probably will.
I trade in longer timeframes, but I think if you are analysing the monthly chart, the key is to try and establish where the bottom is- if it has been reached, or if it will be retested, or if there will be a new one. And if so where?
  • #95,965
  • Nov 6, 2008 4:56am Nov 6, 2008 4:56am
hey Micho, you might be able to salvage something from this, looks like she's trying to push down.
please DON'T copy my trades I am still learning
  • #95,966
  • Nov 6, 2008 4:58am Nov 6, 2008 4:58am
Quoting ezmystic
hey Micho, you might be able to salvage something from this, looks like she's trying to push down.
on back of boring ECB cutting only 50bhps.... such obvious moves.. plently of opps
Trading is 80% Emotional, 20% Technical
  • #95,967
  • Nov 6, 2008 5:00am Nov 6, 2008 5:00am
Quoting spintrader
Even if it happened in 12 months I would be suprised, and what use is it if it does? It's not like its going straight there, I might as well predict that it will reach 1.85 within the next 3 years. It probably will.
I trade in longer timeframes, but I think if you are analysing the monthly chart, the key is to try and establish where the bottom is- if it has been reached, or if it will be retested, or if there will be a new one. And if so where?
its based on a formation broadening traingle and technically we have sank right from the top....it cant just sink without making lower highs.....rate cut like this is about boasting a recovery.action is taken and traders see this as positive..

the weekly chart suggest the bottom support is rejected and this matches up with my trendline on monthly to the pip......so as far as im concerned its a possibility....
this is why im going on a micro account cause this is how i want to trade eventually forget the news and just trade the direction.....

ofcourse right now we need a monthly close to make a trendline touch 2 points then a projected top can be estimated...so 1.93 figures i pulled out of thin air....it it all depends on the monthly close
  • #95,968
  • Nov 6, 2008 5:01am Nov 6, 2008 5:01am
What a candle!
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  • #95,969
  • Nov 6, 2008 5:02am Nov 6, 2008 5:02am
Quoting nAVIN2007
its based on a formation broadening traingle and technically we have sank right from the top....it cant just sink without making lower highs.....rate cut like this is about boasting a recovery.action is taken and traders see this as positive..

the weekly chart suggest the bottom support is rejected and this matches up with my trendline on monthly to the pip......so as far as im concerned its a possibility....
this is why im going on a micro account cause this is how i want to trade eventually forget the news and just trade the direction.....
I definitely agree with trading the direction, it's what I try and do.
And in my opinion, it's down. At least for the time being.
  • #95,970
  • Nov 6, 2008 5:04am Nov 6, 2008 5:04am
Quoting spintrader
What a candle!
I saw it.. I don't want anything to do with this kind a shit.... I'm glad I closed out before all this.... that's some major whipsawing...
Patience + Discipline - Greed = Success
  • #95,971
  • Nov 6, 2008 5:05am Nov 6, 2008 5:05am
Quoting Infinity
I saw it.. I don't want anything to do with this kind a shit.... I'm glad I closed out before all this.... that's some major whipsawing...
Yeah, that candle it just the perfect display of what news can do to the market.
If anyone new out there was wondering what the dangers are, just take a look at that candle and you will understand!
  • #95,972
  • Nov 6, 2008 5:05am Nov 6, 2008 5:05am
Are you kidding? . its the biggest rate cut since early 1980s. Those spike is purely technical and design to hit everyone stop loss. Poor guy.
  • #95,973
  • Nov 6, 2008 5:08am Nov 6, 2008 5:08am
Quoting AbgZuhaini
Are you kidding? . its the biggest rate cut since early 1980s. Those spike is purely technical and design to hit everyone stop loss. Poor guy.
was that addressed to me? I can't tell, if so I think you have completely missed the point. If not, I apologize and I will shut up!
  • #95,974
  • Nov 6, 2008 5:12am Nov 6, 2008 5:12am
guys, what is the target for now? thnx
  • #95,975
  • Nov 6, 2008 5:13am Nov 6, 2008 5:13am
2x 25 pip stop losses hit = -50
+ 140 pip long
+ 140 pip short

= profit... Now what?

Decisions purely based on FTSE market movement.

Lets see what S&P does this afternoon...
Ride the Bulls bearback!
  • #95,976
  • Nov 6, 2008 5:13am Nov 6, 2008 5:13am
i come to the conclusion this currency is crazy to trade..i mean u have to be paranormal to make money in this market
  • #95,977
  • Nov 6, 2008 5:14am Nov 6, 2008 5:14am
Quoting vorschlag
guys, what is the target for now? thnx
My target is as low as it can go, but I doubt that will help you much.
Trichet's speech starts in 15 mins. That is bound to give the euro further direction at least. Which invariably effects the pound.
I believe on the short term, it will revisit the low from the spike.
  • #95,978
  • Nov 6, 2008 5:17am Nov 6, 2008 5:17am
i dont have feel to make any trade today, just happy enough 300+ pips..
btw i cant take this crazy price action anymore,
  • #95,979
  • Nov 6, 2008 5:19am Nov 6, 2008 5:19am
Has anyone got a link to a video stream of the speech?
I don't know if there is one, but there often is. I can't seem to get onto the ECB website.
  • #95,980
  • Nov 6, 2008 5:21am Nov 6, 2008 5:21am
Never mind, just got onto the site.
The link is http://www.ecb.int/home/html/index.en.html the webcast is on the main page, if anyone wants to watch it.
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