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Cable Update (GBPUSD)

  • #96,981
  • Nov 11, 2008 9:06am Nov 11, 2008 9:06am
Quoting steelhead
I will buy all you want to sell. Do we have a deal?
I take up that offer....

Buy up some more so I can sell some more...
Patience + Discipline - Greed = Success
  • #96,982
  • Nov 11, 2008 9:07am Nov 11, 2008 9:07am
Steelhead, give me all ya got baby! lol

I'm looking at 1.5550 on my new 4 hour that just popped up for a possible retrace then down again based on the bearish bar. I'll be looking to see that area again, although I won't be adding another position. I'm looking to check out a few other markets as well right now.
I dream, therefore I become.
  • #96,983
  • Nov 11, 2008 9:09am Nov 11, 2008 9:09am
Can we use the word "TANK" now???
  • #96,984
  • Nov 11, 2008 9:11am Nov 11, 2008 9:11am
Quoting meltz
Can we use the word "TANK" now???
I'd be looking to see a retracement, but after that, yes we can my friend IMO.
I dream, therefore I become.
  • #96,985
  • Nov 11, 2008 9:12am Nov 11, 2008 9:12am
Quoting mike w
Steelhead, give me all ya got baby! lol

I'm looking at 1.5550 on my new 4 hour that just popped up for a possible retrace then down again based on the bearish bar. I'll be looking to see that area again, although I won't be adding another position. I'm looking to check out a few other markets as well right now.
Let me join the next chance !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #96,986
  • Nov 11, 2008 9:12am Nov 11, 2008 9:12am
Quoting Infinity
I take up that offer....

Buy up some more so I can sell some more...

you have a deal when i get a close on the lows on four hour i will buy up as much as you want me too.

I believe this is a sucker play. I have been wrong before but I really think they dipped it too get you folks short then up she will go.

the lower she goes the more I will buy
  • #96,987
  • Nov 11, 2008 9:14am Nov 11, 2008 9:14am
Quoting mike w
I'd be looking to see a retracement, but after that, yes we can my friend IMO.

Yeah ! i learned something today

But is it still on the path to south?
  • #96,988
  • Nov 11, 2008 9:15am Nov 11, 2008 9:15am
Quoting steelhead
you have a deal when i get a close on the lows on four hour i will buy up as much as you want me too.

I believe this is a sucker play. I have been wrong before but I really think they dipped it too get you folks short then up she will go.

the lower she goes the more I will buy
That's normally how it goes my man. The suckers short on the low lol I'm still thinking we are in bear mode though after a retracement.

If you dont have a good entry just dont chase it, that's all.
I dream, therefore I become.
  • #96,989
  • Nov 11, 2008 9:17am Nov 11, 2008 9:17am
Quoting steelhead
you have a deal when i get a close on the lows on four hour i will buy up as much as you want me too.

I believe this is a sucker play. I have been wrong before but I really think they dipped it too get you folks short then up she will go.

the lower she goes the more I will buy
Short some more @ 1.5500
  • #96,990
  • Nov 11, 2008 9:18am Nov 11, 2008 9:18am
Quoting steelhead
you have a deal when i get a close on the lows on four hour i will buy up as much as you want me too.

I believe this is a sucker play. I have been wrong before but I really think they dipped it too get you folks short then up she will go.
As Mike just stated, there may well be a retracement to 5550 maybe even 5580 but I don't see any evidence of a reversal in sight just yet...
Patience + Discipline - Greed = Success
  • #96,991
  • Nov 11, 2008 9:18am Nov 11, 2008 9:18am
That's over 1000 pips now on my short- it's going to be a good week!

p.s. if anyone has identified that the trend is down, yet still feels it's too late to short, just make an entry on a small retrace and allow for it to move against you 300-500 pips. You won't regret it.
  • #96,992
  • Nov 11, 2008 9:18am Nov 11, 2008 9:18am
Quoting mike w
That's normally how it goes my man. The suckers short on the low lol I'm still thinking we are in bear mode though after a retracement.

If you dont have a good entry just dont chase it, that's all.

Mike you are so correct but why dont some in here ever learn. The people that move the market dont sell as market is going down. They buy in these situations when the market is going down.

Push it down as much as you can get the retail traders selling into holes and you make lots of money.

Principles of buying low and selling high hasnt changed.
  • #96,993
  • Nov 11, 2008 9:21am Nov 11, 2008 9:21am
Quoting mike w
Ane here we are back to the beginning lol Now I am just going to set my stop loss for plus 5 on that last trade and watch them run until I am able to set my lower entry stop loss into profit as well and watch us slowly touch 152s.
i step out... but thanx for the input

from what i heard you say:
0) we are in strong bearish market
1) sell on the rallies (look for high fractals) on 5 and 15 minute charts
2) put stops a few pips above high of the rally
3) move stop to 1 pip profit as soon as you are positive on the trade (10 pips)
4) wait till either target (5200) or stop get hit


question do you ever move up your stops (i.e. trailing 50 or 100 pips)?
  • #96,994
  • Nov 11, 2008 9:24am Nov 11, 2008 9:24am
steelhead,

no offense but you always seem to be on the wrong side of the daily trend..

Just saying..
Trade what you see, not what you think.
  • #96,995
  • Nov 11, 2008 9:25am Nov 11, 2008 9:25am
Now this was a sucker play for the longies....
It tanks while I type....
Attached Image (click to enlarge)
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Patience + Discipline - Greed = Success
  • #96,996
  • Nov 11, 2008 9:25am Nov 11, 2008 9:25am
Quoting micho
well ill tell u what i do... i know mike is gonna answer too... i dont use stop loss.. but i keep an eye on the order... and sometimes close it manually
that makes sense; however using a 100 pip stop would help just in case something crazy happen
  • #96,997
  • Nov 11, 2008 9:26am Nov 11, 2008 9:26am
Quoting karmostaji
steelhead,

no offense but you always seem to be on the wrong side of the daily trend..

Just saying..
Non taken I havent bought yet i wait for a four hour candle close.

I also tend to be on the otherside of the majority in here. I like that.
  • #96,998
  • Nov 11, 2008 9:27am Nov 11, 2008 9:27am
Quoting Infinity
Now this was a sucker play for the longies....
It tanks while I type....
That's a retracement on a higher timeframe. Check it out. On that lower timeframe, you see three steps down. Zoom out to a higher one and you'll just see 1. That large move upwards is the retracement for that one before continuing down for the larger second thrust downwards.

Confusing yet? lol Look at it for a while and I think you'll understand what I mean.
I dream, therefore I become.
  • #96,999
  • Nov 11, 2008 9:27am Nov 11, 2008 9:27am
Quoting karmostaji
steelhead,

no offense but you always seem to be on the wrong side of the daily trend..

Just saying..

AGREED!! and he's trying to sell a system............
  • #97,000
  • Nov 11, 2008 9:27am Nov 11, 2008 9:27am
GU will tank, and it will tank hard

Selling is what you do, you don't buy when GU is tanking, that's just plain stupid.

lol
Trade what you see, not what you think.
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