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Cable Update (GBPUSD)

  • #100,481
  • Nov 24, 2008 2:55am Nov 24, 2008 2:55am
Quoting Bullbear0072
1st target @4812 2nd @4730 ( both short term ) Let's see
ah ok short term, cant look into the charts now im stuck in the office with someone. where is your stop loss?
When life gives you lemons, make lemonade
  • #100,482
  • Nov 24, 2008 2:59am Nov 24, 2008 2:59am
Quoting micho
it doesnt look as a good trade anyway, target +130 and stop -105 not a good RR 1.3

only if you play to take target number 2 which is somewhere in the 1.46x... with this bullish divergence i wouldn't do it
That bullish divergence is all I can think of today. Pretty hard to ignore.

Therefore, went long at last week's close with tight stop. Did some scalping while it was ranging so I can afford this risk.

Let's see.
  • #100,483
  • Nov 24, 2008 3:00am Nov 24, 2008 3:00am
I think this baby has lost it's momentum upwards.
The bear is overpowering the bull
  • #100,484
  • Nov 24, 2008 3:02am Nov 24, 2008 3:02am
look at daily chart, i will buy around pivot 14883 with stop lost : 14785 , take profit : 15051
  • #100,485
  • Nov 24, 2008 3:03am Nov 24, 2008 3:03am
Don't use stops ( Like you Micho if I remember correctly ) just watch my trades and exit when needs be
  • #100,486
  • Nov 24, 2008 3:03am Nov 24, 2008 3:03am
Quoting gagakrimba
I think this baby has lost it's momentum upwards.
The bear is overpowering the bull
What happen ?
The bulls suddenly kicking
  • #100,487
  • Nov 24, 2008 3:04am Nov 24, 2008 3:04am
Quoting banana9009
look at daily chart, i will buy around pivot 14883 with stop lost : 14785 , take profit : 15051
what timeframe are your ema's on?
  • #100,488
  • Nov 24, 2008 3:07am Nov 24, 2008 3:07am
Quoting banana9009
look at daily chart, i will buy around pivot 14883 with stop lost : 14785 , take profit : 15051
why would you do that?
When life gives you lemons, make lemonade
  • #100,489
  • Nov 24, 2008 3:08am Nov 24, 2008 3:08am
Quoting Bullbear0072
Don't use stops ( Like you Micho if I remember correctly ) just watch my trades and exit when needs be
no now im starting to use stop loss, testing a new strategy so you need a stop loss and take profit in all trades... thats safer
When life gives you lemons, make lemonade
  • #100,490
  • Nov 24, 2008 3:08am Nov 24, 2008 3:08am
we got a teaser here @ the daily pivot. BUGGER
  • #100,491
  • Nov 24, 2008 3:10am Nov 24, 2008 3:10am
Quoting micho
no now im starting to use stop loss, testing a new strategy so you need a stop loss and take profit in all trades... thats safer
Hear you there. My take profits always in place ( I use pivots for that ) but never used/needed a stop yet. Maybe lucky so far?
  • #100,492
  • Nov 24, 2008 3:11am Nov 24, 2008 3:11am
even if u entered this short trade, the RR is 1.3 its not a good trade
When life gives you lemons, make lemonade
  • #100,493
  • Nov 24, 2008 3:13am Nov 24, 2008 3:13am
Quoting Bullbear0072
Hear you there. My take profits always in place ( I use pivots for that ) but never used/needed a stop yet. Maybe lucky so far?
yeah lucky, because holding into positions in a market like this which can go either ways from here is dangerous... you may end up stuck in a trade for months or even blow your account... i wasnt using stop last 2 weeks but i was mostly scalping <50 pips and always going short... with this down trend you will get back to green pips if you are short but now you have bullish divergence on the daily and 4H!! so i wont do that anymore

by the way, 1.4985 is a key resistance, if it breaks it means we are going up nicely
When life gives you lemons, make lemonade
  • #100,494
  • Nov 24, 2008 3:15am Nov 24, 2008 3:15am
I'll be adding up to my short at 1,4834

Quoting micho
even if u entered this short trade, the RR is 1.3 its not a good trade
The Essentials of Trading: Emotions, Risk Mgt, Price.
  • #100,495
  • Nov 24, 2008 3:17am Nov 24, 2008 3:17am
Quoting micho
no now im starting to use stop loss, testing a new strategy so you need a stop loss
SL is like ur hench man... he handle all ur bad deed for u.. (aka wrong trade)
It is needed...

Sonic
  • #100,496
  • Nov 24, 2008 3:20am Nov 24, 2008 3:20am
check this trade on the 1M chart for instance, its a scalp with RR ~ 2 that ended on BE
Attached Image (click to enlarge)
Click to Enlarge Name: 3.gif Size: 40 KB
When life gives you lemons, make lemonade
  • #100,497
  • Nov 24, 2008 3:31am Nov 24, 2008 3:31am
Quoting Vourvoul
That bullish divergence is all I can think of today. Pretty hard to ignore.

Therefore, went long at last week's close with tight stop. Did some scalping while it was ranging so I can afford this risk.

Let's see.
closed @ 4922
  • #100,498
  • Nov 24, 2008 3:37am Nov 24, 2008 3:37am
Well I know one thing for sure. It's either go'n UP or DOWN!!! http://www.forexfactory.com/images/icons/icon10.gif
  • #100,499
  • Nov 24, 2008 3:40am Nov 24, 2008 3:40am
Quoting Bullbear0072
Well I know one thing for sure. It's either go'n UP or DOWN!!! http://www.forexfactory.com/images/icons/icon10.gif

might go sideways.... now that u said that!
  • #100,500
  • Nov 24, 2008 3:48am Nov 24, 2008 3:48am
Slow and steady she goes..............BUT WHICH FREAK'N WAY!!!
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