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Cable Update (GBPUSD)

  • #103,021
  • Dec 2, 2008 7:23am Dec 2, 2008 7:23am
Quoting nAVIN2007
i did it again...f**k ...how the hell after such a bearish 4hr did i get into this again...confidence for me is dangerous
Step back for a while nav, it does wonders...
  • #103,022
  • Dec 2, 2008 7:25am Dec 2, 2008 7:25am
Quoting fx local
because markets dont move in straight lines forever! cable has to correct b4 any move back down,
we have a flag in H1 and market have to go down
  • #103,023
  • Dec 2, 2008 7:26am Dec 2, 2008 7:26am
Well with the Dow futures up for the open I closed my positions. +386 on cable and +630 on gbp/jpy. Not a bad start to the week. Will look to reset when the opportunity comes. It takes all my discipline not to force any trades.
  • #103,024
  • Dec 2, 2008 7:27am Dec 2, 2008 7:27am
Quoting nAVIN2007
i did it again...f**k ...how the hell after such a bearish 4hr did i get into this again...confidence for me is dangerous
what did you do?
When life gives you lemons, make lemonade
  • #103,025
  • Dec 2, 2008 7:29am Dec 2, 2008 7:29am
Quoting LuckyLurker
yea they are taking out stops .. silly rabbits, tricks are for kids!
Patience + Discipline - Greed = Success
  • #103,026
  • Dec 2, 2008 7:29am Dec 2, 2008 7:29am
Quoting Vourvoul
Step back for a while nav, it does wonders...
im ok .. ..just was very dumb to sell on the low..oh well the mistakes continue
  • #103,027
  • Dec 2, 2008 7:31am Dec 2, 2008 7:31am
Quoting micho
what did you do?
Attached Image (click to enlarge)
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  • #103,028
  • Dec 2, 2008 7:31am Dec 2, 2008 7:31am
Quoting nAVIN2007
im ok .. ..just was very dumb to sell on the low..oh well the mistakes continue
take it easy man, think of it that way, u r playing micro lots so why the hell do u care what happens? u made a mistake so dont close the order now, u should have set stop loss way below but now let it open and add to it when u see another opportunity to sell. dont close it now, that would be stupid like sell the bottom and buy the top
When life gives you lemons, make lemonade
  • #103,029
  • Dec 2, 2008 7:31am Dec 2, 2008 7:31am
i guess a lot of traders on this thread were expecting a free fall to 1.40 - that doesn't happen - not after a 600 pip day - retracement is normal market behavior and unless prices retrace it wont fall further with the same force as it did.

Couple that up with the latest COT reports which clearly shows BIG guys have been cutting off their long USD positions slowly - which simply means that a big drop will be followed by heavy profit taking on this pair.
  • #103,030
  • Dec 2, 2008 7:32am Dec 2, 2008 7:32am
oops wrong picture...
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  • #103,031
  • Dec 2, 2008 7:32am Dec 2, 2008 7:32am
I am short 5027 and plan to add h1 62ema.....I think 5150 will be maximum upside if we go above the 62ema on h1...
Patience + Discipline - Greed = Success
  • #103,032
  • Dec 2, 2008 7:34am Dec 2, 2008 7:34am
I think I see the fluff forming on the top of this fibo. When she sinks below the 150 I'll sink her ass... If not there will be even better oppotunities above here with the 1h62ema coming down to smash her again.
Ride the Bulls bearback!
  • #103,033
  • Dec 2, 2008 7:34am Dec 2, 2008 7:34am
I also got suckered into that trap. I but a hedge in at the bottom however my buy was taken out at a +10 pips while I was in the shower. Now my short is like -200 however I took a larger sell position at 1.5010.

I see at least 1.47 sometime this week but it is scary to see a -200 in my open trade. At this same time, the current level is expected after a large drop yesterday. I thinkwe are still good but the drawdown sucks.
  • #103,034
  • Dec 2, 2008 7:35am Dec 2, 2008 7:35am
Quoting Infinity
I am short 5027 and plan to add h1 62ema.....I think 5150 will be maximum upside if we go above the 62ema on h1...
5150 area ties in with 50% of yday down move also which would be fairly strong resistance on upside....
Trading is 80% Emotional, 20% Technical
  • #103,035
  • Dec 2, 2008 7:35am Dec 2, 2008 7:35am
Quoting micho
take it easy man, think of it that way, u r playing micro lots so why the hell do u care what happens? u made a mistake so dont close the order now, u should have set stop loss way below but now let it open and add to it when u see another opportunity to sell. dont close it now, that would be stupid like sell the bottom and buy the top
apologies - but thats just the silliest comment i have read for a while - how can you be a disciplined trader with real lots and real money if you cant teach yourself discipline on micro lots ? Its easy to be erratic with mini lots because the absolute loss is peanuts - but if thats your approach - stop trading now - because the market will get you sooner or later.
  • #103,036
  • Dec 2, 2008 7:36am Dec 2, 2008 7:36am
Quoting spintrader
and the steelhead countertrend nonsense begins again....
I shall say what I said last time, good luck to you, sincerely!

How does that silly countertrend trading I was talking about look now spin. Long bias i was and long it went.
  • #103,037
  • Dec 2, 2008 7:39am Dec 2, 2008 7:39am
Quoting gmohata
apologies - but thats just the silliest comment i have read for a while - how can you be a disciplined trader with real lots and real money if you cant teach yourself discipline on micro lots ? Its easy to be erratic with mini lots because the absolute loss is peanuts - but if thats your approach - stop trading now - because the market will get you sooner or later.
i agree with that, all about money management
Trading is 80% Emotional, 20% Technical
  • #103,038
  • Dec 2, 2008 7:39am Dec 2, 2008 7:39am
Quoting fx local
5150 area ties in with 50% of yday down move also which would be fairly strong resistance on upside....
It's also h4 50ema and weekly 5sma...
Patience + Discipline - Greed = Success
  • #103,039
  • Dec 2, 2008 7:40am Dec 2, 2008 7:40am
Quoting Infinity
I am short 5027 and plan to add h1 62ema.....I think 5150 will be maximum upside if we go above the 62ema on h1...
5142 is my bus stop
  • #103,040
  • Dec 2, 2008 7:41am Dec 2, 2008 7:41am
I have been adding shorts too so this better go down
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