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Cable Update (GBPUSD)

  • #104,521
  • Dec 4, 2008 6:54pm Dec 4, 2008 6:54pm
Quoting jharteam
I'm flat at the moment, correct me if I'm wrong, but by doing that, you have essentially locked in your profits on the shorts right? I have friends who have two different trading accounts as well; and I am still unable to see the 'benefits' or rationale behind it. Apparently, he said there's benefits for such setups.
maybe there is some lag in one account, he uses that account to trade and arbitrage on heavy movements, like probably 20 pips down within one sec.
  • #104,522
  • Dec 4, 2008 6:57pm Dec 4, 2008 6:57pm
Quoting chrispang81
maybe there is some lag in one account, he uses that account to trade and arbitrage on heavy movements, like probably 20 pips down within one sec.

Ok, I got it, thanks Chris
~*~You are only one trade away from humility~*~
  • #104,523
  • Dec 4, 2008 7:09pm Dec 4, 2008 7:09pm
Quoting eohater
Anyone in a trade currently? I'm in two. I have shorts from 4770 and a longs from 4641. NO, I'M NOT HEDGED. I have two accounts. The long is just my scalp position currently. Will not hold long, SL is +2 and when I get out, I will be going short again, unless I eat my shorts
i am flat for four reasons:
1) the H1 / 62 bounce couldnt push thru 4630 area (at 50% fib retrace from todays low)
2) tomorrow is friday, and i dont want to hold over the weekend
3) tomorrow is wacky friday may go crazy - no real direction
4) the strong push up earlier today, you may see another push up (200-400) pips

i hope it goes up to 1.5 tomorrow thru the weekend... i belive it will come down again next week and test and push thru todays low


any thoughts?
  • #104,524
  • Dec 4, 2008 7:11pm Dec 4, 2008 7:11pm
hi...
im from malaysia.. very new in forex ... hope u guys can guide me... with simple terms.. want to ask about current n present gu trend for today.. will it goes down or not.. FYI.. i only use micro ac.. n stuck in it in short..
  • #104,525
  • Dec 4, 2008 7:12pm Dec 4, 2008 7:12pm
Quoting jharteam
I'm flat at the moment, correct me if I'm wrong, but by doing that, you have essentially locked in your profits on the shorts right? I have friends who have two different trading accounts as well; and I am still unable to see the 'benefits' or rationale behind it. Apparently, he said there's benefits for such setups.
I know there is a way to professional hedge your position. I understand it's against opposing currency pairs though and not in the same pair. If you hedge your position in the same pair it will freeze your loss or profits (No benefit in that type of a hedge) Take the loss and wait for a new setup.

I have two accounts for two reasons. My main broker has a variable spread, I can get in with 0 spread at times, the draw back of my variable broker is during low volume times, my spread can exceed 12. My fixed broker is the broker I use during low volume, scalping times.
Just digging in the trenches like everyone else!
  • #104,526
  • Dec 4, 2008 7:15pm Dec 4, 2008 7:15pm
just waiting... just waiting...
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  • #104,527
  • Dec 4, 2008 7:19pm Dec 4, 2008 7:19pm
Quoting eohater
I know there is a way to professional hedge your position....
what brokers do you use?

i use interbankFX... not bad... however, couldnt ever get a ZERO pip spread! best i get is 4 pips
  • #104,528
  • Dec 4, 2008 7:24pm Dec 4, 2008 7:24pm
1h
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Just digging in the trenches like everyone else!
  • #104,529
  • Dec 4, 2008 7:25pm Dec 4, 2008 7:25pm
Quoting eohater
I know there is a way to professional hedge your position....
yep i do know of a broker in my country that does that. spread could go up to 20 during off peak hours in the asian markets but could go down all the way to 2 pips and less during london trading hours
  • #104,530
  • Dec 4, 2008 7:25pm Dec 4, 2008 7:25pm
Quoting mpurdy1973
what brokers do you use?

i use interbankFX... not bad... however, couldnt ever get a ZERO pip spread! best i get is 4 pips
MB Trading is my primary, secondary is FXDD
Just digging in the trenches like everyone else!
  • #104,531
  • Edited 7:44pm Dec 4, 2008 7:31pm | Edited 7:44pm
I have a worthy lesson :

1. Yesterday I did scalp, short on M15-21ema, 1.4585. Once open that trade I've got the trouble with power supply within many hours. When I back online the price at 1.4800.

2. If I didn't know about ema and pivot, I perhap closed that short with a big loss or did hedge.

3. Because 1.4800 is the strong resistance M15/62 ema and daily pivot level, I made another short at 1.4785 then.

4. I put SL at 1.4830 and TP at 1.4650 for both of that short and then got slept.

Just a moment a woke up and glad beause the TP has been hit with result :

+135 pips - 65 pips = 70 pips

The worthy point here :

1. Loss is a part of trade. I did it with put SL at 1.4830 above H1/62 and daily pivot level
2. H1/50-62 ema and daily pivot level can be used to solve a problem perfectly
3. Becarefull make an entry at M15/all ema, except just for scalp and have a time to monitor for in and out quickly !

Congratz for me !

Thank so much for EO, Infinity, LuckyLerver, Gagakrimba, Steelhead and all here who gives me the input to improve the strategy ! You all the best !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #104,532
  • Dec 4, 2008 7:34pm Dec 4, 2008 7:34pm
Quoting eohater
MB Trading is my primary, secondary is FXDD

thanx, i will check them out.
  • #104,533
  • Dec 4, 2008 7:37pm Dec 4, 2008 7:37pm
Quoting bkg102665
Waiting for a ride, no open trades right now.
Nothing wrong with patience. Take the setup that your looking for and accept nothing else.

Trade well!
Just digging in the trenches like everyone else!
  • #104,534
  • Dec 4, 2008 7:39pm Dec 4, 2008 7:39pm
could go sidesways - yellow line right of the chart
could go up - blue line right of the chart
could go down - red line right of the chart

i think i will go up first - maybe even test the 1.55 before making a direction??? that why i got ride of my weekly shorts

since it broke thru to a new low; i still think it will go lower... but the strong pull back today after it hit the low makes me think it will go back up to the other side of the channel first (1.54x - 1.55x) before coming back down.


does anyone agree?
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  • #104,535
  • Dec 4, 2008 7:44pm Dec 4, 2008 7:44pm
Quoting mpurdy1973
i am flat for four reasons:
1) the H1 / 62 bounce couldnt push thru 4630 area (at 50% fib retrace from todays low)
2) tomorrow is friday, and i dont want to hold over the weekend
3) tomorrow is wacky friday may go crazy - no real direction
4) the strong push up earlier today, you may see another push up (200-400) pips

i hope it goes up to 1.5 tomorrow thru the weekend... i belive it will come down again next week and test and push thru todays low


any thoughts?
It's definately a possiblity. I don't predict price, I just trade the price action. The charts will lead the way.
Just digging in the trenches like everyone else!
  • #104,536
  • Dec 4, 2008 7:48pm Dec 4, 2008 7:48pm
Quoting azwananuar
hi...
im from malaysia.. very new in forex ... hope u guys can guide me... with simple terms.. want to ask about current n present gu trend for today.. will it goes down or not.. FYI.. i only use micro ac.. n stuck in it in short..
Welcome to the thread. If you are new to forex, I recommend you spend some time at babypips.com

Ask questions and post anytime.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #104,537
  • Dec 4, 2008 7:57pm Dec 4, 2008 7:57pm
Quoting eohater
I know there is a way to professional hedge your position....
Thanks, eohater, for the explanation. Yeah, totally agreed. No point of doing the identical hedge and it's bad trading practices as far as I'm concern.
~*~You are only one trade away from humility~*~
  • #104,538
  • Dec 4, 2008 8:05pm Dec 4, 2008 8:05pm
Quoting manize
I have a worthy lesson :

1. Yesterday I did scalp, short on M15-21ema, 1.4585. Once open that trade I've got the trouble with power supply within many hours. When I back online the price at 1.4800.

2. If I didn't know about ema and pivot, I perhap closed that short with a big loss or did hedge.

3. Because 1.4800 is the strong resistance M15/62 ema and daily pivot level, I made another short at 1.4785 then.

4. I put SL at 1.4830 and TP at 1.4650 for both of that short and then got slept.

Just a moment a woke up and glad beause the TP has...
Manize....please just be careful thinking the 1hr 50/62 can solve the problem, it could be hitting those ema's for a third touch and blast through which would not solve the problem.

Also, you might want to get your broker's number or a Mobile device for when the power goes out, because in forex anything can happen.

Glad it worked out for the best!

HOLLA
  • #104,539
  • Dec 4, 2008 8:10pm Dec 4, 2008 8:10pm
Quoting P 1
just waiting... just waiting...
you have way too many lines on that chart. no matter what the price does you will have a justification for it and say it did this because of resistance here or because of support there.. that's just like putting a bunch of indicators on your chart, profiting in forex for a month according to those indiciators and think that they actually help, however it could have been due to total randomness and luck.
  • #104,540
  • Dec 4, 2008 8:16pm Dec 4, 2008 8:16pm
I brake of this candles high is good for longs....only for a scalp dont marry a position...longs are scalps at the moment....

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