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Cable Update (GBPUSD)

  • #105,821
  • Dec 10, 2008 5:35pm Dec 10, 2008 5:35pm
I have a very dark secret...

I have money in the bank in the UK and USA so I am emotionally connected to cable - but I dont trade it that much because the spread on euro is about a third that of cable and they more or less move in tandem. In a scalping mkt the spread is EVERYTHING

So although I am most interested in cable's direction , its only to give me some ideas for the euro

I know that USD will collapse again but I dont know when. Tne Americans are all pulling cash back home and everyone in arabia is buying US treasuries and this has caused the dollar rise

The tsunami makes the sea go out and then come back in fast

The usd will weaken but when ? when the fear money stops flowing in - thats when

I dont think it will be very soon - not with treasuries at 0%

I am not long or short cable or euro - just pinching pips for 30 minutes or so


80% of my trades have yielded profit in the last couple of weeks so I am making progress - but its not big - its too scary

I am just contra trading ANY big moves and not using charts at all

That system will fail as soon as the market makes its mind up and the fear goes - not soon i hope
  • #105,822
  • Dec 10, 2008 5:36pm Dec 10, 2008 5:36pm
Quoting Shilva
I had not been in the forum all day to read the posts and when i finally found time to check them out the first one i read was somebody saying again that the lower time frames were just noise.

Having had a good day trading on the 5m it sort of triggered my reaction.

Now that i have caught up i realize there was that very discussion already going on and now I feel I may have possibly over reacted about that disrespect thing.......My Bad.

It is good we all have our own styles and can not be replaced by some automated trading system somewhere....
yeah I agree, the human element is very important. I have a friend who is always trying to get me to send him my 'system'- but what he doesn't realize is one of the key factors in my system is being me.
  • #105,823
  • Dec 10, 2008 5:38pm Dec 10, 2008 5:38pm
Quoting Vourvoul
Insane trading style bro!!! Like your style !!!

Do you enter the trade and then put Sols?
Soon as i place a trade i have my finger on the manual close button so a sudden spike doesn't get me.

I try to close the trade quick if things look like i have picked wrong and let the good ones run.

I don't mind taking a small loss and reversing quickly and am trying to react to whats going on in the moment and not think to much about where price is going.

Trying to trust myself, several patterns i look for and my support and resistance levels.
  • #105,824
  • Dec 10, 2008 5:53pm Dec 10, 2008 5:53pm
Whats up guys
  • #105,825
  • Dec 10, 2008 5:56pm Dec 10, 2008 5:56pm
Quoting Shilva
Soon as i place a trade i have my finger on the manual close button so a sudden spike doesn't get me.

I try to close the trade quick if things look like i have picked wrong and let the good ones run.

I don't mind taking a small loss and reversing quickly and am trying to react to whats going on in the moment and not think to much about where price is going.

Trying to trust myself, several patterns i look for and my support and resistance levels.
jeez finger on the button is too slow

when the madrid bombs went off it moved faster than a congessman in a brothel raid

i get an auto s/l on at all times AND finger on the button

I tell no lie - the cat once closed a position for me when it came mooching over trying to steal a peanut
  • #105,826
  • Dec 10, 2008 6:02pm Dec 10, 2008 6:02pm
Quoting Zikry
That was what my husband did.. hope for the best where he should stop at that time. Now he starts having faith in me coz I made profits constantly after learning a lot here. TQ
BTW, do u think it will reach 1.4600 today?
Not 1.4600 but 1.5100
  • #105,827
  • Edited Dec 11, 2008 12:00am Dec 10, 2008 6:03pm | Edited Dec 11, 2008 12:00am
Here's the updated Modified Schiff fork on the 15-min time frame. Note this is the First time 'test' of this fork only. Price actions have been assing around really....have a good one.

J.


Immediate target for this Modified Schiff fork should come in at around -1.5030+; the fork's Median Line.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Noname.jpg Size: 146 KB
Click to Enlarge Name: GBP Median Lines 12112008 (i).jpg Size: 142 KB
~*~You are only one trade away from humility~*~
  • #105,828
  • Dec 10, 2008 6:06pm Dec 10, 2008 6:06pm
We are in a nice range...we are stuck betwenn the 50 percent of resistance coming down and the 50 percent of support from the daily.,...the market is stuck....dont be anxious to trade this type of market....its telling us it does not know in what direction to go meaning it can go either way...if anything seek trading higher timeframes ....dont donate pips or make crazy trades .....

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 26 KB
  • #105,829
  • Dec 10, 2008 6:33pm Dec 10, 2008 6:33pm
Quoting Shermenator
We are in a nice range...we are stuck betwenn the 50 percent of resistance coming down and the 50 percent of support from the daily.,...the market is stuck....dont be anxious to trade this type of market....its telling us it does not know in what direction to go meaning it can go either way...if anything seek trading higher timeframes ....dont donate pips or make crazy trades .....

Attachment
My M30 1H & 4H is still bullish.
I entered a small lot for long @ 1.4785
  • #105,830
  • Dec 10, 2008 6:37pm Dec 10, 2008 6:37pm
Quoting gagakrimba
My M30 1H & 4H is still bullish.
I entered a small lot for long @ 1.4785
Not with you there my friend...1 hour has no direction...
4 hour is a bitt more bearish but already at undecesive point...
And daily is bearish...

If we brake yesterdays high expect to shoot up....and if we brake yesterdays low expect for it to shoot down....if you long use the other side of the range as stop and vice versa
  • #105,831
  • Dec 10, 2008 6:45pm Dec 10, 2008 6:45pm
Quoting Shermenator
Not with you there my friend...1 hour has no direction...
4 hour is a bitt more bearish but already at undecesive point...
And daily is bearish...

If we brake yesterdays high expect to shoot up....and if we brake yesterdays low expect for it to shoot down....if you long use the other side of the range as stop and vice versa
Right now it sits smack in the middle between yesterdays high and low.
Can go either way i presume but since it is around pivot level i go for long.
Very tight SL tho`
  • #105,832
  • Dec 10, 2008 7:24pm Dec 10, 2008 7:24pm
Fibo 50% is around 1.4813 and GU open below that. So try Short now.
Give me patience
  • #105,833
  • Dec 10, 2008 7:27pm Dec 10, 2008 7:27pm
1 pound will soon only buy you $1, expert warns

The pound could fall to as low as $1 during the early part of next year, a London-based academic has warned.

http://www.telegraph.co.uk/finance/e...ert-warns.html

World economy could shrink for first time since 1945

Politicians must prepare themselves for the possibility that global economic growth shrinks for the first time since the Second World War, according to the World Bank.

http://www.telegraph.co.uk/finance/f...ince-1945.html
  • #105,834
  • Dec 10, 2008 7:35pm Dec 10, 2008 7:35pm
Quoting Bullfx
Fibo 50% is around 1.4813 and GU open below that. So try Short now.

Relax bud...let me ask you what are your surrounding in the market a the moment...look at your everiment?
  • #105,835
  • Dec 10, 2008 7:40pm Dec 10, 2008 7:40pm
Quoting Shermenator
Relax bud...let me ask you what are your surrounding in the market a the moment...look at your everiment?
I would rather long
  • #105,836
  • Dec 10, 2008 7:44pm Dec 10, 2008 7:44pm
Quoting gagakrimba
I would rather long
In what ever direction it moves ....I will jump on it...I dont mind what direction it goes lol
  • #105,837
  • Dec 10, 2008 7:44pm Dec 10, 2008 7:44pm
Quoting siewhf
1 pound will soon only buy you $1, expert warns

The pound could fall to as low as $1 during the early part of next year, a London-based academic has warned.

http://www.telegraph.co.uk/finance/e...ert-warns.html

World economy could shrink for first time since 1945

Politicians must prepare themselves for the possibility that global economic growth shrinks for the first time since the Second World War, according to the World Bank.

http://www.telegraph.co.uk/finance/f...ince-1945.html...
once academics and the rest start talking about something like this its the best place to go in opposite direction.
  • #105,838
  • Dec 10, 2008 7:49pm Dec 10, 2008 7:49pm
Damned.....can't break R1.
  • #105,839
  • Dec 10, 2008 7:53pm Dec 10, 2008 7:53pm
I have bullish indicators from M1 to 4H
  • #105,840
  • Edited Dec 11, 2008 6:08am Dec 10, 2008 7:55pm | Edited Dec 11, 2008 6:08am
Quoting lexazver
once academics and the rest start talking about something like this its the best place to go in opposite direction.
Right, it's good indicator
Give me patience
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