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Cable Update (GBPUSD)

  • #109,161
  • Jan 5, 2009 11:40am Jan 5, 2009 11:40am
thanx God it have retraced a bit.Hope it goes down and down
  • #109,162
  • Jan 5, 2009 11:40am Jan 5, 2009 11:40am
Quoting Infinity
Well its been a great start to the New Year.. I just closed a long from 1.4520 at 1.4640 and reversed short at 1.4665 mainly because of the h4 50ema... First target is 4530 area... Watching it closely....:nerd:

I don't think so Infinity, you better close that short.
  • #109,163
  • Jan 5, 2009 11:40am Jan 5, 2009 11:40am
Quoting Atondra
Where to now guys.
It has been hovering around here far too long
hmm...did i know u?... overloaded
saruman tower?
just guessing... ignore if i'm wrong...
  • #109,164
  • Jan 5, 2009 11:43am Jan 5, 2009 11:43am
Well...usually, I avoid to make advices here, but...

...I am with over 10 lots...short from 1.4640 level (maybe i am wrong, of course...)

Maybe with a TP at 1.4580...

Just my 2 cents...
  • #109,165
  • Jan 5, 2009 11:44am Jan 5, 2009 11:44am
Quoting AmeriTrini
I don't think so Infinity, you better close that short.
i dont think that closing a short position will be a good option.I still think it will be down soon.Infinity was correct and its now 40 pips down from his open position
  • #109,166
  • Jan 5, 2009 11:45am Jan 5, 2009 11:45am
Quoting ammarmemon
i am short since 1.4554 without any stop losses nad its going up and up without any stop.Dont know what will happen.
Looks like eurgbr found some support.But GBRUSD is still looking bouyant.
  • #109,167
  • Jan 5, 2009 11:49am Jan 5, 2009 11:49am
This baby is going up. I just close my short for a 30 Pips gain. I'll short again around 1.47XX if it reach there
  • #109,168
  • Jan 5, 2009 11:52am Jan 5, 2009 11:52am
Quoting ammarmemon
i dont think that closing a short position will be a good option.I still think it will be down soon.Infinity was correct and its now 40 pips down from his open position

40 pips is nothing, just a retracement......I look for trades 100 pips and greater. What makes you think that closing a short is not a good option, you haven't been trading long, have you?
  • #109,169
  • Jan 5, 2009 11:53am Jan 5, 2009 11:53am
Quoting Atondra
This baby is going up. I just close my short for a 30 Pips gain. I'll short again around 1.47XX if it reach there
Ofcourse its going up, the reason why, you must know though......don't guess!!
  • #109,170
  • Jan 5, 2009 11:54am Jan 5, 2009 11:54am
amazing de-coupling of euro and gbp

i am suspicious... something is afoot and it ain't got toes
  • #109,171
  • Jan 5, 2009 12:00pm Jan 5, 2009 12:00pm
Quoting ammarmemon
i dont think that closing a short position will be a good option.I still think it will be down soon.Infinity was correct and its now 40 pips down from his open position
anyone can be correct after the event?
  • #109,172
  • Jan 5, 2009 12:01pm Jan 5, 2009 12:01pm
Quoting AmeriTrini
40 pips is nothing, just a retracement......I look for trades 100 pips and greater. What makes you think that closing a short is not a good option, you haven't been trading long, have you?
I am sorry if my words were wrong but i am a beginner and from my own small observation,I came to this conclusion.What I do is that i plot two fib retracement levels from recent high to recent low and then from recent low to recent high.from that the retracement for a short downtrend were broken especially the 61.8 retracement level was broken and i have learnt that when it is broken the price tries to reach 161.8% area and it did it.
The second fib i plotted shows atleast the retracement 38.2 on 1.4590 and 61.8 on 1.4545 so i will wait and see at least i think it will touch 1.4590 then i will either close my short with a 36 pip loss or i will see if it was going down still more then will close my short at 1.3545 on 61.8% retracement level.
I am sorry if my words were not good.I am just a beginner so I said what I thought was correct.
If I am wrong plz correct me.
  • #109,173
  • Jan 5, 2009 12:10pm Jan 5, 2009 12:10pm
Quoting AmeriTrini
40 pips is nothing, just a retracement......I look for trades 100 pips and greater. What makes you think that closing a short is not a good option, you haven't been trading long, have you?
AmeriTrini

I've got a question...
Gbpusd has passed the resistance at the 4560 level..and has gone up nicely...now found resistance at 4660 level...if this baby punches through..there is nothing to stop it until it reaches the next resistence at 4744...

Whats your take on it..I see it moving slowly up to retest the 4800 and 5100 levels.

I do not see it going down for a while..only retracing..
  • #109,174
  • Jan 5, 2009 12:12pm Jan 5, 2009 12:12pm
This baby is going up passing thro 1.4755.
Watch out shorters
  • #109,175
  • Jan 5, 2009 12:17pm Jan 5, 2009 12:17pm
Quoting Atondra
This baby is going up passing thro 1.4755.
Watch out shorters
Atondra...I hope the newbies understand that its passed thru major resistence levels..and it will continue testing higher levels if it breaks through the next resistence level.. its stalled at 4660...and needs to pass this marker.

Now it may retrace to test lower levels..but only when exhausted itself trying to go upward with no success...

I understand the cable is bearish...but it may change its tune if it continues upward movements.
  • #109,176
  • Jan 5, 2009 12:23pm Jan 5, 2009 12:23pm
  • #109,177
  • Jan 5, 2009 12:27pm Jan 5, 2009 12:27pm
Quoting JammerJams
Atondra...I hope the newbies understand that its passed thru major resistence levels..and it will continue testing higher levels if it breaks through the next resistence level.. its stalled at 4660...and needs to pass this marker.

Now it may retrace to test lower levels..but only when exhausted itself trying to go upward with no success...

I understand the cable is bearish...but it may change its tune if it continues upward movements.
I agree there is resistance @ 1.4660 but i think if it can maintain above 1.4600 there is a good chance that it will break thro and the next target is 1.4755
  • #109,178
  • Jan 5, 2009 12:28pm Jan 5, 2009 12:28pm
Quoting AmeriTrini
I don't think so Infinity, you better close that short.
I closed partially at 4610 for 55 pips the remaining are set to +2. If I get stopped out, I will short higher....
Patience + Discipline - Greed = Success
  • #109,179
  • Jan 5, 2009 12:31pm Jan 5, 2009 12:31pm
Quoting JammerJams
Atondra...I hope the newbies understand that its passed thru major resistence levels..and it will continue testing higher levels if it breaks through the next resistence level.. its stalled at 4660...and needs to pass this marker.

Now it may retrace to test lower levels..but only when exhausted itself trying to go upward with no success...

I understand the cable is bearish...but it may change its tune if it continues upward movements.
For what it's worth CAM level indicates short at 146.55 with TP at 144.37 and SL at 147.65.
  • #109,180
  • Jan 5, 2009 12:32pm Jan 5, 2009 12:32pm
Quoting JammerJams

...if this baby punches through..there is nothing to stop it until it reaches the next Resistance at 4744...

Whats your take on it..I see it moving slowly up to retest the 4800 and 5100 levels.

I do not see it going down for a while..only retracing..
Good observation:

I make my pips from 'both ways' retracements after big moves and my biggest enemy is trend changes...

It's THE biggest area of concern to my style...

For the last x weeks I have been doing well with all the volatility - but a change of direction for cable where I have no s/l , can kill me at any time - so s/l's have to be put there

I got stopped out Friday with my euro short and went back in with a massive spread from oanda of 10

left it over the weekend and yabberdabber do

But drat I only had 25% of my original short position re-instated friday night - never mind cos it worked out nicely

I am long euro/gbp and hoping gbp hasnt started a new long trend against the usd
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