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Cable Update (GBPUSD)

  • #109,901
  • Jan 7, 2009 2:51pm Jan 7, 2009 2:51pm
where you guys looking to t/p on shorts?
i want to hit the sack and not sure?
Keep It Simple Stupid
  • #109,902
  • Jan 7, 2009 2:54pm Jan 7, 2009 2:54pm
Quoting Alastair
where you guys looking to t/p on shorts?
i want to hit the sack and not sure?
My first TP area will be 4900 and watching the 1h 62/50 for a response as well.
Just digging in the trenches like everyone else!
  • #109,903
  • Jan 7, 2009 2:55pm Jan 7, 2009 2:55pm
Thanks for the link.
Happy trading.
  • #109,904
  • Jan 7, 2009 2:56pm Jan 7, 2009 2:56pm
Quoting eohater
My first TP area will be 4900 and watching the 1h 62/50 for a response as well.
Thanx EO
Keep It Simple Stupid
  • #109,905
  • Jan 7, 2009 3:13pm Jan 7, 2009 3:13pm
Quoting Abuawad
Close the long from 1.4832 @ 1.5260

now short from 1.5258
close the short from 1.5258 @ 1.51081 with (+149.9)
and the total for today is 577.9
it's a good start for 2009, i don't like to keep open position for more than 24 hours.
see you once US session is over for the analysis.
  • #109,906
  • Jan 7, 2009 3:16pm Jan 7, 2009 3:16pm
i just look to the chart this baby going to retest 1.5288 for sure as it dose before for the fibo fan from 1.5722 to 1.4354, that if only the trend stay in the channel of the second fibo fan in photo 2
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  • #109,907
  • Jan 7, 2009 3:22pm Jan 7, 2009 3:22pm
closed my short. going to bed. see you all tomorrow.
Keep It Simple Stupid
  • #109,908
  • Jan 7, 2009 3:22pm Jan 7, 2009 3:22pm
Quoting eohater
My first TP area will be 4900 and watching the 1h 62/50 for a response as well.
Good luck to you EO
  • #109,909
  • Jan 7, 2009 3:32pm Jan 7, 2009 3:32pm
Quoting Alastair
where you guys looking to t/p on shorts?
i want to hit the sack and not sure?

i cashed in on all my short except one + 10% today :-)

i think it may spike tonight and early morning... i hope it will so i can get back in again... would like to see 5200 if not 5300 (probably wont happen)

its your call; cash in now, or wait to take the full run tomorrow; i am hoping to do both :-)
  • #109,910
  • Jan 7, 2009 3:40pm Jan 7, 2009 3:40pm
yeah i closed my shorts as well, out untill tonight
  • #109,911
  • Jan 7, 2009 3:41pm Jan 7, 2009 3:41pm
Quoting eohater
NEVER EVER hedge a position. take your lickens like a man and move on to your next trade. Ask our resident nAVIN2007 about hedging. He can give you a good low down on that issue.

Professional hedging involves two currencie pairs. NOT ONE.

example of when you would want to hedge... if you were short the cable from 6000 and you thought it was going down to 3600... at 4500 when you saw the retrace - go long and pick up 800 pips and then short again today.

another example... i went short today around 5100... then it turn around and went north (i just left it along and shorted again when it got higher); i could have went long with a hedge and let it move up 100 pips before shorting again...with very little loss on my short... when the market came back down, i would have collected all the pips without have any loss and more profit.

if you are thinking about your trades; i think hedging can be a great tool; just like any tool, if it is used wrong, it can hurt you.

what say you? i know you do this for a living, your opinion counts :-)
  • #109,912
  • Jan 7, 2009 3:46pm Jan 7, 2009 3:46pm
Quoting mpurdy1973
example of when you would want to hedge... if you were short the cable from 6000 and you thought it was going down to 3600... at 4500 when you saw the retrace - go long and pick up 800 pips and then short again today.

another example... i went short today around 5100... then it turn around and went north (i just left it along and shorted again when it got higher); i could have went long with a hedge and let it move up 100 pips before shorting again...with very little loss on my short... when the market came back down, i would have collected all...
I can see what your saying. Like you said, it's a tool that if used improperly, will cost you dearly. I've never been a fan of hedging, but to each there own.

As to me doing this for a living, I do have a company as well outside of Forex. It just so happens that my trading does support me and my company when times are lean. So, I wouldn't say I'm a professional, just a day trader.

Thank you for the compliment though!
Just digging in the trenches like everyone else!
  • #109,913
  • Jan 7, 2009 3:56pm Jan 7, 2009 3:56pm
Quoting eohater
I can see what your saying. Like you said, it's a tool that if used improperly, will cost you dearly. I've never been a fan of hedging, but to each there own.

As to me doing this for a living, I do have a company as well outside of Forex. It just so happens that my trading does support me and my company when times are lean. So, I wouldn't say I'm a professional, just a day trader.

Thank you for the compliment though!
You know you are a pro man!!!
Patience + Discipline - Greed = Success
  • #109,914
  • Jan 7, 2009 4:07pm Jan 7, 2009 4:07pm
Quoting eohater
yes, I can close part of my trade and leave the rest on the table. Do it all the time. As to hedging, read my prior post NEVER HEDGE. they don't allow it also

EO i might be mistaken but doesnt mbt make you buy to close out a sell and vice versa

Hey someone took a voucher from me i was 5v now im 4v lol. who would dare do that lol
  • #109,915
  • Jan 7, 2009 4:12pm Jan 7, 2009 4:12pm
Quoting steelhead
EO i might be mistaken but doesnt mbt make you buy to close out a sell and vice versa

Hey someone took a voucher from me i was 5v now im 4v lol. who would dare do that lol
You are correct Steelhead! Thus, why they don't allow hedging. Only one way can you control the currency with them.
Just digging in the trenches like everyone else!
  • #109,916
  • Jan 7, 2009 4:14pm Jan 7, 2009 4:14pm
Quoting eohater
You are correct Steelhead! Thus, why they don't allow hedging. Only one way can you control the currency with them.

Kinda silly to me if you want to close a short you have to enter a long.
  • #109,917
  • Jan 7, 2009 4:16pm Jan 7, 2009 4:16pm
Quoting mpurdy1973
i cashed in on all my short except one + 10% today :-)

i think it may spike tonight and early morning... i hope it will so i can get back in again... would like to see 5200 if not 5300 (probably wont happen)

its your call; cash in now, or wait to take the full run tomorrow; i am hoping to do both :-)
Dont be so cruel.
Everyone here is still holding on their shorts
  • #109,918
  • Jan 7, 2009 4:18pm Jan 7, 2009 4:18pm
Quoting steelhead
Kinda silly to me if you want to close a short you have to enter a long.
It can appear to be wierd I guess. I've been using them for so long that I'm accustomed to it! Your broker probably has a close order entry. MB calls it a cover entry. It's doing the same thing essentially.
Just digging in the trenches like everyone else!
  • #109,919
  • Jan 7, 2009 4:24pm Jan 7, 2009 4:24pm
Quoting steelhead
Kinda silly to me if you want to close a short you have to enter a long.
That is really silly.
Why do they have to make such silly regulation ?
  • #109,920
  • Jan 7, 2009 4:27pm Jan 7, 2009 4:27pm
well here we are going to retest 1.5288 or more...
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