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Cable Update (GBPUSD)

  • #113,141
  • Jan 20, 2009 9:07am Jan 20, 2009 9:07am
I dont think it right to be telling somone how to make their trades, if they have good reasons to take them, let them. By his/her past record they seem to be reliable. He/she obvoisly has good reasons to take these trades.
  • #113,142
  • Jan 20, 2009 9:07am Jan 20, 2009 9:07am
Quoting eohater
1.37 will be my next long consideration at this point history is being made right now. Retracement is going to be completed.
Yeah bro! I agree with you there...100% retracement is on.... but still I am not leaving an order on... I will wait on price action... no serious buying interest is around as yet.. That bullish hammer on the h1 may provide a temporary base.. but the subsequent candle is not convincing.... I will keep my money in my pocket for now...
Patience + Discipline - Greed = Success
  • #113,143
  • Jan 20, 2009 9:08am Jan 20, 2009 9:08am
Quoting AmeriTrini
How is your long steelhead?

doing fine thanks took some profit looks like im still in so all is well. stops at b/e
  • #113,144
  • Jan 20, 2009 9:08am Jan 20, 2009 9:08am
Quoting fifo
trading is dangerous, look at your post:

http://www.forexfactory.com/showpost...stcount=112624
Trading is 80% Emotional, 20% Technical
  • #113,145
  • Jan 20, 2009 9:08am Jan 20, 2009 9:08am
thx for the advise, but i'm thinking of selling below that price, and for the long i will place the orders on my account with tight stop loss...
wish u all good pippin'

Quoting steelhead
Do yourself a favor dont take that sell. Dont even think about it.

Breakout trading is very dangerous. Most are false breakouts.
Money management is good for your health...
  • #113,146
  • Jan 20, 2009 9:08am Jan 20, 2009 9:08am
Quoting Vourvoul
His SL is the opposite entry price. (from what he said)

That sell order does look risky, and the buy is not better as there are plenty of willing sellers at or around the 1.4 area...
130 pip stop loss for 30, 40 maybe 50 pips gain?
Patience + Discipline - Greed = Success
  • #113,147
  • Jan 20, 2009 9:09am Jan 20, 2009 9:09am
Quoting alcando
Textbook use of this strategy would be to breakout from a range normally successful as stops or orders have had time to build up at easily defined levels. As we are not exactly ranging but kinda trending down (maybe) the safer approach technically is to sell on pull backs as it reacts to fibs or S&R levels etc.

A pull back in this case could be several hundred pips but breakout strategy here is not really the safest strategy even tho it has worked and Guate has had great success with it.

Just a comment mate. If you take the order, I wish you...
Spot on, Al. We are in uncharted waters today, meaning conditions are far from ideal for this sort of range break-out play. It could work, but other days will provide a safer backdrop.
  • #113,148
  • Jan 20, 2009 9:10am Jan 20, 2009 9:10am
Quoting Infinity
Yeah bro! I agree with you there...100% retracement is on.... but still I am not leaving an order on... I will wait on price action... no serious buying interest is around as yet.. That bullish hammer on the h1 may provide a temporary base.. but the subsequent candle is not convincing.... I will keep my money in my pocket for now...
That's what I'm seeing as well. Cash is my position right now. The long that Steelhead took made some nice pippage, but I would expect that level to be retested before she just turns north and heads back up. Dow is still red, oil is down, inaguration is to come, we might see the Dow go green then which could push this upward. I'm still favoring the 100% retracement though. And your right, now PO will be set for that either. I'll let price lead the way. She's just sitting here on her tuffet at the moment and I'll just sit on my cash.
Just digging in the trenches like everyone else!
  • #113,149
  • Jan 20, 2009 9:11am Jan 20, 2009 9:11am
Quoting Infinity
Yeah bro! I agree with you there...100% retracement is on.... but still I am not leaving an order on... I will wait on price action... no serious buying interest is around as yet.. That bullish hammer on the h1 may provide a temporary base.. but the subsequent candle is not convincing.... I will keep my money in my pocket for now...

This is my 4H chart, candle closed 10 minutes ago...

(With the Obama inauguration speech coming up... I wouldn't dare take it on)
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 40 KB
  • #113,150
  • Jan 20, 2009 9:11am Jan 20, 2009 9:11am
im seeing it drop lower to 1.3800
  • #113,151
  • Jan 20, 2009 9:12am Jan 20, 2009 9:12am
Quoting GuateForex
These are my possible entrys for today...
Buy Entry Orders
GBPUSD
1. Buy at 1.3990 | Tp: 1.4020
2. Buy at 1.3990 | Tp: 1.4030
3. Buy at 1.3990 | Tp: 1.4040

Sell Entry Orders
GBPUSD
1. Sell at 1.3861 | Tp: 1.3831

2. Sell at 1.3861 | Tp: 1.3821
3. Sell at 1.3861 | Tp: 1.3811
cable does have a tendency to overshoot, if the lows are tested again there is a good chance they it will break with follow through momentum, this strategy can work but it is risky none the less, i guess its an instant gratification set up....
Trading is 80% Emotional, 20% Technical
  • #113,152
  • Jan 20, 2009 9:14am Jan 20, 2009 9:14am
his buys have nearly been activated
  • #113,153
  • Jan 20, 2009 9:14am Jan 20, 2009 9:14am
Quoting alcando
Textbook use of this strategy would be to breakout from a range normally successful as stops or orders have had time to build up at easily defined levels....
thx mate...
your advise is very appreciated...
i will try guate's call but with tight SL...
hope it's a winning trade again

i'm still looking for good trading ways...
Money management is good for your health...
  • #113,154
  • Jan 20, 2009 9:15am Jan 20, 2009 9:15am
Sure looks like it wants to test it again. Will it be to break higher, or to say good by as Cable moves lower?
  • #113,155
  • Jan 20, 2009 9:22am Jan 20, 2009 9:22am
btw, i've been looking BRV's thread for a while...
and i spotted a huge bucket on the monthly chart...
so it's possible that the Cable can retrace upwards from here or from around 3681...
and since it's monthly chart, i think it's gonna be a big retracement...
anyone agree with me?
Money management is good for your health...
  • #113,156
  • Jan 20, 2009 9:23am Jan 20, 2009 9:23am
Now this is why I asked about the stop loss... I have a high of 3987 just now, but some people that may follow your post could have gotten a filled because of their broker's feed. When would you advise them to exit the trade if they got filled just now...?
Patience + Discipline - Greed = Success
  • #113,157
  • Jan 20, 2009 9:23am Jan 20, 2009 9:23am
Just another view here. As none of the H4 highs have occurred in the US sessions for some time it seems that the US main player have not had an opportunity to sell cable short.

To bring them into the market would imply that they buy GBP (risky but carries overnight reward if equities turn very green) or offload shorts which they are not the majority holder (European traders have the accumulation). It is probable I think to see a pop up as EU traders take profits by the close of the London session and maybe Infinity is right the buyers may follow. But I dont think the fundamental downdraft is over as she keeps finding willing sellers so a big move up is probably going to be followed by a faster move down..
Ride the Bulls bearback!
  • #113,158
  • Jan 20, 2009 9:26am Jan 20, 2009 9:26am
I"m sure not big money.. but I don't enjoy taking these shorts with no pullbacks... I'd love to see some rallies and get in on less risky shorts. imho

Quoting alcando
Just another view here....
DireXiv Make it happen, no one else is going to do it for you...
  • #113,159
  • Jan 20, 2009 9:27am Jan 20, 2009 9:27am
Quoting fry2010
I dont think it right to be telling somone how to make their trades, if they have good reasons to take them, let them. By his/her past record they seem to be reliable. He/she obvoisly has good reasons to take these trades.

Not telling him how to trade, but when folks are asking and following his trades in their own account they need to hear the opposite side.

He can trade how he wants but those who consider taking the trades also have the right to hear opposition.
  • #113,160
  • Jan 20, 2009 9:29am Jan 20, 2009 9:29am
Quoting steelhead
Not telling him how to trade, but when folks are asking and following his trades in their own account they need to hear the opposite side.

He can trade how he wants but those who consider taking the trades also have the right to hear opposition.
We definitely should use critical thinking in response to trading calls made on this forum, particularly when others are blindly following.
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