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Cable Update (GBPUSD)

  • #113,221
  • Jan 20, 2009 12:37pm Jan 20, 2009 12:37pm
Today is a little rough for my usual trading style... if i wouldn't be waiting for pullbacks on my signals.. i'd be hurting... had a cci move on m15 short... with that m15 t/l break... waited to see around the m15 7 ema.. and top of the channel.... otherwise would have been REALLY painful

fib levels seem to be more important than usual today imho......

Quoting PipLand
Im gonna wait and see which way we break out of this wedge
DireXiv Make it happen, no one else is going to do it for you...
  • #113,222
  • Jan 20, 2009 12:38pm Jan 20, 2009 12:38pm
3950 is being broken left right and center, way too volatile in this area
  • #113,223
  • Jan 20, 2009 12:38pm Jan 20, 2009 12:38pm
Quoting khmr
sorry to have joined the conversation late but is the recent 2 day slide due to the bail out annoucement for RBS?
It's a big part of reason, together with the increasing possibility that RBS, Lloyds and Barclays will need to be fully nationalised, due to being technically insolvent. The potential burden this places on the UK's public finances are immense, and this has spooked the market. Also, there is still no real visibility to the extent of the toxic assets sitting on the banks' balance sheets.
  • #113,224
  • Jan 20, 2009 12:42pm Jan 20, 2009 12:42pm
Quoting gammase1
It's a big part of reason, together with the increasing possibility that RBS, Lloyds and Barclays will need to be fully nationalised, due to being technically insolvent. The potential burden this places on the UK's public finances are immense, and this has spooked the market. Also, there is still no real visibility to the extent of the toxic assets sitting on the banks' balance sheets.
thx....I guess with that then any hopes of any signifacant retrace is out of the question I pressume?
  • #113,225
  • Jan 20, 2009 12:42pm Jan 20, 2009 12:42pm
Quoting Infinity
Congrats to Obama by the way.....
lol I certainly had my Obama rally.
  • #113,226
  • Jan 20, 2009 12:46pm Jan 20, 2009 12:46pm
Quoting Infinity
Excellent work on your longs bro. I went short at the m15 50 and just closed for 50 pips.. My internet connection is on and off..
Excellent work bro! I wanted to go short, but needed to go to lunch. Hope your connection stablizes.
Just digging in the trenches like everyone else!
  • #113,227
  • Jan 20, 2009 12:47pm Jan 20, 2009 12:47pm
Quoting khmr
thx....I guess with that then any hopes of any signifacant retrace is out of the question I pressume?
It certainly looks grim for sterling right now. But if UK banks are on the verge of nationalisation, you can bet your bottom dollar that US banks and many in the eurozone will be in the same perilous state.

Personally, I think the market wants to test the 1.37 area, where there should be some strong support. From this region, there could be a good set-up for a long position.
  • #113,228
  • Jan 20, 2009 12:48pm Jan 20, 2009 12:48pm
Quoting DireXiv
Today is a little rough for my usual trading style... if i wouldn't be waiting for pullbacks on my signals.. i'd be hurting... had a cci move on m15 short... with that m15 t/l break... waited to see around the m15 7 ema.. and top of the channel.... otherwise would have been REALLY painful

fib levels seem to be more important than usual today imho......
Its painfull watching the big rides and not being in them. Ive been waiting for pull backs to short since Monday lol.

Ive grabbed about 50pips all week so cable owes me big time, down cable down!! lol
  • #113,229
  • Jan 20, 2009 12:49pm Jan 20, 2009 12:49pm
EUR trying to break 1.29 again, CHF moving up to 1.15 area. Looks like the Bears are just lumbering along for now. They may not want to run right now, but if those two levels are taken out significantly, I would assume that the momentum would definitely shift back to the down side again for Cable.
  • #113,230
  • Jan 20, 2009 12:49pm Jan 20, 2009 12:49pm
what the heck is going on today? got an up arrow on the 60min and it has dropped 90 points since then!!
  • #113,231
  • Jan 20, 2009 12:50pm Jan 20, 2009 12:50pm
i think the cable is in consolidation so sooner retrace would be logic reaction before any bigger dip
CrizZzZzZzZz
  • #113,232
  • Jan 20, 2009 12:56pm Jan 20, 2009 12:56pm
Quoting PipLand
Its painfull watching the big rides and not being in them. Ive been waiting for pull backs to short since Monday lol.

Ive grabbed about 50pips all week so cable owes me big time, down cable down!! lol
at least you haven't lost pips on these seesaws
  • #113,233
  • Jan 20, 2009 1:00pm Jan 20, 2009 1:00pm
Quoting zakknet
at least you haven't lost pips on these seesaws
Yeah Ive been very strict with my entries and SL's. History tells us when cable is at these low levels and it decides to turn it does it fast and sharp so gotta be extra carefull
  • #113,234
  • Jan 20, 2009 1:02pm Jan 20, 2009 1:02pm
lol.. hope you know what the up arrow represented I'm not longin anything right now.. way to easy to get reversed on.

yep.. whipsaw is happening a lot... a trader i talk to took about 20 paper cut trades trying to trade e/u today... will drain an account very quickly at 20 pips per loss reversing...

up 70 pips for the day.. can't complain.. just being careful now.

Quoting behram
what the heck is going on today? got an up arrow on the 60min and it has dropped 90 points since then!!
DireXiv Make it happen, no one else is going to do it for you...
  • #113,235
  • Jan 20, 2009 1:02pm Jan 20, 2009 1:02pm
Cable was the leader in the early down moves in Asia and London but now it seems to following EUR and CHF. Either way it looks like it wants to continue the move lower.
  • #113,236
  • Jan 20, 2009 1:03pm Jan 20, 2009 1:03pm
Quoting PipLand
Its painfull watching the big rides and not being in them. Ive been waiting for pull backs to short since Monday lol.

Ive grabbed about 50pips all week so cable owes me big time, down cable down!! lol
You'll get over it . Seriously though, you could have been on the wrong side of that trade. I bet there are a lot of traders who visit this forum who didn't have stop losses, and had their accounts wiped out by that 1000 pip move in 24 hours. Count thy blessings one by one
Probability Professor
  • #113,237
  • Jan 20, 2009 1:05pm Jan 20, 2009 1:05pm
Back visiting 1.39 again. Hopefully we can break it and stay below it soon.
  • #113,238
  • Jan 20, 2009 1:05pm Jan 20, 2009 1:05pm
Quoting behram
what the heck is going on today? got an up arrow on the 60min and it has dropped 90 points since then!!
An up arrow? What is this up arrow you speak of?
Probability Professor
  • #113,239
  • Jan 20, 2009 1:07pm Jan 20, 2009 1:07pm
Quoting SmoothTrader
Cable was the leader in the early down moves in Asia and London but now it seems to following EUR and CHF. Either way it looks like it wants to continue the move lower.
Yeah I cant imagine cable getting any real support until 3700 now, might set my TP to that and walk away
  • #113,240
  • Jan 20, 2009 1:12pm Jan 20, 2009 1:12pm
Quoting Galation
You'll get over it . Seriously though, you could have been on the wrong side of that trade. I bet there are a lot of traders who visit this forum who didn't have stop losses, and had their accounts wiped out by that 1000 pip move in 24 hours. Count thy blessings one by one
Yeah very true I wouldnt liked to have been stuck in a long!

If cable goes to 3700 all is forgiven
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