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Cable Update (GBPUSD)

  • #115,141
  • Jan 26, 2009 3:11pm Jan 26, 2009 3:11pm
Quoting allserene
If I was day trading then you are right - but this one is longer term as I don't think UK is out of the woods

This recession has been the same from the start with the US reporting bad news and then the others following afew weeks later

The US news is horrible but in the next week or so the others will have their own version

Chancellor Darling found hanging under Tower bridge and Ozzy Osborne takes over at the treasury and says 'get rid of that f****** cat ! Financial Times declares this a winning policy

Strangley enough, I dont expect the...
I don't think the UK is out of the woods yet either and the dollar will remain strong until the US comes out of this recession. Once that happens, just turn your computer screen upside down and the fall we've made since July 15, 2008 will be just as fast upwards when the time comes.

At the current time of day, I'm not sold on a short. That might change later on once we get out of the US Session, but for the time being, my soldiers are waiting in the ranks for new orders. The candles will lead the way.
Just digging in the trenches like everyone else!
  • #115,142
  • Jan 26, 2009 3:12pm Jan 26, 2009 3:12pm
Quoting sofia101
I agree and I don't skalp my tp around 1.3750 then will see
I gave up position trading last year. I've had twice as much fun since and my profits have more than doubled.
Just digging in the trenches like everyone else!
  • #115,143
  • Jan 26, 2009 3:15pm Jan 26, 2009 3:15pm
Quoting eohater
I don't think the UK is out of the woods yet either and the dollar will remain strong until the US comes out of this recession. Once that happens, just turn your computer screen upside down and the fall we've made since July 15, 2008 will be just as fast upwards when the time comes.

At the current time of day, I'm not sold on a short. That might change later on once we get out of the US Session, but for the time being, my soldiers are waiting in the ranks for new orders. The candles will lead the way.
I agree with you waiting for the close of the latest 4H bar to see if trend has reversed that started on the 19th. Although if we go up it may not be for very long
  • #115,144
  • Jan 26, 2009 3:16pm Jan 26, 2009 3:16pm
Quoting eohater
I gave up position trading last year. I've had twice as much fun since and my profits have more than doubled.
I do both but I like it longer term
  • #115,145
  • Jan 26, 2009 3:17pm Jan 26, 2009 3:17pm
Quoting Si Tr4d3r
I was following the thread, and thought I might be leading my soldiers to another ambush. Was +2, Followed the ma's as instructed. Almost went long on the new candle.

Thanks for the Intel..
At this time of day, it's hard to tell. Those who trade the daily candle are getting positions squared and ready for their next trade. I think your move was a good move to TP and wait for another setup. Setups are always around the corner. I would love to see this fall back to the bottom of hell, but I don't think it's time just yet personally.
Just digging in the trenches like everyone else!
  • #115,146
  • Jan 26, 2009 3:18pm Jan 26, 2009 3:18pm
Quoting sofia101
I do both but I like it longer term
I hope you get all the pips your looking for on this trade.
Just digging in the trenches like everyone else!
  • #115,147
  • Jan 26, 2009 3:20pm Jan 26, 2009 3:20pm
Thank you
  • #115,148
  • Jan 26, 2009 3:29pm Jan 26, 2009 3:29pm
Hi all,
I am a total newbie at this game. Been following the thread for 2 weeks now. I dont understand any technicality but find it very interesting.I follow the trades sometimes and find that I will have to discipline myself where P/L is concerned. I tend to close my positions early in profit and cannot close my losing positions. e.g. I went long on GBP on Friday @ 1.3812 and had to sweat it out till this morning. And then I clsed my position at 1.3817!!!!!
i would appreciate if someone would hold my hand until I get my feet.
  • #115,149
  • Jan 26, 2009 3:33pm Jan 26, 2009 3:33pm
Quoting sofia101
Thank you
I can see where you still short biased because we haven't taken out 4030. Is this what your looking at?
Just digging in the trenches like everyone else!
  • #115,150
  • Jan 26, 2009 3:34pm Jan 26, 2009 3:34pm
Quoting golatigo
short at 3990 - looking for possible 3850
got out at 3955
looking for new level to short again
it should go south, but it may test 4020/30 first - possible 4045
dow up doesn't help, but gold and oil seem to working their way
back down a little
on the sidelines right now
  • #115,151
  • Jan 26, 2009 3:35pm Jan 26, 2009 3:35pm
Quoting vinesh
Hi all,
I am a total newbie at this game. Been following the thread for 2 weeks now. I dont understand any technicality but find it very interesting.I follow the trades sometimes and find that I will have to discipline myself where P/L is concerned. I tend to close my positions early in profit and cannot close my losing positions. e.g. I went long on GBP on Friday @ 1.3812 and had to sweat it out till this morning. And then I clsed my position at 1.3817!!!!!
i would appreciate if someone would hold my hand until I get my feet.
Do yourself a favor and go dedicate some time at babypips.com You will find a lot of valuable information there. Once completed, go study about price action.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #115,152
  • Jan 26, 2009 3:36pm Jan 26, 2009 3:36pm
Quoting golatigo
got out at 3955
looking for new level to short again
it should go south, but it may test 4020/30 first - possible 4045
dow up doesn't help, but gold and oil seem to working their way
back down a little
on the sidelines right now
Your test levels I'll be considering a short off of those levels as well with TIGHT SL.
Just digging in the trenches like everyone else!
  • #115,153
  • Jan 26, 2009 3:38pm Jan 26, 2009 3:38pm
Quoting vinesh
Hi all,
I am a total newbie at this game. Been following the thread for 2 weeks now. I dont understand any technicality but find it very interesting.I follow the trades sometimes and find that I will have to discipline myself where P/L is concerned. I tend to close my positions early in profit and cannot close my losing positions. e.g. I went long on GBP on Friday @ 1.3812 and had to sweat it out till this morning. And then I clsed my position at 1.3817!!!!!
i would appreciate if someone would hold my hand until I get my feet.
Hi

Welcome to to forum you should check out
http://www.babypips.com
  • #115,154
  • Jan 26, 2009 3:51pm Jan 26, 2009 3:51pm
Thanks guys will do.
  • #115,155
  • Jan 26, 2009 3:51pm Jan 26, 2009 3:51pm
Quoting eohater
Your test levels I'll be considering a short off of those levels as well with TIGHT SL.
agree on the tight s l - if you use one
normally I don't as long as i'm watching things

I do favor levels in the mid 3800 before future direction - either up or down
that will depend on price action and what things look like on 4 hr charts etc

I did also get 40 (short) off the eur/usd - so the week is on target for me
especially after last nights longs

I do prefer longer term, but I also do well scalping when the market
lends itself to those conditions - i'll take what the market gives me

NY is done for today - so it may be better to wait until asia or later
to evaluate and re-enter or not
  • #115,156
  • Jan 26, 2009 3:52pm Jan 26, 2009 3:52pm
Hey guys hope everyone is doing well. Im flat now scaled out my longs between 3970 - 3980, been a fantastic day I dont even need to trade for the rest of the week now, but im greedy so I will .

We've had a big move up but Im still not considering shorting this yet. I reckon 4200 at least before another move down, i'll wait till tomorrow though had enough today.

Anyone in positions or looking for a particular entry on this now??
  • #115,157
  • Jan 26, 2009 3:56pm Jan 26, 2009 3:56pm
Quoting PipLand
Hey guys hope everyone is doing well. Im flat now scaled out my longs between 3970 - 3980, been a fantastic day I dont even need to trade for the rest of the week now, but im greedy so I will .

We've had a big move up but Im still not considering shorting this yet. I reckon 4200 at least before another move down, i'll wait till tomorrow though had enough today.

Anyone in positions or looking for a particular entry on this now??
I'll watch the turn, but not really concerned about a position atm. Will be looking again around 7:00pm NY EST.
Just digging in the trenches like everyone else!
  • #115,158
  • Jan 26, 2009 4:00pm Jan 26, 2009 4:00pm
Quoting golatigo
agree on the tight s l - if you use one
normally I don't as long as i'm watching things

I do favor levels in the mid 3800 before future direction - either up or down
that will depend on price action and what things look like on 4 hr charts etc

I did also get 40 (short) off the eur/usd - so the week is on target for me
especially after last nights longs

I do prefer longer term, but I also do well scalping when the market
lends itself to those conditions - i'll take what the market gives me

NY is done for today - so it may be better to wait...
I can see the mid 3800's as the next determination as well. I'm actually looking a little higher around 3900 to see how she holds up there. We're going to close the daily above the 5sma (3913 currently). Pull back to the 15m 50ema (3900 currently) supports my long off this area with again, a tight SL. Of course, you said the key, Price Action, wil lead the way.

Glad your on target for the week. I've almost made my weekly quota today and look forward to the bonus for the rest of the week. Only 200 pips left for me on my weekly target.
Just digging in the trenches like everyone else!
  • #115,159
  • Jan 26, 2009 4:08pm Jan 26, 2009 4:08pm
Quoting eohater
I can see the mid 3800's as the next determination as well. I'm actually looking a little higher around 3900 to see how she holds up there. We're going to close the daily above the 5sma (3913 currently). Pull back to the 15m 50ema (3900 currently) supports my long off this area with again, a tight SL. Of course, you said the key, Price Action, wil lead the way.

Glad your on target for the week. I've almost made my weekly quota today and look forward to the bonus for the rest of the week. Only 200 pips left for me on my weekly target.
That is a pretty convincing daily - hard to short anytime soon

on the sidelines - probably wait for next 4 hour candle

good luck

BTW - Are you full time and live trader?
U seem to be and seem to know your stuff.
  • #115,160
  • Jan 26, 2009 4:12pm Jan 26, 2009 4:12pm
Quoting golatigo
That is a pretty convincing daily - hard to short anytime soon

on the sidelines - probably wait for next 4 hour candle

good luck

BTW - Are you full time and live trader?
U seem to be and seem to know your stuff.

There is no reason to even be trading right now. Its monday slow day and slow time of any day. Be smart this isnt the time to trade. Time to get away from charts and go do something else
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