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Cable Update (GBPUSD)

  • #116,201
  • Jan 29, 2009 6:50am Jan 29, 2009 6:50am
fores trading-death by 1000 cuts
  • #116,202
  • Jan 29, 2009 6:51am Jan 29, 2009 6:51am
Quoting fx local
i got next resistance levels at 14470, 1.4525 area then 1.4655 potentially,

support near 1.4238, next 1.4070/80....

did any1 long sub 14150, that last spike looks like stops triggering
nice bounce from there
Trading is 80% Emotional, 20% Technical
  • #116,203
  • Edited 7:04am Jan 29, 2009 6:58am | Edited 7:04am
Wouldn't this be down for the time being at least. There is a nice BEOB(Bearish Outside Bar) on the hour, well according to the James16 teachings. Additionaly a nice Pin Bar on the 15m. Hit the 61.8 fib on the daily from the 16th of Jan. A bit of a confluence of fibs there -ish 50% fib from 8th of Jan on the Daily.
Anyway just an opinion.

Additional to this, although early days/hours but on my chart there is a BEOB shaping up on the Daily if it continues south.
Just something to watch guys n gals, profit locked in on my south journey for however it long it lasts.
Le singe est dans l'arbre
  • #116,204
  • Jan 29, 2009 6:58am Jan 29, 2009 6:58am
Quoting PipLand
sorry dont agree mate were going back up again to 1.5
I agree with pipland...

this was a small retrace..and it may reach 61.8% level..so far 50%

Pound bulls are relentless..and will run hard and test 1.5 shortly...
too much less negative news for UK coming out lately.
  • #116,205
  • Jan 29, 2009 7:03am Jan 29, 2009 7:03am
Quoting PipLand
sorry dont agree mate were going back up again to 1.5
i agreed with u becoz what i saw it will climb back on 4h tf...but may be lower tf can make it down...but not 2 deep...i miss during it 1st climb but i not miss during 2nd climb...but only a few pips
  • #116,206
  • Jan 29, 2009 7:06am Jan 29, 2009 7:06am
My call yesterday that the immediate US news would be cable bullish was monumentally wrong, but I still see a bullish trend forming till the next mpc meeting.

Unless Barclays goes pop or something..........
  • #116,207
  • Jan 29, 2009 7:21am Jan 29, 2009 7:21am
Well said. Going exactly through same phases.
Discipline, discipline, discipline is the mantra.

Quoting nAVIN2007
id say to u ...its just a question of knowledge...i have been trading since april last year and the world knows ( i will tell the world...given the chance..) that i been battling just to keep my money and lossing it!

been a tough fight to say the least.

u got to come to terms that yur trading is based on direction, the best place to enter the market is where a barrier is (support and resistance) u then just gotta pick where u think it will go....AND UNDERSTAND YUR SIMPLY SPECULATING..when yur wrong it wont kill u cause u knew u can get it...
  • #116,208
  • Jan 29, 2009 7:25am Jan 29, 2009 7:25am
Quoting JammerJams
Sorry to hear a fellow trader losing funds, but worst part is losing spirit.
Best thing to do is:
1. Go back to your winning months and then go through January.
2. Identify all your good trading entries and define style and approach
3. Now, go back test in the month of January in January
4. Identify if this would have been a winning month if so
5. Now get on demo account and stick to a consistent approach
6. Once it is a winning month..get back on the horse..

Dont loose your spirit..its only a matter of learning experience = (time, sweat, blood,...
I appreciate your advice. Many thanks. I will come back again sometime next week and give it another go.
  • #116,209
  • Jan 29, 2009 7:33am Jan 29, 2009 7:33am
lol, i just come back from eating, and just banked 100 pips...
it's rare for my trading...
luckily i put 50 pips stop... if not then i will be very upset...

wish u all good trades too...
Money management is good for your health...
  • #116,210
  • Jan 29, 2009 7:46am Jan 29, 2009 7:46am
Hi Salah I'm glad to see your good

I agree with your outlook actually you've always been right about the direction of the pound if my memory serves me correctly...

Quoting salah k.
hey man long time no speak
how r u
good to know ur hitting home runs
fx local how r u buddy
any sign of bones and the others
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #116,211
  • Jan 29, 2009 8:01am Jan 29, 2009 8:01am
Quoting PipLand
yep ive taken half my long off waiting to close the rest and short or add if we break

I knew there would be people in here saying if she breaks that area highlighted in red i will add to my longs.


Classic sucker play. I know there were plenty in here trading the break of that redline to the longside. Congrats you were had by the market makers.
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  • #116,212
  • Jan 29, 2009 8:05am Jan 29, 2009 8:05am
i got 168 pips 2 day...last post long i got 76 pips...already closed 4 to day...go 2 sleep...malaysia midnight...bye 4 all members...have nice trade 4 all of u
  • #116,213
  • Jan 29, 2009 8:09am Jan 29, 2009 8:09am
Quoting steelhead
I knew there would be people in here saying if she breaks that area highlighted in red i will add to my longs.


Classic sucker play. I know there were plenty in here trading the break of that redline to the longside. Congrats you were had by the market makers.

Yes, the safer way to trade that is to wait for price to come back down and test the resistance to see if it will become a support level. You would need to go down to a lower timeframe to watch the price action.
Boxing clever since 76.
  • #116,214
  • Jan 29, 2009 8:13am Jan 29, 2009 8:13am
Quoting copi88
Yes, the safer way to trade that is to wait for price to come back down and test the resistance to see if it will become a support level. You would need to go down to a lower timeframe to watch the price action.

Its going to hit that resistance are again around 4400 and how much you wanna bet there will be people in here saying go long the break of that again.


I will be looking to short it if it does that. Let me just repeat that i will be looking just looking to short. So all those wise guys that like to play peanut gallary will understand i will just be looking.
  • #116,215
  • Jan 29, 2009 8:16am Jan 29, 2009 8:16am
Quoting steelhead
I knew there would be people in here saying if she breaks that area highlighted in red i will add to my longs.


Classic sucker play. I know there were plenty in here trading the break of that redline to the longside. Congrats you were had by the market makers.
LOL I did add to my longs but not there. She didnt break that area only pierced it, price didnt hold, if it did I would have added. When we BREAK (not pierce) 4415 I will add more.

Happy pipping
  • #116,216
  • Jan 29, 2009 8:17am Jan 29, 2009 8:17am
Quoting steelhead
Its going to hit that resistance are again around 4400 and how much you wanna bet there will be people in here saying go long the break of that again.


I will be looking to short it if it does that. Let me just repeat that i will be looking just looking to short. So all those wise guys that like to play peanut gallary will understand i will just be looking.
I am with you
  • #116,217
  • Jan 29, 2009 8:18am Jan 29, 2009 8:18am
Quoting steelhead
Its going to hit that resistance are again around 4400 and how much you wanna bet there will be people in here saying go long the break of that again.


I will be looking to short it if it does that. Let me just repeat that i will be looking just looking to short. So all those wise guys that like to play peanut gallary will understand i will just be looking.
I make the resistance 4415 when we BREAK and HOLD I will be adding
  • #116,218
  • Jan 29, 2009 8:19am Jan 29, 2009 8:19am
Quoting steelhead
Its going to hit that resistance are again around 4400 and how much you wanna bet there will be people in here saying go long the break of that again.


I will be looking to short it if it does that. Let me just repeat that i will be looking just looking to short. So all those wise guys that like to play peanut gallary will understand i will just be looking.
Ok.... Im also looking for a short opportunity, if its a rebound resistance
"Even A Thousand Mile Journey Begins with the First Step"
  • #116,219
  • Jan 29, 2009 8:20am Jan 29, 2009 8:20am
Quoting JammerJams
Sorry to hear a fellow trader losing funds, but worst part is losing spirit.
Best thing to do is:
1. Go back to your winning months and then go through January.
2. Identify all your good trading entries and define style and approach
3. Now, go back test in the month of January in January
4. Identify if this would have been a winning month if so
5. Now get on demo account and stick to a consistent approach
6. Once it is a winning month..get back on the horse..

Dont loose your spirit..its only a matter of learning experience = (time, sweat, blood,...
This is good advice. Another thing to do is keep a trading journal and make notes of every single trade you do. After awhile you will easily be able to see the mistakes that are repeated and you will be able to take action to correct this.

This vastly improved my trading. At first it is an effort but after awhile it becomes habit.
Boxing clever since 76.
  • #116,220
  • Jan 29, 2009 8:29am Jan 29, 2009 8:29am
Quoting steelhead
I knew there would be people in here saying if she breaks that area highlighted in red i will add to my longs.


Classic sucker play. I know there were plenty in here trading the break of that redline to the longside. Congrats you were had by the market makers.
Steelhead explain what makes such a professional, and discouraging the new traders from trading. You are a PHUCING disgrace to this forum.......you should have put up a post about why you didn't play that move and not say 'congrats you were had'........you are the real loser here.
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