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Cable Update (GBPUSD)

  • #120,081
  • Feb 12, 2009 6:34am Feb 12, 2009 6:34am
Quoting Abuawad
Next stop 1.4170 and let make it 1.4160 because we enter this @1.4260
salam abu.
is #3 activate as well?

pop
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  • #120,082
  • Feb 12, 2009 6:35am Feb 12, 2009 6:35am
Quoting JammerJams
we have been here already Abuawad...

so..why not have taken the close at that time...
I'm Sorry, i wasn't take it at the first place, there was no confirmation and i don't placed any market order to active the trade.
even that, the chance happen again, why not take it and this time with confirmation....
  • #120,083
  • Feb 12, 2009 6:37am Feb 12, 2009 6:37am
Quoting popisdead
salam abu.
is #3 activate as well?

pop
No, 15M at least should close below 1.4170
  • #120,084
  • Feb 12, 2009 6:51am Feb 12, 2009 6:51am
JammerJams. What do you think of the trend? Are we going down to 1.39xx tomorrow?
  • #120,085
  • Feb 12, 2009 6:53am Feb 12, 2009 6:53am
Quoting Abuawad
No, 15M at least should close below 1.4170
What Abuawad does is something we should all do before entering a trade..
using Price action in order to secure direction of money...

similar to what we are doing for daily time period..waiting for it to close daily dandle below 1.4245 as this is past low and thus a lower low then this will give lower price action direction for tomorrow...

I would consider not placing new entering until lower then 1.4150 15 min candle close occurs..too easy for it to retrace
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  • #120,086
  • Edited 7:10am Feb 12, 2009 6:58am | Edited 7:10am
Quoting Myman
JammerJams. What do you think of the trend? Are we going down to 1.39xx tomorrow?
Myman...
Seriously..I have stopped worrying about the direction...just reading close of time periods..and then chart channels/trends direction...

do not take a direction preferrence. I get stuck doing this as well...but if as the other trader stated..
if our daily candle closes below 1.4245 its past low and at 38% retracement level....then yes..we are both probable and possible to reach that goal..

but if our daily closes above 1.4245.......then no...it is possible..but Not probable.

then i look at news reports pending and I see news as gas..that makes the planned direction movement. No news..no movement
  • #120,087
  • Feb 12, 2009 6:58am Feb 12, 2009 6:58am
Quoting Chris_35
Seems to me that the whole world is in recession but the UK wants to scream it out from the roof tops to the rest of the world. Thats a funny thing about the UK we are always the first in line to knock ourselves down and beat ourselves up. I am sure that all the other UK traders on this site will agree. It doesnt matter what field we are playing in be it political, financial, sporting or otherwise. we could be on top of the world at something, but at the slightest excuse there is, we are in there, beating ourselves up again for the rest of the world...
I think Mervyn King was actually frank and honest yesterday, certainly not too gloomy. He spoke of a sharp contraction in Q1, which everyone knows is happening. It would've been insulting to UK residents, and the financial markets, to try and place an overly positive spin on things.

However, he was also at pains to point out the strong stimulus the economy will receive from the fall in energy prices, huge reduction in the cost of borrowing, a weaker sterling and, to a much lesser extent, the cut in VAT (which I personally think was a useless move).

On your broader point, I agree that British people can often be too defeatist.
  • #120,088
  • Feb 12, 2009 7:17am Feb 12, 2009 7:17am
Allow me an irrelevant observation: it is a pleasure to read this thread. One learns a lot and might even get profitable. Unlike others (eurusd), that remind me of kindergarden playground where any newbie post his nonsense and they end up attacking each other.

keep up the good thread!
  • #120,089
  • Feb 12, 2009 7:18am Feb 12, 2009 7:18am
okay that's enough pullback. Time to bungee jump again
Thank You
  • #120,090
  • Feb 12, 2009 7:24am Feb 12, 2009 7:24am
Quoting whatid
Allow me an irrelevant observation: it is a pleasure to read this thread. One learns a lot and might even get profitable. Unlike others (eurusd), that remind me of kindergarden playground where any newbie post his nonsense and they end up attacking each other.

keep up the good thread!
I too appreciate the mature and professional discussion. Levity does help but respecting each other..and staying focused and productive should be the intent of this thread. Otherwise..turn on the tv and forget this wonderful chat from what I see as great input and continous learning process...

Im going to bed now..happy trading..await results of todays daily level close..
  • #120,091
  • Feb 12, 2009 7:33am Feb 12, 2009 7:33am
Quoting wormboy
okay that's enough pullback. Time to bungee jump again
time to long or short?
  • #120,092
  • Feb 12, 2009 7:37am Feb 12, 2009 7:37am
jammerjams : gnite mate & don't worry you'll hear the screams when she falls
Thank You
  • #120,093
  • Feb 12, 2009 7:39am Feb 12, 2009 7:39am
alfamichi : I'm still holding my short positions. At the moment I would not know how to call the shots. Maybe you could get the guys who trade on smaller timeframe to advise you. Sorry mate.
Thank You
  • #120,094
  • Feb 12, 2009 7:56am Feb 12, 2009 7:56am
Quoting wormboy
alfamichi : I'm still holding my short positions. At the moment I would not know how to call the shots. Maybe you could get the guys who trade on smaller timeframe to advise you. Sorry mate.

OK...so when are you closing your trade?
  • #120,095
  • Feb 12, 2009 7:59am Feb 12, 2009 7:59am
Quoting wormboy
alfamichi : I'm still holding my short positions. At the moment I would not know how to call the shots. Maybe you could get the guys who trade on smaller timeframe to advise you. Sorry mate.
I'm still holding short position too.. TP 1.4050
  • #120,096
  • Feb 12, 2009 8:03am Feb 12, 2009 8:03am
Quoting John Lo
I'm still holding short position too.. TP 1.4050
i am entering a short position now..and will hold it to that your point...do i have to..what will be my SL?
  • #120,097
  • Feb 12, 2009 8:10am Feb 12, 2009 8:10am
alfamichi : closing? Oh I don't know, I'll ride it down as far as I can. I have moved my stops on the safe side @ 4375. If it knocks me out there, I'll bank in 312 pips, if it does not & reaches 4070, which is the 61.8 fibs on the daily btw, I'd move my stop by 150 pips lower. I am however looking for it to go all the way 1.36, as the daily cci would go into oversold once it reaches 1.40 ( could be wishful thinking more than anything, but then again who knows? ). Good luck to you mate.
Thank You
  • #120,098
  • Feb 12, 2009 8:13am Feb 12, 2009 8:13am
Quoting alfamichi
i am entering a short position now..and will hold it to that your point...do i have to..what will be my SL?
Man...don't blindly follow other people's trades....
  • #120,099
  • Feb 12, 2009 8:13am Feb 12, 2009 8:13am
We could be on our way to test the 10ema if we get above the 5ema. A break and close above the m15 50 would increase this probability.
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Patience + Discipline - Greed = Success
  • #120,100
  • Feb 12, 2009 8:38am Feb 12, 2009 8:38am
5m chart trader here...just caught the bounce off 4200 for long
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