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Cable Update (GBPUSD)

  • #122,721
  • Feb 23, 2009 7:05am Feb 23, 2009 7:05am
Quoting Professor4x
Not sure why you exited your short trend trade already expect you must use a trailer. Trailers work best on swing or day trades so apparently that is your style. Will stay with my stop at 1.47 and target 4430. Just for interest.
Oh..my SL hit..1st was to test "this is swing area" SL just a way to keep things real

will enter term short once trend line is broken..and below 4570 with Stacked shorts along the way down.
  • #122,722
  • Feb 23, 2009 7:06am Feb 23, 2009 7:06am
Quoting JammerJams
Oh..my SL hit..1st was to test "this is swing area" SL just a way to keep things real

will enter term short once trend line is broken..and below 4570 with Stacked shorts along the way down.
Dont understand, If you SL hit that means your original short open position is now closed so how can you stack if your out?
  • #122,723
  • Feb 23, 2009 7:07am Feb 23, 2009 7:07am
Quoting Professor4x
and we wil make jammer think. Sounds like the making of reality tv show. Trade to Survive!!
...glad to be in the show...with green pipshttp://www.forexfactory.com/images/icons/icon14.gif.
  • #122,724
  • Feb 23, 2009 7:14am Feb 23, 2009 7:14am
Hi everybody ! I'm new here and just want to wish you all a lot of green pips... Lots of high quality traders here, all your advices are greatly appreciated ! This thread sure is a great place for all type of traders... Anyway talk to you later, gotta go to bed before doctor's appointment in 4:30 and I think I've done enough scalping for this night (+175 pips)

Mike
  • #122,725
  • Feb 23, 2009 7:14am Feb 23, 2009 7:14am
Quoting Professor4x
Dont understand, If you SL hit that means your original short open position is now closed so how can you stack if your out?
Original short entry was at 4640...closed at 4610.

Will make new short entry at 4560 and then with new lows and best position..place additional shorts #3 #4 etc...toward 4430 if it moves in that direction...
with each new entry..past shorts SL are move up to +BE before new entry..minimze exposure
  • #122,726
  • Feb 23, 2009 7:16am Feb 23, 2009 7:16am
Quoting Professor4x
Buy 1.4600/10 Stop 1.4450 Target 1.49
Major pivots broken to upside showing huge momentum breaks for next two days of powerful up trend. Dont buck market go with her and be a buyer on dips. Use low gear and wait for market to come back to you if your entry is not precise. Expect fundy's to be dollar negitive to fuel the fire.
Quoting Professor4x
just placed trade on my live platform as a matter of interest but only used 1 lot so no biggie either way. Left target with 1st post 4430
So where are you trading, long or short or just collect some nr of post? From side looks more that you dont know where you want to trade
  • #122,727
  • Feb 23, 2009 7:16am Feb 23, 2009 7:16am
Quoting MikeIke
Hi everybody ! I'm new here and just want to wish you all a lot of green pips... Lots of high quality traders here, all your advices are greatly appreciated ! This thread sure is a great place for all type of traders... Anyway talk to you later, gotta go to bed before doctor's appointment in 4:30 and I think I've done enough scalping for this night (+175 pips)

Mike
Im impressed Mike...new to this site..but not new to trading...welcome...
  • #122,728
  • Feb 23, 2009 7:18am Feb 23, 2009 7:18am
Quoting JammerJams
Original short entry was at 4640...closed at 4610.

Will make new short entry at 4560 and then with new lows and best position..place additional shorts #3 #4 etc...toward 4430 if it moves in that direction...
with each new entry..past shorts SL are move up to +BE before new entry..minimze exposure
got it. Just found it hard to use stack strategy using trailers because more times than not stop triggers and you lose open entry. What ever works best for you is all that matters.
  • #122,729
  • Feb 23, 2009 7:18am Feb 23, 2009 7:18am
Quoting dzero
So where are you trading, long or short or just collect some nr of post? From side looks more that you dont know where you want to trade
TOTALLY LONG with large.
  • #122,730
  • Feb 23, 2009 7:23am Feb 23, 2009 7:23am
Quoting Professor4x
TOTALLY LONG with large.
my immediate short may not be hit soon..but if it does..looking at nice quick move downward...hitting 4430 level is a bit past 61.8% fib...

also...nice resistence there..
  • #122,731
  • Feb 23, 2009 7:24am Feb 23, 2009 7:24am
Quoting Professor4x
TOTALLY LONG with large.
Tx, now i understand!
  • #122,732
  • Feb 23, 2009 7:24am Feb 23, 2009 7:24am
Quoting Professor4x
TOTALLY LONG with large.
Just entered short at 1.6425 to grab a few fast pips (though "just is like an hour ago time flies by)
  • #122,733
  • Feb 23, 2009 7:28am Feb 23, 2009 7:28am
Quoting JammerJams
my immediate short may not be hit soon..but if it does..looking at nice quick move downward...hitting 4430 level is at 61.8% fib...

also...nice resistence there..
nice resistence there??? Support is below current market price and resistance is above that is what book says so totally confused. When resistance is broken it becomes new support line and when support is broken becomes new resistance. Please not looking to discredit your trading but have not experienced the word resistance with market price trading above on break. Sorry dont get it?
  • #122,734
  • Feb 23, 2009 7:29am Feb 23, 2009 7:29am
Quoting JammerJams
Im impressed Mike...new to this site..but not new to trading...welcome...

No not new to trading but still I have a lot to learn... Live trader since march 2008 and trading stocks since january 2007... Recently got an offer to become an IB for AVAFX and might accept it ! Anyway like I said, I still have to learn a lot... I have my good and my bad days as anyone I guess but I gotta manage my things very well right now as forex is my only source of revenue ! No need to get an haircut this week, I ripped off all my hair last friday with the g/u going up and u/y going down

Have a good night

''Trade what you see, not what you expect !''

humm I should have listen to this one last friday
  • #122,735
  • Feb 23, 2009 7:39am Feb 23, 2009 7:39am
Quoting Professor4x
TOTALLY LONG with large.
prof....

is GBP / USD driving GBP / JPY or is GBP / JPY driving GBP / USD ??

I know that you had said the former a few weeks ago... but today seems like GBP / JPY is in the driver seat...
  • #122,736
  • Feb 23, 2009 7:41am Feb 23, 2009 7:41am
Trendlines: It has been established that a break in the trend caused by penetration of a trendline results in either an actual trend reversal or a slowing in the pace of the trend, although it may not always be possible to assess an exhaustion move. The failure of the price to hold above the return line then signals an important reversal in trend. This is often the case if the action is accompanied by high volume. As a general rule, the steeper the channel, the more likely it is that the breakout will turn out to be an exhaustion move.


Trendlines are perhaps the easiest technical tool to understand, but considerable experimentation and practice are required before the art of interpreting them can be successfully mastered. Trendline violations signal either a temporary interruption or a reversal in the prevailing trend. It is necessary to refer to other pieces of technical evidence to determine which is being signaled. The significance of trendlines is a function of their length, the number of times they have been touched or approached, and the steepness of the angle of ascent or descent. A good trendline reflects the underlying trend and represents an important support or resistance line.
  • #122,737
  • Feb 23, 2009 7:47am Feb 23, 2009 7:47am
Quoting blurrcow
prof....

is GBP / USD driving GBP / JPY or is GBP / JPY driving GBP / USD ??

I know that you had said the former a few weeks ago... but today seems like GBP / JPY is in the driver seat...
Since fundamentals have drasticallly changed in past 10 trading days in japan the jpy which people were buying because of a safe haven due to their trillions in dollar reserves the jpy has been going down. Since the pair is an indirect pair to usd it means a down move is a strenghting move for jpy. But as of last week due to the worse growth figures reported of any nation and losing over 12% growth on gbp for quarter capital is making an exodus from yen and now heading back to europe. So with the selling of jpy nad buying of gbp it's cause all jpy pairs to head north again. Hearing targets of 147 eur/jpy and 170 gbp/jpy. If you check you monthly stoc's you can see she has issued trade signal on bull side and has reversed on weekly so trend looks to be up. She moves quick and trades well but you must use low leverage and know your spots to cut or she will ruin your account. Gbp/Jpy is not for novice traders.
  • #122,738
  • Feb 23, 2009 7:51am Feb 23, 2009 7:51am
Quoting Professor4x
Trendlines: [size=1][color=#000000]It has been established that a break in the trend caused by penetration of a trendline results in either an actual trend reversal or a slowing in the pace of the trend, although it may not always be possible to assess an exhaustion move. The failure of the price to hold above the return line then signals an important reversal in trend. This is often the case if the action is accompanied by high volume. As a general rule, the steeper the channel, the more likely it is that the breakout will turn out to be...
...SHHHHHhhh!!! Professor speaking!
  • #122,739
  • Feb 23, 2009 7:51am Feb 23, 2009 7:51am
mh got out of my position for 15 pips (SL 35), not happy at all with the market though. prob will stay put for a while and watch.
  • #122,740
  • Feb 23, 2009 7:57am Feb 23, 2009 7:57am
Quoting goodwings
...SHHHHHhhh!!! Professor speaking!
good one. Prof is here to offer guidance and make the forex a better place for everyone. Not here to dominat forum and control converstions. When throw our knowledge take it for what it's worth to YOU. Never here to take away any thing you have learned but add to something you may not be familiar with. Everyone participating keeps my interest i get bored listening to myself.
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