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Cable Update (GBPUSD)

  • #128,701
  • Apr 1, 2009 12:58pm Apr 1, 2009 12:58pm
Can't see any signals to short it yet.Maybe after NY close if it goes down.
.
  • #128,702
  • Apr 1, 2009 1:01pm Apr 1, 2009 1:01pm
Quoting albchr
Hi WB,

But if you don't mind, how can a 100 pip area (4500 - 4600) be "A" level of resistance? And, what was the "obvious" signal yesterday? Sorry, just trying to learn here.
Because there is no possible way for you to point to a certain pip value as an s/r level.
The signals for the breakout are in the wormhole thread.
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Thank You
  • #128,703
  • Apr 1, 2009 1:08pm Apr 1, 2009 1:08pm
Quoting wormboy
Because there is no possible way for you to point to a certain pip value as an s/r level.
The signals for the breakout are in the wormhole thread.
I see...makes sense seeing your chart. I never thought we could call a "single" pip as S/R but I also never thought of a range that large for one. Hmmm....

I should also add that at 2 full lots ($20 a pip) , I'm not looking for a huge move down here. If I can pull 20 - 30 pips out of it, that would be cool. Was at +14 before but decided to let it run as I made my call from the 4H chart.

Thank You WB.
Ghost Rider - WWTBMD?
  • #128,704
  • Apr 1, 2009 1:12pm Apr 1, 2009 1:12pm
you're welcome mate. I wish you good luck with your trades. Word of advise tho, if you're still new like you said you are, try not to have too many "stuff" on your chart. It'll most likely hamper your trading ability rather than improving it. Just a thought
Thank You
  • #128,705
  • Apr 1, 2009 1:18pm Apr 1, 2009 1:18pm
Quoting wormboy
you're welcome mate. I wish you good luck with your trades. Word of advise tho, if you're still new like you said you are, try not to have too many "stuff" on your chart. It'll most likely hamper your trading ability rather than improving it. Just a thought
Brother don't I know that...LOL. When I started trading last September I said, "I don't know anything about charts and analysis and i don't want to". Then my wife "suggested" I should take a training course since this mean our living. Before that I averaged $500 a day. Now I have a tough time getting that per week. I'm returning to a "simpler" way of doing things again.
Ghost Rider - WWTBMD?
  • #128,706
  • Apr 1, 2009 1:24pm Apr 1, 2009 1:24pm
Quoting albchr
I'm a newbie and this is just my take but the Cable still not able to break my 4 areas of resistance on the one hour and with the last 4 hour candle, I'm short 2 standard lots at 4407.

See ya in a couple hours...LOL...wish me luck!
Trying a small long - so I wish you only a tiny stop loss coz I am nice

It's fascinating watching all this

Perhaps the G20 will say something if their microphones havent been stolen and made into blue tit nesting boxes
  • #128,707
  • Apr 1, 2009 1:27pm Apr 1, 2009 1:27pm
Quoting allserene
Trying a small long - so I wish you only a tiny stop loss coz I am nice

It's fascinating watching all this

Perhaps the G20 will say something if their microphones havent been stolen and made into blue tit nesting boxes
DOE!! You just went and ruined it for me...LOL...Naaa, it'll come back. Keep your stops tight...LOL
Ghost Rider - WWTBMD?
  • #128,708
  • Apr 1, 2009 1:28pm Apr 1, 2009 1:28pm
Quoting deboooo2005
1.4433 is reversal area if cable broke it will fly to 1.4535

Let us see
this what i said from 12 hours .... we need real break to this area to reach 1.45
  • #128,709
  • Apr 1, 2009 1:44pm Apr 1, 2009 1:44pm
Quoting SeaPip
Not disagreeing with you but what you see most likely others, I mean institution traders, banks, big boys, would see as well. And most likely they already priced in this fact. Remember the old saying "buy the rumor and sell the fact". If they do cut the rate more than what anticipated then we would see a big drop. Or if they cut less than expected then a rise. But if the cut is exactly as forecast....then we may or may not see a huge drop.
good point on buy on the roomer sell on the news... your spot on with the fact that the FOREX is s futures market and traders factor in expectations weeks ahead of the news but what we are seeing now is a revaluating of the market where EUR may have to be repriced in the short term as traders have to factor in a deviation from the expectation. During the last ECB press conference Trichet was adamant that they are done easing and are not looking at any quantitative measure, now in the past couple days Trichet may feel like the dog that caught the car as they are now seeing the errors in there bullish stance on inflation and may be forced to follow JPY US and the UK with additional easing measure. This was not factored in and is just now being priced in. How ever the real wild card is that this is happening the day prior to non-farm, that may throw a monkey wrench in the whole thing as the greenback is starting to show less and less correlation to dollar denominated assets. As much as traders would like to disassociate what happens in the Euro Zone to the Pound Sterling they are closely related in terms of there economic make up and when you see one being affected by major events there is often a spill over affect.
Trade smarter not harder.
  • #128,710
  • Apr 1, 2009 1:48pm Apr 1, 2009 1:48pm
As I said yesterday I am short since 1,4320. I still see the signs that it goes up. The Daily Pivot R1 is now a border. But some people here a right that it can get a little bit choppy during the G20. This is not a must but this was the reason to close 2/3 of my position (+100 pips). The stop is on BREAK EVEN. No I will relax and watch my position growing. Again: See you all on 4500 zone.

To all Shorts and all Market Makers: Try to catch my Stop. Good Luck ;-)

quantus75
  • #128,711
  • Apr 1, 2009 1:54pm Apr 1, 2009 1:54pm
Quoting TerpFan2
Well Buddy,

Somehow i set my tto w/an "Idiotic"
1.4417 TP, instead of 1.4517...!

Oh Well,
Maybe it's best...
This thing is acting like Molasses or KarrO Syrup.
Nobody's surely holding a magnet to the top of
the Screen !

i gotta get to work anyway!
-Pipping while driving, while working...
Ahhh the Life,

Hope it make's it for you all,


Jeff ! P.S. Looks like "they" pulled their magnets out again!
Phew! closed my long at 133 pips for a hefty profit... I was almost risking my entire balance for the trade... atleast i can cover my losses now...
  • #128,712
  • Apr 1, 2009 2:03pm Apr 1, 2009 2:03pm
Quoting albchr
I see...makes sense seeing your chart. I never thought we could call a "single" pip as S/R but I also never thought of a range that large for one. Hmmm....

I should also add that at 2 full lots ($20 a pip) , I'm not looking for a huge move down here. If I can pull 20 - 30 pips out of it, that would be cool. Was at +14 before but decided to let it run as I made my call from the 4H chart.

Thank You WB.
i have a question when looking at what you put on here about your 2 standard lot position, what is your percent of risk to the account and risk to reward ratios? the real key to being successful in trading is money management. if you teach two monkeys to trade and teach one money management and the other fundamental analysis and charting and they each place one winning trade and one losing trade the one that used all the fundamental understanding and good technical analysis lost everything when there trade went against them, the monkey that used good risk to reward ratios of 1-2 or better and only had a small percent of there account balance at risk made money only being 50/50 on the trade.
Trade smarter not harder.
  • #128,713
  • Apr 1, 2009 2:04pm Apr 1, 2009 2:04pm
later - breakout variant up to 1,4530
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  • #128,714
  • Apr 1, 2009 2:04pm Apr 1, 2009 2:04pm
hi

cable need to pass 61.8 fibo line @ 1.4462 to contine to 1.45 zone
  • #128,715
  • Apr 1, 2009 2:05pm Apr 1, 2009 2:05pm
be careful on level 1.4515
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  • #128,716
  • Apr 1, 2009 2:08pm Apr 1, 2009 2:08pm
Quoting Forex
[color=black]i have a question when looking at what you put on here about your 2 standard lot position, what is your percent of risk to the account and risk to reward ratios? the real key to being successful in trading is money management. if you teach two monkeys to trade and teach one money management and the other fundamental analysis and charting and they each place one winning trade and one losing trade the one that used all the fundamental understanding and good technical analysis lost everything when there trade went against them, the monkey...
lol, that`s a good monkey example

I guess he must be a market maker...
  • #128,717
  • Apr 1, 2009 2:14pm Apr 1, 2009 2:14pm
Quoting Forex
[color=black]i have a question when looking at what you put on here about your 2 standard lot position, what is your percent of risk to the account and risk to reward ratios? the real key to being successful in trading is money management. if you teach two monkeys to trade and teach one money management and the other fundamental analysis and charting and they each place one winning trade and one losing trade the one that used all the fundamental understanding and good technical analysis lost everything when there trade went against them, the monkey...
To be honest, I stepped out of my normal maximum risk of 2% for that trade and took a shot risking 5% (which I just lost). I SHOULD have banked the +14 I had and been happy. Oh well, the Harley ain't getting no chrome this week...LOL

I understand your point and actually, I've been doing very well with MM for the past few months (although still learning that as well). Guess I'm the stupid monkey on this one. BUT, I'll make it back.
Ghost Rider - WWTBMD?
  • #128,718
  • Apr 1, 2009 3:02pm Apr 1, 2009 3:02pm
Quoting allserene
It's fascinating watching all this

Perhaps the G20 will say something if their microphones havent been stolen and made into blue tit nesting boxes
love it! I've been following it all day on Sky News. Will have to go into university in Moorgate tomorrow . Before that i have to change at London Bridge .
"The trend is your friend, until the end."
  • #128,719
  • Apr 1, 2009 3:15pm Apr 1, 2009 3:15pm
Quoting albchr
To be honest, I stepped out of my normal maximum risk of 2% for that trade and took a shot risking 5% (which I just lost). I SHOULD have banked the +14 I had and been happy. Oh well, the Harley ain't getting no chrome this week...LOL

I understand your point and actually, I've been doing very well with MM for the past few months (although still learning that as well). Guess I'm the stupid monkey on this one. BUT, I'll make it back.
That's the spirit !

It's the first one I won for ages - even a chimp pushing buttons has to get lucky some time

Its not big though and i am getting nervy

I feel really sharp and switched on today coz I put some anti itch cream on my shins and it's volatile and I think it contains cocaine or speed or something

Not advocating this a trading aid by the way
  • #128,720
  • Apr 1, 2009 3:21pm Apr 1, 2009 3:21pm
Quoting ForexRookie
love it! I've been following it all day on Sky News. Will have to go into university in Moorgate tomorrow . Before that i have to change at London Bridge .
Told wifey I would take her to London for her 50th birthday and now she is looking at all these loonies dressed up as bananas trying to have it off with the police horses and the rest of em think they are trees and are holding their arms out encouraging the pigeons to build nests in them

I think they must be all Californians doing an english accent because all the Brit loonies are inside working for the banks

I told her it will be all calm by early July
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