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Cable Update (GBPUSD)

  • #10,081
  • Apr 9, 2007 9:18pm Apr 9, 2007 9:18pm
Sell highs
  • #10,082
  • Apr 9, 2007 9:18pm Apr 9, 2007 9:18pm
Well, I think Cable is gonna down NOW @1.9670 for at least another 100 pips before up again .. maybe http://forexfactory.com/images/icons/icon5.gif I am short Cable http://forexfactory.com/images/icons/icon7.gif
  • #10,083
  • Apr 9, 2007 9:21pm Apr 9, 2007 9:21pm
everybody short jejejej
  • #10,084
  • Apr 9, 2007 9:35pm Apr 9, 2007 9:35pm
9700 here she comes....
  • #10,085
  • Apr 9, 2007 9:40pm Apr 9, 2007 9:40pm
Quoting goodness
9700 here she comes....

Well, I think it would go max @1.9715-20. Then drops ..
  • #10,086
  • Apr 9, 2007 9:52pm Apr 9, 2007 9:52pm
Topping out Here maybe ?? Right close to 1.9700
  • #10,087
  • Apr 9, 2007 9:55pm Apr 9, 2007 9:55pm
I can't believe it. I got woken up from a very nice deep sleep by a SMS text alert from my broker saying that i got stopped out of my SHORT at 19681.5 I couldnt believe it when I first read it.

I was +30 pips when i went to sleep and now I am stopped out at -34 pips. A highly unexpected move to the upside

Is this move only because of the WTO piracy issue?
_______________ Say Good-bye to Buy-and-Hold
  • #10,088
  • Apr 9, 2007 9:58pm Apr 9, 2007 9:58pm
As a forex trader you know you are not allowed to sleep !!!

Oh well, time for retrace I hope.... and then down some more after that even.
  • #10,089
  • Apr 9, 2007 10:12pm Apr 9, 2007 10:12pm
Draw your Fib lines... for GBP/USD there is 92% probability of retrace to the first fib line... about 87 % to the second fib...

BUT... 95% prabability that price continues in the same direction for the day if price has moved in a particular direction 50 pips or more since the open of the daily candle...

These stats from GOODTHINGS... he keeps track...
  • #10,090
  • Apr 9, 2007 10:29pm Apr 9, 2007 10:29pm
Quoting deltaworld
I can't believe it. I got woken up from a very nice deep sleep by a SMS text alert from my broker saying that i got stopped out of my SHORT at 19681.5 I couldnt believe it when I first read it.

I was +30 pips when i went to sleep and now I am stopped out at -34 pips. A highly unexpected move to the upside

Is this move only because of the WTO piracy issue?
Rule no. 1 : Never let a winning trade become a losing trade...esp when u are +30 up...
Rule no. 2 : When you are not managing your trade, make sure you put some profit protection measure...Why din you tp some and move ur stop to -15 or proly break even? Or just tighten the stop?

I went to sleep too coz i was just too tired. Aint getting 20 pips while ur sleeping a good thing? Imagine this..ur not working but money is in the bank while u sleep.
  • #10,091
  • Apr 10, 2007 12:52am Apr 10, 2007 12:52am
Damnt,
People are supposed to BUY LOW ---> SELL HIGH
why are stupid people buying HIGH? !!!!
They really make life difficult for the rest of us logical traders....
  • #10,092
  • Apr 10, 2007 12:58am Apr 10, 2007 12:58am
Quoting Tiki Trader
Draw your Fib lines... for GBP/USD there is 92% probability of retrace to the first fib line... about 87 % to the second fib...

BUT... 95% prabability that price continues in the same direction for the day if price has moved in a particular direction 50 pips or more since the open of the daily candle...

These stats from GOODTHINGS... he keeps track...
wrong.
BAM BAM BOOM! -bravado
  • #10,093
  • Apr 10, 2007 1:07am Apr 10, 2007 1:07am
Quoting jest1081
Rule no. 1 : Never let a winning trade become a losing trade...esp when u are +30 up...
Rule no. 2 : When you are not managing your trade, make sure you put some profit protection measure...Why din you tp some and move ur stop to -15 or proly break even? Or just tighten the stop?
One could argue about tightening the stop once you have a profit of couple of pips. As you know 50-60 pips is just random noise for the cable and by moving the stop too close you're facing the dilema of cutting your profits short.
  • #10,094
  • Apr 10, 2007 1:07am Apr 10, 2007 1:07am
  •  dado26
  • | Joined Mar 2007 | Status: Plan your trade and trade your plan | 180 Posts
I see a perfect channel there so if I follow the trend I expect it to go down. If not I will buy confirmed brakeout. Range of a channel is now around 100 pips...lovely. It is touching the resistence line right in that moment...We ll see... (30 min chart)

--------------------
PLAN YOUR TRADE AND TRADE YOUR PLAN
  • #10,095
  • Apr 10, 2007 1:09am Apr 10, 2007 1:09am
Quoting PipVip
Damnt,
People are supposed to BUY LOW ---> SELL HIGH
why are stupid people buying HIGH? !!!!
They really make life difficult for the rest of us logical traders....

The reason they buy high is to sell higher
  • #10,096
  • Apr 10, 2007 1:17am Apr 10, 2007 1:17am
The down move stalled around the 78.6% retrace and now the 9711 high is at the 50% retrace of that fall. Where will Europe take it? IŽll wait for the London Open before entering....that rally was strong and might well carry on.
Attached Image
Trading Levels with WRBs
  • #10,097
  • Apr 10, 2007 1:23am Apr 10, 2007 1:23am
  •  dado26
  • | Joined Mar 2007 | Status: Plan your trade and trade your plan | 180 Posts
Yup..thats the channel.
In my chart I use 200SMA and now it acts as a resistance and we also have pivot daily around 1,9700... But still...if brakeout is confirmed I will go long....

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plan your trade and trade your plan
  • #10,098
  • Apr 10, 2007 1:31am Apr 10, 2007 1:31am
On my chart, the green MA is the 200EMA and the green up trend line is off the 4 hour chart...wonder if that will come back into play?
Trading Levels with WRBs
  • #10,099
  • Apr 10, 2007 2:24am Apr 10, 2007 2:24am
Quoting JimboFX
One could argue about tightening the stop once you have a profit of couple of pips. As you know 50-60 pips is just random noise for the cable and by moving the stop too close you're facing the dilema of cutting your profits short.
True. At the end of the day even if im wrong on moving my stops...price usually retraces to some impt points and reentries are always possible. I'd rather play defensive trading than harness a truckload but risking a heavy leverage. Thats just me, my style with my own personal MM.
  • #10,100
  • Apr 10, 2007 2:33am Apr 10, 2007 2:33am
  •  dado26
  • | Joined Mar 2007 | Status: Plan your trade and trade your plan | 180 Posts
HI!
I just entered long. I dont know if its right but it is all acording to my plan...
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Plan your trade and trade your plan
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