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Cable Update (GBPUSD)

  • #133,601
  • May 21, 2009 5:17am May 21, 2009 5:17am
Quoting BANDA
Lot of guys sticking to Technical s which was created by this crazy move up. If you look at U.K econ numbers going long on GBP would be a disaster. Yes I lost big time on shorts .........I was nearly getting the margin call..........but I kept my shorts ...........it helped a bit.............but hoping to recover a bit from this short squeeze orchestrated those who wanted get SL.

Possible margin calls means your over exposing yourself, try to limit any trade to 2% or 5% of the bank available
  • #133,602
  • May 21, 2009 5:17am May 21, 2009 5:17am
From my Journal :

Classic squaring of Price $ Time.
(1) PRICE : the fibonacci extension of the last swing down 1.4989/1.3653 x 1.618 = 1.5815.
(2) TIME : the No. of trading days from the high of 2.0152 to the low of 1.3501 x 0.618 = 21st May 2009.
WD Gann stuff.
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  • #133,603
  • May 21, 2009 5:19am May 21, 2009 5:19am
Thank you very much buddy. I always promise to have a SL which I always fail to comply with, this is a real wake up call. Thank you
Happy piping buddy!


Quoting Marj
Possible margin calls means your over exposing yourself, try to limit any trade to 2% or 5% of the bank available
BANDA333
  • #133,604
  • May 21, 2009 5:19am May 21, 2009 5:19am
Guys, be careful. I've noticed a lot of newbies posting drivel like I just made 1000000 pips etc. OK, technicals were pointing to medium-term target of 1.70 IMO, but the S&P downgrade scared the crap out of traders. But, what I do like is how quickly Cable bounced back...Anyone else??

(Oh, I just made a billion pips
  • #133,605
  • May 21, 2009 5:19am May 21, 2009 5:19am
waiting to see if monthly to make a big pin........
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BANDA333
  • #133,606
  • May 21, 2009 5:21am May 21, 2009 5:21am
Quoting BANDA
Lot of guys sticking to Technical s which was created by this crazy move up. If you look at U.K econ numbers going long on GBP would be a disaster. Yes I lost big time on shorts .........I was nearly getting the margin call..........but I kept my shorts ...........it helped a bit.............but hoping to recover a bit from this short squeeze orchestrated those who wanted get SL.
Banda the bounce back up is the 61.8% of the move down today. If that holds price should continue back to the 1.5550
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #133,607
  • May 21, 2009 5:24am May 21, 2009 5:24am
Quoting fxdoc
From my Journal :

Classic squaring of Price $ Time.
(1) PRICE : the fibonacci extension of the last swing down 1.4989/1.3653 x 1.618 = 1.5815.
(2) TIME : the No. of trading days from the high of 2.0152 to the low of 1.3501 x 0.618 = 21st May 2009.
WD Gann stuff.
Great stuff. Do You know, where can I find Gann time indicator for MT4?
  • #133,608
  • May 21, 2009 5:25am May 21, 2009 5:25am
Quoting Forexpreneur
Exactly and a very good point. I preach stop losses. I just posted last night about stop losses because anything can happen. Your electricity can go out. Your computer can break. Your broker's system can go dead. A severe event like 9/11 can come out of the blue. Someone like King can say something in an obscure speach and cause the markets to move drastically. Who knows. With a stop loss you don't have to know and still be safe.

Nice for you to bring it up. Cheers.
very true. i have been a victim many times when am scalping.but i have also noticed that when prices go to the moon following a news flash, leak, rumour or whatever; they almost always return to where they were before the madness. this has helped me many times to stay calm when i am caught off guard. however, stop loss is the best since it is a defined risk.
  • #133,609
  • May 21, 2009 5:25am May 21, 2009 5:25am
Quoting 4xHero
Entered long at 5530...lets see what happens...
closed 1.5665...when i post a trade i enter it(with alot of monies) upset that i didnt pull the trigger when it hit 61% fibs.
  • #133,610
  • Edited 5:38am May 21, 2009 5:26am | Edited 5:38am
this is another cables' pair... touched the ashi for retrace.

http://img39.imageshack.us/img39/9185/gbpusdh.gif
  • #133,611
  • May 21, 2009 5:28am May 21, 2009 5:28am
let's see US session.. this is enought for moving hard... will make flat to more move..

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  • #133,612
  • May 21, 2009 5:31am May 21, 2009 5:31am
Yes you are correct. If this move is a real move it has to retest a lower important level............if this 4H candle to close as a bearish engulfing candle........this could even test lower just my opinion...........


Quoting Bull_Bear
Banda the bounce back up is the 61.8% of the move down today. If that holds price should continue back to the 1.5550
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BANDA333
  • #133,613
  • May 21, 2009 5:37am May 21, 2009 5:37am
Quoting free4440273
Guys, be careful. I've noticed a lot of newbies posting drivel like I just made 1000000 pips etc. OK, technicals were pointing to medium-term target of 1.70 IMO, but the S&P downgrade scared the crap out of traders. But, what I do like is how quickly Cable bounced back...Anyone else??

(Oh, I just made a billion pips
The bounce ain't impressing me just yet. More tilting to the bearish side.
We got unemployment claims coming up though
Hear the music before the song is over ...
  • #133,614
  • May 21, 2009 5:40am May 21, 2009 5:40am
Quoting GlobalMacro
The bounce ain't impressing me just yet. More tilting to the bearish side.
We got unemployment claims coming up though
Agreed. With unemployment claims I usually switch to trading eur/jpy
  • #133,615
  • Edited 5:52am May 21, 2009 5:42am | Edited 5:52am
Quoting free4440273
Guys, be careful. I've noticed a lot of newbies posting drivel like I just made 1000000 pips etc. OK, technicals were pointing to medium-term target of 1.70 IMO, but the S&P downgrade scared the crap out of traders. But, what I do like is how quickly Cable bounced back...Anyone else??

(Oh, I just made a billion pips
LOL. I love it and agree on both terms. I make about 12 billion pips every couple of days, not sure about you .

I too agree that the bounce back was a very positive sign. It actually surprised me that it bounced past the 50% retracement and now seems to be done. Price is hovering right at the 25 EMA on the 5 minute. Bounced off the 25 EMA on the 15 minute but didn't go back down below the 25 EMA on the 5 minute and like I said seems to be stabalizing. This is a very good sign.

I was honestly starting to get the heebie jeebies thinking we were heading back to the September, October days when it wasn't uncommon to see 100 + PIP movements in a 5 minute time frame. That was not fun and was difficult for me to make money. The moves tonight were huge and a little daunting. However I enjoyed it because I pulled some tools out the tool box that I don't use all that often and it was a great test on me to keep my head above water and take the movements step by step. It still could happen for awhile but we will see. The rebound makes me think that level headed thinking won out.

I have fallen in love with the "if/then" mentality. I try really hard not to think in black/white terms, but all shades of gray ("If this happens then this should happen", not "this happened so this is going to happen).
  • #133,616
  • May 21, 2009 5:44am May 21, 2009 5:44am
hello i got addiction looking at platform always, another thing i am always closing positive trades plus 10 pips except few ,running negative ones forever ,has anyone has same problem,
  • #133,617
  • May 21, 2009 5:49am May 21, 2009 5:49am
Quoting Forexpreneur
LOL. I love it and agree on both terms. I make about 12 billion pips every couple of days, not sure about you .

.
LOL, only 12 billion????
  • #133,618
  • May 21, 2009 5:49am May 21, 2009 5:49am
Quoting Forexpreneur
I too agree that the bounce back was a very positive sign
It's got some unfinished business down below at the trendline. Looking extremely heavy.....bounce imo just a "vacuum suction"....
Attached Image
Hear the music before the song is over ...
  • #133,619
  • May 21, 2009 5:50am May 21, 2009 5:50am
Quoting abasiakara
very true. i have been a victim many times when am scalping.but i have also noticed that when prices go to the moon following a news flash, leak, rumour or whatever; they almost always return to where they were before the madness. this has helped me many times to stay calm when i am caught off guard. however, stop loss is the best since it is a defined risk.
Just be careful. By no means am I trying to preach, I am trying to teach. Just to give you an example, and just so you know I am not putting you down, but when I first started trading I too thought that after a couple of sizeable losses. I noticed that price usually comes back also. One time I was in a trade with the USD/JPY and price went against me real quick. It was over 100 PIPS in about 15 minutes. I had taken a couple of losses by getting twitchy only to see price come back. So I stayed in and it started to come back.

Man I thought I was brilliant. Made a 50% retracement (didn't know this stuff then) and then it rocket against me more. Long story short. About 300 pips into my loss I knew I made a big mistake and sucked it up and took my loss and my beating (from myself). I did the right thing though. Over the next couple of weeks if I had stayed in I would have been wiped out. Luckily I was able to recover a couple of weeks later, but ran into some other problems.

Anyway take it as kind advise. Best wishes to you and your trading.
  • #133,620
  • May 21, 2009 5:50am May 21, 2009 5:50am
I do the same buddy..........I take profit early........let the loosers run for ages..........I think we need to get used to putting SL & TP .........better to wait for the price to come to you...........now I was looking at USD/CHF nearly gotten in to a long..........going to wait more for a long just for 30-50 pips I only go for 30 pips if the trading gods let me take more I will be morethan happy to take it .............rather than looosing 200-300 pips on a trade

Quoting dingo_bingo
hello i got addiction looking at platform always, another thing i am always closing positive trades plus 10 pips except few ,running negative ones forever ,has anyone has same problem,
BANDA333
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