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Cable Update (GBPUSD)

  • #10,921
  • Apr 20, 2007 4:10am Apr 20, 2007 4:10am
Looks like swimming back into the channel again to me.
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  • #10,922
  • Apr 20, 2007 4:12am Apr 20, 2007 4:12am
Quoting Why Oh Why
2 long O/S at 2.0005.
5 lots opened originally and SL remains 1.9955 with TP at 2.0510 unchanged also. At 2.0024 now.
Do not focus on making money; focus on protecting what you have.
  • #10,923
  • Apr 20, 2007 4:13am Apr 20, 2007 4:13am
"Fake" bear again??
  • #10,924
  • Apr 20, 2007 4:20am Apr 20, 2007 4:20am
Quoting Why Oh Why
5 lots opened originally and SL remains 1.9955 with TP at 2.0510 unchanged also. At 2.0024 now.
Hi Why Oh Why,

Can I ask around when you think your TP will be reached?
  • #10,925
  • Apr 20, 2007 4:25am Apr 20, 2007 4:25am
I posted a New Buy Limit 5 Long 1.9978 SL 1.9882 TP 2.0096 here 22 hours ago. Missed by 11 pips. Sadly it remains unopened. Would have been nice at 2.0031 now. It'll stay - for the moment.

I would have scaled out on the way up for 2 lots for 20 and 40 by now and be looking at taking the third soon and let the other 2 run possibly to TP. C'est la vie.
Do not focus on making money; focus on protecting what you have.
  • #10,926
  • Apr 20, 2007 4:30am Apr 20, 2007 4:30am
Im starting to love this channel. And.. that's a week for me here.
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  • #10,927
  • Apr 20, 2007 4:30am Apr 20, 2007 4:30am
This mornings high, just before the Londoners sold it, was not inspiring, only just making it above the 50% retrace of this weeks action.

The news driven push down got about 15 pips under the 00 - like yesterday - and has now bounced back to the now flat 5m 200ema...how surprising!

So far, this is not showing the strength needed for new highs - but the euro´s holding above 3600 and statistically we should expect another push up during today, so guess we´ll hang around here waiting to see what the New York traders do.
Trading Levels with WRBs
  • #10,928
  • Apr 20, 2007 4:31am Apr 20, 2007 4:31am
We are now back to prenews prices!

Definitely Bulls are still in the game!
  • #10,929
  • Apr 20, 2007 4:40am Apr 20, 2007 4:40am
Quoting Why Oh Why
I posted a New Buy Limit 5 Long 1.9978 SL 1.9882 TP 2.0096 here 22 hours ago. Missed by 11 pips. Sadly it remains unopened. Would have been nice at 2.0031 now. It'll stay - for the moment.

I would have scaled out on the way up for 2 lots for 20 and 40 by now and be looking at taking the third soon and let the other 2 run possibly to TP. C'est la vie.
Nice idea and if I hadn´t been concentrating on exiting my short, I would have gone for a buy as a reversal...but pips in the bank first!

However, a question...assuming a 3 pip spead, your Limit Order is 10 pips under yesterday´s low.

Aren´t you afraid that a fresh break under yesterdays low will trigger more stops and lead to a larger pull back?
Trading Levels with WRBs
  • #10,930
  • Apr 20, 2007 4:44am Apr 20, 2007 4:44am
i think the main pair today is eur/usd an NY wil trie tu push the weekly close above 1.3673, if fail on monday there will be huge sellof....how all this affect cable, i think it will bring chopy stuf to cable. cable is not my favorite this week
  • #10,931
  • Apr 20, 2007 5:05am Apr 20, 2007 5:05am
Quoting zobo
Hi Why Oh Why, Can I ask around when you think your TP will be reached?
Anybody that knows me from elsewhere knows I've been consistently bullish for GBPUSD and EURUSD since the start of this year. I'm generally a position trader and I do ok. Respectively they've gone up 800+ pips and 700+ pips. With a view like that and enough margin I trade a long term position on once a month. I generally hold most of it for months. I don't post those because most here are day traders. I find that more difficult but nevertheless rewarding. There's little point in posting here what I've got open from January and February because it won't help the majority who want to bank pips weekly.

Right now I haven't got a lot going on elsewhere and, IMO, now was a good time to nick a few extra pips and post what I was doing here. The outstanding 2 lots at 2.0005 may still hit SL at 1.9955 and I'll lose a 100 pips and with 60 banked on that trade so far I'll have a net loss of 40.

The stop was very tight - only 50 pips - with TP in the distance at 2.0510. In answer to your question - sorry to ramble, but I thought we needed a bit of background to beef up the "why" - I would not be surprised if we see 2.0510 at the end of July or mid September 2007. There we go I've nailed my colours to the mast. And if you want more "why" search the posts I've made this year. In particular my view on China which many don't agree with. And that's fine.

Have a great weekend Sir.
Do not focus on making money; focus on protecting what you have.
  • #10,932
  • Apr 20, 2007 5:10am Apr 20, 2007 5:10am
  •  CWH
  • | Joined Feb 2007 | Status: United We Buy, Divided We Sell | 249 Posts
So, LOL is 'Laugh Out Loud'.. What is IMO then?????
"If, at first, you don't succeed, try, try, try again" - Winston Churchill
  • #10,933
  • Apr 20, 2007 5:16am Apr 20, 2007 5:16am
"In my opinion"

DAMN bears at 0040. No 15min candle opened above this figure since London open!
  • #10,934
  • Apr 20, 2007 5:17am Apr 20, 2007 5:17am
Quoting CWH
So, LOL is 'Laugh Out Loud'.. What is IMO then?????
In My Opinion
  • #10,935
  • Apr 20, 2007 5:21am Apr 20, 2007 5:21am
Quoting Islander
Nice idea and if I hadn´t been concentrating on exiting my short, I would have gone for a buy as a reversal...but pips in the bank first!

However, a question...assuming a 3 pip spead, your Limit Order is 10 pips under yesterday´s low.

Aren´t you afraid that a fresh break under yesterdays low will trigger more stops and lead to a larger pull back?
It is a bit stale and may be revised for the reason you outline. With those kind of orders I have been caught out before. Moved it in closer to open, reversed as you say perhaps below the low and hits my SL. And then goes back and the original order would have been a profit and instead you're stopped out. With a 96 pip stop at the moment but a fair distance from market if it does reverse the stop will not be hit and then we continue north.

My comments are more me thinking out loud ATM (CWH - At the Moment ) and I would welcome observations. But I'll be finishing soon so there may be a delay for my reply.
Do not focus on making money; focus on protecting what you have.
  • #10,936
  • Apr 20, 2007 5:24am Apr 20, 2007 5:24am
Quoting Why Oh Why
Anybody that knows me from elsewhere knows I've been consistently bullish for GBPUSD and EURUSD since the start of this year. I'm generally a position trader and I do ok. Respectively they've gone up 800+ pips and 700+ pips. With a view like that and enough margin I trade a long term position on once a month. I generally hold most of it for months. I don't post those because most here are day traders. I find that more difficult but nevertheless rewarding. There's little point in posting here what I've got open from January and February because it won't help the majority who want to bank pips weekly.

Right now I haven't got a lot going on elsewhere and, IMO, now was a good time to nick a few extra pips and post what I was doing here. The outstanding 2 lots at 2.0005 may still hit SL at 1.9955 and I'll lose a 100 pips and with 60 banked on that trade so far I'll have a net loss of 40.

The stop was very tight - only 50 pips - with TP in the distance at 2.0510. In answer to your question - sorry to ramble, but I thought we needed a bit of background to beef up the "why" - I would not be surprised if we see 2.0510 at the end of July or mid September 2007. There we go I've nailed my colours to the mast. And if you want more "why" search the posts I've made this year. In particular my view on China which many don't agree with. And that's fine.

Have a great weekend Sir.
Thanks for clarifying. Now I understand.

I was thinking usually people will have slightly bigger SL when the TP is bigger. I got stopped out 3 times this week because my SL is 10 pips too small.

Enjoy your weekend too.
  • #10,937
  • Apr 20, 2007 5:24am Apr 20, 2007 5:24am
Quoting Islander
Nice to see another trader using the 200 ema for reference.

I had three profitable shorts yesterday as price bounced down off the falling 5 min 200 ema.

I´ve just had onother, as it over-extended to the 200 + 35 envelope - often a good level for a snap back scalp - I´m more awake with my first cup of Jamaican Blue Mountain in hand!

Now an hours wait for the data and hopefully some more opportunities.
Yes 200 useful on all time frames even 1 minute chart where it gives indication of shortterm resistance/support
  • #10,938
  • Apr 20, 2007 5:27am Apr 20, 2007 5:27am
  •  CWH
  • | Joined Feb 2007 | Status: United We Buy, Divided We Sell | 249 Posts
Quoting Why Oh Why
It is a bit stale and may be revised for the reason you outline. With those kind of orders I have been caught out before. Moved it in closer to open, reversed as you say perhaps below the low and hits my SL. And then goes back and the original order would have been a profit and instead you're stopped out. With a 96 pip stop at the moment but a fair distance from market if it does reverse the stop will not be hit and then we continue north. My comments are more me thinking out loud ATM (CWH - At the Moment ) and I would welcome observations. But I'll be finishing soon so there may be a delay for my reply.
ATM Card? Just joking.. Hah..Hah..Hah.....
"If, at first, you don't succeed, try, try, try again" - Winston Churchill
  • #10,939
  • Apr 20, 2007 5:28am Apr 20, 2007 5:28am
IMO sell at 2.0050 - 2.0060 area if price hits

TBH do the opposite of me as Ive called everything wrong so far ROFL

BRB
  • #10,940
  • Apr 20, 2007 5:35am Apr 20, 2007 5:35am
Quoting el_duende
IMO sell at 2.0050 - 2.0060 area if price hits TBH do the opposite of me as Ive called everything wrong so far ROFL
Maybe, but this bears it out. We're now in an intraday bearish channel. But I hope it doesn't pan out that way for me. Currently 2.0047 with 2 long of 42 pips each on the table.

http://www.tradingcentral.com/chart/...0420120314.GIF

Do not focus on making money; focus on protecting what you have.
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