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Cable Update (GBPUSD)

  • #142,381
  • Jul 2, 2009 4:11pm Jul 2, 2009 4:11pm
Why bad economic data in US is good
for US$
today I checheked before I left to work
all data was negative at 8:30
I am not a fundamental trader
it's just a Q.
  • #142,382
  • Jul 2, 2009 4:13pm Jul 2, 2009 4:13pm
a third day with lower high and lower low confirms the downtrend with a higher probability for the market to make a lower low or at the least, test yesterday`s low, today...
  • #142,383
  • Jul 2, 2009 4:27pm Jul 2, 2009 4:27pm
Quoting Pip_Doc
Why bad economic data in US is good
for US$
today I checheked before I left to work
all data was negative at 8:30
I am not a fundamental trader
it's just a Q.
Thats just the way it is ... trade the reaction, not the news.
  • #142,384
  • Jul 2, 2009 4:29pm Jul 2, 2009 4:29pm
Diving at this particular time? Check EURUSD too!
Great Bodies are Engineered not Born
  • #142,385
  • Jul 2, 2009 4:34pm Jul 2, 2009 4:34pm
http://www.forexfactory.com/showpost...stcount=141367

I wouldnt have put a chart together like that if I didnt feel it was a quality setup ...

I remember someone saying "it wont get there" .. blasphemy!
  • #142,386
  • Jul 2, 2009 4:35pm Jul 2, 2009 4:35pm
We are about to break 21 EMA on the daily. If that happens, I like to target 1.59.
  • #142,387
  • Jul 2, 2009 4:36pm Jul 2, 2009 4:36pm
Quoting Ferick
We are about to break 21 EMA on the daily. If that happens, I like to target 1.59.
We need to close below it first.
  • #142,388
  • Jul 2, 2009 4:40pm Jul 2, 2009 4:40pm
Gotta just love this game...no?........ a quick 3 grand today (so far)

Now if we can just break 6330......
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.gif Size: 22 KB
Ghost Rider - WWTBMD?
  • #142,389
  • Jul 2, 2009 4:40pm Jul 2, 2009 4:40pm
Are we going to see a big drop in GU and GJ now in the asian session, it reminds me when GJ dropped 800 pips in the asian session a year ago or more
  • #142,390
  • Jul 2, 2009 4:42pm Jul 2, 2009 4:42pm
Quoting albchr
Gotta just love this game...no?........ a quick 3 grand today (so far)

Now if we can just break 6230......
Close the two smaller ones and leave the other one open!!
  • #142,391
  • Jul 2, 2009 4:47pm Jul 2, 2009 4:47pm
Quoting jack.canadia
We need to close below it first.
Agreed, close below 1.6340 on 1H is crucial here. Looks at these spreads 6-12 pips- What was that all about?
  • #142,392
  • Jul 2, 2009 4:48pm Jul 2, 2009 4:48pm
Quoting jack.canadia
Close the two smaller ones and leave the other one open!!
Done as you typed buddy. Actually, figured the bounce would happen so I threw a tight trailer on the lower ones which were 3 lots each. Highest one at 6423 still in play but locked for profit.
Ghost Rider - WWTBMD?
  • #142,393
  • Jul 2, 2009 4:49pm Jul 2, 2009 4:49pm
Quoting albchr
Done as you typed buddy. Actually, figured the bounce would happen so I threw a tight trailer on the lower ones which were 3 lots each. Highest one at 6423 still in play but locked for profit.
Do this consistently, taking partial profit, and it will be the best thing you've ever done
  • #142,394
  • Jul 2, 2009 4:52pm Jul 2, 2009 4:52pm
jack u see a bigger bounce coming up or str8 down
  • #142,395
  • Jul 2, 2009 4:54pm Jul 2, 2009 4:54pm
Quoting tjhimself
jack u see a bigger bounce coming up or str8 down
Any bounce may be near 6230/70

Later tonight Im going to look for a good place to short now that the markets sold off the way they did today.

Tomorrow is US holiday though so trading will get light
  • #142,396
  • Jul 2, 2009 4:55pm Jul 2, 2009 4:55pm
Quoting jack.canadia
Do this consistently, taking partial profit, and it will be the best thing you've ever done
Started a live 5k account on June 8th. Today it sits at 19,977.34 with this one trade still open. Been studying my butt off since Sept. on demos. I may be just an old disabled carpenter, but I learn quickly....

Amazing what you can do when your life depends on it.

Still having trouble at 6330 though.....perhaps in UK?
Ghost Rider - WWTBMD?
  • #142,397
  • Jul 2, 2009 4:58pm Jul 2, 2009 4:58pm
Quoting albchr
Started a live 5k account on June 8th. Today it sits at 19,977.34 with this one trade still open. Been studying my butt off since Sept. on demos. I may be just an old disabled carpenter, but I learn quickly....

Amazing what you can do when your life depends on it.
to be honest you should take out that 5k so no matter what ur positive on the investment
  • #142,398
  • Jul 2, 2009 4:58pm Jul 2, 2009 4:58pm
Quoting albchr
Started a live 5k account on June 8th. Today it sits at 19,977.34 with this one trade still open. Been studying my butt off since Sept. on demos. I may be just an old disabled carpenter, but I learn quickly....

Amazing what you can do when your life depends on it.
Nice! Good work!

Never ever get too cocky though and start openeing up large positions. Preserve that money!
  • #142,399
  • Jul 2, 2009 4:58pm Jul 2, 2009 4:58pm
Quoting tjhimself
to be honest you should take out that 5k so no matter what ur positive on the investment
Take out 10k for a 100% return! haha
  • #142,400
  • Jul 2, 2009 5:06pm Jul 2, 2009 5:06pm
Quoting jack.canadia
Nice! Good work!

Never ever get too cocky though and start openeing up large positions. Preserve that money!
Absolutely Jack. I have to be pretty darn sure of things to do what I did today. Pretty consistent over the last few weeks playing the range. I take large lots but kill them quick if not going my way.

While it's never 100% sure, having learned well PA via the James 16 thread (that's been the studying 18 hours a day for months) I'm pretty confident about the "likely" direction in price.

I have a saying.....

"Forex is not a gamble once you've learned. It's like taking candy from a baby. But you have to remember that baby has teeth and every so often, you're gonna get BIT"
Ghost Rider - WWTBMD?
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