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Cable Update (GBPUSD)

  • #143,141
  • Jul 6, 2009 10:18am Jul 6, 2009 10:18am
Quoting wormboy
The h4 close bro. Target at 6400 level. (6425 from where price stands now)
Here's the chart : http://www.forexfactory.com/showpost...stcount=143113

Good luck
Thanks very much. Will monitor price action to see if this is a retracement or a legitimate pullback.
  • #143,142
  • Jul 6, 2009 10:22am Jul 6, 2009 10:22am
Quoting albchr


Took 1 lot at 6170. Remaining lot locked at +14...still trailing.
  • #143,143
  • Jul 6, 2009 10:22am Jul 6, 2009 10:22am
thinking for a short
  • #143,144
  • Jul 6, 2009 10:22am Jul 6, 2009 10:22am
talks about some nuclear stuff with obama and a russian guy on bloomberg
  • #143,145
  • Jul 6, 2009 10:23am Jul 6, 2009 10:23am
Stopped out of long for +39pips on tight stop at 1.6213...Next Trade!
Hero Traders Live to see their Accounts Die!
  • #143,146
  • Jul 6, 2009 10:23am Jul 6, 2009 10:23am
Quoting Faryad
thinking for a short
i took one at 6230 but dont rule out 6250 or even 6270
  • #143,147
  • Jul 6, 2009 10:24am Jul 6, 2009 10:24am
Quoting OmegaFire
Hello - is anyone out there!

ER Pls: I'm sitting in the middle of a retrace from 6110. What's your take pls. I'm -100 pips already and the PA looks to be going to 6250.

Do I cut my losses or hold on and wait for a return to the downtrend?
Whenever you find yourself asking for reasons for whether you should or shouldnt close a trade that is running red you need to ask yourself.

Do I have a strategy and if so am I trading it correctly. If you are down 100 pips because you failed to place a SL then I would be closing it now, looking at my strategy and implementing a safe SL somewhere.

I also hope your on a demo account, if your asking this question on a Live account then my friend you are in for a very short ride!!!
  • #143,148
  • Jul 6, 2009 10:26am Jul 6, 2009 10:26am
Quoting Razor_trader
Whenever you find yourself asking for reasons for whether you should or shouldnt close a trade that is running red you need to ask yourself.

Do I have a strategy and if so am I trading it correctly. If you are down 100 pips because you failed to place a SL then I would be closing it now, looking at my strategy and implementing a safe SL somewhere.

I also hope your on a demo account, if your asking this question on a Live account then my friend you are in for a very short ride!!!
Priceless.
  • #143,149
  • Jul 6, 2009 10:27am Jul 6, 2009 10:27am
i just cant pass this up .. a nice re-test of the old support. If it holds then the breakout is true.

chart suggests maybe a bit higher to 6250/80 and i think that may cap for the day.

above these levels then im bullish again. for now ill hold short 6230.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 21 KB
  • #143,150
  • Edited 10:43am Jul 6, 2009 10:28am | Edited 10:43am
Hi Omega,

I cant imagine why u wouldn't cut your losses earlier and reverse your position. Don't marry the trade! Smaller loss=quicker recovery!
Hero Traders Live to see their Accounts Die!
  • #143,151
  • Jul 6, 2009 10:31am Jul 6, 2009 10:31am
Those of u in a GJ trade, 154.80 looks like the target. You could also think of a short around that level too as GJ broke out today ..

I dont trade this pair as its too crazy for me but thats what i see
  • #143,152
  • Jul 6, 2009 10:31am Jul 6, 2009 10:31am
Quoting simoneg
Hi Razor,

I cant imagine why u wouldn't cut your losses earlier and reverse your position. Don't marry the trade! Smaller loss=quicker recovery!
It's OmegaFire, not razor.
  • #143,153
  • Jul 6, 2009 10:32am Jul 6, 2009 10:32am
Quoting simoneg
Hi Razor,

I cant imagine why u wouldn't cut your losses earlier and reverse your position. Don't marry the trade! Smaller loss=quicker recovery!
Hope and Fear.

The Hope that'll it'll turn around and the fear that if you exit and reverse it'll yes turn around and kill you the other way.

Thats what makes trading hard.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #143,154
  • Jul 6, 2009 10:43am Jul 6, 2009 10:43am
Quoting Ipips
It's OmegaFire, not razor.
ooops sorry about that Razor!
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  • #143,155
  • Jul 6, 2009 10:55am Jul 6, 2009 10:55am
That's the thing with trading, you can read all the best tools and techniques from the book and learn how to use them, but no book, to me, can teach u about managing those wicked emotions...The market however will teach u to.
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  • #143,156
  • Jul 6, 2009 11:07am Jul 6, 2009 11:07am
Jack, do u see this short going to around 1.6160, and break beyond 1.6130 to lower lows?
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  • #143,157
  • Jul 6, 2009 11:16am Jul 6, 2009 11:16am
Quote
Jack, do u see this short going to around 1.6160, and break beyond 1.6130 to lower lows?

I see this short keep CLIMBING?!?
Hoping for a turn around before my stop-loss is hit
  • #143,158
  • Jul 6, 2009 11:17am Jul 6, 2009 11:17am
I would look for a test of this 4Hr UTL. Make or break. Circa 1.6280 area.

Ne

Quoting wormboy
yea well as minor as it may seem, so far price had bounced off it hard.
But like you said, who knows. I'm just about ready to long this if she close above 6200.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 45 KB
  • #143,159
  • Jul 6, 2009 11:18am Jul 6, 2009 11:18am
Had gone long at 1.6180 in the morning, after which it went down almost 80 pips. Turns out, my SL of 6160 which I had added in the afternoon didn't trigger after all. By the time I was back, the market was showing an upward trend - so I cancelled the SL.

The good news is - I had to hold the currency for a long time, but its giving me a 60 pip profit right now!
~Bhavik
  • #143,160
  • Jul 6, 2009 11:21am Jul 6, 2009 11:21am
Quoting woodlybog
I see this short keep CLIMBING?!?
Hoping for a turn around before my stop-loss is hit
Si Si, my 20 pip stop hit...based on 4Hr, will return to my original Long bias at least to 1.6270.
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