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Cable Update (GBPUSD)

  • #144,761
  • Jul 9, 2009 8:50am Jul 9, 2009 8:50am
ya it hit the sunday gap again.
  • #144,762
  • Jul 9, 2009 8:51am Jul 9, 2009 8:51am
There`s no use shorting... market seems to be keen on testing 1.67 or even 1.7
  • #144,763
  • Jul 9, 2009 8:51am Jul 9, 2009 8:51am
crazy move better to stay out
  • #144,764
  • Jul 9, 2009 8:54am Jul 9, 2009 8:54am
Quoting albchr
6330 is my line in the sand....
Still trying to learn this game, can you explain how you got 1.6330? The .382 fib is at 1.6275 and it broke that and .5 fib is at 1.6366. also my chart shows a lot of resistance at 1.6357. thanks
  • #144,765
  • Jul 9, 2009 8:55am Jul 9, 2009 8:55am
R.I.P Bears.... (unfortunatly I am one of them)
  • #144,766
  • Jul 9, 2009 8:57am Jul 9, 2009 8:57am
I am short at 314, sl at 385. tp 165
  • #144,767
  • Jul 9, 2009 8:59am Jul 9, 2009 8:59am
first let us see if 1.6290 will hold the bull..
  • #144,768
  • Jul 9, 2009 9:00am Jul 9, 2009 9:00am
Quoting thekid
Still trying to learn this game, can you explain how you got 1.6330? The .382 fib is at 1.6275 and it broke that and .5 fib is at 1.6366. also my chart shows a lot of resistance at 1.6357. thanks
Well first off, keep in mind that it's a range and not an exact "to the pip" S/R.

I use the weekly and daily charts to find the strong PPZ's. The 4H & 1H to find weaker but still respected ones. 6330 comes from my daily chart. Been there for months now.
Ghost Rider - WWTBMD?
  • #144,769
  • Jul 9, 2009 9:01am Jul 9, 2009 9:01am
The bull is scared. It will drop.

Quoting mloistianto
first let us see if 1.6290 will hold the bull..
  • #144,770
  • Jul 9, 2009 9:02am Jul 9, 2009 9:02am
Hi,
I just started with my live account few days ago. I'm short from 1.6066.
Worried if it still going up. Does market recover soon? Can someone give me an advice? Should i close? I lost so many pips. What to do?
I think I'm in trouble. I don't want to come back to demo account.
  • #144,771
  • Jul 9, 2009 9:04am Jul 9, 2009 9:04am
Quoting altair
Hi,
I just started with my live account few days ago. I'm short from 1.6066.
Worried if it still going up. Does market recover soon? Can someone give me an advice? Should i close? I lost so many pips. What to do?
I think I'm in trouble. I don't want to come back to demo account.

Oh boy another one!

Two solutions:
- cut losses
- average down while below 1.6330

GL

Better safe than sorry
  • #144,772
  • Jul 9, 2009 9:08am Jul 9, 2009 9:08am
Quoting altair
Hi,
I just started with my live account few days ago. I'm short from 1.6066.
Worried if it still going up. Does market recover soon? Can someone give me an advice? Should i close? I lost so many pips. What to do?
I think I'm in trouble. I don't want to come back to demo account.
I will help u, i understands your condition.. well people do mistakes, but let your account run like this is already a big mistake.. well.. if i am u, i will close it as soon as i got a chance. First you have to analyze your chart. here is the resistance(most likely). If, this resistance broken, u better close your short now, let say if it goes to above 1.6340(my fibs level). if not, u have to wait at least to level 1.6110 and close it.. then it will save your account pretty well.. just pray this candle will closed below 1.6290..
  • #144,773
  • Jul 9, 2009 9:10am Jul 9, 2009 9:10am
Quote
Hi,
I just started with my live account few days ago. I'm short from 1.6066.
Worried if it still going up. Does market recover soon? Can someone give me an advice? Should i close? I lost so many pips. What to do?
I think I'm in trouble. I don't want to come back to demo account.

I've been actively trading Fx for many months... I still use VERY SMALL lots. I have a "day-job" and am not yet comfortable enough to trade full-time. My advice to you is KEEP PRACTICING.

Forex is a TUFF NUT TO CRACK.
I intend on staying with my micro lots until I'm consitantly showing at least 20% gain each month....

Don't give up bro...just STUDY all you can
  • #144,774
  • Jul 9, 2009 9:11am Jul 9, 2009 9:11am
Quoting altair
Hi,
I just started with my live account few days ago. I'm short from 1.6066.
Worried if it still going up. Does market recover soon? Can someone give me an advice? Should i close? I lost so many pips. What to do?
I think I'm in trouble. I don't want to come back to demo account.
Just close it, you can get another day to get back your pips. You can always come back as long as YOU STAY IN THE GAME. Cut loss quickly, i suggest ...
  • #144,775
  • Jul 9, 2009 9:11am Jul 9, 2009 9:11am
If u r on a live account, why aren't u using a stop lose and take profit. But since u r in this deep. Put ur stop lose at 385 and a tp at 165 or 175, if your account can stand a little more loss. If not cut ur loses now and wait for another signal to buy or sell and place a stop lose and take profit. With cable I always use a Stop Lose of 50 to 100pips.

Quoting altair
Hi,
I just started with my live account few days ago. I'm short from 1.6066.
Worried if it still going up. Does market recover soon? Can someone give me an advice? Should i close? I lost so many pips. What to do?
I think I'm in trouble. I don't want to come back to demo account.
  • #144,776
  • Jul 9, 2009 9:13am Jul 9, 2009 9:13am
Quoting altair
Hi,
I just started with my live account few days ago. I'm short from 1.6066.
Worried if it still going up. Does market recover soon? Can someone give me an advice? Should i close? I lost so many pips. What to do?
I think I'm in trouble. I don't want to come back to demo account.

Okay what percentage of your account is gone ???

What was your planned Max Loss / SL value ??

The trend is still UP so it's better to be out, IF this is a big loss for you then I suggest save your account and demo until you learn how not to let the market run against you this far.

Ahhhh to of been long hey!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #144,777
  • Jul 9, 2009 9:15am Jul 9, 2009 9:15am
didnt close above the 4h 200 sma .. still bearish in the big picture .. and large thrust higher negates this though
  • #144,778
  • Jul 9, 2009 9:17am Jul 9, 2009 9:17am
Quoting jack.canadia
didnt close above the 4h 200 sma .. still bearish in the big picture .. and large thrust higher negates this though
Hey Jack....what do you think about the limit ???? the GU back today or tomorrow to 1.60xx ??
  • #144,779
  • Jul 9, 2009 9:19am Jul 9, 2009 9:19am
Quoting jack.canadia
didnt close above the 4h 200 sma .. still bearish in the big picture .. and large thrust higher negates this though
and we shall wait in the sidelines
  • #144,780
  • Jul 9, 2009 9:19am Jul 9, 2009 9:19am
Quoting altair
Hi,
I just started with my live account few days ago. I'm short from 1.6066.
Worried if it still going up. Does market recover soon? Can someone give me an advice? Should i close? I lost so many pips. What to do?
I think I'm in trouble. I don't want to come back to demo account.
Sorry to hear that but man, do I understand. First rule of thumb...

Professional traders LIMIT their RISK and CUT their LOSSES FAST.

Novice traders look to see how much money they can make.

Protecting your account is the ONLY way to stay in this and you have to be here to win. A small loss can be easily made back. A big one (like mine today) is MUCH harder.

Without knowing your account or what you risked, it's hard to advise you what to do. But still having an account is the only way to keep playing the market.
Ghost Rider - WWTBMD?
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