Waiting and waiting.
Long if touch - 1.6460
Short if touch- 1.6383
S&P in red
Oil in red
FTSE slitly high.
What do you think?
Long if touch - 1.6460
Short if touch- 1.6383
S&P in red
Oil in red
FTSE slitly high.
What do you think?
Cable Update (GBPUSD)
- #146,822
- Jul 16, 2009 6:45am Jul 16, 2009 6:45am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
No one saw the JP Morgan thing coming, so it wasn't a stupid mistake.
The 4H candle on the geppy broke outside of the channel, so by all rights it looked bearish. But the 4H Cable was inside the channel, so I had a question mark about it since they're so closely correlated.
(btw: I jumped in for a short scalp at just the wrong moment and got hit too.)
Someone told me not to use the words "wins" or "losses". It creates a bad psychological framework about trading. He said call them "profits" and "expenses", because it's just...
As soon as I know this storm is past, I'll be right back in the fight and ready to kick some BUTT!!! LOL
If we always got it right, then I guess the word "risk" wouldn't be a part of our vocabulary.....
Sure taking hits hurts but I don't get all emotional about it. Like you said, just part of doing business.
Ghost Rider - WWTBMD?
- #146,826
- Jul 16, 2009 6:51am Jul 16, 2009 6:51am
- | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Sorry to hear about the loss.
We know it was scheduled for today, time wasn't clear. Not sure how tight your SL's are but make sure you use ATR based SL i.e. atr*2 etc based on the timeframe. Being too tight is a guaranteed loss.
I reckon it's gonna come down to "639-640ishh" before it thinks of going further. Basically back to where it was before the news. Unless it's something to do with the gov, institutional news generally has a temporary effect on these markets.
I have sclaped enough pips today and still doing. Just the range is bit wider now :-)
ams
We know it was scheduled for today, time wasn't clear. Not sure how tight your SL's are but make sure you use ATR based SL i.e. atr*2 etc based on the timeframe. Being too tight is a guaranteed loss.
I reckon it's gonna come down to "639-640ishh" before it thinks of going further. Basically back to where it was before the news. Unless it's something to do with the gov, institutional news generally has a temporary effect on these markets.
I have sclaped enough pips today and still doing. Just the range is bit wider now :-)
ams
No one saw the JP Morgan thing coming, so it wasn't a stupid mistake.
The 4H candle on the geppy broke outside of the channel, so by all rights it looked bearish. But the 4H Cable was inside the channel, so I had a question mark about it since they're so closely correlated.
(btw: I jumped in for a short scalp at just the wrong moment and got hit too.
Someone told me not to use the words "wins" or "losses". It creates a bad psychological framework about trading. He said call them "profits" and "expenses" because it's just...
- #146,828
- Jul 16, 2009 6:53am Jul 16, 2009 6:53am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
No one saw the JP Morgan thing coming, so it wasn't a stupid mistake.
The 4H candle on the geppy broke outside of the channel, so by all rights it looked bearish. But the 4H Cable was inside the channel.
!
I stayed flat cable & short dragon almost for the same reason you had.
My dragon is on the -ve side tho atm. Funny thing really chris was asking me about dragon's whipsaw range and I answered him 75-100 pips & about 15 minutes later boom it went lol.
Good luck to you john.
Thank You 
- #146,830
- Jul 16, 2009 6:56am Jul 16, 2009 6:56am
- Joined Jan 2008 | Status: Focussed | 2,382 Posts
I'm selling 6424 ... HOPE U WRONG now lol !!!
...Greed Greed Greed...Next Trade.
Hero Traders Live to see their Accounts Die!
- #146,832
- Jul 16, 2009 6:58am Jul 16, 2009 6:58am
- Joined Jan 2008 | Status: Focussed | 2,382 Posts
Hero Traders Live to see their Accounts Die!
- #146,835
- Jul 16, 2009 7:02am Jul 16, 2009 7:02am
- | Joined May 2008 | Status: Ad Astra Per Aspera | 1,741 Posts
Verily, in every difficulties there is relief
I remain bullish, I see a possible reversal around 6360 due to 50% fib level and major pivot @ 6/8ths Murray math level. TP @ 1.6461
We are still in an upward channel so have no reason to short @ this time.
May all your pips be +
started to get itchy feet and closed 3 pips off my 101 pip target .
I wont consider another long till a close above 6480 level and a close below 6348 for shorts.
- #146,837
- Jul 16, 2009 7:05am Jul 16, 2009 7:05am
- Joined Jan 2008 | Status: Focussed | 2,382 Posts
Hero Traders Live to see their Accounts Die!
- #146,838
- Jul 16, 2009 7:06am Jul 16, 2009 7:06am
- | Joined May 2008 | Status: Ad Astra Per Aspera | 1,741 Posts
i just get on the train now... lets GO
Verily, in every difficulties there is relief
- #146,840
- Jul 16, 2009 7:12am Jul 16, 2009 7:12am
- | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts