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Cable Update (GBPUSD)

  • #152,521
  • Jul 29, 2009 9:50am Jul 29, 2009 9:50am
Quoting albchr
Right now it's looking like a shot at 6420 again. I have an S/R and TL right there so I'm thinking a small short from there maybe.
I have a fib at 6428. Ballpark.
  • #152,522
  • Jul 29, 2009 9:50am Jul 29, 2009 9:50am
Quoting albchr
Right now it's looking like a shot at 6420 again. I have an S/R and TL right there so I'm thinking a small short from there maybe.
short is a no-no for me 2day... at least not for the next 12 hours...load long on pullbacks small, offers a lot better RRR....
Hear the music before the song is over ...
  • #152,523
  • Jul 29, 2009 10:09am Jul 29, 2009 10:09am
Quoting GlobalMacro
short is a no-no for me 2day... at least not for the next 12 hours...load long on pullbacks small, offers a lot better RRR....

This is probably what's confusing me then. After such a strong down move from 6550 which I was expecting, and the overall target of 6300 which I also expect, to load longs so close to a level (6350) that, if broken, surly means it's going down seems risky.

I thought a pull back or retracement would be from the bottom up and thus less risk to go short from a higher level with the current down pressure.
Ghost Rider - WWTBMD?
  • #152,524
  • Jul 29, 2009 10:15am Jul 29, 2009 10:15am
OK i take back what i said about trading 1min chart ... exepct it is not 1 min it is 544t charts that works well , some of those candles are only 45 seconds long. Hoever I do have this and a 3/5/15 min chart running side by side

I used to use this for futures ... never thought about applying it to fx.

the blue and yellow moving averages are smoothed jurik moving average system availablke from jurik.com



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Blogging daily now at www.volume.zone
  • #152,525
  • Jul 29, 2009 10:16am Jul 29, 2009 10:16am
Quoting albchr
This is probably what's confusing me then. After such a strong down move from 6550 which I was expecting, and the overall target of 6300 which I also expect, to load longs so close to a level (6350) that, if broken, surly means it's going down seems risky.

I thought a pull back or retracement would be from the bottom up and thus less risk to go short from a higher level with the current down pressure.

yeah i short from 6406 but i was taken by my sl + 25 pips just now. i missed the long ride south as i was away for a meeting.

but its looks to risky now!
  • #152,526
  • Jul 29, 2009 10:17am Jul 29, 2009 10:17am
Quoting albchr
This is probably what's confusing me then. After such a strong down move from 6550 which I was expecting, and the overall target of 6300 which I also expect, to load longs so close to a level (6350) that, if broken, surly means it's going down seems risky.

I thought a pull back or retracement would be from the bottom up and thus less risk to go short from a higher level with the current down pressure.
like layers of an onion...the intellectual challenge...that's the beauty of trading (or not
:-) )

what you're describing requires you to necessarily hold overnight maybe over many nights...but right now at this moment in time - here and now -pullbacks (= from top to bottom) are great opportunities if your timeframe is the next hours and your target close to daily highs...I know it's hard to digest but it's this exact dichotomy that's makes trading darn hard..

P.S. of course both sides have risk and we as traders are by definition risk takers but at this very moment short risk is orders of magnitude higher than long risk...
Hear the music before the song is over ...
  • #152,527
  • Jul 29, 2009 10:24am Jul 29, 2009 10:24am
Get Ready for a fast dive if it breaks the 30 mins necklines

Hopefully
  • #152,528
  • Jul 29, 2009 10:29am Jul 29, 2009 10:29am
Thinking about long in eur
  • #152,529
  • Jul 29, 2009 10:31am Jul 29, 2009 10:31am
Quoting Faryad
Thinking about long in eur
me too...
lets go long ??
  • #152,530
  • Jul 29, 2009 10:32am Jul 29, 2009 10:32am
Quoting GlobalMacro
like layers of an onion...the intellectual challenge...that's the beauty of trading (or not
:-) )

what you're describing requires you to necessarily hold overnight maybe over many nights...but right now at this moment in time - here and now -pullbacks (= from top to bottom) are great opportunities if your timeframe is the next hours and your target close to daily highs...I know it's hard to digest but it's this exact dichotomy that's makes trading darn hard..

P.S. of course both sides have risk and we as traders are by definition risk takers...
Actually, not that hard to digest. There's a certain logic behind it that makes sense to me. Even with this saw dust filled head of mine....lol

Unfortunately, we have a storm rolling in now and we can loose power pretty easy up here in the mountains so I'll have to be patient for now. I have a DSL connection and a laptop as a backup (not effected by power outs) but the DSL modem went on me last weekend...lol

I thank you MUCH for the info and your time sir!...
Ghost Rider - WWTBMD?
  • #152,531
  • Jul 29, 2009 10:37am Jul 29, 2009 10:37am
Quoting albchr
Actually, not that hard to digest. There's a certain logic behind it that makes sense to me. Even with this saw dust filled head of mine....lol

Unfortunately, we have a storm rolling in now and we can loose power pretty easy up here in the mountains so I'll have to be patient for now. I have a DSL connection and a laptop as a backup (not effected by power outs) but the DSL modem went on me last weekend...lol

I thank you MUCH for the info and your time sir!...

hows your trading been today buddy?...
  • #152,532
  • Jul 29, 2009 10:39am Jul 29, 2009 10:39am
Quoting nAVIN2007
hows your trading been today buddy?...
nAVIN dear bro! Always good to see you! Stop by when you get a chance and share your insight.
Just digging in the trenches like everyone else!
  • #152,533
  • Jul 29, 2009 10:39am Jul 29, 2009 10:39am
so iritate my eyes as da Daily chart shows da shovel has succed to dig on da ground..
hmmm..time to enter for long term target...
Sold, at least 400 pips to be caught..

(^_^)
spirit 0f pipping
  • #152,534
  • Jul 29, 2009 10:40am Jul 29, 2009 10:40am
Quoting nAVIN2007
hows your trading been today buddy?...

LOL...making the right calls, getting cold feet and jumping out for losses and then watching them run for what "would have been" big wins...LOL

All in all Nav? It's trading at it's worst for me today buddy...LOL

I expect days like these, I just don't want to be around when they happen...

And you?
Ghost Rider - WWTBMD?
  • #152,535
  • Jul 29, 2009 10:41am Jul 29, 2009 10:41am
Quoting albchr
Actually, not that hard to digest. There's a certain logic behind it that makes sense to me. Even with this saw dust filled head of mine....lol

Unfortunately, we have a storm rolling in now and we can loose power pretty easy up here in the mountains so I'll have to be patient for now. I have a DSL connection and a laptop as a backup (not effected by power outs) but the DSL modem went on me last weekend...lol

I thank you MUCH for the info and your time sir!...
Alright buddy, you stay safe then.
Hear the music before the song is over ...
  • #152,536
  • Jul 29, 2009 10:46am Jul 29, 2009 10:46am
Quoting GlobalMacro
Alright buddy, you stay safe then.

Yep! That's the ONE thing I know for sure about trading. You can't loose anything if you don't...LOL

I'll be back for the end of Asian into London and have at it again. Not dead yet!
Ghost Rider - WWTBMD?
  • #152,537
  • Jul 29, 2009 10:48am Jul 29, 2009 10:48am
Quoting albchr
LOL...making the right calls, getting cold feet and jumping out for losses and then watching them run for what "would have been" big wins...LOL

All in all Nav? It's trading at it's worst for me today buddy...LOL

I expect days like these, I just don't want to be around when they happen...
its not easy bro! this game is far from easy..today i almost resigned from my job..and was thinking of starting live trading..getting the direction right isnt the problem its entering and seeing price go into profit and come back which i have a hard time with..

but i thinking in order to make huge return this is exactly what is needed..take this trade below i have been in it for 2 months now..i question if i would have the strength to do this on a live account.....im hoping for a test of the low..i could be holding this position for another 3 months..

live trading is different ball game completely
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  • #152,538
  • Jul 29, 2009 10:51am Jul 29, 2009 10:51am
Anybody with me? Long EUR/USD
  • #152,539
  • Jul 29, 2009 10:54am Jul 29, 2009 10:54am
Quoting GlobalMacro
Alright buddy, you stay safe then.
Quoting albchr
Yep! That's the ONE thing I know for sure about trading. You can't loose anything if you don't...LOL

I'll be back for the end of Asian into London and have at it again. Not dead yet!

I actually meant stay safe in terms of snow storm coming in...
but of course for trading too as always
Hear the music before the song is over ...
  • #152,540
  • Jul 29, 2009 10:54am Jul 29, 2009 10:54am
Quoting nAVIN2007
live trading is different ball game completely
AMEN!!

I thought I had prepared myself in demoing because of the serious nature behind why I have to trade. I 'thought" I had done a good job of treating the demo account like the real thing and I did! But it's still different.

I'll make it. I have no other options and that's a really good motivator.

Anyway guys, storm is getting heavy so AI better shut down now.

Green pips everyone and seriously, thanks for all the help today...
Ghost Rider - WWTBMD?
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