Hope you are well. I'm thinking of quitting this Cable stuff. I took a short aiming for 10 pips at 16822. Then it jumps against me.(25 pips the wrong way) This happens virtually every time. What do you think its chances are of pulling back down to that area? And can you see why I took that trade, because I thought I did when I placed it. Seriously had enough now.
I'm sorry to hear that wm. Believe me I've had enough of my own frustrations with cable these past 2 months. Ranges are sometimes difficult to navigate, you have to be quite aggressive if you want to sell, and only at the top usually. I don't see why you took the short so you might want to post a chart about it. There were short chances around 1.6860 (top of range). Unfortunately I think the 820 area was the bottom of the range and at this moment it looks like price wants to make a new high. I was hoping for a bit of a further fall too (down to trendline), but right now it looks unlikely.
wm how is it going? We seem to be at a critical area -- currencies, commodities and indices all lining up, all at critical areas or showing divergence pretty much. Perhaps a reversal/significant retracement finally. In any case I think we could push to a new high of 1.73 perhaps (50% of the whole fall), but then a hard reversal this week or next. I'd be very surprised to see this continue past that (though I try to keep in mind anything could happen, and we could be at the top here at 1.70 too).
There were two excellent divergence longs on 15m today.
Alright Terje - not good at all. I withdrew my funds from my account.(funnily enough my shoulders got higher as soon as I did that, tells you something) When I strarted doing this virtually every trade went in my favour. Then I started looking at bb's and threads and over analysing and it all went pear shaped. My confidence took a bit of a kicking over the past couple of weeks. I was spooked out so much I pulled out of Afren on that bit of news. Also I started to get convinced that games were being played by institutions. Like big spikes up etc. So before where I was convinced (rightly or wrongly) that a big spike up preceeded a big drop down, after friday I am not sure of anything. I have tried scaling back and trading what I see but again all confirmation seemed to be fake, basically I am getting it wrong. Also I have found I started screen watching which was starting to take a negative effect on my business (Where I am actually making money and keeping it) In short I will be watching but not trading for a while now. I will also be looking in on your thread and eohaters thread every day. I sincerely hope you are trading well and apologies for the vexing answer. All the best Terje. Just let me know when you think the reversal is comming!! I might get back in for a couple of pips.
I've been in that position several times wm, it feels bad but you do eventually get out of it. You might have to change your technique however (with the new information you've learned). In any case if your business is doing well, I'd focus on that too.
steep fall but price hitting the top of the July channel as well as rising support. Can it hold? Looking for some lower time frame divergence signals with low risk near the support lines.
wm, I saw you ask about 4h candles. You need the IG real-time charts, not the basic ones. They're free so long as you make 2 trades per month (opening and closing a position would count as 2).
