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Cable Update (GBPUSD)

  • #157,661
  • Aug 13, 2009 7:56am Aug 13, 2009 7:56am
Quoting BobHall
How'd ya work that out? It has two shoulders and a head.

What you call it then?
Really? TWO shoulders? You sure about that?
I call that wishful thinking.
Thank You
  • #157,662
  • Aug 13, 2009 7:58am Aug 13, 2009 7:58am
Quoting grashid
i used to be very very well known with this kind of news....that is why i never trust them....just tade as what i see in my chart
So do I.
Thank You
  • #157,663
  • Aug 13, 2009 7:58am Aug 13, 2009 7:58am
Quoting wormboy
nope, I'm long dragon too lol
i am too long in dragon...

Ub
  • #157,664
  • Aug 13, 2009 7:58am Aug 13, 2009 7:58am
mate, put your glasses on. It's clearly a H&S top.

Quoting wormboy
Really? TWO shoulders? You sure about that?
I call that wishful thinking.
PM Me If You Need Help!
  • #157,665
  • Aug 13, 2009 7:58am Aug 13, 2009 7:58am
Quoting FXFundi
If unemployment data is worse than expected, then normally this bad for currency and it will depreciate. But I've learnt with the GU - Buy the good news and Sell the bad news....
Totally agreed...is there any wy you can give a theorical background to what just happens?? It goes against every logicall argument!!
  • #157,666
  • Aug 13, 2009 8:00am Aug 13, 2009 8:00am
Quoting ubaidahsan
i am too long in dragon...

Ub
err.. you maybe in trouble so much was weighing on retial sales and they sow weakness ....
Blogging daily now at www.volume.zone
  • #157,667
  • Aug 13, 2009 8:02am Aug 13, 2009 8:02am
Quoting alex1976
Bob, did you really blow about 200k in first 2-3 years of trading?
Yup, like a rollercoaster for years mate, up and down,up and down, proper frustrating. Was mainly trading on emotions, and naffed up strategies.

Quoting alex1976
I was feeling bad for losing 6k over the past 2-3 years!

I guess some of the best traders lose before they get there.

Are you consistently profitable now though?
Yup, I do ok, netted a solid 7 figures last year. Mind you, I trade about 8 currency pairs at the same time. Most ppl here only trade 1 or 2 pairs.
PM Me If You Need Help!
  • #157,668
  • Aug 13, 2009 8:02am Aug 13, 2009 8:02am
Quoting maurofx
Totally agreed...is there any wy you can give a theorical background to what just happens?? It goes against every logicall argument!!
Agree, think about it logically, for me the most important news was Unemployment clam news.

which come in negative more job lost = more money save at the end of the month.
  • #157,669
  • Aug 13, 2009 8:03am Aug 13, 2009 8:03am
I found everybuddy is long so i guess big boys are ready for stop hunting they dont like so many guys when they riding with them.

so wait what happens
  • #157,670
  • Aug 13, 2009 8:03am Aug 13, 2009 8:03am
so far cable stopped smack on the 61fib retracement from 1.6833-1.6390
and for the dragon fans (wormboy) dragon stopped PIP ON the 61fib retracement from 163.00 - 156.00
what a coincidence
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #157,671
  • Aug 13, 2009 8:04am Aug 13, 2009 8:04am
Quoting BobHall
mate, put your glasses on. It's clearly a H&S top.
wrong.
go get your coffee. that formation is NOT complete. H&S is traded at the break of the neckline, NOT on the tip of what you perceive to be an incomplete half a shoulder. Like I said, wishful thinking.
Thank You
  • #157,672
  • Aug 13, 2009 8:06am Aug 13, 2009 8:06am
Quoting wormboy
wrong.
go get your coffee. that formation is NOT complete. H&S is traded at the break of the neckline, NOT on the tip of what you perceive to be an incomplete half a shoulder. Like I said, wishful thinking.
Take a look on the daily chart
  • #157,673
  • Aug 13, 2009 8:07am Aug 13, 2009 8:07am
Quoting wormboy
So do I.
  • #157,674
  • Aug 13, 2009 8:14am Aug 13, 2009 8:14am
Quoting wormboy
damn news
i warned you volume on 5 min showed drop coming ...was the easiest 250 k i ever made....might take rest of week off ...

and a bearish div 15 min rsx nearly always plays out....

now questions is do we stay under 159.50 , which was level we saw selling off twice yesterday during and post fomc , or does the stock market shrug off the data and somehow they spin it saying the ' hey ' -0.6 core retail sales is not that and much better than this time in 1933....lol
Blogging daily now at www.volume.zone
  • #157,675
  • Aug 13, 2009 8:15am Aug 13, 2009 8:15am
Quoting wormboy
wrong.
go get your coffee. that formation is NOT complete. H&S is traded at the break of the neckline, NOT on the tip of what you perceive to be an incomplete half a shoulder. Like I said, wishful thinking.

WORD,......Brother...
Hear the music before the song is over ...
  • #157,676
  • Aug 13, 2009 8:15am Aug 13, 2009 8:15am
Quoting maurofx
Totally agreed...is there any wy you can give a theorical background to what just happens?? It goes against every logicall argument!!
With bad news, be it US or UK, people rush back into the Dollar safe haven, but now that the recession is easing we'll see the normal Economic rules start to apply more and more - that is why I have stayed in my long position.
May the forex be with you |
  • #157,677
  • Aug 13, 2009 8:20am Aug 13, 2009 8:20am
its time to me to going out ...even am riding all my bear alone today...

GY 159.50&160 for 150+~100
GU 1.6635,1.6600&1.6550 for 35+0-50

with total of ~235pips....

Completed my monthly target of USD6000 (actually more with 897pips on GY last few day + today of 235 with total of USD11,230) ....

See all of you next week and happy trading to all

p/s: Assume am just BS to you guys ..Cheers...
  • #157,678
  • Aug 13, 2009 8:21am Aug 13, 2009 8:21am
Quoting Abuawad
Agree, think about it logically, for me the most important news was Unemployment clam news.

which come in negative more job lost = more money save at the end of the month.
I got your point...but for Unemployment Claims we expect that if actual>forecast then it would be bad for the currency...then GU should go up not down... we still have no logicall background for this point of view. Thus, the difference between expected level and actual one wasn't that large.
  • #157,679
  • Aug 13, 2009 8:23am Aug 13, 2009 8:23am
Quoting aqassim
Long positions above 1.645 with TP @ 1.658 & 1.665
Below 1.645 look for further downside with 1.639 & 1.634 as TP.
first scenario is accomplished with almost +200 pips
  • #157,680
  • Aug 13, 2009 8:26am Aug 13, 2009 8:26am
Now as I mentioned before I invented an "Automated Bullcrap Sniffing and Destroying System" exactly for occasions like these...goes easy on finger and button and spares smell of BS and even crushes them...

FYI, BB was the first HAPPY user to take delivery.....

P.S. who knows it may even make you couple of thousand pips a day while you're on coffee break..........
Hear the music before the song is over ...
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