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Cable Update (GBPUSD)

  • #158,461
  • Aug 17, 2009 2:56pm Aug 17, 2009 2:56pm
Quoting allserene
If you can earn a lot then you can lose a lot

With a long term position you have to set a wide stop loss so the risk increases

Both short term and long term have their uses in different environments

I wish there was an alternative but I haven't found one yet
Yes, that is true. But for the long term tading, you could open new order later when the price break a support or resistace (depends on if you short or long). Therefore, that means if you failed for the long term trading, you would lose only 1 order, but if the trend goes to your way, you could open more later and then you could earn more, right ?
I also feel scapling is kind of high risk gamble.
  • #158,462
  • Aug 17, 2009 2:57pm Aug 17, 2009 2:57pm
Quoting Ilovefx
If it can help you:

http://www.musee-rodin.fr/images/res...es/penseur.jpg
LOL
  • #158,463
  • Aug 17, 2009 3:14pm Aug 17, 2009 3:14pm
I see a reverse coming, how do you guys think?

64+ I guess
  • #158,464
  • Aug 17, 2009 3:15pm Aug 17, 2009 3:15pm
Quoting Ilovefx
If it can help you:

http://www.musee-rodin.fr/images/res...es/penseur.jpg
An imponderable indeed

It's much easier with hindsight

Sometimes a trend can go for a year and in a straight line if you zoom out enough

Everyone has great doubts at every pip level and it's not until we get to the end of the tear that we can see it


It's not fair ! But basically if it starts to look silly then it usually is

GBP at 2.14 and the DOW at 14000 looked silly but we doubters were not brave enough to start betting the other way early enough. I was lucky to move my wad at 2.00 from UK to USA but it was luck
I was lucky to move my wad USA > Uk at 1.40

One day I will do it in a calculated way and pat myself on the back

Until then I will keep zooming out as the overview is so valuable
  • #158,465
  • Aug 17, 2009 3:35pm Aug 17, 2009 3:35pm
Time to go taking some rest before sleeping.

Good night and good trading for US citizens (still 16:34 New york Time).
If you resist at heart attack, you will be rich from trading.
  • #158,466
  • Aug 17, 2009 3:37pm Aug 17, 2009 3:37pm
Quoting allserene
If you can earn a lot then you can lose a lot

With a long term position you have to set a wide stop loss so the risk increases

Both short term and long term have their uses in different environments

I wish there was an alternative but I haven't found one yet

I love Gj ...that is the only pair I day trade. You just have to be patient with her.
Blogging daily now at www.volume.zone
  • #158,467
  • Aug 17, 2009 3:56pm Aug 17, 2009 3:56pm
Quoting I like steak
I made some 60 pips in Asain session but target go hit at 1.64

This retrace now creates new opportunity for a short to 1.6220?
missed out on break below 1.64 today, but given that we did not go all the way to 1.6220 another opportunity at 1.64 may come to short for 1.6220.

That is my plan = we reach the red arrow = I short...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 4h close of day 17.08.09.gif Size: 29 KB
  • #158,468
  • Aug 17, 2009 4:14pm Aug 17, 2009 4:14pm
Quoting Ifty
Don't worry we all know our MM. I might be new but most of the guys on this forum have been trading for years and been successful at it. Beginners like me are also doing well due to their great advice and support. IN FUTURE KEEP YOUR CRAP OPINIONS TO YOURSELF.
you will loose more then you win, you will be crying by tommorow. just saying get your own trading plan don't never follow some one else advise.
  • #158,469
  • Aug 17, 2009 4:44pm Aug 17, 2009 4:44pm
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Hey BB, I know you are looking to short around 64 mark, do you think it will reach there given asians are yet to come? yesterday they tanked cable around 80-90 pips, which is rare.

Also, despite bad news for 2 days(thu, fri) we saw major selling today and despite all the good news for US today, we saw selling. Not sure if that indicates buying tomorrow. confusing..lol
  • #158,470
  • Aug 17, 2009 4:51pm Aug 17, 2009 4:51pm
Quoting traderfx
you will loose more then you win, you will be crying by tommorow. just saying get your own trading plan don't never follow some one else advise.
Winning and losing is all part of this business. Its a question of how you manage that risk in your favor. It's not how many trades you make, its the number of good trades you make.

No need to point out with absolute certainty that someone will lose, unless you see his trading account. If someone is losing be nice, show empathy, this game is already hard enough as it is.

Having your own trading plan is good, learn from others treading plan if yours is weak or have flaws. That's what this FF is about, don't let this get out of hand and enjoy the trading.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #158,471
  • Aug 17, 2009 4:57pm Aug 17, 2009 4:57pm
For those that use picthforks, a very basic daily chart can be found here
  • #158,472
  • Aug 17, 2009 4:58pm Aug 17, 2009 4:58pm
Quoting ams
Hey BB, I know you are looking to short around 64 mark, do you think it will reach there given asians are yet to come? yesterday they tanked cable around 80-90 pips, which is rare.

Also, despite bad news for 2 days(thu, fri) we saw major selling today and despite all the good news for US today, we saw selling. Not sure if that indicates buying tomorrow. confusing..lol
Morning all,

She's taken the first level back at 1.6330, next level is 1.6400 / 20. If 1.6400 breaks don't worry as long as the rising trend is not breached, if the rising trend is breached, than the falling will be the last line of defence for bears on approach to 1.6200. Otherwise situation reaccessed......

Catch you guys in the London session
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #158,473
  • Aug 17, 2009 7:52pm Aug 17, 2009 7:52pm
and 1.6450 is the key for upmove.....i think..not trade just wach fo GU ..but GY am change my mine to take small long...
  • #158,474
  • Aug 17, 2009 9:22pm Aug 17, 2009 9:22pm
Any bulls here? I'm still holding my long position from 1.6300 with SL at 1.6250 first TP 1.6450 and 2nd TP 1.65.
  • #158,475
  • Aug 17, 2009 9:38pm Aug 17, 2009 9:38pm
Is GB going to be Bullish or Bearish? She cant decide.....
  • #158,476
  • Aug 17, 2009 9:57pm Aug 17, 2009 9:57pm
Quoting gambit1977
Is GB going to be Bullish or Bearish? She cant decide.....
Sounds more like you can't decide
Always look at the larger picture if you're lost. That major ltl had been fully breached yesterday. That somewhat had screwed the correction & if today's price close fully below the ltl & stay below 6600 level then the longterm trend which is down, will resume.
Good luck
Attached Image (click to enlarge)
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Thank You
  • #158,477
  • Aug 17, 2009 10:35pm Aug 17, 2009 10:35pm
Thanks man.... a newbie here....
  • #158,478
  • Aug 17, 2009 10:48pm Aug 17, 2009 10:48pm
wait for news........maybe up to.....1.6440
ok.....continue ZZzzzzzzzz........
  • #158,479
  • Aug 17, 2009 11:00pm Aug 17, 2009 11:00pm
how abt retracement, still running? thanks
  • #158,480
  • Aug 17, 2009 11:14pm Aug 17, 2009 11:14pm
the currency is more likely to go down to 1.6300 and then it will go up to 1.6450
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