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Cable Update (GBPUSD)

  • #159,501
  • Aug 20, 2009 3:50am Aug 20, 2009 3:50am
Quoting UncleSam123
Friends, we got Unemployment Claims coming out at 8:30 New York Time. Previous numbers came out positive. We are most likely to see positive numbers this time again. I hope it shoots up like a rocket.
GBP up???
  • #159,502
  • Aug 20, 2009 3:50am Aug 20, 2009 3:50am
M/M retail sales @ 0.45 as expected with y/y @ 3.3% better than forecast saw a knee-jerk £ strength reaction before the full impact of July's borrowing figures kicked in, the market selling strongly from the tech potential resistance area seen in 1hr chart below.

G/L

http://i25.tinypic.com/2w659p3.gif
ex member
  • #159,503
  • Aug 20, 2009 3:51am Aug 20, 2009 3:51am
Thanks for the advice
  • #159,504
  • Aug 20, 2009 3:53am Aug 20, 2009 3:53am
Quoting GlobalMacro
lol...how's it going bro...
true...couldn't turn down a freebie when it's served on a silver platter..
Just held on, but DT just tipped me on the BEER @ 1.6600.....

Thats one BEER less for me this Friday

Well done DT you won the battle, but the war is not over
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #159,505
  • Aug 20, 2009 3:55am Aug 20, 2009 3:55am
Quoting Bull_Bear
Forget the news for now trade your chart.... 1.6600 is a technical level.
This I agree always stick to your plan.
  • #159,506
  • Aug 20, 2009 3:56am Aug 20, 2009 3:56am
Quoting elixerripple
GBP up???
Don't worry bro its just my expressions lol. It might go up 20-40 pips but it won't shoot. But anything can happen. I remember trading news a week ago and GBP went down 150 pips. But we still got 3 hours and 30 minutes till Unemployment news some out.
  • #159,507
  • Aug 20, 2009 3:59am Aug 20, 2009 3:59am
Quoting Bull_Bear
Forget the news for now trade your chart.... 1.6600 is a technical level.
You can't really not pay any attention to news while trading even your Holy Grail System because as always it can only hit your stop loss like it did to few guys here on forum today and then start heading your way.
  • #159,508
  • Aug 20, 2009 4:05am Aug 20, 2009 4:05am
Quoting UncleSam123
You can't really not pay any attention to news while trading even your Holy Grail System because as always it can only hit your stop loss like it did to few guys here on forum today and then start heading your way.
Oh so true!
  • #159,509
  • Aug 20, 2009 4:06am Aug 20, 2009 4:06am
Quoting UncleSam123
You can't really not pay any attention to news while trading even your Holy Grail System because as always it can only hit your stop loss like it did to few guys here on forum today and then start heading your way.
But if you don't fully understand the news, then it's best to just stick with your charts and observe what you see haapening in front of your eyes, rather than blindly guessing what you think should happen.
  • #159,510
  • Aug 20, 2009 4:09am Aug 20, 2009 4:09am
Quoting UncleSam123
You can't really not pay any attention to news while trading even your Holy Grail System because as always it can only hit your stop loss like it did to few guys here on forum today and then start heading your way.
Hang on Sam whenever have I mentioned that my system was the "Holy Grail". I think people will vouch me on that, so I let your comment slide.

I'm a technical trader, not fundamental......You can buy if you think retail at 0.4 favors the UK economy. Go on trade your fundamental news!
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #159,511
  • Aug 20, 2009 4:12am Aug 20, 2009 4:12am
Quoting gammase1
But if you don't fully understand the news, then it's best to just stick with your charts and observe what you see haapening in front of your eyes, rather than blindly guessing what you think should happen.
It really doesn't matter if you know how to trade the news or not. Do you know that during news market can shoot up or down up to 100 pips or more? What if you trade using your method and end up with a margin call or big minus. How would you feel then? Most people that I realized that have a good trading system even they are trying to stay away from market with their system when news are coming out. I believe that it is extremely important to take even small things in to consideration before opening a position.
  • #159,512
  • Aug 20, 2009 4:14am Aug 20, 2009 4:14am
Quoting gammase1
But if you don't fully understand the news, then it's best to just stick with your charts and observe what you see haapening in front of your eyes, rather than blindly guessing what you think should happen.
Its because he does not understand technical levels.... nor does he understand the news
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #159,513
  • Aug 20, 2009 4:15am Aug 20, 2009 4:15am
why its going down??
  • #159,514
  • Aug 20, 2009 4:15am Aug 20, 2009 4:15am
Quoting GlobalMacro
I used the post-news spike to sell more @ 1.6600.

Alright now we're all set...

OK crew...now we're talking..
I'm all set now my short position AvgPrc @ a whopping 1.6564 and ready to rumble....
Attached Image
Hear the music before the song is over ...
  • #159,515
  • Aug 20, 2009 4:15am Aug 20, 2009 4:15am
Quoting Bull_Bear
Hang on Sam whenever have I mentioned that my system was the "Holy Grail". I think people will vouch me on that, so I let your comment slide.

I'm a technical trader, not fundamental......You can buy if you think retail at 0.4 favors the UK economy. Go on trade your fundamental news!
Hey it was just a suggestion nothing more. And where do u see that I wrote that you got Holy Grail? I sayed EVEN if you (which means a person) got Holy Grail then u still need to be careful with that. And I am not always trading news but I been caught in minuses before, when I didn't keep my eye on news.
  • #159,516
  • Aug 20, 2009 4:17am Aug 20, 2009 4:17am
Quoting GlobalMacro
OK crew...now we're talking..
I'm all set now my AvgPrc @ a whopping 1.6564 and ready to rumble....
what are you looking at for targets?
  • #159,517
  • Aug 20, 2009 4:20am Aug 20, 2009 4:20am
Quoting UncleSam123
Hey it was just a suggestion nothing more. And where do u see that I wrote that you got Holy Grail? I sayed EVEN if you (which means a person) got Holy Grail then u still need to be careful with that. And I am not always trading news but I been caught in minuses before, when I didn't keep my eye on news.
*CLICK*
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #159,518
  • Aug 20, 2009 4:20am Aug 20, 2009 4:20am
Quoting UncleSam123
It really doesn't matter if you know how to trade the news or not. Do you know that during news market can shoot up or down up to 100 pips or more? What if you trade using your method and end up with a margin call or big minus. How would you feel then? Most people that I realized that have a good trading system even they are trying to stay away from market with their system when news are coming out. I believe that it is extremely important to take even small things in to consideration before opening a position.
I understand the news and am very experienced in judging the market's reaction to such events. Yet I still refuse to employ trading news as a strategy.

With the benefit of experience, Sam, you will learn to position your trades with stop levels that are wide enough to adequately take into account the potential for wild swings in the immediate aftermath of news.

For the record, I would never end up with a margin call or a big minus from a 100 pip move. This sort of leverage shows dreadful MM and a total lack of respect for the market. You should adjust your risk accordingly, Sam.

I have taken 100 pip losses before and will do again, but they do not eat into my capital cushion or endanger my survival in this game.
  • #159,519
  • Aug 20, 2009 4:23am Aug 20, 2009 4:23am
Quoting gammase1
I understand the news and am very experienced in judging the market's reaction to such events. Yet I still refuse to have trading news as a strategy.

With the benefit of experience, Sam, you will learn to position your trades with stop levels that are wide enough to adequately take into account the potential for wild swings in the immediate aftermath of news.

For the record, I would never end up with a margin call or a big minus from a 100 pip move. This sort of leverage shows dreadful MM and a lack of respect for the market. You should adjust...
Im trading nzd/usd now and my margin is 4.46%
  • #159,520
  • Aug 20, 2009 4:30am Aug 20, 2009 4:30am
Good MAE Everyone...
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