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Cable Update (GBPUSD)

  • #162,401
  • Sep 1, 2009 1:17pm Sep 1, 2009 1:17pm
Quoting alex1976
Yeah Nav, I totally agree, going counter trend is not recommended.

As long as there is no major retracement before the daily close, I will be looking to take a long position going into UK session.
i learned that the hard way..
How your trading coming along bro? ...
  • #162,402
  • Sep 1, 2009 1:19pm Sep 1, 2009 1:19pm
Quoting nAVIN2007
see anything??????

nice one Nav. If that's not a head and shoulders pattern, I don't know what is?

Lol
  • #162,403
  • Sep 1, 2009 1:20pm Sep 1, 2009 1:20pm
Quoting alex1976
Yeah Nav, I totally agree, going counter trend is not recommended.

As long as there is no major retracement before the daily close, I will be looking to take a long position going into UK session.

I actually meant short into UK, not long.
  • #162,404
  • Sep 1, 2009 1:26pm Sep 1, 2009 1:26pm
Quoting nAVIN2007
i learned that the hard way..
How your trading coming along bro? ...

Not too bad. How about you?

My account hasn't reflected that yet, but Ive stopped taking random trades throughout the day, and have decided to be strict in sticking to my plan.

I am looking for one trade a day to jump on in the direction of immediate trend.

So today is down so far, so I will be looking for a short position.

plus it looks like dow jones and s & p 500 are going into correction mode, which supports a view to a strengthening dollar.
  • #162,405
  • Edited 1:50pm Sep 1, 2009 1:30pm | Edited 1:50pm
Quoting pakitrader
4hrs, 1hrs, 30min, 15min, 5 mins showing bearish bias.

although 4hrs is closed and 15 min showing falling wedge.

I will still be holding longs untill and unless I see daily closed 6170.

I am hoping asian session will be bullish.

Takecare
1. New low on Cable daily.
2. Double bottom playing out on H4 usdlfx.
3. gbplfx is still weak.
4. Dow in red - bigtime.
5. ftse closed red - bigtime.

Hope is a good thing to have, especially when you're letting the odds stack up against you on purpose.

And I have attached another freebie the chart is giving out. The WEEKLY.
My good friend eohater says it best - trade what you see, not what you expect.
You new guys should really learn how to trade. Seriously, it's not rocket science to figure out that weekly - 5 weeks of freebies. I laugh quietly sometimes when price goes down you call it stop hunts, bear trap yada yada. Look, they don't stophunt or trap for 5 weeks.

But whatever, some people will never learn. good luck going long.
To those selling, good luck too
Attached Image (click to enlarge)
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Thank You
  • #162,406
  • Sep 1, 2009 1:32pm Sep 1, 2009 1:32pm
Good day, nAVIN2007

Extremely wise words....

We sometimes look for things that are not there. We are looking for the "catches" the market presents. We think: - what is the catch with this setup? Who is trying to catch me out?

I need to sometimes just sit back and acknowledge the current developement and go with it. I come from a background of trying every possible indicator out there... "System" after "System" - not afraid to acknowledge. But alas, all worthless. Nothing like getting in tune with the pair/s you trade and understanding their movement.

I am in a far better place since joining this thread and observing how the "old hands" do things. Cool, Calm, Collected.

This is the best place to be. A lot of excellent individuals giving heaps of information as to how they see things.

I am priviledged.

Highest regards to all
  • #162,407
  • Sep 1, 2009 1:33pm Sep 1, 2009 1:33pm
Quoting alex1976
Not too bad. How about you?

My account hasn't reflected that yet, but Ive stopped taking random trades throughout the day, and have decided to be strict in sticking to my plan.

I am looking for one trade a day to jump on in the direction of immediate trend.

So today is down so far, so I will be looking for a short position.

plus it looks like dow jones and s & p 500 are going into correction mode, which supports a view to a strengthening dollar.

There seems to be fairly accurately 3 trend changes per day, GMT UK open 9:30, US Open 2:30 and 00:30 Asia open, which if you get in early enough and ride will work well, if you hold from 1 to the other you'll likely just get bounced around.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #162,408
  • Sep 1, 2009 1:37pm Sep 1, 2009 1:37pm
Quoting wormboy
1. New low on Cable daily.
2. Double bottom playing out on H4 usdlfx.
3. gbplfx is still weak.
4. Dow in red - bigtime.
5. ftse closed red - bigtime.

Hope is a good thing to have, especially when you're letting the odds stack up against you on purpose.

And I have attached another freebie the chart is giving out. The WEEKLY.
My good friend eohater says it best - trade what you see, not what you expect.
You new guys should really learn how to trade. Seriously, it's not rocket science to figure out that weekly - 5 weeks of freebies....

yes sir.. on the southbound with you. altho came in late.. hoping for it to go reall lowwww for me to sleep well
  • #162,409
  • Sep 1, 2009 1:41pm Sep 1, 2009 1:41pm
Quoting $maker
yes sir.. on the southbound with you. altho came in late.. hoping for it to go reall lowwww for me to sleep well
Welp, since you're late, don't forget it won't come in a straight line.
Tho actually after witnessing the eg for the past week, I'm "hoping" cable & dragon throw us the same thing lol.
Anyway good luck to you
Thank You
  • #162,410
  • Sep 1, 2009 1:43pm Sep 1, 2009 1:43pm
Quoting wormboy
Welp, since you're late, don't forget it won't come in a straight line.
Tho actually after witnessing the eg for the past week, I'm "hoping" cable & dragon throw us the same thing lol.
Anyway good luck to you
yes.. will try to keep my nerves in check this time!... and will watch for your post.. incase you turn bullish
  • #162,411
  • Sep 1, 2009 1:47pm Sep 1, 2009 1:47pm
Quoting TauTrader
.......

This is the best place to be. A lot of excellent individuals giving heaps of information as to how they see things.

I am priviledged.
.............
...

It's nice to have you here with us as well !
Hear the music before the song is over ...
  • #162,412
  • Sep 1, 2009 1:56pm Sep 1, 2009 1:56pm
Thank you, kind Sir

I appreciate that.

Looking forward to learn more from you and all others here.

Highest regards
  • #162,413
  • Sep 1, 2009 2:00pm Sep 1, 2009 2:00pm
Quoting TauTrader
Thank you, kind Sir

I appreciate that.

Looking forward to learn more from you and all others here.

Highest regards

I like that piece of statistics you mentioned earlier...we're seeing the implications of that fact right now...

Good work..
Hear the music before the song is over ...
  • #162,414
  • Sep 1, 2009 2:01pm Sep 1, 2009 2:01pm
I am now into some profit on another counter trend trade. +26 at the moment....

the GU gods are smiling upon me...

Son, wealth comes from very hard work.... Now shut up, I want the hear the Lotto numbers!
  • #162,415
  • Sep 1, 2009 3:24pm Sep 1, 2009 3:24pm
Quoting GlobalMacro
Buying more longs at 1.6145...AvgPrc : 1.6183
Before signing off, here is a quick update of where I'm standing:

Prices pulled back from the lows of 1.6114 to 1.6181.
I'm carrying my longs @ AvgPrc of 1.6183 slightly out of the money here @ 1.6160.


Cya...
Attached Image
Hear the music before the song is over ...
  • #162,416
  • Sep 1, 2009 3:39pm Sep 1, 2009 3:39pm
global, are you gonna go short soon?
  • #162,417
  • Sep 1, 2009 3:41pm Sep 1, 2009 3:41pm
wonder where to take this short position from?
  • #162,418
  • Edited 4:10pm Sep 1, 2009 3:50pm | Edited 4:10pm
Quoting alex1976
global, are you gonna go short soon?
Tomorrow we have a busy calendar:

-- Halifax HPI m/m
-- ADP Non-Farm
-- FOMC Meeting Minutes

Today's USD-numbers were all better than expected (encouraging for risk assets).Manufacturing PMI was the only party pooper. So the longs should be alright for the time being.
In case the numbers have an adverse impact on the PA, I will certainly reconsider my position. But it's premature for that now.


Alright...I'm outta here!
Have a good one All!
Hear the music before the song is over ...
  • #162,419
  • Sep 1, 2009 4:28pm Sep 1, 2009 4:28pm
The way i see is that todays UK news will not affect pounds down move in short term ( couple of months) in fact it will add to it. my logic is : if people repay more loans than they take, it will result in less expenditure and therefore less revenue for businesses. Less revenue = less investment and less labour hence unemployment will increase further. Also it will reduce inflation even further - all of that will add more preasure for BOE to keep rates at currenct lows or reduce them even further - bearish for pound right? right.

so thats in the near future. However in couple years time deleveraged consumers will have more income to spend and once the recovery begins properly they will be more willing to borrow again driving expenditure and interest rates higher and quicker than lets say US ( unless they have to deal with hyper inflation by superhiking their rates, but thats going to be bad for dollar anyways).

So In few years time i see pound above current levels and not below.
  • #162,420
  • Sep 1, 2009 4:45pm Sep 1, 2009 4:45pm
Quoting GlobalMacro
Before signing off, here is a quick update of where I'm standing:

Prices pulled back from the lows of 1.6114 to 1.6181.
I'm carrying my longs @ AvgPrc of 1.6183 slightly out of the money here @ 1.6160.


Cya...

"CRACK" there goes my back from carrying you for the last 2 days.
Veni, Vidi, Vici (We came, we saw, we conquered)
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