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Cable Update (GBPUSD)

  • #164,901
  • Sep 10, 2009 9:20pm Sep 10, 2009 9:20pm
stopped right on resistance
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  • #164,902
  • Sep 10, 2009 9:24pm Sep 10, 2009 9:24pm
Quoting forexlion
stopped right on resistance
lion.. what is your forecast for today?
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #164,903
  • Sep 10, 2009 10:26pm Sep 10, 2009 10:26pm
Weekly close will be interesting. 6750 is where I draw the line for bears.
If price as much as get as high as 6790 and pierce the descending utl, I wouldn't even think of shorting as the mid term trend will flip to bullish for the first time in over a year.
Staying flat atm.
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Thank You
  • #164,904
  • Sep 10, 2009 10:26pm Sep 10, 2009 10:26pm
possible channel,back in Grey box very bullish but may be not this week ,box is key.close as is bullish ,look to close.
Fractal last week off major support unless price dive below last week but very unlikly.
Suspect blue but lets see how blue.

Quoting Bones
2.8755 has held and made Harami off Major Support.Looking for price to move back to grey box,
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #164,905
  • Sep 10, 2009 10:29pm Sep 10, 2009 10:29pm
Quoting Yngwie
lion.. what is your forecast for today?
roughly 6850 before it weakens out and retraces.
  • #164,906
  • Sep 10, 2009 10:31pm Sep 10, 2009 10:31pm
Quoting Yngwie
lion.. what is your forecast for today?
i am enjoying milking it today
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  • #164,907
  • Sep 10, 2009 10:33pm Sep 10, 2009 10:33pm
Dear all distinctive traders, I really in need of help. Could you please advice me wormboy? I still have short order of 2 lots 1.6506.

Should i Keep it until it reaches that level again or should i just cut loss?Going really nuts now...Forex is truly a killer yesterday...Thinking of it again i should just take profit while there was chance =(

(sobs) Hix hix hix....Nangis sedih sunyi....
  • #164,908
  • Sep 10, 2009 10:34pm Sep 10, 2009 10:34pm
Quoting alex1976
I cant tell you for sure, but I can tell you probably, with approx. 60 to 65% chance when the daily closes.

Im not claiming to be the oracle or anything, I just take trades based on probabillities, and the past three nights I saw is as proably going up, so I went long on the pullbacks.

I also relasie that there has been some major resistance, so I can see your short perspective.

I dont hold any long term views though as to where price will be.

For me its just day to day.

We obviously have different trading...
Alex, you and I have the same style of playing, and I shared your sentiments from the start of the week (Bullish for GU. AU, & EU). I also trade day to day basis, with yesterday's high and low as my reference.

What killed me is bad risk management, as mentioned by Wormboy. My high leverage made it hard to survive long trend corrections. Thus, I am trading more carefully now, on minilots...sorry WB not microlots .

Gonna wait for another half an hour, if the 3 Musketeers break today's high (since yesterday's high was passed), gonna go buy again. Good luck everyone!!
  • #164,909
  • Sep 10, 2009 10:47pm Sep 10, 2009 10:47pm
Quoting Gainmoney
Dear all distinctive traders, I really in need of help. Could you please advice me wormboy? I still have short order of 2 lots 1.6506.

Should i Keep it until it reaches that level again or should i just cut loss?Going really nuts now...Forex is truly a killer yesterday...Thinking of it again i should just take profit while there was chance =(

(sobs) Hix hix hix....Nangis sedih sunyi....
this is the reason i trade on 1 min charts, my drawdown is never more than a few pips [ 1 to 5 pips ]

never try long term unless you are a millionaire
  • #164,910
  • Sep 10, 2009 10:59pm Sep 10, 2009 10:59pm
Quoting forexlion
this is the reason i trade on 1 min charts, my drawdown is never more than a few pips [ 1 to 5 pips ]

never try long term unless you are a millionaire
I agree on it...the overnight fees are enough to kill if you stick it long term. When I was new and i tried long term only to see my $ get lost
  • #164,911
  • Sep 10, 2009 11:06pm Sep 10, 2009 11:06pm
Morning all,

does anyone know where this might be heading?
  • #164,912
  • Sep 10, 2009 11:26pm Sep 10, 2009 11:26pm
Quoting forexlion
this is the reason i trade on 1 min charts, my drawdown is never more than a few pips [ 1 to 5 pips ]

never try long term unless you are a millionaire
agreed!
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #164,913
  • Sep 10, 2009 11:37pm Sep 10, 2009 11:37pm
Quoting forexlion
roughly 6850 before it weakens out and retraces.
Nice.. i think 6811
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #164,914
  • Sep 10, 2009 11:40pm Sep 10, 2009 11:40pm
Quoting forexlion
this is the reason i trade on 1 min charts, my drawdown is never more than a few pips [ 1 to 5 pips ]

never try long term unless you are a millionaire
whats your stop loss normally?
Forex success = Patience + Leverage
  • #164,915
  • Sep 10, 2009 11:44pm Sep 10, 2009 11:44pm
Cable has given up over 61.8% of it's 7044-6111 fall, trading to a current intraday hi @ 6740...the 76.4% fib of said move @ 6823.

Trend remains up - correct at writing 15min-Weekly.

Uk data due at 0830am gmt.

G/L
ex member
  • #164,916
  • Sep 11, 2009 12:00am Sep 11, 2009 12:00am
Quoting Gainmoney
Dear all distinctive traders, I really in need of help. Could you please advice me wormboy? I still have short order of 2 lots 1.6506.

Should i Keep it until it reaches that level again or should i just cut loss?Going really nuts now...Forex is truly a killer yesterday...Thinking of it again i should just take profit while there was chance =(

(sobs) Hix hix hix....Nangis sedih sunyi....
Hi gainmoney.

Looks like your in quite a fix. The right thing to do is of course to close the trade. Then again, it depends on your position sizing. Presumably you had short @6506 with a 300 pips stop risking a mere 0.5% of your equity in the trade I don't think you should be sweating it. But, I suspect you have risked way more than that. As I mentioned earlier, 6750 level is where I draw the line & if price attempt to get any higher than that it won't be good for sellers. So far 6750 looks to be holding and if price stays this way it does look like the H1 will form a bearish engulfing pattern. Next support is @6650 level. You'd probably want to close out your position there and take the loss. 6565 is the next support, and we might test that level again, but that's about it tho, we MIGHT just So, don't hang on to it if you can't.
Losing is part of the business buddy. Matter of fact, it's part and parcel of any business, not just currency trading. Nobody escapes it. So do the right thing, don't let your emotions take you to the cleaners.

Good luck sir.
Thank You
  • #164,917
  • Sep 11, 2009 12:21am Sep 11, 2009 12:21am
Quoting wormboy
Hi gainmoney.

Looks like your in quite a fix. The right thing to do is of course to close the trade. Then again, it depends on your position sizing. Presumably you had short @6506 with a 300 pips stop risking a mere 0.5% of your equity in the trade I don't think you should be sweating it. But, I suspect you have risked way more than that. As I mentioned earlier, 6750 level is where I draw the line & if price attempt to get any higher than that it won't be good for sellers. So far 6750 looks to be holding and if price stays this way it does look...
we still rolling, gotta love it!!!!hehe
cable might fall from here.....just maybe
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  • #164,918
  • Sep 11, 2009 12:30am Sep 11, 2009 12:30am
cable also shows signs of falling. Will go short from here till 1.6650.
  • #164,919
  • Sep 11, 2009 12:31am Sep 11, 2009 12:31am
Quoting nAVIN2007
we still rolling, gotta love it!!!!hehe
cable might fall from here.....just maybe
Navin,

If and only if your chart applies, I will treat you nice meals!!!

By the way by just looking at ur chart, IT MADE MY DAY!!! =) at least I am not alone shorting this cable....

Do anyone here knows any terrorist who might wanna suicide bomb at BOEEEEEE hehehehe.....
  • #164,920
  • Sep 11, 2009 12:31am Sep 11, 2009 12:31am
Quoting wormboy
Hi gainmoney.

Looks like your in quite a fix. The right thing to do is of course to close the trade. Then again, it depends on your position sizing. Presumably you had short @6506 with a 300 pips stop risking a mere 0.5% of your equity in the trade I don't think you should be sweating it. But, I suspect you have risked way more than that. As I mentioned earlier, 6750 level is where I draw the line & if price attempt to get any higher than that it won't be good for sellers. So far 6750 looks to be holding and if price stays this way it does look...
..excellent!!!!
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