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Cable Update (GBPUSD)

  • #165,761
  • Sep 15, 2009 11:05am Sep 15, 2009 11:05am
Quoting Magix
Just went long on the dragon....
149.70
149.56
You're very brave bro
Good luck
Thank You
  • #165,762
  • Sep 15, 2009 11:07am Sep 15, 2009 11:07am
Quoting wormboy
You're very brave bro
Good luck
Not really...Just can't lose from this position. Nothing goes straight up or straight down...If I see a 100 pip draw down from here, will add to double up.

This my friend, is just EZ money.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #165,763
  • Sep 15, 2009 11:11am Sep 15, 2009 11:11am
Quoting Magix
Not really...Just can't lose from this position. Nothing goes straight up or straight down...If I see a 100 pip draw down from here, will add to double up.

This my friend, is just EZ money.
Wrong. You can lose from this position.
  • #165,764
  • Sep 15, 2009 11:12am Sep 15, 2009 11:12am
Quoting Magix
Not really...Just can't lose from this position. Nothing goes straight up or straight down...If I see a 100 pip draw down from here, will add to double up.

This my friend, is just EZ money.
Martingale system!
You trade like a broker then!? LOL

1/3 retracement and you in the money... I wonder why 38.2 is a popular ratio.... Hehe!
--------------

Dam I'm a post whore: 1000 post now.... Muahah!
I should put some star all around it.... *********
  • #165,765
  • Sep 15, 2009 11:13am Sep 15, 2009 11:13am
Quoting direct-trade
Wrong. You can lose from this position.
Nope.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #165,766
  • Sep 15, 2009 11:15am Sep 15, 2009 11:15am
Quoting Inzider
Martingale system!
You trade like a broker then!? LOL

1/3 retracement and you in the money... I wonder why 38.2 is a popular ratio.... Hehe!

--------------

Dam I'm a post whore: 1000 post now.... Muahah!
Just watching pivot points and crucial zones. The hourly on GJ tells the story of bulls shift, where as the 4h on Cable does the same. Beings how they both favor a bit of strength for GBP, figured, WTF, might well giver a run.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #165,767
  • Sep 15, 2009 11:16am Sep 15, 2009 11:16am
Quoting Magix
Not really...Just can't lose from this position. Nothing goes straight up or straight down...If I see a 100 pip draw down from here, will add to double up.

This my friend, is just EZ money.
This is ez money too:
http://www.forexfactory.com/showpost...postcount=2943



Seriously tho, I agree it won't go straight down, but I think I'll just play the safer hand instead. I'm a
Thank You
  • #165,768
  • Sep 15, 2009 11:20am Sep 15, 2009 11:20am
Quoting wormboy
This is ez money too:
http://www.forexfactory.com/showpost...postcount=2943



Seriously tho, I agree it won't go straight down, but I think I'll just play the safer hand instead. I'm a
When I watched direction last night on GU, I knew we were in for a down draft, but wasn't sure of the magnitude. Had a couple of beers with some BBQ ribs last night and packed it in early, still kicking myself for not taking a small nibble to the short side.

Sigh...

With yesterdays gains, and playing heavy for a dead cat on GBP, I should make up a couple marbles, but not gunna be close to what I had for gains yesterday....

Very nice plays my friend. You tap this keg for what its worth!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #165,769
  • Sep 15, 2009 11:33am Sep 15, 2009 11:33am
Quoting Magix
When I watched direction last night on GU, I knew we were in for a down draft, but wasn't sure of the magnitude. Had a couple of beers with some BBQ ribs last night and packed it in early, still kicking myself for not taking a small nibble to the short side.

Sigh...

With yesterdays gains, and playing heavy for a dead cat on GBP, I should make up a couple marbles, but not gunna be close to what I had for gains yesterday....

Very nice plays my friend. You tap this keg for what its worth!
Cheers bro thanks
Hope the trade works out for you
Okay I'm outta here. Catch you london tomorrow. Good luck fellas
Thank You
  • #165,770
  • Sep 15, 2009 11:41am Sep 15, 2009 11:41am
Good day to you all,

For the traders bias towards a long position here, the following:

Price is currently hovering around last month's 50% line @ 1.6426 - it seems that this level is giving current support.

Should you choose to go long, price may make it's way back to 1.6489 area for the near future. One can expect a maximum retrace to 1.6519 for now.

Good luck!

Regards
Attached Image (click to enlarge)
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  • #165,771
  • Sep 15, 2009 11:44am Sep 15, 2009 11:44am
Quoting Magix
Not really...Just can't lose from this position. Nothing goes straight up or straight down...If I see a 100 pip draw down from here, will add to double up.

This my friend, is just EZ money.
I take it you weren't trading cable from August last year then? Cos that went straight down, some days in excess of 800 pips.

I'm sure you will have entered this trade with a careful plan, because there's potential for a lot of further downside in dragon still.
  • #165,772
  • Sep 15, 2009 11:45am Sep 15, 2009 11:45am
Quoting wormboy
You're very brave bro
Good luck
Agree with wormie, in fact you should add to the sell position instead....Dragon and Cable are still not overbought and have plenty of room to move, I was expection the drop since Sunday and it's going to continue. Cable passed the 50% retracement for the previous big up move and the Dragon still has to see 149.30 and .00
"Hate the sin, love the sinner." - Gandhi
  • #165,773
  • Sep 15, 2009 11:46am Sep 15, 2009 11:46am
Quoting GlobalMacro
OK...I'm buying 2 more lots here @ 1.6428
This makes it 3 lots long w/ an AvgPrc of 1.6452
Just followed you on 1.6425 ! I like the previous H1 candle perfomance !
Attached Image (click to enlarge)
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #165,774
  • Sep 15, 2009 11:49am Sep 15, 2009 11:49am
Quoting Magix
Nope.
Really? Whats your intended TP and how far down will you double up every hundred?
  • #165,775
  • Sep 15, 2009 11:56am Sep 15, 2009 11:56am
Quoting spintrader
I take it you weren't trading cable from August last year then? Cos that went straight down, some days in excess of 800 pips.

I'm sure you will have entered this trade with a careful plan, because there's potential for a lot of further downside in dragon still.

We all know what we look for in the charts, and as of current and a big part of my reasoning is chart based. Yes, I was in play last August, some days good, some days, not so good, but was typically scaling small gains on soft hedge patterns which is still a fair part of my strategy. Watching the strengths and weakness of cable and dragon based on EG and UJ. When all things come into focus, I try to mack these bitches for what they are worth.

Granted, I am not a multi-Kazillionaire, and for the most part, this is more hobby for me than anything, (yes, I play with real money), take what I can, walk away from what I have too, and try to keep my emotions in check.

I prefer not to brag about profits but choose to revel in the moment with a sounding Guffaw and a loudly typed CHA-CHING!

EZ come, EZ go..it's only money, right?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #165,776
  • Sep 15, 2009 12:01pm Sep 15, 2009 12:01pm
Quoting Magix
We all know what we look for in the charts, and as of current and a big part of my reasoning is chart based....
Yeah that all sounds fair enough, my point was only that you cannot make a trade on the simple and misguided basis that "it can't go straight down". Because it very very much can.
Hence why I brought up the crash of GBP starting last August.
If then you had gone long on after 200 or 300 pips drop on the basis that it must retrace. You would have found yourself -2000 pips very quickly.
And in order to double up on that you would need to be a Kazillionaire!

Best of luck to you and for the record I am still short cable and don't intend on closing the position until at least another 250 pips more drop.
  • #165,777
  • Sep 15, 2009 12:02pm Sep 15, 2009 12:02pm
Quoting direct-trade
Really? Whats your intended TP and how far down will you double up every hundred?
I don't play bullish, just to be against the group. I look for turns and possibilities both based on select indicators as well as with support and resistance points.

Am I always right with every trade? Resounding NO.

Will I work to profit from every traded pattern? Resounding YES.

I don't try to encourage others to do what I do, I will however encourage all traders young and old to play what is successful for them.

I am not meaning to rub you the wrong way, but in a game of no absolutes, I am quite intrigued by others who still wish to still attempt.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #165,778
  • Sep 15, 2009 12:02pm Sep 15, 2009 12:02pm
lol something cooking with $..?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #165,779
  • Sep 15, 2009 12:03pm Sep 15, 2009 12:03pm
Quoting manize
Just followed you on 1.6425 ! I like the previous H1 candle perfomance !
Nice catch buddy...
Hear the music before the song is over ...
  • #165,780
  • Sep 15, 2009 12:10pm Sep 15, 2009 12:10pm
Quoting Bones
lol something cooking with $..?
lol...yes...Big Ben hammered into shape...lol
Hear the music before the song is over ...
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