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Cable Update (GBPUSD)

  • #169,441
  • Sep 25, 2009 6:16am Sep 25, 2009 6:16am
Ams

I'm in the same boat. I've had a couple of big losses (well by my definition of a big loss) this week and now I find it hard to pull the trigger. Last night I entered a short on GU at the top of a retrace and as after it went into profit, I exited on a retrace which left me with a couple of pips loss, just because I didn't want another losing trade. Needless to say after I exited it went back down.

This psychology stuff is hard...and draining.

I find I really have to work hard to keep disciplined and stick to my plan, whereby I make steady profits. But 1 little lapse of concentration and bad judgment negates all that efforet...and that's hard to take.

But I hope I can develop the attitude and discipline to trade coz I love it.
  • #169,442
  • Sep 25, 2009 6:19am Sep 25, 2009 6:19am
Should we wait for the news in just over 1hr or is it ok to look for trades now?
  • #169,443
  • Sep 25, 2009 6:32am Sep 25, 2009 6:32am
Quoting bobbybrown
Should we wait for the news in just over 1hr or is it ok to look for trades now?
Good day to you,

This depends on your risk tolerance. Price knows where it wants to go. Manipulation along the way is a given. How deep is your pockets? It is my opinion that less movement can be expected prior to news - so low momentum as a rule. A quick scalp, maybe....

Your question is an unfair one. You are managing your account. You decide...

Wish you success
  • #169,444
  • Sep 25, 2009 6:33am Sep 25, 2009 6:33am
...well, I can see this paint is going to take some more time to dry. Hopefully the news in an hour will spark some life. But it will probably just spike up, down or both and then return here and idle for more hours....

Maybe BEN will have some effect?
Ghost Rider - WWTBMD?
  • #169,445
  • Sep 25, 2009 6:34am Sep 25, 2009 6:34am
i just got killed....i entered a short 16 pips...i thought it was ready to drop ...tricked....damnit, oh well!!
  • #169,446
  • Sep 25, 2009 6:40am Sep 25, 2009 6:40am
Thanks Tau and Good day to you too.

I am pretty conservative and don't like risking much...especially as I am new and want to develop my skills (and hopefully my account balance).

I also trade off the 5 and 15 minute charts, so scalps are something I do consider.

It's great having so many experienced trader's brains to pick...Thanks to you all
  • #169,447
  • Sep 25, 2009 6:40am Sep 25, 2009 6:40am
Quoting bobbybrown
Should we wait for the news in just over 1hr or is it ok to look for trades now?
well signs of weakness have appeared in gu 15 min BUT I would wait till news unless it goes back to 1.6050 where you can out a short in with a tight stop (20 pip)
Blogging daily now at www.volume.zone
  • #169,448
  • Sep 25, 2009 6:42am Sep 25, 2009 6:42am
Quoting albchr
...well, I can see this paint is going to take some more time to dry. Hopefully the news in an hour will spark some life. But it will probably just spike up, down or both and then return here and idle for more hours....

Maybe BEN will have some effect?
Hehe,

Let's see who flashes first....
Attached Image (click to enlarge)
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  • #169,449
  • Sep 25, 2009 6:42am Sep 25, 2009 6:42am
Quoting nAVIN2007
i just got killed....i entered a short 16 pips...i thought it was ready to drop ...tricked....damnit, oh well!!
16?? You are 1 pip better than me nAV...well I was shorting AU, and changed my TP to just 15, just to anticipate the news. Clearing out my positions atm. Left GU and UJ atm to clear my position.
  • #169,450
  • Sep 25, 2009 6:46am Sep 25, 2009 6:46am
Quoting bobbybrown
Thanks Tau and Good day to you too.

I am pretty conservative and don't like risking much...especially as I am new and want to develop my skills (and hopefully my account balance).

I also trade off the 5 and 15 minute charts, so scalps are something I do consider.

It's great having so many experienced trader's brains to pick...Thanks to you all
I could be classified as a scalper too... I have my own demons to sort out along the way. But working on those...

I do wish you success in your efforts.

warm regards
  • #169,451
  • Sep 25, 2009 6:49am Sep 25, 2009 6:49am
Quoting TauTrader
Hehe,

Let's see who flashes first....
....THANK YOU!!! At least I'm laughing again!!....

I don't know where you folks find these pictures but I saved this one FOR SURE!! LOL
Ghost Rider - WWTBMD?
  • #169,452
  • Sep 25, 2009 6:58am Sep 25, 2009 6:58am
Quoting albchr
....THANK YOU!!! At least I'm laughing again!!....

I don't know where you folks find these pictures but I saved this one FOR SURE!! LOL
Glad I could add a little "fun" to your day....
  • #169,453
  • Sep 25, 2009 7:00am Sep 25, 2009 7:00am
took a chance again...
Attached Image (click to enlarge)
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  • #169,454
  • Sep 25, 2009 7:00am Sep 25, 2009 7:00am
Quoting TauTrader
Glad I could add a little "fun" to your day....
Still Laughing and can't see the charts through the tears....
Ghost Rider - WWTBMD?
  • #169,455
  • Sep 25, 2009 7:02am Sep 25, 2009 7:02am
Quoting nAVIN2007
took a chance again...
This close to news? I'd get that one to BE fast....lol

But I'm a
Ghost Rider - WWTBMD?
  • #169,456
  • Sep 25, 2009 7:04am Sep 25, 2009 7:04am
We have come down 552.6 pips in 3 days and given back 131.2 (23.74%).
The hourly Fib played out overnight. 4H was hoped for by majority but is being supported. Hence its range should remain between Hi-Lo of day (1.60xx) and 1.5914.

If close above 1.5914 the 4H and Daily has retraced 23.74%.

The trend is DOWN and UK wants a weaker Cable to rebalance the books. I don't understand the 2nd bit but some clever chap sounded convincing on CNBC very early hours of this morning.

The question to ask is what is the reason for taking Cable North? I can't see any for now but I guess the only one would be for the 5%, who screw the 95%, to take out short stops. Personally, I would consider it a selling opportunity and scalping.

Cable is heading south but perhaps next week!

TP 158/157.

Thanks to all for sharing your expertise.
None the wiser!
  • #169,457
  • Sep 25, 2009 7:04am Sep 25, 2009 7:04am
Quoting albchr
This close to news? I'd get that one to BE fast....lol

But I'm a
done ......lol just incase
  • #169,458
  • Sep 25, 2009 7:05am Sep 25, 2009 7:05am
Quoting Alpha Hamste
You are most welcome, bro!! We are here for the most common reason, and we'll pull each other up when someone is down. Just curious, do you understand bahasa Melayu?
bahasa Melayu not much
God bless you too, and best wishes to you bro


bahasa Melayu
  • #169,459
  • Edited 7:22am Sep 25, 2009 7:09am | Edited 7:22am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Ok, I am not going to moan and get depressed about losses. I have to leave them behind me, else I'll be a nightmare for my family. I do not want to get into rage trading as well, I can do more harm. I have experienced it before.


New approach, one step at a time. What any newbie would do or should follow. 50 pips a day keep the debtors away!! :-) lol

So my "technical analysis" 4hr chart, so far cable has not been able to impress for the northbound train, we can see it cannot cross 1602xxx and this concludes more on the downside. Next level is 1.58, 157300 and then nothing before 1547xx. Although chart says it want to go UP. But I'll leave the uptrain for now and only focus on shorting the mofo on rally even if it takes days :-)

On the northbound, 60200 needs to be crossed then 621xx - 61600 to be watched for reversal.

But because pound is oversold, I would rather stand on side and wait for market to show me direction.

Same goes for EU, it couldn't cross 147.Next level 1452xx, 1443xx then 1429xxx


Ams
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  • #169,460
  • Sep 25, 2009 7:13am Sep 25, 2009 7:13am
Quoting FxClown
We have come down 552.6 pips in 3 days and given back 131.2 (23.74%).
The hourly Fib played out overnight. 4H was hoped for by majority but is being supported. Hence its range should remain between Hi-Lo of day (1.60xx) and 1.5914.

If close above 1.5914 the 4H and Daily has retraced 23.74%.

The trend is DOWN and UK wants a weaker Cable to rebalance the books. I don't understand the 2nd bit but some clever chap sounded convincing on CNBC very early hours of this morning.

The question to ask is what is the reason for taking Cable North?...
that cracked me up .... at least you are honest
Blogging daily now at www.volume.zone
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