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Cable Update (GBPUSD)

  • #174,001
  • Edited 1:38am Oct 8, 2009 1:25am | Edited 1:38am
I figured I would give an update:

LOSS on 2 Wrong fibre trades. +40pip range.

I want to share the good with the bad.

Last fibre long served me right with evening out the loss.
Fortunately.

YEt.

I could not resist closing the remaining 2 lots cable @ 70 pips each.
20 more than first lot close.
I am still NOT convinced of short position taking yet.


I did not want to. However with the ranging and the resistance level...
It proved to be hard to not TP and watch it diminish.

FX trading will surely build character.

I INTENDed to keep this trade open for more than the 2 days I was in....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #174,002
  • Oct 8, 2009 1:31am Oct 8, 2009 1:31am
NOT convinced on H4 of short position taking. We may hit 6100.
Any thought?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #174,003
  • Oct 8, 2009 1:37am Oct 8, 2009 1:37am
Quoting XTrade
NOT convinced on H4 of short position taking. We may hit 6100.
Any thought?
wait for candle close
  • #174,004
  • Oct 8, 2009 1:48am Oct 8, 2009 1:48am
Late asian session supply at the 1hr descending potential resistance trend line saw a pullback to y/day's Hi where fresh London open demand has seen a new i/day hi, breeching that trend line to the upside. Price is now involved in a previous 4hr swing hi=prev res=potential res zone extending to 6049

G/L.
ex member
  • #174,005
  • Oct 8, 2009 1:52am Oct 8, 2009 1:52am
Good day to you all,

Yesterday, I posted a trade I took. I was warned by nAV that I may be totally wrong...

Soon showed that I was. Had to manage this to get out before the news onslaught today. Looked @ resistance of 1.6000 and waited for the pullback. As soon as price reached the monthly open @ 1.5978 I entered long with a full lot to start absorbing the loss I was in.

I was extremely lucky to get out of this one...

Note to self - get your act together!

Wish you good luck for today - it's gonna be bumpy

Regards
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  • #174,006
  • Oct 8, 2009 1:52am Oct 8, 2009 1:52am
Wait till UK Session opens, however I see a upward trend with a bunch of retraces.
Trade Like a Robot make money Like a Bank
  • #174,007
  • Oct 8, 2009 1:56am Oct 8, 2009 1:56am
last few minutes of spiking, just speculators confusing the market. Careful for a 25 to 30 pip whip down, before trending up
Trade Like a Robot make money Like a Bank
  • #174,008
  • Oct 8, 2009 1:57am Oct 8, 2009 1:57am
Quoting raz
Wait till UK Session opens, however I see a upward trend with a bunch of retraces.
I regret, closing. I intended for multi- day trade. However,
I do NOT regret increased trading capital.

Will look for potential short. Then may be long.

Important "to me" resistance has been broken...

Lets see if LDN shorts the sh!T out of this b!tch.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #174,009
  • Oct 8, 2009 1:58am Oct 8, 2009 1:58am
After yesterday's early london tweeezer bottom, making it a double bottom at the prev 1hr swing lo zone then later re-test making it a triple bottom and a bullish hammer up from that potential support, there really was no potential 4hr resistance until this prev sw hi zone price is currently in on that t/f extending 5999-6049 area.

I see a lot of entries on this thread that are simply not at potential supp/res when against obvious trend / bullishness/bearishness/evidence.

G/L
ex member
  • #174,010
  • Oct 8, 2009 2:01am Oct 8, 2009 2:01am
Hi guys,

For the 1st time since September 9th tenkan (yellow line) is getting up, so it may mean we are in a trend reversal....

Anyway to-day is a high risk trading day with important news coming from GB and US....so better to stay aside or just to scalp for grabbing some pips both ways, waiting for trend confirmation.....

GL to all
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Non licet omnibus adire Corinthum
  • #174,011
  • Oct 8, 2009 2:02am Oct 8, 2009 2:02am
I do not know who your brokers are, but keep in mind, Market Makers and Speculaters will test the volume in the market at critical times, to either throw us off, or as well trigger stops. I think for most part we all can see where this is going.
Trade Like a Robot make money Like a Bank
  • #174,012
  • Oct 8, 2009 2:04am Oct 8, 2009 2:04am
I Fully agree with this level. However I learn every day.
More from people like yourself.
Perhaps I should post less.

Thank you

Quoting bbmac
Price is now involved in a previous 4hr swing hi=prev res=potential res zone extending to 6049

G/L.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #174,013
  • Oct 8, 2009 2:05am Oct 8, 2009 2:05am
Quoting bbmac
After yesterday's early london tweeezer bottom, making it a double bottom at the prev 1hr swing lo zone then later re-test making it a triple bottom and a bullish hammer up from that potential support, there really was no potential 4hr resistance until this prev sw hi zone price is currently in on that t/f extending 5999-6049 area.

I see a lot of entries on this thread that are simply not at potential supp/res when against obvious trend / bullishness/bearishness/evidence.

G/L
Basically to sum that up, it can go anywhere.
Trade Like a Robot make money Like a Bank
  • #174,014
  • Oct 8, 2009 2:06am Oct 8, 2009 2:06am
Quoting bbmac
After yesterday's early london tweeezer bottom, making it a double bottom at the prev 1hr swing lo zone then later re-test making it a triple bottom and a bullish hammer up from that potential support, there really was no potential 4hr resistance until this prev sw hi zone price is currently in on that t/f extending 5999-6049 area.

I see a lot of entries on this thread that are simply not at potential supp/res when against obvious trend / bullishness/bearishness/evidence.

G/L
Good day to you,

Point taken. All very valid comment. That is why I made a note to self..

My highest regards
  • #174,015
  • Oct 8, 2009 2:09am Oct 8, 2009 2:09am
Patient guys for any short...Watch at 1.6060/50 -6150 first...
Same chart as yesterday....No harm to keep watch atm
1.6400-1.6550 look pissible as well to me atm...

Good luck
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  • #174,016
  • Oct 8, 2009 2:16am Oct 8, 2009 2:16am
Quoting TauTrader
Good day to you all,

Yesterday, I posted a trade I took. I was warned by nAV that I may be totally wrong...

Soon showed that I was. Had to manage this to get out before the news onslaught today. Looked @ resistance of 1.6000 and waited for the pullback. As soon as price reached the monthly open @ 1.5978 I entered long with a full lot to start absorbing the loss I was in.

I was extremely lucky to get out of this one...

Note to self - get your act together!

Wish you good luck for today - it's gonna be bumpy

Regards
I was also chuffed to see it hit 1.6000 - I rode my long and was very patient. Shoooo - looking to see if it will break above 1.610 before my next move.

Happy trading everyone!
May the forex be with you |
  • #174,017
  • Oct 8, 2009 2:16am Oct 8, 2009 2:16am
Hey Tau Trader,
hope all is well.
Happy trading to you! Would love to see your analysis on cable

edit. live and learn
i should have left one lot open. I cannot complain tho.

Quoting TauTrader
Good day to you,

Point taken. All very valid comment. That is why I made a note to self..

My highest regards
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #174,018
  • Oct 8, 2009 2:18am Oct 8, 2009 2:18am
Morning all,

Looking at the 4Hr, we are very close to the high on the 6th October, touching the 38.2 Fib (1.6469 - 1.5777) at 1.6039,so it may be ready to poke through, or alternatively bounce solidly off and continue south, I think the last few days of uncertainty could well be a trend reversal, I am very tempted to go long here, again as I have previously stated I only go for 30 - 50 pips, and carry a tight stop, so timing is everything, I will wait for a retrace before entering a long, in a bit of a resistance zone at the moment.

Of course that retrace my never come, we have had a pretty solid 100 pip move...I am starting to think I have missed the boat on this one...hopefully this could indicate the end of ranging...I hope, because my record at trading that kind of market is not good at all!

Of course we also have to consider the news out at midday (London Time) from BOE that could have a substancial short term effect on cable.

Best of luck!

I know I need it!
  • #174,019
  • Oct 8, 2009 2:18am Oct 8, 2009 2:18am
Hey Tau, do you ever trade USD/ZAR - I have just bought a lot 7.35 with next order in at 7.30 - target 7.50
May the forex be with you |
  • #174,020
  • Oct 8, 2009 2:18am Oct 8, 2009 2:18am
hello to allz
hey grashid howz ya bro ? howz ur trade
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