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Cable Update (GBPUSD)

  • #179,441
  • Oct 28, 2009 10:07am Oct 28, 2009 10:07am
Quoting TauTrader
Good day to you,

Well, that would just be awesome... I battle to "see" the extent of the current move up. I just know there is a higher probability long, than short right now...

Target I am aiming for @ 1.6465 ( the 50% line of last weeks PA)

Good trading to you, DT

Regards
I'm going to be a little conservative and aim for 6450. Psych number.

still watching for an entry.
  • #179,442
  • Oct 28, 2009 10:10am Oct 28, 2009 10:10am
Mohammad, do you mind explaining your charts a little bit more. Thanks.



Quoting Mohammad
H&SH
{Promotion Removed}
  • #179,443
  • Oct 28, 2009 10:12am Oct 28, 2009 10:12am
very strange trading week.
  • #179,444
  • Oct 28, 2009 10:13am Oct 28, 2009 10:13am
Quoting Stocky Monk
Hi Navin,

Not being unfair here to antic.. Im just saying all you can do is try and roll the dice in your favour as there is no 100% clear signal trade and if it dont work out after that...forget about it and dont let it effect your next trading decision. i.e. dont get caught up with emotional trades that can really effect your P&L.

good luck trading!

yes absolutely! well said
  • #179,445
  • Oct 28, 2009 10:20am Oct 28, 2009 10:20am
Quoting calderone
I'm going to be a little conservative and aim for 6450. Psych number.

still watching for an entry.
Good day to you,

Did you see the perfect touch @ 1.6368? That was your entry....

Regards
  • #179,446
  • Oct 28, 2009 10:22am Oct 28, 2009 10:22am
going short when the cable reaches 1.6464...
  • #179,447
  • Oct 28, 2009 10:22am Oct 28, 2009 10:22am
Quoting TauTrader
Good day to you,

Did you see the perfect touch @ 1.6368? That was your entry....

Regards
Haha! Yes sir! I choked! My mouth was hanging open. lol
  • #179,448
  • Oct 28, 2009 10:27am Oct 28, 2009 10:27am
Quoting navhin
tau trader, what do u think of selling off the cable at 1.6464...
Good day to you,

Looking at the current situation, momentum is not there right now - this can change, but there is no real purpose at present. Your price mentioned is too far away for me to comment. Anything can happen on the way there, or we may not see it at all.

I can only give you my opinion once we are in that region. I hope you understand...what I can say, is that this is an important level - so there "should" be a retrace once touched. You could probably scalp 10 or 20 from that level, but if that is a turning point, I can not say.

Hope you understand

Regards
  • #179,449
  • Oct 28, 2009 10:28am Oct 28, 2009 10:28am
Quoting calderone
Haha! Yes sir! I choked! My mouth was hanging open. lol
Good day to you,

Just lucky...

Regards
  • #179,450
  • Oct 28, 2009 10:41am Oct 28, 2009 10:41am
Quoting TauTrader
Good day to you,

Looking at the current situation, momentum is not there right now - this can change, but there is no real purpose at present. Your price mentioned is too far away for me to comment. Anything can happen on the way there, or we may not see it at all.

I can only give you my opinion once we are in that region. I hope you understand...what I can say, is that this is an important level - so there "should" be a retrace once touched. You could probably scalp 10 or 20 from that level, but if that is a turning point, I can not say....
i got it mate...my technical shows that it might go to 1.6464 then it will retrace to 1.6413...anyhow observe the PA
  • #179,451
  • Oct 28, 2009 10:42am Oct 28, 2009 10:42am
salam hi all

who's shorten from here
  • #179,452
  • Oct 28, 2009 10:44am Oct 28, 2009 10:44am
Quoting Stocky Monk
Hi Navin,

Not being unfair here to antic.. Im just saying all you can do is try and roll the dice in your favour as there is no 100% clear signal trade and if it dont work out after that...forget about it and dont let it effect your next trading decision. i.e. dont get caught up with emotional trades that can really effect your P&L.

good luck trading!
Hey there,

I made the trade based on what I saw and believed to be a clear signal, it was a break on the 4H chart of a line of support, I am unfortunately not sure how to post the chart up here, but you can see it quite clearly, anyway not to worry, I didnt take it as a personal attack bud!

I think the problem that I face now is that I know a lot more than when I started, and when I started I did a basic trading course using technical analysis, 10 CDs, about 15 hours, explaining everything from the beginning, and that course kept it simple, basically break out trading was the preferred strategy, although everything was covered to a basic level, including the all important money mannagement and trader psychology.

Perhaps with all the extra knowledge I have gained since that course, has hinderd more than helped, perhaps time to go back to the basics...although that goes against my nature, which is to learn a lot about something...

I suppose the one thing that is true, is we all have ups and downs, and this is just a down for me...quite a big one granted,but it cant go on forever...

Cheers!
  • #179,453
  • Oct 28, 2009 10:47am Oct 28, 2009 10:47am
Quoting antic81
Hi Alison,

I hope you are well!

I will take a trip over and give it a look, thanks very much.

Been trading live for 4 months now and suddenly I seem to have hit a brick wall...
I am well, thank you. And you? Apart from the confidence knock.

I can join the club - I could see what was happening and am cross with myself for not pressing the buy button at 16310, which would have been my entry. It was difficult not to be swayed by the strong sell bias that prevailed here this morning... I need more confidence in what I see! It was the same yesterday - a reversal around the previous days high. I've got quite good at spotting reversals because I just got fed up of being caught out by them at the London Open.

It was bad luck for you today - but there's always tomorrow and the next day. Don't let today influence tomorrow!

Alison
  • #179,454
  • Oct 28, 2009 10:51am Oct 28, 2009 10:51am
Tough week so far for sure guys, too much volatility for my liking.

We had a break to the downside of the uptrend channel earlier so loaded up on shorts only to see it reverse back up again. We are back in the uptrend now though, so I'm very bullish again. We had one excellent opportunity to enter long at 1.6360, which is the bottom of the channel. Looking for a small retrace back to 1.6383 to add to my longs.

My entry points

1.6363, TP 1.6483
1.6383, TP 1.6533

SL 1.6333

Good luck to you all.
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  • #179,455
  • Oct 28, 2009 10:53am Oct 28, 2009 10:53am
I think I am flat and out for now. Don't feel so bold with London going out for a beer.
  • #179,456
  • Oct 28, 2009 10:57am Oct 28, 2009 10:57am
hi guys,
i dont have the balls to enter a position here, flat in all positions exept aussi /yen and kiwi /yen shorts.
for me the gbp hourly chart looks like h&s, im happy too be out there.
regards
  • #179,457
  • Oct 28, 2009 10:59am Oct 28, 2009 10:59am
Quoting Alison
I am well, thank you. And you? Apart from the confidence knock.

I can join the club - I could see what was happening and am cross with myself for not pressing the buy button at 16310, which would have been my entry. It was difficult not to be swayed by the strong sell bias that prevailed here this morning... I need more confidence in what I see! It was the same yesterday - a reversal around the previous days high. I've got quite good at spotting reversals because I just got fed up of being caught out by them at the London Open.

It was bad luck...
Seems like we both saw the same thing yesterday and both didnt go for it!

My issue was the news coming out at 11 yesterday, about twenty mins after my entry signal, so I held back and the the news came along and had zero influence! But by then I had lost my entry and was not prepared to chase it!

I will try to keep the losses out of my head, and look for a clear entry tomorrow, as Global Macro said, its all noise at the moment so unless we see some sort of conviction tomorrow, maybe best to sit out...still in profit, but if I lose 2 more on the trot, that will be the end of the profit!

Good Luck!
  • #179,458
  • Oct 28, 2009 11:00am Oct 28, 2009 11:00am
HEHE first good short side scalp this morning for 74!

4 lots...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #179,459
  • Oct 28, 2009 11:08am Oct 28, 2009 11:08am
Good day to you,

All these posts are upsetting!

It begs the question - why do we lose? I will include myself....The answer is quite simple. Again, once you win 2 trades in a row, or lose 2 trades in a row - you start doing funny things...

We over leverage and enter with too big a lotsize.... I have now started only looking at 4hr for basic direction, but entry on 30 min charts. That is it. For me.

C'mon guys / gals - there is enough intelligence around. Let nobody influence your trading. Trust your gut. Trust your chart. Trust yourself.

Wait.... enter.... give room.... take what is given to you. No shame in taking 5 pips. Less exposure to the market = less risk. Period.

Now trade!

Regards
  • #179,460
  • Oct 28, 2009 11:10am Oct 28, 2009 11:10am
Quoting Magix
HEHE first good short side scalp this morning for 74!

4 lots...

hit and run the name of the game bro
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