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Cable Update (GBPUSD)

  • #180,781
  • Nov 4, 2009 11:22am Nov 4, 2009 11:22am
Not sure what you mean, but I did post earlier this morning that people shouldn't rush into shorts just because Yngwie and Gainscope said we should do so, I said it could go up first - because my indicators were pointing to a steep bull run - but I still couldn't bring myself to place any long trades just in case they were right - watched cable creep up gradually before my blooming eyes with my mouth open - too scared to trade in case I was wrong.

Now hoping to catch the right downward movement without going in too early or being caught out by the cat and mouse game being played by the big market movers.


Quoting mloistianto
Do u believe in bulls? we will look into that later pal. bulls always deceiving. bear is more honest.
  • #180,782
  • Nov 4, 2009 11:26am Nov 4, 2009 11:26am
Well put in a much funnier way than I could have done, though it's not funny when one falls for their manipulation

Just a question, which might be quite naive but when one's almost sure that a stop loss is going to be hit, why let it hit the stop loss rather than close the trade there and wait for another opportunity to come along?

Quoting allserene
I can prove that my s/l's are hit right to the very pip before it reverses - that's why I only put tight s/l's on when I am satisfied with the profit but have low confidence that I will get more

Its the same as closing out right there and then as they whack the sl and then shoot back..

I bet I could prove the manupulation statistically if I could be arsed

Anyway we are on to the gits so we dont get fooled again ok
  • #180,783
  • Nov 4, 2009 11:27am Nov 4, 2009 11:27am
Quoting isguru
Albchr

Missed your posts here, and note you haven't been on DT's site either - welcome back and hope you're well.

Not sure about 6600 being that strong a resistance for today's FOMC as we're so close to it so late in the day - I think it will shoot through 1.6600 post FOMC, or go down a bit to try to fool all of us to go short, before heading North again. These market makers know what they're doing, and they're not on our side as retailers, trust me! It's been a rapid learning curve for me, but I'm getting there and learning to take responsibility...

Thank you sir and I agree about the possibility of more north from here. Waiting patiently until after the news myself. If 6600 is broken as my buddy Tau would say "with purpose", I'll be looking to see 6700/6800.

But I'll also be looking for the fake spikes as well. Might prove a good entry to reverse short. Time will tell as it always does.

I'm a little out of DT's leauge me thinks so I don't post in there (yet) hehe

Good trading to you!
Ghost Rider - WWTBMD?
  • #180,784
  • Nov 4, 2009 11:38am Nov 4, 2009 11:38am
I DISAGREE with you being out of DT's league, and he's not the kindof guy to not accept posts based on his forum based on your 'league' although I am in awe of the guy and wish he would post a picture of himself - I've got a wife and kids so nothing on him, just want to see what he looks like! I learnt a lot from you in July, from your posts, and look forward to you posting again - on DT's league as that's where I stay on most for 'considered' discussions on trends rather than the 'I made this amount of money' or 'it's going North, South, East, West' type of discussions.

The quality that makes DT the great trader he is is that he gets most trades right, gets some wrong, doesn't brag, and always admits to being wrong rather than saying 'I actually wasn't trading at that moment despite telling you all it's going South' - you've got the same qualities which great traders are made off i.e. honesty and taking both the wins and losses on the chin.

I don't post nothing yet, just trading my own charts with, thankfully mainly successful trades at the moment, but would love to see people like you and Global Macro on DT's site also offering your views.

Good luck!



Quoting albchr
Thank you sir and I agree about the possibility of more north from here. Waiting patiently until after the news myself. If 6600 is broken as my buddy Tau would say "with purpose", I'll be looking to see 6700/6800.

But I'll also be looking for the fake spikes as well. Might prove a good entry to reverse short. Time will tell as it always does.

I'm a little out of DT's leauge me thinks so I don't post in there (yet) hehe

Good trading to you!
  • #180,785
  • Nov 4, 2009 11:38am Nov 4, 2009 11:38am
Quoting isguru
Well put in a much funnier way than I could have done, though it's not funny when one falls for their manipulation

Just a question, which might be quite naive but when one's almost sure that a stop loss is going to be hit, why let it hit the stop loss rather than close the trade there and wait for another opportunity to come along?
Good day to you all,

There is some truth in what you are saying. My view is that the market makers rather would target "popular" areas to go and search for stops to trigger. They would know that traders will fancy certain areas to place stops - like just below a trendline, a SR level perhaps, or a previous low, high, maybe below some commonly used MA's, round numbers etc.

They will know that these areas most probably hold some stops and will take price into those areas - thus the common observation of false breakouts...


Wish you all success

Regards
  • #180,786
  • Nov 4, 2009 11:40am Nov 4, 2009 11:40am
Quoting isguru
Well put in a much funnier way than I could have done, though it's not funny when one falls for their manipulation

Just a question, which might be quite naive but when one's almost sure that a stop loss is going to be hit, why let it hit the stop loss rather than close the trade there and wait for another opportunity to come along?
Very good point - I only do it when it's a very liquid market and I think my position might be different to everyone else's - then I cross my fingers and hope my small % of the market will get my sl ignored so I can squeeze some more out before i close

If I think I am in the majority, then , as you say, it's best to just close
  • #180,787
  • Nov 4, 2009 11:42am Nov 4, 2009 11:42am
My wedding anniversary today - I can either go get my wife a present or glue to the screen waiting for the FOMC

ok I wll toast a bagel while I am waiting

The right stuff !
  • #180,788
  • Nov 4, 2009 11:44am Nov 4, 2009 11:44am
Quoting albchr
Thank you sir and I agree about the possibility of more north from here. Waiting patiently until after the news myself. If 6600 is broken as my buddy Tau would say "with purpose", I'll be looking to see 6700/6800.

But I'll also be looking for the fake spikes as well. Might prove a good entry to reverse short. Time will tell as it always does.

I'm a little out of DT's leauge me thinks so I don't post in there (yet) hehe

Good trading to you!


How's things going? Are you well?

I'm a bit stuffed at the moment with my EU trade... running out of time and well red..

50/50 trade - decisions, decisions...

Hope you are progressing

Good luck to you for the week ahead

Regards
  • #180,789
  • Nov 4, 2009 11:45am Nov 4, 2009 11:45am
Quoting isguru
Not sure what you mean, but I did post earlier this morning that people shouldn't rush into shorts just because Yngwie and Gainscope said we should do so, I said it could go up first - because my indicators were pointing to a steep bull run - but I still couldn't bring myself to place any long trades just in case they were right - watched cable creep up gradually before my blooming eyes with my mouth open - too scared to trade in case I was wrong.

Now hoping to catch the right downward movement without going in too early or being caught out by...
The best time to enter is when everyone afraid to enter. By the time ordinary retailer (which is a "loser" majority) start to realize that they have missed the opportunity and enter it at the wrong late time, its the time to torture retailer when the price reversed back. And like ordinary retailer, they'll start adding their losing position (or insist on their trading bias) until they realize they're wrong and missed other opportunity. The cycle goes on and on.

Point is: Trade what you see now without waiting or doubting

Cheers,
  • #180,790
  • Nov 4, 2009 12:08pm Nov 4, 2009 12:08pm
Hi Tau

I was a bit surprised to see you take that trade as you'd done quite well this week with your ride up on cable - one thing I'd have done different is, since you just happened to return early - might have been best to stay out rather than give any of your hard earned dosh on cable back to the market.

Don't worry, you'll get all these losses back on the Euro... and good luck.
  • #180,791
  • Nov 4, 2009 12:12pm Nov 4, 2009 12:12pm
Does anyone here know of a good forex application to use on the Blackberry
Please ask questions and share your experiences with us all!
  • #180,792
  • Nov 4, 2009 12:15pm Nov 4, 2009 12:15pm
I agree with you totally, and have learnt to not enter 'too late' now, which, in turn is making me lose out on glaring opportunities like today.

I also agree with your previous comments on the 'cup and handle' formation which I also posted on October 21st. I'm not too sure about whether Governor King will let cable run as far as 1.9x though, so think it will drop quite rapidly from 1.7x if they even let it get that far in the first place.

Let's pass 1.669 first, then 1.68 before thinking of 1.7 - eagerly awaiting the week's closing price...

Good luck



Quoting -Barracuda-
The best time to enter is when everyone afraid to enter. By the time ordinary retailer (which is a "loser" majority) start to realize that they have missed the opportunity and enter it at the wrong late time, its the time to torture retailer when the price reversed back. And like ordinary retailer, they'll start adding their losing position (or insist on their trading bias) until they realize they're wrong and missed other opportunity. The cycle goes on and on.

Point is: Trade what you see now without waiting or doubting

Cheers,
  • #180,793
  • Nov 4, 2009 12:23pm Nov 4, 2009 12:23pm
Quoting isguru
Hi Tau

I was a bit surprised to see you take that trade as you'd done quite well this week with your ride up on cable - one thing I'd have done different is, since you just happened to return early - might have been best to stay out rather than give any of your hard earned dosh on cable back to the market.

Don't worry, you'll get all these losses back on the Euro... and good luck.
Good day to you,

Thank you - yes, you are right. Was a bit thoughtless. Have not closed though - still in. Did some management on the position - may just have a small window to walk away. But gonna have to be Flash Gordon.

But all in all - just a silly trade. Strong like an Ox. I bend over, take my hiding and move on.

I wish you all success

Regards
  • #180,794
  • Nov 4, 2009 12:30pm Nov 4, 2009 12:30pm
13:02 11/04 CABLE: Holds $1.6470 currently after seeing a $1.6591 high just after
the London fixing event, the pair remaining underpinned on the day and
week as therling recovers from a recent sell-off and as market wisdom,
rightly or wrongly, suspects that a still-brewing bid for Cadbury, by US
food giant Kraft, is seeing some covert sterling demand push through the
market. Kraft has yet to revise its rejected offer for Cadbury but faces
a Nov 9 deadline for that offer, reports say.
Trading is 80% Emotional, 20% Technical
  • #180,795
  • Nov 4, 2009 12:39pm Nov 4, 2009 12:39pm
Quoting allserene
My wedding anniversary today - I can either go get my wife a present or glue to the screen waiting for the FOMC

ok I wll toast a bagel while I am waiting

The right stuff !
happy wedding anniversary buddy!!!

may u have 50 more
  • #180,796
  • Nov 4, 2009 12:54pm Nov 4, 2009 12:54pm
H4:
Attached Image (click to enlarge)
Click to Enlarge Name: cable h4.gif Size: 20 KB


Daily:
Attached Image (click to enlarge)
Click to Enlarge Name: cable daily.gif Size: 20 KB


Weekly:
Attached Image (click to enlarge)
Click to Enlarge Name: cable weekly.gif Size: 19 KB


Monthly:
Attached Image (click to enlarge)
Click to Enlarge Name: cable monthly.gif Size: 19 KB



Well seems everyone is selling :nerd: ... so am buying ...
"I am convinced that He (God) does not play dice." - Albert Einstein
  • #180,797
  • Nov 4, 2009 12:54pm Nov 4, 2009 12:54pm
Quoting TauTrader


How's things going? Are you well?

I'm a bit stuffed at the moment with my EU trade... running out of time and well red..

50/50 trade - decisions, decisions...

Hope you are progressing

Good luck to you for the week ahead

Regards


My Brother!!

Long time sir! I'm well but this week will tell a lot. It's do or die time buddy. Gonna risk a lot on the outcome of the news. No choice really. Sure hope I get it right...lol
Ghost Rider - WWTBMD?
  • #180,798
  • Nov 4, 2009 1:01pm Nov 4, 2009 1:01pm
Quoting nAVIN2007
happy wedding anniversary buddy!!!

may u have 50 more
Cheers Nav - She would then have made a happy man very old by then

Red haired Irish/Cherokees with a punch like an apache stallion kick are not for learners and that's for sure...keeps me on my toes though...

We will be together forever - I wouldn't dare do otherwise as I like my scalp

staying out the mkt til after the news....
  • #180,799
  • Nov 4, 2009 1:03pm Nov 4, 2009 1:03pm
Quoting allserene
Cheers Nav - She would then have made a happy man very old by then

Red haired Irish/Cherokees with a punch like an apache stallion kick are not for learners and that's for sure...keeps me on my toes though...

We will be together forever - I wouldn't dare do otherwise as I like my scalp

staying out the mkt til after the news....
have a good one my friend
  • #180,800
  • Nov 4, 2009 1:05pm Nov 4, 2009 1:05pm
Quoting allserene
My wedding anniversary today - I can either go get my wife a present or glue to the screen waiting for the FOMC

ok I wll toast a bagel while I am waiting

The right stuff !
Happy anniversary alan. Many happy returns to you & the ladyboss
Thank You
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