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Cable Update (GBPUSD)

  • #180,921
  • Nov 5, 2009 5:04am Nov 5, 2009 5:04am
Quoting need-help
Yesterday was a very stressful day. Had shorted cable at midday yesterday. When the FOMC statement was released the market went bonkers!!! My account was on the very edge of falling off the cliff. Just two dollars of margin was left before it reveresed. I was sweating like i just came from playing football.
I continuously scalped yesterday after the news yesterday just to increase usuable margin. This has been a lesson. I still have my shorts. Dont want to close at a loss so I just keeping my fingers crossed.

I got a feeling yesterday that this...
Dont worry it will go down bro.
only problem is when you are using high leverage, as i always say "Leverage is poison"
i am short from yesterday 1.6530 and still holding position i use low leverage and wide stops and target around 400 pips
as u can check here

http://www.forexfactory.com/showthre...09#post2987409

http://www.forexfactory.com/showthre...65#post3008565



Patience bro always remember that big moves takes time, if you dont have enough paitnece then dont trade long term..
Most of the traders main mistake is when they are in loss they kaap the trade and convert it to long term bro,
always plan your trade before entering and keep the plan my stop is 1.6630 if stop hit i will close position adn make new analysis,
"" loosing position means you are wrong"""
""" take small loses as part fo the Game"""

Hope it helps..
Don't compare your Trades with Others
  • #180,922
  • Nov 5, 2009 5:05am Nov 5, 2009 5:05am
Quoting Nietz
Right on!

That's the best thing to do for now. Looking at this I would short but the 1.6650/1.67 option stop me jumping into the train now.

I rather take a ticker at a worst price then taking the wrong train!

Scalp is the only option for now. But do I really do anything else then this... LOL

Take care Grashid later!
  • #180,923
  • Nov 5, 2009 5:07am Nov 5, 2009 5:07am
The BOE release should be very interesting, can't wait to see how they treat the QE program.
  • #180,924
  • Nov 5, 2009 5:07am Nov 5, 2009 5:07am
Quoting samdani786
Rashid, i am in miami . Where u trading from brother ?
Penang ..
6550 and now back to 6511..mmm nice ranging
  • #180,925
  • Nov 5, 2009 5:09am Nov 5, 2009 5:09am
Quoting DubaiTrader
The BOE release should be very interesting, can't wait to see how they treat the QE program.
6600 ....just joking
  • #180,926
  • Nov 5, 2009 5:16am Nov 5, 2009 5:16am
Hi there

If you need to close your position at a loss, don't be scared to do so - rather than loose all.

Cable might go down towards 12 and then if the BoE increase by £50bn, it crashes, yet if they only do £25bn, it goes up to 1.66/67x - ask yourself this question, do you have enough in your account to cope with if it goes up to 1.66/7x?

If not, be prepared to close a single trade at a loss, rather than lose your whole account.

Good luck!

Quoting need-help
Yesterday was a very stressful day. Had shorted cable at midday yesterday. When the FOMC statement was released the market went bonkers!!! My account was on the very edge of falling off the cliff. Just two dollars of margin was left before it reveresed. I was sweating like i just came from playing football.
I continuously scalped yesterday after the news yesterday just to increase usuable margin. This has been a lesson. I still have my shorts. Dont want to close at a loss so I just keeping my fingers crossed.

I got a feeling yesterday that this...
  • #180,927
  • Nov 5, 2009 5:19am Nov 5, 2009 5:19am
"The Bank of England is expected to expand its radical programme of printing money by a further £50bn today as the fight against the deepest downturn for decades is stepped up."

What's the impact.
  • #180,928
  • Nov 5, 2009 5:19am Nov 5, 2009 5:19am
Quoting isguru
Hi there

If you need to close your position at a loss, don't be scared to do so - rather than loose all.

Cable might go down towards 12 and then if the BoE increase by £50bn, it crashes, yet if they only do £25bn, it goes up to 1.66/67x - ask yourself this question, do you have enough in your account to cope with if it goes up to 1.66/7x?

If not, be prepared to close a single trade at a loss, rather than lose your whole account.

Good luck!
..n perhaps 6450-6480 first
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  • #180,929
  • Nov 5, 2009 5:23am Nov 5, 2009 5:23am
It appears we have a triple whammy of news, including a rate hike,
for cable on the econ. calendar, and the pair has entered a holding pattern.
A temporary IB has formed, though the higher low is just one pip higher.
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #180,930
  • Nov 5, 2009 5:26am Nov 5, 2009 5:26am
Anyone hedging the news?
  • #180,931
  • Nov 5, 2009 5:29am Nov 5, 2009 5:29am
Most likely reactions to following scenarios re Boe/Mpc decisions

1. Rate n/c, Qe increases by £25bln...hard to say could go either way
2. Rate n/c, Qe increases by £50bln +, likley knee-jerk £ sell-off
3. Rate n/c, Qe does not increase staying at current £175bln...likely £ strength knee-jerk reaction

* There is only a very small chance of a rate hike.

Anything can happen, trade what you see...not what you think.
ex member
  • #180,932
  • Nov 5, 2009 5:34am Nov 5, 2009 5:34am
Don't you think if they only increase by £25bn rather than the projected £50bn, then cable will slowly resume its bullish run against the USD from yesterday, but be capped in its limit?

Also, if it stays at it's current rent then cable will likely hit 1.7x as this will be a 'huge' surprise for the market - where everyone's expecting it to increase by £50bn - what do you think?


Quoting bbmac
Most likely reactions to following scenarios re Boe/Mpc decisions

1. Rate n/c, Qe increases by £25bln...hard to say could go either way
2. Rate n/c, Qe increases by £50bln +, likley knee-jerk £ sell-off
3. Rate n/c, Qe does not increase staying at current £175bln...likely £ strength knee-jerk reaction

* There is only a very small chance of a rate hike.

Anything can happen, trade what you see...not what you think.
  • #180,933
  • Nov 5, 2009 5:36am Nov 5, 2009 5:36am
Nope, turning off my PC and going for a walk - will come back and trade in whatever direction it's going, might miss out on a few good pips, like I've done all week, but will surely have an account to come back to trade from.

Quoting DubaiTrader
Anyone hedging the news?
  • #180,934
  • Nov 5, 2009 5:40am Nov 5, 2009 5:40am
Quoting isguru
Nope, turning off my PC and going for a walk - will come back and trade in whatever direction it's going, might miss out on a few good pips, like I've done all week, but will surely have an account to come back to trade from.
Cannot fault you on your walk. This walk of yours is also an important part of forex. Newbie take note .
You've got to be IN IT to WIN IT!
  • #180,935
  • Nov 5, 2009 5:41am Nov 5, 2009 5:41am
Quoting isguru
Don't you think if they only increase by £25bn rather than the projected £50bn, then cable will slowly resume its bullish run against the USD from yesterday, but be capped in its limit?

Also, if it stays at it's current rent then cable will likely hit 1.7x as this will be a 'huge' surprise for the market - where everyone's expecting it to increase by £50bn - what do you think?
Yes either of those are possible, the most probable market reactions to the 3 main scenarios are as I outlined,..but anything can happen and as you know the market can be very volatile during a major news/data release.

The best advice as a tech trader is always trade what you see not what you think. or if in doubt/concerned by the volatility-stay out ! Not trading can be just as good an edge, lol

Straddling price pre the release is always an option depending on your broker slippage ... the nightmare scnario of a whipsaw move will prevent many from attempting this strategy for the release.

G/L
ex member
  • #180,936
  • Nov 5, 2009 5:41am Nov 5, 2009 5:41am
Quoting isguru
Nope, turning off my PC and going for a walk - will come back and trade in whatever direction it's going, might miss out on a few good pips, like I've done all week, but will surely have an account to come back to trade from.
Enjoy your walk!

I'm a news trader so these events are key. Anyway, here's hoping for a good event.
  • #180,937
  • Nov 5, 2009 5:44am Nov 5, 2009 5:44am
just my humble opinion gang I think the Cable is heading up to 1.6740, does
anyone else see this on their 1 and 4 hour charts?
  • #180,938
  • Nov 5, 2009 5:47am Nov 5, 2009 5:47am
Quoting Pip Biz
just my humble opinion gang I think the Cable is heading up to 1.6740, does
anyone else see this on their 1 and 4 hour charts?
6550 is the starting point...n better out/lock if reach 6480 if you short from that area....
otherwise....

http://www.forexfactory.com/showpost...stcount=180932

p/s: this is not a call. as mentioned earlier better stay away after everything is clear..perhaps next week will be a good start.
  • #180,939
  • Nov 5, 2009 5:48am Nov 5, 2009 5:48am
Quoting Pip Biz
just my humble opinion gang I think the Cable is heading up to 1.6740, does
anyone else see this on their 1 and 4 hour charts?

Is languagea problem a picture is worth Thosand words.

Can u post chart ??
Don't compare your Trades with Others
  • #180,940
  • Nov 5, 2009 5:49am Nov 5, 2009 5:49am
Quoting Pip Biz
just my humble opinion gang I think the Cable is heading up to 1.6740, does
anyone else see this on their 1 and 4 hour charts?
Basing a trade on technicals right before a major news event is not wise. Technicals will easily get blasted out of the water if it is a surprise either way. Would definitely not recommend it. patience grasshopper, fools rush in.
"Timing Is Everything. Really I Swear It Is"
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