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Cable Update (GBPUSD)

  • #182,221
  • Nov 11, 2009 4:45am Nov 11, 2009 4:45am
Quoting ams
short from 67800..

Nice - I too got short after that nice fakeout spike up to yesterday's high - closed my last short in the spike to the 6650 level and now have a small long for the retrace.....all typical news trading - need the dust to settle before we can see a direction....
Trading Levels with WRBs
  • #182,222
  • Nov 11, 2009 4:47am Nov 11, 2009 4:47am
Today may also be a scalping day.....this means lots of staying by the screen! While the US enjoy there holiday some of us are left to work even harder....though ''smarter'' should be the best word for today. Hoping to go long again. Out of my shorts already.
  • #182,223
  • Nov 11, 2009 4:49am Nov 11, 2009 4:49am
KING is my bro'
and i don't even know what this guy said 'cause i never trade news

holding my SHORT from 6730 TP 6280 SL 6880
LOL
  • #182,224
  • Nov 11, 2009 4:52am Nov 11, 2009 4:52am
Money..... Money....
  • #182,225
  • Nov 11, 2009 4:54am Nov 11, 2009 4:54am
Quoting karimfx
KING is my bro'
and i don't even know what this guy said 'cause i never trade news

holding my SHORT from 6730 TP 6280 SL 6880

King is still speaking.....he might drop another rock in the pond......
Trading Levels with WRBs
  • #182,226
  • Nov 11, 2009 5:01am Nov 11, 2009 5:01am
Classic:
http://www.forexfactory.com/showpost...stcount=182107




still think they're unreliable micho? lol
Attached Image (click to enlarge)
Click to Enlarge Name: gbplfx1.JPG Size: 70 KB
Thank You
  • #182,227
  • Nov 11, 2009 5:01am Nov 11, 2009 5:01am
As a side-note..... you guys spec gold?!! I'm speechless - I attempted to offer my analysis/opinion on it today to a fellow trader and I gave up even before I started.

Its run-up is relentless - Whats funny though is how passionate the buyers are, I recall this hedge fund manager conversation

Hedge fund guy: "Well gold must go up, I dont care about anything, Ill be buying on dips"

Commentator: "Whats your reasoning"

Hedge fund guy: "Well its the current play, and the fundamentals support it"

Commentator: "Hmm, interesting - is that it?"

Hedge fund guy: "pretty much, yup"



I love passionate/emotional traders though, when things start crumbling they make for larger stops; hence a faster drop.


I mean, is it really this easy to make money; become a mindless sheep? Just buy on some imaginary trend line and voila profits?

But ah well...
  • #182,228
  • Nov 11, 2009 5:03am Nov 11, 2009 5:03am
Quoting Warwick
As a side-note..... you guys spec gold?!! I'm speechless - I attempted to offer my analysis/opinion on it today to a fellow trader and I gave up even before I started.

Its run-up is relentless - Whats funny though is how passionate the buyers are, I recall this hedge fund manager conversation

Hedge fund guy: "Well gold must go up, I dont care about anything, Ill be buying on dips"

Commentator:...
Do what the money does and you'll make money.

Sheep are cool

Max
Gravity goes both ways in forex...
  • #182,229
  • Nov 11, 2009 5:16am Nov 11, 2009 5:16am
"Traders note that CtiFx techs have re-established longs at 1.6679 and target atleast 1.6960. Stop loss at 1.6550."
  • #182,230
  • Nov 11, 2009 5:19am Nov 11, 2009 5:19am
I feel its time to adjust positions and wait. Out from all my green shorts. Hoping to recover from my red longs. Still have the bias that today will be a quite one after the speech. But going short is just a matter of time. The best is to remain at the side line for some,unless ready for what to face ahead. Clear and nice direction will soon appear for many setups.
  • #182,231
  • Nov 11, 2009 5:31am Nov 11, 2009 5:31am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
wasn't that had to read where price is heading this time!!



Quoting Islander
Nice - I too got short after that nice fakeout spike up to yesterday's high - closed my last short in the spike to the 6650 level and now have a small long for the retrace.....all typical news trading - need the dust to settle before we can see a direction....
  • #182,232
  • Nov 11, 2009 5:38am Nov 11, 2009 5:38am
Can anyone help me with this. This morning the GBP inflation report came out and the market reacted first by rising and then reversed itself and dropped 100 pips. how do you manage this to take advantage of it?
  • #182,233
  • Nov 11, 2009 5:52am Nov 11, 2009 5:52am
Quoting ave2
Can anyone help me with this. This morning the GBP inflation report came out and the market reacted first by rising and then reversed itself and dropped 100 pips. how do you manage this to take advantage of it?
In short my advice is that you don't. News spikes can be devasting to a retail trader. I have learnt the hard way. Wait until the market has settled down. You look at a candle and wish you were on it - in hind sight

Remember much better to wish you were in a trade that your'e not in rather than wishing you were out of a trade your'e are in.

Me I'm enjoying riding the escallators at the moment and scalping until we have a definite direction. I need to see a close significantly below S1 before I go for the big one.
  • #182,234
  • Nov 11, 2009 5:53am Nov 11, 2009 5:53am
Quoting ave2
Can anyone help me with this. This morning the GBP inflation report came out and the market reacted first by rising and then reversed itself and dropped 100 pips. how do you manage this to take advantage of it?
I am a newbie too and I have seen this in Sep that spiked up 50 pips less than 1 minute of news release and down 100 pips+... and I went in for long during first spike...so the market needs some time to digest the news that's why the gurus here say never trade the news, trade AFTER the news *_*
  • #182,235
  • Nov 11, 2009 5:57am Nov 11, 2009 5:57am
Quoting ave2
Can anyone help me with this. This morning the GBP inflation report came out and the market reacted first by rising and then reversed itself and dropped 100 pips. how do you manage this to take advantage of it?
Good day to you,

If I may, the following:

On the retail side of trading (you and I)- we would not know beforehand what the outcome of any news announcement will be. A lot of speculation in the media/internet for sure - but we would not know.

So, actually impossible to take advantage of such an event, as it could go either way. Sometimes agains all logic. Unless you have a spesific straddle stategy, the best is to just stay out, or if you are well into profit before news, to lock.

It remains a high risk trade, at all times.

Just my 2c

Wish you success

Regards
  • #182,236
  • Nov 11, 2009 5:59am Nov 11, 2009 5:59am
Being relatively new to this, I tend to stay away from news trading due to the volatility. However I did have a short in place at the 1.6753 level before the news so I moved my stop to above what I saw as a safe level. Fortunately the 9:30 news spike didn't hit it and neither did the 10:00 spike before the large drop. I must admit, I had forgotten Mervyn King was commenting at a press conference at 10:00 and fortunately had not moved by stop back.

Just to add that I'm a newbie here and have enjoyed reading posts over the last few days. Lots of interesting comments with various technicals and approaches/views.

Many thanks and Good luck.
  • #182,237
  • Nov 11, 2009 6:00am Nov 11, 2009 6:00am
Quoting need-help
"Traders note that CtiFx techs have re-established longs at 1.6679 and target atleast 1.6960. Stop loss at 1.6550."
Ok tell all! How did you find that useful tit bit of info?

Rob
  • #182,238
  • Nov 11, 2009 6:16am Nov 11, 2009 6:16am
GU waiting 1.662 for a long 1h
  • #182,239
  • Nov 11, 2009 6:22am Nov 11, 2009 6:22am
Yeah the candles are hitting the support area I think the GU will go up.
  • #182,240
  • Nov 11, 2009 6:23am Nov 11, 2009 6:23am
Quoting moosley
GU waiting 1.662 for a long 1h
Yep I can see why However, be wary of a breakthrough. There's a tustle going on at present and the market tested twice at this point, third time lucky.
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