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Cable Update (GBPUSD)

  • #183,161
  • Nov 16, 2009 12:37pm Nov 16, 2009 12:37pm
Quoting nAVIN2007
we all different and each have different threshold of emotion, i am more comfotable taking a long term trade than a short term trade...like the spike we had on euro, someone would have been long..and spiked and saying "bloody market"

market will give opportunity to every1 ..with a sense of randomness
it all depends on the individual

jacko is one of the best traders along with irgok...they have held positions for years..they are highly successfull
can u name a single scalper which has reached the same status?

but like i said..each to there...
Yo Nav Booyakasha !

Glad you have found a style that you are optimistic about. I foresee cable at 1.78 no problema in some kind of time frame so as long as your positions are small enough to ride the tsunamis in beteen now and then and as long as the % interest from the broker doesnt engulf you, then I can see this working

Its all about spreads, time frames (interest) and volatility in between now and the target

..and all this assumes the trend is as planned

I actually have a cash account at the BOE which is yielding 3.9% on 1 year - so if I get a 10% cable pop as well I will be doing 14% on cash in USD terms - that will be very nice with no shares to worry about either in that portfolio sector. Money for nuttin' and your chicks for free !

Borrowing to trade like we do in forex is interest/spread handicapped from the start so I am still scalping like geronimo on acid
  • #183,162
  • Nov 16, 2009 12:41pm Nov 16, 2009 12:41pm
Quoting Magix
I can barely remember the names of the regular posters in here, and take all stats with a grain of salt.

I wouldn't wish to take away from the other long term successful traders, but would like to offer that just because you can watch a chart go against you for several days or weeks doesn't make you great or even in contention, as far as I am concerned it barely qualifies as being a trader, and certainly does not dictate nor follow rules of effective money management.

If you are trading the range, safety range...and the trend goes against you...I...
yeah i see it..bro i can trade short time frame but it dont interest me.. (joke..hehe)

Quoting allserene
Yo Nav Booyakasha !

Glad you have found a style that you are optimistic about. I foresee cable at 1.78 no problema in some kind of time frame so as long as your positions are small enough to ride the tsunamis in beteen now and then and as long as the % interest from the broker doesnt engulf you, then I can see this working

Its all about spreads, time frames (interest) and volatility in between now and the target

..and all this assumes the trend is as planned

I actually have a cash account at the BOE which is yielding 3.9% on 1 year - so...
  • #183,163
  • Nov 16, 2009 12:45pm Nov 16, 2009 12:45pm
Quoting nAVIN2007
yo

hope u doing well
Yep! Kicking ass again this week bro. Hoping the same for you buddy...
Ghost Rider - WWTBMD?
  • #183,164
  • Nov 16, 2009 12:50pm Nov 16, 2009 12:50pm
Quoting moosley
increment 1.655 ...
gu exit long... +250pips ...
  • #183,165
  • Nov 16, 2009 12:59pm Nov 16, 2009 12:59pm
[quote=allserene;3236692]Yo Nav Booyakasha !


Its all about spreads, time frames (interest) and volatility in between now and the target

..and all this assumes the trend is as planned

I actually have a cash account at the BOE which is yielding 3.9% on 1 year - so if I get a 10% cable pop as well I will be doing 14% on cash in USD terms - that will be very nice with no shares to worry about either in that portfolio sector. Money for nuttin' and your chicks for free !

There are alot of traders that trade like this.Long Term positions just making interest and not very worried where the day to day price goes.Remember the NZD was approx 8 1/2 %?Well if you had 10 standard lots on that which = borrowing 1 million dollars-you are basically getting 8 1/2 % on 1 million.You would just need the funds to be able to handle the swings all the time.
  • #183,166
  • Nov 16, 2009 1:01pm Nov 16, 2009 1:01pm
closed todays GU for +173 (indeed longs)
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  • #183,167
  • Nov 16, 2009 1:01pm Nov 16, 2009 1:01pm
Another 2 closed +38

Weeeeeeeeeeeeeeeeeeeeeeeeee!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #183,168
  • Nov 16, 2009 1:08pm Nov 16, 2009 1:08pm
Last lot closed...

See you guys later!

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #183,169
  • Edited 1:28pm Nov 16, 2009 1:10pm | Edited 1:28pm
1.6862 is hit ! Stay out a moment, watching a trigger for a probability reversed down on M15, H1, H4 vs the magic level -->1.6862/71 ( daily pivot level histories ) !
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #183,170
  • Nov 16, 2009 1:10pm Nov 16, 2009 1:10pm
Quoting allserene
1.70 unstoppable

The value of my GBP shares +GBP cash deposits in USD is up 34% since april

A happy bunny indeed - think I will buy this new Porsche

Here is the photo:

http://www.kitchenspecialistswinches...oak_porch_.jpg
LOL...what's that "home and garden" thingy... I thought you meant this...
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  • #183,171
  • Nov 16, 2009 1:26pm Nov 16, 2009 1:26pm
Quoting Stocky Monk
The daily setup is looking more bullish as the day progresses.I think we are heading to test the top of the daily trendline resistance shown on the attached chart. The pretty all round bad US data this afternoon is only going to help the cause..

Target area 1.6880 ish (chart 1)

The days market profile is developing into a normal bell shape distibution will a fairly large ledge formed at 1.6715 also a key area from the 11/11/09 market profile.
Our next test is the trendline resistance at 1.6765/63 (chart 4) also a big level on the MP from the...
As per previous post the single print between 6786 and 1.68 were filled and surely enough the daily trendline resistance has just been tested at 1.6880. All longs have been exited and a short position initated with a fairly tight stoploss.

The market profile setup shows that price could easily retrace back to the 6744 region as there is not much in its way but a large line of single 'm' prints. At very minimum we should see the 15min trend line tested as support.
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  • #183,172
  • Nov 16, 2009 1:31pm Nov 16, 2009 1:31pm
i went short @ 1.6870
  • #183,173
  • Edited 1:50pm Nov 16, 2009 1:39pm | Edited 1:50pm
Quoting SwissKinseb
i went short @ 1.6870
Good but don't greedy, still have probably flies up again once touches M1/ema 35/50/62/200 by at least set up the SL at BEP !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #183,174
  • Nov 16, 2009 1:46pm Nov 16, 2009 1:46pm
Quoting Honor
Thanks for the input, I always appreciate any help or advice! However, I would like to correct you on one point: I'm not looking for a top. I'm simply looking for a psychological point that I believe price will react at. I should also add that I'm not just basing my trade on that one point; instead, I'm looking for confluence between numerous other factors. I'm just saying, for the sake of simplicity, that I think price is going to react at this point and am preparing to short.

Anyway, I will give more details on why I take the trade, if and...
I don't want this to come out like an "I told you so", but will apologize in advance if it does.

This has been a great day to play longs and again for assuming and playing the trend.

No, I didn't hold from bottom to top, but I did play the safety ranges and off of the chart supports and made out fairly well today. It started off with a great open @ market, continued through today and will hope for it to continue throughout the balance of the week.

This is not a post saying that if you play longs the rest of the week you will be successful, it is just to say that regardless of who you are, or what your trading style is, or what time frame you play from, playing the trend will always be your greatest chance of success in this game.

There are a lot of us still learning to play either profitable or more profitably, and I hope that because your targets went against you, that this doesn't keep you from visiting and continuing on with your FOREX journey.

I am currently sitting out of play right now, not because I think we are going to go short, nor continue on with long, as we approach the last hours of NY time, I really don't see much cause in getting trapped in either direction, so, for now, I will sit flat.

Thanks for the replies and the time you have spent explaining your targets and logic. Wish you all the best in days to come and sincerely hope to see you around again.

M
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #183,175
  • Nov 16, 2009 1:48pm Nov 16, 2009 1:48pm
Quoting SwissKinseb
i went short @ 1.6870
good short if you placed that manually...I had an order in at 1.6880. Bear in mind the Daily resistance trendline is at exactly 1.6890 by my 15 min chart.... but a short around this region is more than justified...Keep your stop tight...preferably above the resistance trend line.

If we form lower lows and lower highs in the next hour it is a pretty good sign we are going to have a decent retrace. My overall bias is still long but this should be a nice easy trade for about 100pips which takes us to the 15min trend line as posted. The market profile backs this up aswell. I would still keep a close eye on this though for direction change.
  • #183,176
  • Nov 16, 2009 1:48pm Nov 16, 2009 1:48pm
Quoting manize
Good but don't greedy, still have probably flies up again once touches M1/ema 35/50/62/200 !
yes, maybe i will short on higher levels again
  • #183,177
  • Nov 16, 2009 1:54pm Nov 16, 2009 1:54pm
Quoting Stocky Monk
good short if you placed that manually...I had an order in at 1.6880. Bear in mind the Daily resistance trendline is at exactly 1.6890 by my 15 min chart.... but a short around this region is more than justified...Keep your stop tight...preferably above the resistance trend line.

If we form lower lows and lower highs in the next hour it is a pretty good sign we are going to have a decent retrace. My overall bias is still long but this should be a nice easy trade for about 100pips which takes us to the 15min trend line as posted. The market...
yes i placed manually, in my daily chart i see possibility to 1.6895, so maybe your order will pick, let's see
  • #183,178
  • Nov 16, 2009 1:59pm Nov 16, 2009 1:59pm
Quoting SwissKinseb
yes, maybe i will short on higher levels again
Congratz fren +40 pips sofar !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #183,179
  • Nov 16, 2009 2:02pm Nov 16, 2009 2:02pm
I think this is shooting star on 1H TF,What do you think guys?
I'm already sell 1.6850
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  • #183,180
  • Nov 16, 2009 2:04pm Nov 16, 2009 2:04pm
Quoting SwissKinseb
yes i placed manually, in my daily chart i see possibility to 1.6895, so maybe your order will pick, let's see
sorry think you misunderstood.... my order was filled at 1.6880. So far so good....hourly trendline coming up....we could bounce of this but for the size of the rally we have had I think its more likley the bounce will occur of the 15 min trend channel which is also a 50% fib area....anyway we will see.
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