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Cable Update (GBPUSD)

  • #184,581
  • Nov 25, 2009 12:25am Nov 25, 2009 12:25am
Quoting manize
Still no trade but 1.6611 is a crucial level to entry a short or hold long. IMHO says short at least untill 1.6583/93 !
Seems like imho is wrong, now focus on 1.6635 ! Still no trade !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #184,582
  • Nov 25, 2009 12:45am Nov 25, 2009 12:45am
taking small long at 6623, will try to add if PA allows. I'm awaiting a run up, mainly because of gdp, which if considering all other indicators should be better than -0.4%. and price has broken over 6600 and that meens a TL (6875-6650) this could be break day. sl below 6600.
both dow oil gold positive
  • #184,583
  • Nov 25, 2009 12:49am Nov 25, 2009 12:49am
Quoting samirjindal
hello sir
i am a very junior trader and yesterday enetered Sale at 6550 without putting a stop loss., Please can you advise where should i come out as i have only 4 more hours before to close my trade
thankyou
samer
My friend - 7 years back I was in the same situation as yours. Many lessons have been learnt independently...without much advice from anyone.

My tiny bit of advice - always have a plan. Know where you are entering and know where you will stop out of your position. I always keep my TP open.

I think the plan should encompass the following -

1) What products are you going to be trading?
2) What strategy are you using?
3) Do you know all the economic data and events coming out for point 1
4) What is your stop level after initiation?
5) What is your lot size?
6) How are your Emotions, Thoughts and Feelings?

I have had the biggest issue with point 6...it requires a lot of introspection.

Always be at it...and be small (you need to be in the game for the rest of your life) and you will come out a winner.

All the best.
  • #184,584
  • Nov 25, 2009 12:56am Nov 25, 2009 12:56am
i appreciate your advise.

Quoting saprasa
My friend - 7 years back I was in the same situation as yours. Many lessons have been learnt independently...without much advice from anyone.

My tiny bit of advice - always have a plan. Know where you are entering and know where you will stop out of your position. I always keep my TP open.

I think the plan should encompass the following -

1) What products are you going to be trading?
2) What strategy are you using?
3) Do you know all the economic data and events coming out for point 1
4) What is your stop level after initiation?
5) What is...
  • #184,585
  • Nov 25, 2009 1:19am Nov 25, 2009 1:19am
Quoting samirjindal
i appreciate your advise.
Some sage advice coming from those of you whyo are more long in the tooth about trading. I've been in for about a year and am still reading advidly every book cd etc I can get my hands on.
The physcological side of trading is as important I have found as the technical side. These are typical trading errors which I am still guilty of at times.

  1. Refusing to define a loss
  2. Not liquidating a loosing position even tho it's going against you
  3. Get locked into a belief - this is trying to control the market
  4. Getting locked into a price of a trade instead of looking where the market is moving - being greedy
  5. Revenge trading
  6. Not reversing your position - think you know better than the market
  7. Planning a move then being frozen by fear and cannot hit the bid or offer button.. ( I did that yesterday)
  8. Not acting on intuititon
  9. Establishing trading success over a period then giving it back to the market in one or two trades... oh yes!!!!!

Good trading to all

( Think I'd better read those points again)

  • #184,586
  • Nov 25, 2009 1:25am Nov 25, 2009 1:25am
click

  • #184,587
  • Nov 25, 2009 1:29am Nov 25, 2009 1:29am
According to news ........Leaked figures from UK national stats say UK is now out of recession and analyists believe that the true figures are better than those actually reported. The last time those figures were presented ( negative) a huge downward spike was presented to the market.

Make of this what you will
  • #184,588
  • Nov 25, 2009 1:33am Nov 25, 2009 1:33am
Quoting Chumbawunga
Some sage advice coming from those of you whyo are more long in the tooth about trading. I've been in for about a year and am still reading advidly every book cd etc I can get my hands on.

The physcological side of trading is as important I have found as the technical side. These are typical trading errors which I am still guilty of at times.[list=1][*]Refusing to define a loss[*]Not liquidating a loosing position even tho it's going against you[*]Get locked into a belief - this is trying to control the market[*]Getting locked into a price...


Did I tell you for these points?
The Market pays you to be disciplined
  • #184,589
  • Edited 1:36am Nov 25, 2009 1:33am | Edited 1:36am
See 1.6667 50% fib converging with 200sma as good resistance level, 1hr chart Can't see anything between. Can any of you guys?
  • #184,590
  • Nov 25, 2009 1:45am Nov 25, 2009 1:45am
Quoting grashid


now it gets interesting.
Attached Image (click to enlarge)
Click to Enlarge Name: ichi6.gif Size: 51 KB
  • #184,591
  • Nov 25, 2009 1:53am Nov 25, 2009 1:53am
CABLE! Is finally breaking out of this untradable range!!!

Long from 6620 - Cable Now important area of .6660 is breached
Long Aussie/$ From .9169 approaching 1st TP 9280 - TP 2 may take a day or so depending on USDX and Gold.


Looking for Fibre to breach .5000 significantly. Following Gold and Dow
As well as news.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #184,592
  • Nov 25, 2009 2:07am Nov 25, 2009 2:07am
I'm loving this pre-gdp spike, but I think i'll bank my profit before the announcement.
  • #184,593
  • Nov 25, 2009 2:09am Nov 25, 2009 2:09am
Good call on cable -- I got up a little too late for that one, Bugger!
  • #184,594
  • Nov 25, 2009 2:12am Nov 25, 2009 2:12am
Quoting Chumbawunga
According to news ........Leaked figures from UK national stats say UK is now out of recession and analyists believe that the true figures are better than those actually reported. The last time those figures were presented ( negative) a huge downward spike was presented to the market.

Make of this what you will
Well well well!!!!!!
  • #184,595
  • Nov 25, 2009 2:25am Nov 25, 2009 2:25am
Shit ! Connection trouble on where I'll long at 1.6625 !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #184,596
  • Nov 25, 2009 2:51am Nov 25, 2009 2:51am
:nerd:1.6709 !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #184,597
  • Nov 25, 2009 3:01am Nov 25, 2009 3:01am
Quoting Chumbawunga
Well well well!!!!!!
That was some good info! Helped with the long!
  • #184,598
  • Nov 25, 2009 3:03am Nov 25, 2009 3:03am
Quoting micho
looking for possible long EURCAD on signal, target adjustable 1.5906
long EURCAD at 1.5814 target adjustable 1.5907

PLEASE DONT COPY
When life gives you lemons, make lemonade
  • #184,599
  • Nov 25, 2009 3:04am Nov 25, 2009 3:04am
Quoting manize
:nerd:1.6709 !
OK fill long 1.6702, stop 1.6690 !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #184,600
  • Nov 25, 2009 3:25am Nov 25, 2009 3:25am
market now stalled waiting for confirmation of revised 3q figures .. they could have over estimated the rate of recovery ... watch this space
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