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Cable Update (GBPUSD)

  • #186,541
  • Dec 8, 2009 10:24am Dec 8, 2009 10:24am
Quoting thetruthspy

hopefully daily 200 ema will hold the train..
It's not looking good for the dog...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #186,542
  • Dec 8, 2009 10:25am Dec 8, 2009 10:25am
finger on the trigger we are approching the test line will it bounce of the low or not
  • #186,543
  • Dec 8, 2009 10:28am Dec 8, 2009 10:28am
look at euro - if there is ANY correlation left it will drag cable down

there hasn't been any for along time though...
  • #186,544
  • Dec 8, 2009 10:29am Dec 8, 2009 10:29am
Quoting Magix
It's not looking good for the dog...
lol...
do you still holding your long??
or already change to short?
  • #186,545
  • Dec 8, 2009 10:31am Dec 8, 2009 10:31am
Quoting thetruthspy
lol...
do you still holding your long??
or already change to short?
I keep my long is it bad?
  • #186,546
  • Dec 8, 2009 10:31am Dec 8, 2009 10:31am
shoulda, woulda, hada, coulda

Made a trade (entry 1.6445 at a good compression point) and set a narrow stop in a specific 'psychological' account balance level rather than outside a 'psychological' trading zone. Walked away for the evening and returned to find that I was stopped out by 1 or 2 pips of the last hourly high (1.6461 plus spread) in an area that should have been no-man's land near recent hourly highs. The trade subsequently moved down nearly ~200 pips in (what would have been) my favor and still counting.

I read recently another poster's caution regarding this 'other' psychological account balance level that may skew our trading judgement. Something I had never considered before... we all know about placing stops outside of target zones that include whole round and 1/4 numbers plus S/R levels and recent highs. I have now discovered first hand the 'effect' of account balance zones and their 'affect' on our psyche, which may cloud our thinking and over power our judgement when setting stops and targets.

I was closing this particular account with a certain broker and decided to make one last trade... I wanted my final account balance to not draw below a certain dollar figure... an absolute rock bottom point, while still respecting a 3% trade risk level. If I had have paid more attention to proper stop/loss principles and not let this 'psychological' account balance override my trade judgement I could have easily been up an additional 3% and even 6% with proper management.

What a 'bonehead' move!

Well, I did pick the compression zone and near point of separation, but just didn't give it enough room to wiggle loose to profit in the large breakout.

Dr. D.
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  • #186,547
  • Dec 8, 2009 10:32am Dec 8, 2009 10:32am
close my short with 10 pip I will wait for a break on ether side.
  • #186,548
  • Dec 8, 2009 10:34am Dec 8, 2009 10:34am
Quoting thetruthspy
lol...
do you still holding your long??
or already change to short?
Still holding.

Will add if we close below the LOD, and wait for the ride back up. We are still in the same channel, so, holding ground, and believe we will still see a retrace.

Not much of a play day...**Yawn**
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #186,549
  • Dec 8, 2009 10:34am Dec 8, 2009 10:34am
Quoting Slotery
I keep my long is it bad?
I have cashed my cable short out as this could be a bottom on the 15m

Still making hay on the euro - haystacks actually
  • #186,550
  • Dec 8, 2009 10:37am Dec 8, 2009 10:37am
Quoting allserene
look at euro - if there is ANY correlation left it will drag cable down

there hasn't been any for along time though...
e/u could be stopped at 1.4700 resistance
  • #186,551
  • Dec 8, 2009 10:37am Dec 8, 2009 10:37am
New Obama Plans: 'Spend Our Way Out' of Downturn- AP
  • #186,552
  • Dec 8, 2009 10:40am Dec 8, 2009 10:40am
Quoting KwAAkS
e/u could be stopped at 1.4700 resistance
agreed - thats a lot of pips for one day - i ALWAYS sell my shares when they make 7 to 10% in a week and i do the same with currencies - greed is the enemy
  • #186,553
  • Dec 8, 2009 10:40am Dec 8, 2009 10:40am
That's it for today I'm happy that I catch the 100pip ride on the down side from the London session .I wouldn't be suprise that price will range at that level for the rest of the session ..
  • #186,554
  • Dec 8, 2009 10:40am Dec 8, 2009 10:40am
Quoting Bio
New Obama Plans: 'Spend Our Way Out' of Downturn- AP
IF the dog thing hasn't brought up cable, neither will the Obama thing.

lol
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #186,555
  • Dec 8, 2009 10:40am Dec 8, 2009 10:40am
Quoting Magix
Still holding.

Will add if we close below the LOD, and wait for the ride back up. We are still in the same channel, so, holding ground, and believe we will still see a retrace.

Not much of a play day...**Yawn**
me too...
already 7 cs (1hr) tried to break 1.6244.....
that's mean already 7hrs i keep watching
hopefully this was the last one try to break 1.6244...
  • #186,556
  • Dec 8, 2009 10:41am Dec 8, 2009 10:41am
im still holding my short with locked in profits of 175 pips and a limit order long trade at 1.6320... market doesnt seem to be doing a lot and momentum is on the decline...

any comments on what might happen in the asian session???
  • #186,557
  • Dec 8, 2009 10:42am Dec 8, 2009 10:42am
:nerd:1.6271 !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #186,558
  • Dec 8, 2009 10:59am Dec 8, 2009 10:59am
Hi All,

Any smart reason it should go below 1.6200?
  • #186,559
  • Edited 11:19am Dec 8, 2009 11:06am | Edited 11:19am
Quoting fx1o1
Hi All,

Any smart reason it should go below 1.6200?
Maybe tomorrow, today seems like stuck around 1.6271 (MP Nov 09) ! I don't recomend long, but if tempted to make an entry, I choose long, 1st target 1.6313/20, SL 1.6240/60 !
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #186,560
  • Dec 8, 2009 11:12am Dec 8, 2009 11:12am
Quoting Magix
IF the dog thing hasn't brought up cable, neither will the Obama thing.
lol
Let the puppy have it Magix Cable don't wanna move!
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