Cable Update (GBPUSD)

I've been trading only for 9 months, and this is my first time watching price hover around TNBN (the next big number) (for the past 40 minutes, as of when I started writing this post). It's fun and exciting! Reminds me of when I was 17 and on our way home from school on a Friday afternoon, I noticed that the odometer on my friend's car (her dad had given her his old one) was 5 miles away from changing from 99999 back to 00000, and I insisted that she continue driving us around for awhile, so I could watch as all the nines changed to zeroes. She kindly humored me and my weird request. Sign of a true friend.

While I was writing this, the Bulls won and GBPUSD shot up over 1.6200, which caused my hedged Sell order to stop out for a 10-pip loss and my hedged Buy order to now be up 32 pips. A very nice consolation for having missed actually seeing that breakout.

I trade off the M1 chart, and I used to hate when GBPUSD (or any currency pair) started ranging. But now ranging doesn't bother me since I started hedging my "trending" order while the currency pair takes a well-deserved rest. I'm hedged now, so I locked in a net of +30 pips.

While I was typing the last paragraph, price spiked up again and I heard the alert (one of the 3 audible alerts and screen messages my system gives; Support or Resistance breakout, EMAs crossing, or NonLagMA color change). So I closed out my Sell (hedge) order for a 9-pip "loss," which my back-in-action Buy (trend) order had also earned. So my net loss was only 2.5 pips (my broker's 2-pip spread + .5 pip on the 0.10 lot Sell hedge order).

I don't know why I waited so long to discover this hedging strategy. (I'm based in the US, but I can hedge because my very reputable broker is based in Cyprus.)

Hi All,
see this about Global Macro in the same situation.

http://www.forexfactory.com/showthre...60#post3149160

Geppyg

What a great long call you made on sterling yesterday - can i ask you how did you come to that trade decision

Many thanks

Mark (new to forex)

and good luck to us all in the new year !!!

God bless

Peace

data much better than expected now lets see.

I am short on gu at 1.6230. Any suggestion where is going gu to stop?

Isn't it nice of the Bears to create a new wrestling match for us so quickly?!?

My earlier post from yesterday. The fibs do not lie.

Not moving much except took that dip downwards. Seems they do not know which way it should go at this minute....

Where is going to be next pit stop?

any reaction to the unemployment claims ?

cable broke 62 lets hope it maintains it.

remember.

we may see a support @1.6170 and if we break it . the next station will be 1.6041.

Remember, Numbers never lie.

hey,
any ideas about dragon?

do you think we will see a larger amount of profit taking, due to the holiday, and the end of the mth, year ect. ?

baby trader ur numbers are defintly not lying. i wonder wat they are saying now. btw the books u recomended i am gone start from the one where u said excellent i hope order does not matter which. since i seriusly want to consider tradin as a long term thing i will try and get thru all in next 2 to 3 yrs.

Gu 30 min candle closed above 1.62 so seems like going up now

My Numbers says that we may see a support @1.6170 the previous resistance turned support and also which is the 38.2% fibo level of the 1.6725 to 1.5831.

so if we break the point @1.6170, My system tells me that next barrier will be @1.6040 which is the 23.6% fibo level.

Daily R2 @1.6263 & daily R3 is @ 1.6433 which I don't think we will reach it today.

Take care. I'm out of trading today.

As you can see from the attached chart, it is setting up to make a real big move. Attached is the 4 Hr chart using the weekly fibs. As you can see, it went from the 138.2 on the downside to the 138.2 on the up side.

The daily chart showing the fibs for next months candle shows it can retrace a bit more up to the 50 fib or 38.2 fib. If true trend reversal will go to the 1.7000 area but time will tell. Need confirmation it will do that and I play day by day.

As for this week I do not think it will go much above this point, considering the market closes soon. If it does will go to the 1.62600 or 1.6300 level which would make it touch the 138.2 or 161.8 fibs. Look for the confirmation though with the lower charts. As for me, I am closing my positions I put in yesterday since it hit the target area I mentioned.