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Cable Update (GBPUSD)

  • #191,381
  • Jan 7, 2010 11:52pm Jan 7, 2010 11:52pm
Quoting Jemmy
Good afternoon dil, do you think cable will make major move before NFP news?
Maybe
  • #191,382
  • Jan 8, 2010 12:17am Jan 8, 2010 12:17am
shes gettin ready to plummet
  • #191,383
  • Jan 8, 2010 12:19am Jan 8, 2010 12:19am
Quoting Magix
Had the daily pivot point as 1.5946...took the sell...will add on confirmation.
I have pivot at 1.5963. Sure wish it would bust through yours and make it to mine


Which pivot program are u using to determine that point?
"Keep your eyes on the helpers" - Mr. Rogers
  • #191,384
  • Jan 8, 2010 12:20am Jan 8, 2010 12:20am
Quoting Magix
Had the daily pivot point as 1.5946...took the sell...will add on confirmation.
Daily Pivot is 1.5961
  • #191,385
  • Jan 8, 2010 12:21am Jan 8, 2010 12:21am
Quoting Magix
Had the daily pivot point as 1.5946...took the sell...will add on confirmation.
I am taking the Magix stand tonight and waiting for confirmation before I enter (maybe). I am quite tired and only want quick pips.
  • #191,386
  • Jan 8, 2010 12:21am Jan 8, 2010 12:21am
Quoting Baby-Trader
Daily Pivot is 1.5961
gonna break it 56 now
  • #191,387
  • Jan 8, 2010 12:22am Jan 8, 2010 12:22am
It's just the pivot I had on my charts...exited this at BE...what a total waste of a trading day.

Sigh...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #191,388
  • Jan 8, 2010 12:22am Jan 8, 2010 12:22am
Quoting Baby-Trader
Daily Pivot is 1.5961
We are close, within 10 pips.
  • #191,389
  • Jan 8, 2010 12:22am Jan 8, 2010 12:22am
Quoting Baby-Trader
Daily Pivot is 1.5961
This is closer to what I have as well
"Keep your eyes on the helpers" - Mr. Rogers
  • #191,390
  • Jan 8, 2010 12:24am Jan 8, 2010 12:24am
Quoting Magix
It's just the pivot I had on my charts...exited this at BE...what a total waste of a trading day.

Sigh...
I may not even trade tonight, we will see what happens. I am so tired I decided not to even go to the office. Stayed home so if I don't like what I see, I will just go to bed. My wife would wonder what the hell I was doing there.
  • #191,391
  • Jan 8, 2010 12:25am Jan 8, 2010 12:25am
Hi Baby-trader,

What's your current view?
Thanks
  • #191,392
  • Jan 8, 2010 12:25am Jan 8, 2010 12:25am
Quoting Magix
Had the daily pivot point as 1.5946...took the sell...will add on confirmation.
you are right. i wont long GU at this level for some reasons. 1) the pa is still below the daily pivot and unless i see a 4hr close above this level no closing of my short 2) the PA for the last 8 hours have shown that sellers are well established in the trend cos they have repelling every move of the bull but you know they will still want to suck in unsuspecting retailers like us.i will continue watching and decide what to do once the 4hrs close above DP.
if the current 4hrs shd close as it is i will simply add to my GY long and leave my GU short until my system says otherwise.
just my observation
  • #191,393
  • Jan 8, 2010 12:25am Jan 8, 2010 12:25am
Granted only a 1M chart, but if it goes lower it will enter the eye of the storm, in between the crossing of my two trendlines.

Not always, but more times than not it exits the same way it enters and in this case would be up.

Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 26 KB
"Keep your eyes on the helpers" - Mr. Rogers
  • #191,394
  • Jan 8, 2010 12:26am Jan 8, 2010 12:26am
Quoting Ctic
I may not even trade tonight, we will see what happens. I am so tired I decided not to even go to the office. Stayed home so if I don't like what I see, I will just go to bed. My wife would wonder what the hell I was doing there.
The day was total shiznit!

I knew it from the beginning...50 pip window...clear the spreads...40 pips...wait for confirmation and she turns.

I am @ like 45, and I was around for almost the entire day.

Eff this Garbage...If I don't see something in the next hour...I am outa here.

Forget NFP, Take the rest of the week off.

pshhhhhhhhhh
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #191,395
  • Jan 8, 2010 12:31am Jan 8, 2010 12:31am
Quoting Magix
The day was total shiznit!

I knew it from the beginning...50 pip window...clear the spreads...40 pips...wait for confirmation and she turns.

I am @ like 45, and I was around for almost the entire day.

Eff this Garbage...If I don't see something in the next hour...I am outa here.

Forget NFP, Take the rest of the week off.

pshhhhhhhhhh
Yeah pretty much. At least I made back most of my loss from last night though. Don't know what I was thinking last night. Didn't have a clear mind. Like I said though, can't have a gain every day, but as long as the loss is minimal, no biggie.
  • #191,396
  • Jan 8, 2010 12:33am Jan 8, 2010 12:33am
Quoting dil
gonna break it 56 now
Hello dil ,
I'm not sure, I'm confused.
closed all my shorts and hold longs till 1.5990 maybe.
I'll think to enter shorts @1.5990.

Good luck
  • #191,397
  • Jan 8, 2010 12:37am Jan 8, 2010 12:37am
Quoting Ctic
Yeah pretty much. At least I made back most of my loss from last night though. Don't know what I was thinking last night. Didn't have a clear mind. Like I said though, can't have a gain every day, but as long as the loss is minimal, no biggie.
I don't mind taking a loss...that don't really bother me none, but give me a playable friggen day....

Money is ez to make back, but on a day like today, charts were clear in only one direction...sideways.

Must be huge expectations and a stifled market due to first NFP of the year, and a price hovering at a low.

What ever. There is always next week.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #191,398
  • Jan 8, 2010 12:38am Jan 8, 2010 12:38am
Quoting Magix
A hold from almost any position can be profitable some day, but having been around the forums for some time, I can say that there are a lot more that will blow accounts waiting for a trade to come back then will prosper by getting on the correct side of the trade. Not really just me that sees this either.
...

I am gunna go generally speaking, and talk money management.


Using Stop losses is to your advantage, 2-300 pip slides are really not a lot of fun.

But then again..this is just my idea.
I think I could hardly disagree more!
If you cannot sustain 300 pip draw down then don't talk money management.

Forex is 90% about SL hunting!!!

Naturally, planned exit is a must but to anounce your aim to your broker in advance, ugh.

For disasters, like net or platform black-out, you should have phone number ready and for normal run, the mental SL is the right solution.

Some years ago, I was also using SLs as a normal practise to place orders. I started to be profitable regularly only after I realized this mistake.
  • #191,399
  • Jan 8, 2010 12:41am Jan 8, 2010 12:41am
Quoting Baby-Trader
Hello dil ,
I'm not sure, I'm confused.
closed all my shorts and hold longs till 1.5990 maybe.
I'll think to enter shorts @1.5990.

Good luck
BT,

This here is critical spot, we have been going sideways for 24 hours now. I would wait for confirmation before you really do anything. In the meantime play the channel. At the way top of this sideways channel play it down, at the bottom play it up, BUT keep very tight stoplosses. May break channel tonight, may not. Possible doji for daily candle. Possible morning star forming? who knows we will see.
  • #191,400
  • Jan 8, 2010 12:44am Jan 8, 2010 12:44am
Quoting JanPoko
I think I could hardly disagree more!
If you cannot sustain 300 pip draw down then don't talk money management.
If you are caught in a 300 pip draw down, and you talk money management...we have a complete different understanding of this phrase.

Not that it matters, we all need to have a system, hopefully one that works.

You would seem to be a longer term trader, me, not so much, I really see no need to have anything more then 50.

And the conversation was really about hedging vs stop loss.

Thank for your dos centavos.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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