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Cable Update (GBPUSD)

  • #200,941
  • Feb 21, 2010 8:25pm Feb 21, 2010 8:25pm
Quoting ferndog
Went long at 1.5482...gonna look for TP at 1.5502...& then maybe up to 1.5550
What was the reason for going long at that price?
  • #200,942
  • Feb 21, 2010 8:32pm Feb 21, 2010 8:32pm
Quoting digger1
What was the reason for going long at that price?
I can give 7 reasons for not taking a trend trade right now....

All the same reasons I have exited all longs.

Critical time right now...and not that I am one to draw lines of corelation, but all the other charts are at either support or resistance.

For me personally, I would rather watch something go to back the trend and confirm than to buy or sell at pivots.

Hey...this is just me..and well, you know me, I am overly cautious.

Shake hands with the weak....
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #200,943
  • Feb 21, 2010 8:39pm Feb 21, 2010 8:39pm
Quoting Magix
I can give 7 reasons for not taking a trend trade right now....

All the same reasons I have exited all longs.

Critical time right now...and not that I am one to draw lines of corelation, but all the other charts are at either support or resistance.

For me personally, I would rather watch something go to back the trend and confirm than to buy or sell at pivots.

Hey...this is just me..and well, you know me, I am overly cautious.

Shake hands with the weak....
totally agree magix , I wasent knocking the trade from that post I was just wondering why that price? Me personnally I would tell my self a trade there would be fiddiling in the middle , price will go up at some point and test the support level at 1.5570 and the low that got put in Friday will be tested which one comes 1st is the question . When I fiddle in the middle it always goes the other way 1st lol, so you sit on a big draw down or your stop gets nicked before it goes the way you was thinking , was just wondering what he saw
  • #200,944
  • Feb 21, 2010 8:43pm Feb 21, 2010 8:43pm
I felt with the bounce off the pivot it has a chance to get higher
  • #200,945
  • Feb 21, 2010 8:44pm Feb 21, 2010 8:44pm
Quoting digger1
totally agree magix , I wasent knocking the trade from that post I was just wondering why that price? Me personnally I would tell my self a trade there would be fiddiling in the middle , price will go up at some point and test the support level at 1.5570 and the low that got put in Friday will be tested which one comes 1st is the question . When I fiddle in the middle it always goes the other way 1st lol, so you sit on a big draw down or your stop gets nicked before it goes the way you was thinking , was just wondering what he saw
For me...all things are equal and move proportionally...

If you check the EG chart, you will see that Eur has the momo.
Second, if you check the EU chart, hourly, you will see EU has hit 200ema, if nothing else, stall line.

If you look at the macd and osma of the lower time frames on cable, you can see that, maybe, longs right now, not a great idea.

Once again, this is just trade talk, not saying buddy didn't do good, or will lose on his trade, but if we are going long, Ima shoot for some cheapies!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #200,946
  • Feb 21, 2010 8:45pm Feb 21, 2010 8:45pm
Quoting ferndog
I felt with the bounce off the pivot it has a chance to get higher
Dude, nobody saying you made a bad trade, we just want to see the trade through your eyes.

This is a learning thread, and rule #1 with anything you read in any forums, is trade what you see, not what the rest of us dickheads have to say.

Lemme qualify this....it is a commonly known fact that my head is shaped like a penis, and refer to nobody else but myself and others like me. (so DT...EF off)
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #200,947
  • Feb 21, 2010 8:47pm Feb 21, 2010 8:47pm
should have said previous support in the 1.5570 area
  • #200,948
  • Feb 21, 2010 8:51pm Feb 21, 2010 8:51pm
It was just an answer to the ? I didn't take it as remark that i made a bad trade.
  • #200,949
  • Feb 21, 2010 8:53pm Feb 21, 2010 8:53pm
Quoting digger1
should have said previous support in the 1.5570 area
@ the 200ema on the 1m chart dig?

Until we clear the resistance on the 5m, 24sma, I sit.

Again, this is just me, play how you normally would.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #200,950
  • Feb 21, 2010 8:55pm Feb 21, 2010 8:55pm
Quoting ferndog
I felt with the bounce off the pivot it has a chance to get higher
I am holding longs from Friday yet , closed quite a few for the week-end and added them back on the drop down today . Still have some shorts from last Thursday , as magix said kinda a critical time here lol, wasent trying to start anything or knock anybodys trade, worring about my trades is enough for me , but getting a different view doesnt hurt
  • #200,951
  • Feb 21, 2010 9:01pm Feb 21, 2010 9:01pm
Quoting digger1
I am holding longs from Friday yet , closed quite a few for the week-end and added them back on the drop down today . Still have some shorts from last Thursday , as magix said kinda a critical time here lol, wasent trying to start anything or knock anybodys trade, worring about my trades is enough for me , but getting a different view doesnt hurt

NP...we are here to make money...so lets try to do that
  • #200,952
  • Feb 21, 2010 9:03pm Feb 21, 2010 9:03pm
Lets go up up up & away
  • #200,953
  • Feb 21, 2010 9:06pm Feb 21, 2010 9:06pm
I was looking at the spray painted blue line magix lol, my weekly pivot is in there are also , that was kinda my medium term targets for my longs friday , I dont have your one minute up yet , keep your five minute chart handy , but this is what I was looking at ,I try to get a decent view Friday because Sundays can be a little hazy, something to do with alcohol I am told and a little spark knock on the brain
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  • #200,954
  • Feb 21, 2010 9:17pm Feb 21, 2010 9:17pm
Ever go to the Forum Links to see Who's Online...

It's how I deal with this asylum.

Dr. D.

http://cdn.forexfactory.com/nfs/cust...tar36365_3.gif fourxtrader In counseling 2 min ago



  • #200,955
  • Feb 21, 2010 9:18pm Feb 21, 2010 9:18pm
I am long GBP/USD- swing /position trading. I dont do intraday trading, so i will hold the long for 1-2 days to see how it is going.

60% fib retracement (last week) will give us 1.56 +, but i think this will be a full retracement from jan 19 high (1.64) to feb 19 low (1.53).
  • #200,956
  • Feb 21, 2010 9:39pm Feb 21, 2010 9:39pm
Quoting javapips
it's fighting between senior 10+v VS senior 10+v...,
so if you are new be just stay out side... (except you think that you are senior too )


btw you buy at one of undecision level, becarefull
hey java did you hold over the week-end or did you get out before the market closed
  • #200,957
  • Edited 10:26pm Feb 21, 2010 10:00pm | Edited 10:26pm
Quoting digger1
hey java did you hold over the week-end or did you get out before the market closed
i hold my trade on the week end...,(cos i have free SWAP too... so why not? )
just close one at 1.5483 (right at 100 pips), and now still have one from your number...,
for this day i thing GU will make ABC pattern (IMHO), and now maybe we are in A, will make B and C before down.
becarefull for this day, possible will have some spark.
i don't think it is needed to give my chart cos this day so many member give a good chart and their analysis (this is i think, maybe for senior member that just a sh*t chart, but i don't thing so...almost good from all)..,
so have a good trade dig...(remember, don't follow the fighting )
I will be the number one Manager.
  • #200,958
  • Feb 21, 2010 10:02pm Feb 21, 2010 10:02pm
Quoting fingotrader
Hi, I join the tread started by Day Trader and ask you guys the same question about GBPUSD the coming week, any views on where we are going?

Thanks

FT
Hi my name is Phiroze Jamula and my strong view is that cable from the current price of 1.5480 on 22nd Feb at 4 am GMT should go to 1.5700. Its a big buy with a stop loss at 1.5340

Phiroze Jamula
UAE 00971506350680
  • #200,959
  • Feb 21, 2010 10:09pm Feb 21, 2010 10:09pm
Financial prediction is the easiest game to play. As the gurus say,
"If you can't predict well, predict often, and focus on the one's you get right."

The gurus rely on people having the tendency not to remember the bad calls, not doing the proper fact checking, and not statistically averaging the efficacy of right calls against the baseline of all calls.

If they did, they'd realize nobody gets it right better than the average coin toss most of the time. (including the people singing their own accolades on this forum)

Anyone saying they have the ability to predict the future is a liar.
The wild card in the market is human emotion which is why even the best analytical approach can often be wrong.

So, bravo to the people who got a call right. It happens sometimes, and feels great when it does.

Two skills that professional traders have which gives them an edge in the market is emotional intelligence and not letting ego enter the equation when they trade. Anyone engaging in childish and egotistical fighting on an amateur forum obviously lacks these most basic skills.

The Zurich Axioms has a great section on Financial Prediction. (the author took the time to actually do statistical fact checking to reach his conclusions)

If you have the chance, give it a read. It might help put some assumptions people have about the markets (and other people's abilities) into proper perspective.
  • #200,960
  • Feb 21, 2010 10:15pm Feb 21, 2010 10:15pm
Until European Union reveals its plan and action to rescue PIGS, I remain bullish sentiment on USD index.

Quoting Clouds
What is your position on USD now?
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