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Cable Update (GBPUSD)

  • #205,481
  • Mar 12, 2010 5:44am Mar 12, 2010 5:44am
Quoting pawpaw1000
well, it has retraced twice already, when can it start to fall!!!

Still a long day ahead and we could see alot more movement today or you reckon most of it is done for today???
Fridays are wierd, but I think more movement. Remember don't force a trade, wait for your trades, don't anticipate, wait for the chart to show you. I want to say of all the trades I made this year, 95% of the trades I closed for a loss were due to me anticipating, 5% I screwed up. 100% of the trades that I closed at a profit, was because I waited for the charts to show me the direction.
  • #205,482
  • Mar 12, 2010 5:44am Mar 12, 2010 5:44am
Quoting pawpaw1000
well, it has retraced twice already, when can it start to fall!!!

Still a long day ahead and we could see alot more movement today or you reckon most of it is done for today???
Pawpaw been reading your posts today and looks impressive ,,,,
what trading system are you on ??? I read you trade on 5m and 1m ,, isnt it a bit too risky ? ... would love to learn from you
  • #205,483
  • Mar 12, 2010 5:46am Mar 12, 2010 5:46am
damn M15 resistance hehe
  • #205,484
  • Mar 12, 2010 5:48am Mar 12, 2010 5:48am
Quoting Ctic
Fridays are wierd, but I think more movement. Remember don't force a trade, wait for your trades, don't anticipate, wait for the chart to show you. I want to say of all the trades I made this year, 95% of the trades I closed for a loss were due to me anticipating, 5% I screwed up. 100% of the trades that I closed at a profit, was because I waited for the charts to show me the direction.
That sounds like a good idea... I'm anticipating a fall and so take a short but nothing seems to happen, except it moves further up. It has moved through the 1.5150 mark twice and I'm starting to think it will propably move higher as it refuses to drop!
@pawpaw1000 on Twitter
  • #205,485
  • Mar 12, 2010 5:49am Mar 12, 2010 5:49am
Quoting bbakker
For this afternoon, my short-term risky play as we are into the 3rd day up-trend -

Resistance found at 15170 (touched twice). Opened short order with a SL of 15 (minimum allowed) (R/R @ 3:1). If order not opened by 13:15, I will delete it before the US Retail news. Might already be too late.

Do not what I say, you have your own mind to make your own decisions.
I am in. Now let's see if this baby retraces back, or keeps going higher. Remember kids, it is crazy Friday!
  • #205,486
  • Mar 12, 2010 5:51am Mar 12, 2010 5:51am
Quoting bbakker
I am in. Now let's see if this baby retraces back, or keeps going higher. Remember kids, it is crazy Friday!
lets hope it drops like a rock! If i can make 30pips on this trade I'm made for the day, if I get stopped, I'm back to the drawing board...
@pawpaw1000 on Twitter
  • #205,487
  • Mar 12, 2010 5:52am Mar 12, 2010 5:52am
Quoting pawpaw1000
Ai, I'm making sooo many mistakes the last 2 days!!! first 3 days of the week was great! now i'm just causing S%$& for myself...
If you have 3 consecutive losing trades. STOP and THINK! Don't chase your loses... you will only make it worse.
  • #205,488
  • Mar 12, 2010 5:54am Mar 12, 2010 5:54am
Quoting bbakker
If you have 3 consecutive losing trades. STOP and THINK! Don't chase your loses... you will only make it worse.
well, this is my fourth trade today, first one good, 2nd and 3rd bad, and this one has got to be GOOD! holding thumbs but we have got to see retracement and this resistance is really strong, look back a couple of days...
@pawpaw1000 on Twitter
  • #205,489
  • Mar 12, 2010 5:57am Mar 12, 2010 5:57am
Quoting pawpaw1000
well, this is my fourth trade today, first one good, 2nd and 3rd bad, and this one has got to be GOOD! holding thumbs but we have got to see retracement and this resistance is really strong, look back a couple of days...
The resistance is now the support..
  • #205,490
  • Mar 12, 2010 5:58am Mar 12, 2010 5:58am
Quoting pawpaw1000
Ai, I'm making sooo many mistakes the last 2 days!!! first 3 days of the week was great! now i'm just causing S%$& for myself...
don't worry, it's happens to the best of us..
  • #205,491
  • Mar 12, 2010 5:59am Mar 12, 2010 5:59am
any running commentary on what we are seeing? has dropped 15pips, but seems to be slowing. will the big lady fall? shes helluva strong! shes wavering, stumbling but refusing to give in!
@pawpaw1000 on Twitter
  • #205,492
  • Mar 12, 2010 5:59am Mar 12, 2010 5:59am
Quoting bbakker
I am in. Now let's see if this baby retraces back, or keeps going higher. Remember kids, it is crazy Friday!
more like freaky friday!
  • #205,493
  • Mar 12, 2010 6:00am Mar 12, 2010 6:00am
Quoting Ctic
The resistance is now the support..
oops, yeah... but it has gone through 1.5150 just to come back up!

lets hope the bears have some fight in them!
@pawpaw1000 on Twitter
  • #205,494
  • Mar 12, 2010 6:01am Mar 12, 2010 6:01am
Quoting kill56
for me i will wait for the USA news
Not a bad call. Trading news is not for the feint hearted and you need to know what you are doing. My advice to newbies is to sit out... I know, I know, not an easy thing to do when you see it go 100+ pips and the money you could have made, but more times than often you will get your fingers burned. If you do play the news, cover your positions favourably. Now I am in, I have two options depending if price moves down.

1. Close position before 13:30 and try and judge what the best price would be depending on the movement in the next 90 mins.
2. If it moves far enough down, move my SL to break-even and get a free ride, but statistically I will probably walk away with nothing.

Option 1 is my preferred option, but I will decide nearer the time, depending how I feel and if I can see a full moon in the day sky
  • #205,495
  • Mar 12, 2010 6:02am Mar 12, 2010 6:02am
Quoting pawpaw1000
any running commentary on what we are seeing? has dropped 15pips, but seems to be slowing. will the big lady fall? shes helluva strong! shes wavering, stumbling but refusing to give in!
That means one thing it is probably anticipating another higher move better stay off selling till after the US core news.
  • #205,496
  • Mar 12, 2010 6:04am Mar 12, 2010 6:04am
i learn a lot in 3 trades today
Stick to the rules !!!!
Don't think you'r better than the rules !!

hehe
nice learning day even if i lose some real money...
  • #205,497
  • Mar 12, 2010 6:05am Mar 12, 2010 6:05am
Quoting bbakker
Not a bad call. Trading news is not for the feint hearted and you need to know what you are doing. My advice to newbies is to sit out... I know, I know, not an easy thing to do when you see it go 100+ pips and the money you could have made, but more times than often you will get your fingers burned. If you do play the news, cover your positions favourably. Now I am in, I have two options depending if price moves down.

1. Close position before 13:30 and try and judge what the best price would be depending on the movement in the next 90 mins.
2....
aiaiai, can my day get any worse! Now I'm pressured by time also...

mmm... what to do???
@pawpaw1000 on Twitter
  • #205,498
  • Mar 12, 2010 6:05am Mar 12, 2010 6:05am
Quoting pawpaw1000
well, this is my fourth trade today, first one good, 2nd and 3rd bad, and this one has got to be GOOD! holding thumbs but we have got to see retracement and this resistance is really strong, look back a couple of days...
There are no certainties in this world. I admire your optimism.
  • #205,499
  • Mar 12, 2010 6:07am Mar 12, 2010 6:07am
Quoting Pyramus
That means one thing it is probably anticipating another higher move better stay off selling till after the US core news.
well, will see what the most favourable exit is that I can find before the news but dont really like it. Anticipating at least a 40 pip retracement!
@pawpaw1000 on Twitter
  • #205,500
  • Mar 12, 2010 6:08am Mar 12, 2010 6:08am
Quoting bbakker
There are no certainties in this world. I admire your optimism.
sometimes optimism is real hard to keep up in this game.
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