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Cable Update (GBPUSD)

  • #207,241
  • Mar 18, 2010 3:46am Mar 18, 2010 3:46am
Quoting Kaylinkz
This guy's (Wormboy) ..

Many thanks mate.

130 pips drop from the top of the mountain is no chump change. Rock on my friend!

Good luck!
Thank You
  • #207,242
  • Mar 18, 2010 3:47am Mar 18, 2010 3:47am
The cable bottomed at the moment in 1.524 area. The formed wave 5 was shorter comparing to wave 3, that was essential to prove 5-wave pattern (as wave 3 was shorter than wave 1).

As I await a good entry point for opening a buy order (with SL 1.5205), I suppose we’ll see another low at GU soon. The retracement typically has 3-wave formation. So by now we can see a correction move to the formed 5-wave construction. Alternate variant is a completed correction move only for wave 5, and then another decline, that is again shorter comparing to the previous one.

You should keep in mind, that the possibility of upside move start is actual right now, though it’s less likely.

The chart is attached to the signature link.
  • #207,243
  • Mar 18, 2010 3:47am Mar 18, 2010 3:47am
Quoting bbakker
Sit back, relax. 15240 is the next resistance, then 15170.. the X road. 15272 provides nice support now.
I really should know better by now though, it was a foolish entry thats probably going to cost me,I have put my stop in now so will wait and see.

Classic knee jerk reaction on my part, 270 is under threat now and I shorted at 250, rediculous entry...

Shame on me!
  • #207,244
  • Mar 18, 2010 3:50am Mar 18, 2010 3:50am
Quoting antic81
I really should know better by now though, it was a foolish entry thats probably going to cost me,I have put my stop in now so will wait and see.

Classic knee jerk reaction on my part, 270 is under threat now and I shorted at 250, rediculous entry...

Shame on me!
haha... dont worry brother! I had 2 of those on tuesday!

chill out and wait for the train, depending on your position size of course...


Its all part of learning, ENJOY IT
@pawpaw1000 on Twitter
  • #207,245
  • Mar 18, 2010 3:51am Mar 18, 2010 3:51am
in order to prove the correction move to the whole 5-wave construction price should reach 1.529-1.531 area.
  • #207,246
  • Mar 18, 2010 3:51am Mar 18, 2010 3:51am
Quoting antic81
I really should know better by now though, it was a foolish entry thats probably going to cost me,I have put my stop in now so will wait and see.

Classic knee jerk reaction on my part, 270 is under threat now and I shorted at 250, rediculous entry...

Shame on me!
Dont need to blame yourself , its gonna move down , since resistance at 70s
  • #207,247
  • Mar 18, 2010 3:51am Mar 18, 2010 3:51am
Quoting omiunu
and now it begins. see u later folks. wishing u all green pips. am long at 1.5032 take profits 1.5350. s.l - 1.5017 good luck
SCARED MONEY NEVER DOES GOOD IN FOREX
  • #207,248
  • Mar 18, 2010 3:53am Mar 18, 2010 3:53am
Quoting pawpaw1000
haha... dont worry brother! I had 2 of those on tuesday!

chill out and wait for the train, depending on your position size of course...


Its all part of learning, ENJOY IT
Haha!

Well I have been doing this everyday for almost a year now...so I really should know better!

Playing my standard 50p lot so not big by any stretch, still bigger than my 20p one that I got 100 pips out of last night, wiped that profit right out!

You must've had a good one too, you had a better entry than I last night, you still holding mate?
  • #207,249
  • Mar 18, 2010 3:56am Mar 18, 2010 3:56am
Quoting antic81
I really should know better by now though, it was a foolish entry thats probably going to cost me,I have put my stop in now so will wait and see.

Classic knee jerk reaction on my part, 270 is under threat now and I shorted at 250, rediculous entry...

Shame on me!
it happens dont stress your self
  • #207,250
  • Mar 18, 2010 3:56am Mar 18, 2010 3:56am
Quoting antic81
Haha!

Well I have been doing this everyday for almost a year now...so I really should know better!

Playing my standard 50p lot so not big by any stretch, still bigger than my 20p one that I got 100 pips out of last night, wiped that profit right out!

You must've had a good one too, you had a better entry than I last night, you still holding mate?
jip! my balance is now 15% UP since my start last monday

realise that by managing my losses, gains like this will come around every now and then...

Loving this business..
@pawpaw1000 on Twitter
  • #207,251
  • Mar 18, 2010 3:57am Mar 18, 2010 3:57am
Quoting antic81
I really should know better by now though, it was a foolish entry thats probably going to cost me,I have put my stop in now so will wait and see.

Classic knee jerk reaction on my part, 270 is under threat now and I shorted at 250, rediculous entry...

Shame on me!
No worries still have a long long way to drop we are just starting the pullback.
  • #207,252
  • Mar 18, 2010 3:58am Mar 18, 2010 3:58am
Quoting okandar
Dont need to blame yourself , its gonna move down , since resistance at 70s
Only time will tell at the moment, here's hoping!

The worst part is its got to move a whole lot just to get me to BE...had I exercised a little of the magic stuff known as patience...ah well, still will go down as a silly entry in my book, even if i make 100 points on her! haha!
  • #207,253
  • Mar 18, 2010 4:03am Mar 18, 2010 4:03am
Quoting antic81
Only time will tell at the moment, here's hoping!

The worst part is its got to move a whole lot just to get me to BE...had I exercised a little of the magic stuff known as patience...ah well, still will go down as a silly entry in my book, even if i make 100 points on her! haha!
how bout adding to her with a tight stop just before news? If you get it right you really cream it, if not, you lose a couple but not alot because of the tight stop???
@pawpaw1000 on Twitter
  • #207,254
  • Mar 18, 2010 4:04am Mar 18, 2010 4:04am
WOW!!! look at current account for eur... that money will now flow to dollar perhaps???
@pawpaw1000 on Twitter
  • #207,255
  • Mar 18, 2010 4:05am Mar 18, 2010 4:05am
Quoting pawpaw1000
jip! my balance is now 15% UP since my start last monday

realise that by managing my losses, gains like this will come around every now and then...

Loving this business..
Thats the key mate, if you can do that, you will go far, everyone loses, the key is to make your risk reward at least 2/1 that way even if you only get 50 percent of your trades through, you still grow the account...I'll let you know when I have mastered that art! haha!
  • #207,256
  • Mar 18, 2010 4:06am Mar 18, 2010 4:06am
hello guys, what do you think after news about GBP at 09h30 GMT? maybe will see 5210 on GU ?
High risk High return!
  • #207,257
  • Mar 18, 2010 4:09am Mar 18, 2010 4:09am
Quoting pawpaw1000
how bout adding to her with a tight stop just before news? If you get it right you really cream it, if not, you lose a couple but not alot because of the tight stop???
Now thats dangerous talk there...I like it!

In reality the news can always spike around a bit so a tight stop can ultimately kill a good trade, not always does it shoot off like a rocket in one direction for 100 pips without enough time for me to hit the close button before my stop is taken out! haha!
  • #207,258
  • Mar 18, 2010 4:13am Mar 18, 2010 4:13am
on forexpros.com they dont seem to think the net borrowing will have such a large effect on the market?
@pawpaw1000 on Twitter
  • #207,259
  • Mar 18, 2010 4:14am Mar 18, 2010 4:14am
Quoting forexlion
privet if you could find me a good mql4 programmer i have something interesting to be made

pm me if there is a good programmer around here
I will be find
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  • #207,260
  • Mar 18, 2010 4:19am Mar 18, 2010 4:19am
tripple top... close to moving-average-cross... watching for an possible entry
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