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Cable Update (GBPUSD)

  • #209,541
  • Mar 24, 2010 5:22am Mar 24, 2010 5:22am
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  • #209,542
  • Mar 24, 2010 5:24am Mar 24, 2010 5:24am
FTSE starting to sell off. I am still waiting for my entry. Been flat all morning, something is brewing here.
  • #209,543
  • Mar 24, 2010 5:28am Mar 24, 2010 5:28am
Hopefully this is a continuation break and not the silly bugger bounce back again.

I'm a shortie....
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Click to Enlarge Name: cable.JPG Size: 112 KB
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #209,544
  • Mar 24, 2010 5:29am Mar 24, 2010 5:29am
Quoting Bull_Bear
Hopefully this is a continuation break and not the silly bugger bounce back again.

I'm a shortie....

Been looking at the same thing all morning. We have had a few false starts that tempted some of the bulls here, PA is coming together beautifully here for my intended short, patience is a virtue...
  • #209,545
  • Mar 24, 2010 5:34am Mar 24, 2010 5:34am
aaaah! what luck, touches my s/l by 2 pips and runs down!!!
@pawpaw1000 on Twitter
  • #209,546
  • Mar 24, 2010 5:40am Mar 24, 2010 5:40am
Lost two today, suddenly decided to come down and smash the support and take me out...

So I have lost on a sell and a buy...and now I foolishly chased the break to the south, only to have that trade not looking good either, I really am making some bad decissions today...
  • #209,547
  • Mar 24, 2010 5:42am Mar 24, 2010 5:42am
Quoting pawpaw1000
aaaah! what luck, touches my s/l by 2 pips and runs down!!!
Ditto. But I got back in with my short @ 14995 before I left home this morning. Now covered with a long at 14945 with 40 SL on both. Hopefully they will stay put before the budget is announced. Time to do some work!
  • #209,548
  • Mar 24, 2010 5:43am Mar 24, 2010 5:43am
Quoting antic81
Lost two today, suddenly decided to come down and smash the support and take me out...

So I have lost on a sell and a buy...and now I foolishly chased the break to the south, only to have that trade not looking good either, I really am making some bad decissions today...
tht stinks antic , shake it off , regroup , another trade around the corner dude
  • #209,549
  • Mar 24, 2010 5:45am Mar 24, 2010 5:45am
Bear trap ? hope so!
COT: The precious data ignored
  • #209,550
  • Mar 24, 2010 5:48am Mar 24, 2010 5:48am
Quoting cloggie
Been looking at the same thing all morning. We have had a few false starts that tempted some of the bulls here, PA is coming together beautifully here for my intended short, patience is a virtue...
Stay safe clog, thats all we can do mate.

Good luck
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #209,551
  • Mar 24, 2010 5:48am Mar 24, 2010 5:48am
Quoting digger1
tht stinks antic , shake it off , regroup , another trade around the corner dude

Thanks bud, yeah, I am trading like a fool today, I really dont know whats wrong with me, I really need to learn to stay the hell out if I dont like what I see, and chasing like I did with the break to the south is a real novice mistake to make, even if you favour the direction always wait for the pullback, I know this and yet I still chased!

20 pips down as we speak, and less than two hours till budget...
  • #209,552
  • Mar 24, 2010 5:51am Mar 24, 2010 5:51am
yes.. GU acting very strange.. no momentum for downside.. is it a trap? i'll vote for long at this time.. Long @ 1.4963.. sl below 1.4930 a bit.. just small sl. no rush.. if this is a trap it will become a beautiful trap..

why long. daily look bearish, weekly totally bearish.. PA, and support will prove soon..if the support failed, then yes we are in deep shit. good luck people.. hope the discount stops right here.
  • #209,553
  • Mar 24, 2010 5:54am Mar 24, 2010 5:54am
Quoting mloistianto
yes.. GU acting very strange.. no momentum for downside.. is it a trap? i'll vote for long at this time.. Long @ 1.4963.. sl below 1.4930 a bit.. just small sl. no rush.. if this is a trap it will become a beautiful trap..

why long. daily look bearish, weekly totally bearish.. PA, and support will prove soon..if the support failed, then yes we are in deep shit. good luck people.. hope the discount stops right here.

I hope it isnt a trap...otherwise the bulls have snared one Antic in their net.
The way my trades are going today though...wouldnt surprise me.

Good Luck!

To ME!
  • #209,554
  • Mar 24, 2010 5:55am Mar 24, 2010 5:55am
GBP: INFLATIONARY PRESSURES EXPECTED TO EASE
Weaker U.K. economic data also prevented the British pound from participating in the risk rally. Consumer prices grew by only 0.3 percent, driving the annualized CPI rate to 3 from 3.5 percent. Core prices which excludes volatile measures such as food and energy also saw its’ annualize rate slow from 3.1 to 2.9 percent. Lower energy prices and a large decline in the cost of toys, games and books pushed inflation lower. Last month, one of the U.K.’s gas companies even cut the cost of natural gas prices by 6 cents, reducing the average gas bill by 55 pounds a year. Although inflation is still above the central bank’s target, it is trending lower which should make the Bank of England more relaxed about tightening monetary policy. Next to the Bank of Japan, the BoE is the most dovish central bank and if inflation continues to fall, they could opt to raise monetary stimulus like their Japanese counterparts. Aside from the CPI report, the Confederation of British Industries also reported weaker retail sales last month, dealing a further blow to the pound. There is no major economic data scheduled for release from the U.K. tomorrow but Chancellor Darling will be delivering the country’s 2010 budget report. He is expected to confirm tax increases announced back in November and may revise down his original budget deficit estimate which would be positive for the pound.
@pawpaw1000 on Twitter
  • #209,555
  • Mar 24, 2010 5:55am Mar 24, 2010 5:55am
Quoting antic81
Thanks bud, yeah, I am trading like a fool today, I really dont know whats wrong with me, I really need to learn to stay the hell out if I dont like what I see, and chasing like I did with the break to the south is a real novice mistake to make, even if you favour the direction always wait for the pullback, I know this and yet I still chased!

20 pips down as we speak, and less than two hours till budget...
Just dust yourself and carry on mate... It was a super tough day to trade even for experienced traders (not saying that I'm one)... I thought I had it made with longs at the start, only to get whipped. Initiated a short and LUCKILY... I emphasize again LUCKILY, the market broke downwards in my favor, so I'm walking away from today's trading with a "princely" 3 pip profit. We are drawing close to the UK budget release and you don't want to be caught on the wrong side of that. Live to trade another day...
  • #209,556
  • Mar 24, 2010 5:55am Mar 24, 2010 5:55am
Quoting antic81
Lost two today, suddenly decided to come down and smash the support and take me out...

So I have lost on a sell and a buy...and now I foolishly chased the break to the south, only to have that trade not looking good either, I really am making some bad decissions today...
Ant your normally pretty good with telling yourself to wait for the entry. I guess we all have our day mate, not to say we are all guilty of our impatience too.

I guess for now stay with your short position, with tolerance above 1.5020, I'm hoping she's stays below psyc level 1.5000 and we are sweet mate.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #209,557
  • Mar 24, 2010 5:56am Mar 24, 2010 5:56am
Quoting digger1
tht stinks antic , shake it off , regroup , another trade around the corner dude
hey bro

did hear any thing abut the wise man
  • #209,558
  • Mar 24, 2010 5:56am Mar 24, 2010 5:56am
We came into today in a downtrend. A very nice abc retracement developed. Kicked away from the daily central pivot and formed a triangle (abcde) and down it went.
Attached Image
  • #209,559
  • Mar 24, 2010 6:00am Mar 24, 2010 6:00am
Daily Pivots: (S1) 1.4975; (P) 1.5043; (R1) 1.5115; More
Intraday bias in GBP/USD remains neutral and some more consolidations could be seen. But upside is expected to be limited by 4 hours 55 EMA (now at 1.5105) and bring another fall. As discussed before, choppy recovery from 1.4783 should have completed with three waves up to 1.5381 already. Below 1.4931 will bring retest of 1.4783 low first. Break will confirm that whole decline from 1.6456 is resuming for next target of 200% projection of 1.6875 to 1.5829 from 1.6456 at 1.4364.
@pawpaw1000 on Twitter
  • #209,560
  • Mar 24, 2010 6:06am Mar 24, 2010 6:06am
Quoting Bull_Bear
Ant your normally pretty good with telling yourself to wait for the entry. I guess we all have our day mate, not to say we are all guilty of our impatience too.

I guess for now stay with your short position, with tolerance above 1.5020, I'm hoping she's stays below psyc level 1.5000 and we are sweet mate.

Thanks mate,

I really don't know what has come over me today, the only thing is I am placing a lot more trades lately, and used to a loss here and there, only to make up for it during the rest of the trading day, I am massively dissappointed in my knee jerk reaction to my trades today, as it invalidates everything I have learned in the last year, I think I was a bit shaken having been whipped out twice and then thought she was surely going to head south fast with possibly no good pullback for an entry, so I jumped on, without giving it the respect it deserved.

The only thing I never really mess with is lot size, I am not one of these guys who keeps doubling up in the thought that it will go my way, I have a mate that loves doing that and I have seen him wipe out an account in about 2 hours...

I do hope this goes down, but even if it does go my way,I will still look back at today in the knowledge that I have made some terrible trades!

Heres hoping!

Ant
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