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Cable Update (GBPUSD)

  • #214,921
  • Apr 8, 2010 3:45pm Apr 8, 2010 3:45pm
Well traders been a great week to play the range , the range play may be about to end. A chart of this weeks action ,
It started the week off with a nice head & shoulder pattern , which could not break thru the weekly and montly pivot area , it then retested the head area , sold off to the pivot areas again , bought back up to the head area , sold off again and now here we are back to the head area , one good poke above the head area and some weaker shorts ought to be exiting trades in a hurry . Now take a gander at a 2 or a four hour chart and you will see the same senario only on a much longer time period , almost 4 weeks now and price is really trying to get a poke above the head on the 2 or 4 hour chart. It has been a nice battle down here but atm it appears the buyers are starting to gain some traction. Magix your charts point the way bro , cheers all
Attached Image (click to enlarge)
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  • #214,922
  • Apr 8, 2010 3:46pm Apr 8, 2010 3:46pm
Holy crap, there is a fight going on, looks like red MAY win....

Rather, MAY win this round.

Hmmm, cutting losses time?
Back to basics, it has to be for me!
  • #214,923
  • Apr 8, 2010 3:47pm Apr 8, 2010 3:47pm
That spike made me piss my pants a bit. I moved my SL's up to 877. That false spike yesterday, really would kill me before, so I'm up above it. Of course, if it continues up I'll realize more loss, but I really think it will go down. Time will tell.
  • #214,924
  • Apr 8, 2010 3:48pm Apr 8, 2010 3:48pm
i entered my short at 278. s/l 315
  • #214,925
  • Apr 8, 2010 3:55pm Apr 8, 2010 3:55pm
Entered an entry-buy @ 1.53
All those stops there could move it up really fast if it gets there....
Don't be a hero. Don't have an ego. Always question yourself
  • #214,926
  • Apr 8, 2010 3:55pm Apr 8, 2010 3:55pm
Quoting mygoldenpips
sir..SL not change right?...still 95?
No, definitely not changed my SL. If it hits, I'll take it like a man and move on, looking for the next opportunity.

Good luck and may Asia bring us that luck that we need!
  • #214,927
  • Edited 3:55pm Apr 8, 2010 3:55pm | Edited 3:55pm
GBPUSD BUY

Chart based on daily chart with view from 4hour


nicholas
Attached Image (click to enlarge)
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  • #214,928
  • Apr 8, 2010 3:55pm Apr 8, 2010 3:55pm
With the looming election and all the other stuff going on with Greece, etc, you'd THINK we'd be going down.

Lets see if we manage to stay below 5280, which as I type doesnt look good....
Back to basics, it has to be for me!
  • #214,929
  • Apr 8, 2010 3:56pm Apr 8, 2010 3:56pm
guy...need help here...i enter short at 65...but dont know where to put SL..
dont worry about MM...it under control...
just having troubke...where to put nices SL..
any suggestion...coz i off now...going to bed
Revesal Trader
  • #214,930
  • Apr 8, 2010 3:58pm Apr 8, 2010 3:58pm
Quoting mygoldenpips
guy...need help here...i enter short at 65...but dont know where to put SL..
dont worry about MM...it under control...
just having troubke...where to put nices SL..
any suggestion...coz i off now...going to bed
285/90/95 0r 5305 depending on how much u wanna take loss
  • #214,931
  • Apr 8, 2010 3:58pm Apr 8, 2010 3:58pm
Quoting Boon Doc
That spike made me piss my pants a bit. I moved my SL's up to 877. That false spike yesterday, really would kill me before, so I'm up above it. Of course, if it continues up I'll realize more loss, but I really think it will go down. Time will tell.
lol, hate to think of what the next spike may do , we are 20 pips away from last weeks and also this weeks high , as interested as somebody is at buying the lows this week there may be a spike to that area at least
  • #214,932
  • Apr 8, 2010 3:59pm Apr 8, 2010 3:59pm
Quoting bbakker
No, definitely not changed my SL. If it hits, I'll take it like a man and move on, looking for the next opportunity.

Good luck and may Asia bring us that luck that we need!
ok sir...
i pollow u..
off now going to bed..it 5.00am here..
hope Fed Chairman Bernanke Speaks...can change the table around
Revesal Trader
  • #214,933
  • Apr 8, 2010 4:03pm Apr 8, 2010 4:03pm
they gonna stop hunt us with a nasty spike........................... any min now
  • #214,934
  • Apr 8, 2010 4:06pm Apr 8, 2010 4:06pm
Quoting cableboy
they gonna stop hunt us with a nasty spike........................... any min now
I agree....Stops moved to 5310....Am willing to take the loss if they take it that high but I believe the spike will fall short
  • #214,935
  • Apr 8, 2010 4:06pm Apr 8, 2010 4:06pm
Whew, no stop hunt, but it ain't over yet
  • #214,936
  • Apr 8, 2010 4:08pm Apr 8, 2010 4:08pm
I actually think is exhausted and will start falling from now on in asian session...time will tell!
Jacko's turtle
  • #214,937
  • Apr 8, 2010 4:11pm Apr 8, 2010 4:11pm
Quoting cableboy
they gonna stop hunt us with a nasty spike........................... any min now
Ah yes the ole stop hunt , I think its at the top of "theys" list who ever "they" are , all of us retail traders are an insignificant spec to "they" whoever they are , mal said it best yesterday , lot lower liquidity this time of day not much market depth spreads widen and just not as many players in general
  • #214,938
  • Apr 8, 2010 4:15pm Apr 8, 2010 4:15pm
Quoting digger1
Ah yes the ole stop hunt , I think its at the top of "theys" list who ever "they" are , all of us retail traders are an insignificant spec to "they" whoever they are , mal said it best yesterday , lot lower liquidity this time of day not much market depth spreads widen and just not as many players in general
just adding a bit of suspense........
  • #214,939
  • Apr 8, 2010 4:16pm Apr 8, 2010 4:16pm
Quoting mygoldenpips
ok sir...
i pollow u..
off now going to bed..it 5.00am here..
hope Fed Chairman Bernanke Speaks...can change the table around
I think you should read this post of mine again -
http://www.forexfactory.com/showthre...an#post3617158
  • #214,940
  • Apr 8, 2010 4:17pm Apr 8, 2010 4:17pm
Quoting pawpaw1000
Wormy, let me know what you think mate... I am going to bed now and need to now whether to move my stops to be so as to salvage this trade or hope for 5220???

OOPS, forgot he uses a longer s/l... MMMMM!!!
nope, my stop is about 15 pips away. 5295. I'll ride this one out if it needs be.
It will be -110 pips loss if it does happen.
However if it does not get hit & yet we do not close below 5210 at tomorrow's open, I will cut my loss & look for opportunity to buy. The D1 as it stands, being anywhere above 5210 spells bullish. How bullish? Not very if you ask me because 5320 is still the line in the sand. Price needs to close above that level for us to start thinking of those higher targets imho. One thing at a time for me.
Been a wasteful day today waiting for the breakout. Going back to scalp tomorrow till either 5320 or 5170 gives way on the htf.
Anyway, don't move your stop buddy. if you're wrong then you're wrong.
Take the loss if it needs be. There's always another trade.
I see many people hoping for a turn. If you are one of them, then you are not a trader nor you are remotely close to being one. New guys especially, this is a friendly reminder, it is okay being wrong. Losing trades are part & parcel in this business. Don't get carried away just because you read almost everyone is making money or at least got out at bep in the forum. It's bullshit.
Having fancy charting skills is only one side of a coin. Trade management is the other.
I suggest you throw the gambling mentality away & learn to manage risk properly. Else, be prepared to be part of the stat.
Good luck.
Thank You
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