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Cable Update (GBPUSD)

  • #223,641
  • May 4, 2010 11:58am May 4, 2010 11:58am
Well, I guess you have bad days and good days. This definetely was a bad one. Licking my wounds and will probably stay out for the rest of the week, instead of trying to hard to make up for lost ground.

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  • #223,642
  • May 4, 2010 12:42pm May 4, 2010 12:42pm
back to the grave yard nice retrace any good news for cable while i was away for sure some sellen the cross eur-gbp
  • #223,643
  • May 4, 2010 12:46pm May 4, 2010 12:46pm
here's the daily chart on last election in 2005 (05/05/05)
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seems there was a tiny bull candle on the H day.
but the next day cable drop. how come the market reacted on the opposite way? though the labour won the election and so was the exit polls said.

http://en.wikipedia.org/wiki/United_...election,_2005

btw, is that 0100 GMT or EST or BST ?

Quoting cloggie
A hung parliament with no clear coalition but voting consessions will mean indecision: cable down,
a coalition with Tory and the Lib dems means consessions: cable down,
a coalition with Tory and the Unionist: good for business, the deficit will be addressed: cable up
an outright Tory majority: get ready for 500 pips up.

Just keep an eye on Gilt futures during NY close and the start at 0100, that will set the trend.
i'll do my best, and let the old lady decide where she wanna go
  • #223,644
  • May 4, 2010 12:57pm May 4, 2010 12:57pm
Hello and good day everyone..

Seems like everyone here's got nice pips from the move down..

Still have no pos for cable but I'm looking to long at about 5060 (61.8 fibo).. Nice pippin everyone..
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  • #223,645
  • May 4, 2010 1:03pm May 4, 2010 1:03pm
Quoting kill56
back to the grave yard nice retrace any good news for cable while i was away for sure some sellen the cross eur-gbp
I'm thinking the retrace might be over. Waiting for an entry point.Wish my alarm clock had gone off at 4AM like i thought i had set it. Made that I missed some good pips.
  • #223,646
  • May 4, 2010 1:05pm May 4, 2010 1:05pm
Quoting TheSwede
Well, I guess you have bad days and good days. This definetely was a bad one. Licking my wounds and will probably stay out for the rest of the week, instead of trying to hard to make up for lost ground.

Attachment

I wouldnt worry too much m8, you can apply fibonacci to your % chart there

  • #223,647
  • May 4, 2010 1:16pm May 4, 2010 1:16pm
Quoting TheSwede
Well, I guess you have bad days and good days. This definetely was a bad one...

Attachment
Well 100% gain in 3 months is pretty darn sweet so wouldnt complain too much!

The question is what did u do different today to cause a near 20% loss by the looks of it which is much more then previous bad days?
Different stop loss rules? Let things get out of hand? Something changed from the looks of your chart. That is what I would be concerned about.
  • #223,648
  • May 4, 2010 1:23pm May 4, 2010 1:23pm
Quoting Pursestrings
Well 100% gain in 3 months is pretty darn sweet so wouldnt complain too much!

The question is what did u do different today to cause a near 20% loss by the looks of it which is much more then previous bad days?
Different stop loss rules? Let things get out of hand? Something changed from the looks of your chart. That is what I would be concerned about.
Nice one mate..

It's really easy after sometime to lose part of the profits and if no action taken, one will see the lost some part of the initial margin..

Perhaps it will be fine if consistent amount of risk is being used until the margin reach to about 200%.. Maybe one should not increase the amount of risk (the position sizing) too soon.. That's my 0.02..
  • #223,649
  • May 4, 2010 1:33pm May 4, 2010 1:33pm
Thought retrace was over, but price crossed long signal at 5160 on the 1H tf. Now I'm thinking this might not be a retrace but a small reversal for the day. Correct me if I'm wrong, but A-Speculator seems to be thinking along the same route as me. My question is why do you think it's going down a little further?
  • #223,650
  • May 4, 2010 1:38pm May 4, 2010 1:38pm
Quoting Ineedpips9
Thought retrace was over, but price crossed long signal at 5160 on the 1H tf. Now I'm thinking this might not be a retrace but a small reversal for the day. Correct me if I'm wrong, but A-Speculator seems to be thinking along the same route as me. My question is why do you think it's going down a little further?
Is that Q for me mate?
  • #223,651
  • May 4, 2010 1:38pm May 4, 2010 1:38pm
Quoting Pursestrings
Well 100% gain in 3 months is pretty darn sweet so wouldnt complain too much!

The question is what did u do different today to cause a near 20% loss by the looks of it which is much more then previous bad days?
Different stop loss rules? Let things get out of hand? Something changed from the looks of your chart. That is what I would be concerned about.
Can I answer yes to all?
I am concerned about it think I just need to stop trading after a loss.
  • #223,652
  • May 4, 2010 1:39pm May 4, 2010 1:39pm
Quoting A-speculator
Is that Q for me mate?
yes, but as I'm trying to learn any experienced trader's insight is welcomed.
  • #223,653
  • May 4, 2010 1:40pm May 4, 2010 1:40pm
Retrace seems to be trapped on the M5 200ema.

We have been predominantly been playing off of a 15m chart so far this week, so if we positive cross here, that would be the next line in the sand.

So far, we still need to see a retrace on the m30 and hourly chart, but who is to say when those will come, and if when they come, will they negate the short cycle and turn us back long....

For now, I am taking triggers off the 1m chart and keeping eyes on the 5/15...

Good luck on what is left of the day.

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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #223,654
  • May 4, 2010 1:44pm May 4, 2010 1:44pm
The M15 chart. Top red circles indicate the interm tops, and triggers for short cycle, the green circle shows possible target if we move to support from the 5m chart.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #223,655
  • May 4, 2010 1:50pm May 4, 2010 1:50pm
Quoting Ineedpips9
yes, but as I'm trying to learn any experienced trader's insight is welcomed.
The thing is, I don't like to be in a position in the middle of a move.. Seems like price right now is testing the 50% fibo, but in the case of a overshoot, I might get the best price for long.

There are times, my PO doesn't get triggered and missed by 1 pip. I like my position as close as possible to a support so that if that breaks, it will only be a minimal damage to my acct. (minimal drawdown)

Now, I will watch closely how the price reacts on the 50% fibo, I might change my PO based on the PA (a PO at 50% fibo). If it move upward and left me behind, I will search for any possible support later or trade other pairs (currently I have pos in GCad, ECad and UCad). I won't chase the price.
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  • #223,656
  • May 4, 2010 2:06pm May 4, 2010 2:06pm
Gotcha A-Speculator. I se even more clearly now how you guys were right a while back when you told me how the reason most of my trades were losses because I was guessing. I was basically taking positions while they were in between a supp/res. I wasn't being patient enough to wait for some sort of confirmation.

Magix, I've been trying to get familiar with your setup for the past couple of days and so far so good. Just wish I could be at my computer when the action is happenning. Seems like when I'm at the computer, there's not alot going on. Looking at cable and espicially fibre really irritates me when I see what they did early this AM. Before, I would try to get in and get as many pips as possible. Now, sitting on my hands.
  • #223,657
  • May 4, 2010 2:08pm May 4, 2010 2:08pm
Last hr rally in the Dow?
  • #223,658
  • May 4, 2010 2:12pm May 4, 2010 2:12pm
Quoting Ineedpips9
Gotcha A-Speculator. I se even more clearly now how you guys were right a while back when you told me how the reason most of my trades were losses because I was guessing. I was basically taking positions while they were in between a supp/res. I wasn't being patient enough to wait for some sort of confirmation.

Magix, I've been trying to get familiar with your setup for the past couple of days and so far so good. Just wish I could be at my computer when the action is happenning. Seems like when I'm at the computer, there's not alot going on....
I feel your pain brother, I used to think and see things the same way. Get into a trade and it hovers for hours and around BE to small loss, exit trade, check the charts several hours later to see that just as I exited was the time to be in the trade....

Getting to know the sessions charts and the daily pivotal points can help with this. If you are looking for small trades and taking them off the 1m triggers, enough of them can add up to a couple of okay dollars too...

Check you chart in 2 hrs. Draw a horizontal line on the open of the hourly candle. Watch where price is in relation to this. True roll over and getting to know what it means and does can really help you with your market gains as well.

Keep it up mango, nobody gets rich overnight.

Work the deal 1 trade at a time.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #223,659
  • May 4, 2010 2:22pm May 4, 2010 2:22pm
Quoting Magix
I feel your pain brother, I used to think and see things the same way. Get into a trade and it hovers for hours and around BE to small loss, exit trade, check the charts several hours later to see that just as I exited was the time to be in the trade....

Getting to know the sessions charts and the daily pivotal points can help with this. If you are looking for small trades and taking them off the 1m triggers, enough of them can add up to a couple of okay dollars too...

Check you chart in 2 hrs. Draw a horizontal line on the open of the hourly...
Exactly! Sometimes not 30 min. after I go get a bite to eat and have closed it at BE or a +/- of around 10 pips it takes off. If I leave it with a sl set at around 30 pips it gets hit within an hour. Up until about a month ago i could just open a position in aud/usd and eur/aud and leave it to slowly but steadily gain 20-30 pips each a day with little to no volatility.

Anyways, thanks for the encouragement and tips.
  • #223,660
  • May 4, 2010 2:26pm May 4, 2010 2:26pm
Quoting Magix
I feel your pain brother, I used to think and see things the same way....
the wise man

how are bro
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