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Cable Update (GBPUSD)

  • #224,421
  • May 6, 2010 12:21pm May 6, 2010 12:21pm
being a cheeky little rookie.... could anyone tell me why it retraced at14843? I know it was on a round number but had not made a big deal out S2,S3or 14900.Is it just taking a breather?My long term trading chart (indicators thereon)is showing that me could be in for some bulls next week.
All systems of divination, like music itself,work through patterns.
  • #224,422
  • May 6, 2010 12:21pm May 6, 2010 12:21pm
Quoting dag777
today forex is a moneymaking machine,
never done so many trades as today.
selling eur and gbp all over again.
hopefully this volatility continues the whole night.

Just don't get caught out by the bottom, we are going to hit it sooner or later.
  • #224,423
  • May 6, 2010 12:25pm May 6, 2010 12:25pm
Quoting cloggie
Just don't get caught out by the bottom, we are going to hit it sooner or later.
I'm thinking it might test the 4841 support line here.
  • #224,424
  • May 6, 2010 12:26pm May 6, 2010 12:26pm
Quoting cloggie
Just don't get caught out by the bottom, we are going to hit it sooner or later.
cloggie, you know i´m chicken, 20 pips and out
i have closed my trade already,
but your advice is always much appriciated
  • #224,425
  • May 6, 2010 12:27pm May 6, 2010 12:27pm
Quoting Ineedpips9
I'm thinking it might test the 4841 support line here.

I am done anticipating where this is going to end, just taking it one bar at a time on the M5.
  • #224,426
  • May 6, 2010 12:30pm May 6, 2010 12:30pm
i got in at 4910 because i forgot to set a po, so here's hoping for a good 20-30 pip move.
  • #224,427
  • May 6, 2010 12:31pm May 6, 2010 12:31pm
Quoting Ineedpips9
i got in at 4910 because i forgot to set a po, so here's hoping for a good 20-30 pip move.

If you are this late to the party, hope your brought the beers? Kill and I have only been talking about this for 3 pages, do pay attention in the back.
  • #224,428
  • May 6, 2010 12:38pm May 6, 2010 12:38pm
m5
Attached Image (click to enlarge)
Click to Enlarge Name: 5m cable n.gif Size: 17 KB
  • #224,429
  • May 6, 2010 12:42pm May 6, 2010 12:42pm
Quoting kill56
m5
still holding your short? I'm still in there looking to hit that support line on virtually the same chart. By any chance did you look for your entry point on the 1min chart, possibly when it crossed the 24ma?
  • #224,430
  • May 6, 2010 12:45pm May 6, 2010 12:45pm
Quoting Ineedpips9
still holding your short? I'm still in there looking to hit that support line on virtually the same chart. By any chance did you look for your entry point on the 1min chart, possibly when it crossed the 24ma?
it did hit

hit and run cash in wait and enter again
  • #224,431
  • May 6, 2010 12:46pm May 6, 2010 12:46pm
Quoting kill56
hit and run cash in wait and enter again

That's the only way to trade this close to the bottom, I took my 40 and ran like h@ll
  • #224,432
  • May 6, 2010 12:48pm May 6, 2010 12:48pm
i'm out. waiting on the 1min chart for a new short position. Fighting the itch to trade on the retrace.
  • #224,433
  • May 6, 2010 12:50pm May 6, 2010 12:50pm
what a nice journey
Attached Image (click to enlarge)
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  • #224,434
  • May 6, 2010 12:50pm May 6, 2010 12:50pm
Quoting Ineedpips9
i'm out. waiting on the 1min chart for a new short position. Fighting the itch to trade on the retrace.

Just keep an eye on your SR on M5 and M15 for entries. the M1 is not a good one to look for setups. You will end up chasing shadows all day long. By all means you can use the M1 for a defined entry once M5/M15 gives you the setup. That last one ran from 4950 to 4877, plenty of room to finetune your entry and exit.
  • #224,435
  • May 6, 2010 12:55pm May 6, 2010 12:55pm
Quoting cloggie
Just keep an eye on your SR on M5 and M15 for entries. the M1 is not a good one to enter on. You will end up chasing shadows all day long. By all means you can use the M1 for a defined entry once M5/M15 gives you the setup
gotcha. thanks. Just wondering, are you flat right now and looking for an entry, or still holding your short?
  • #224,436
  • May 6, 2010 12:56pm May 6, 2010 12:56pm
Quoting Ineedpips9
gotcha. thanks. Just wondering, are you flat right now and looking for an entry, or still holding your short?

Closed my short as soon as it got to 40 pips, am looking at an area of consolidation on M15/M30 so just hit and run entries on the M5 until M30 makes up its mind.
  • #224,437
  • May 6, 2010 1:03pm May 6, 2010 1:03pm
just wish pa was like this during ny session more often. i wonder how long this can keep up.
  • #224,438
  • May 6, 2010 1:06pm May 6, 2010 1:06pm
mega

been shorting euro (who hasn't ?)

what a party

shame about my stocks - need to stop doing a warren buffet and actively trade em (next time)
  • #224,439
  • May 6, 2010 1:09pm May 6, 2010 1:09pm
i often give away good pips by closing too early,
but in beginning days of fx i had many positions
that turned from green to red, this is always in my mind.
Today was such a day, could have been far more,
but by now i´m building my account with
save then sorry trades, it works.
Not fast but secure.
Comes time, comes confidence and better trades
  • #224,440
  • May 6, 2010 1:11pm May 6, 2010 1:11pm
Quoting dag777
i often give away good pips by closing too early,
but in beginning days of fx i had many positions
that turned from green to red, this is always in my mind.
Today was such a day, could have been far more,
but by now i´m building my account with
save then sorry trades, it works.
Not fast but secure.
Comes time, comes confidence and better trades
talk about being sorry. i thought it was gonna hit 4841 but closed it after the small little up move. owell.
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