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Cable Update (GBPUSD)

  • #226,581
  • May 14, 2010 7:30am May 14, 2010 7:30am
Quoting Qu|cksilver
could be..
Hello, Hi, Quick,

I was missing you so much, (perhaps I might say we all were) where have you been all that time?
  • #226,582
  • May 14, 2010 7:32am May 14, 2010 7:32am
Its Squeaky bum tine - anyone short from 4695 with me and a tight stop ?
  • #226,583
  • May 14, 2010 7:39am May 14, 2010 7:39am
This (below) is a great explanation/summary of how things work in these forums & newbies would do well to read it several times. The big problem for newbies (including me up until a few months ago) is that you see these senior, successful traders giving their entries but what you don't understand is the timeframe they are trading from AND the amount of risk they have for the trade in relation to account size.
So someone like BB who goes for the 200 pip moves will completely ignore a 60 pip retrace .. whereas that could devastate an inexperienced trader who put too much on the trade. Or if the trader takes the same entry as Kill, he doesn't realize kill will be out in 20 pips .. while he (the new trader) watches the trade reverse against him, go deep into the red .. and wonder what happened.

The moral of the story is never 'follow' a traders call .. learn to read your own charts and find your own timeframe & comfortable trade size. When someone announces his/her entry, check your charts and see if you can figure out why they are entering at that point .. and do that before asking them why they did it. Otherwise you are just asking people to throw you more fish!

Special thanks to clogge for his patience & teaching skills .. I keep learning from him.

Quoting cloggie
You know my analogy by now, have used it plenty of times; I always wait for the river to start flowing before I join the flow. I don't like smelly fingers.

Succesful day trading means you need to find a way to identify the small segments of 60-90 pips or so that Cable tends to travel in, traders like BB have larger targets and ignore those smaller retraces. You need to find a trading style that suits you, either along the lines of BB and wormboy targeting larger 200 pip moves, traders like kill who take the 20-30 pip runs and are in and out numerous...
******************* I'd rather make money than be right.
  • #226,584
  • May 14, 2010 7:41am May 14, 2010 7:41am
Quoting Bleek
I wouldn't be too bearish on Cable.
Like I said and now she's +60 from there.

Further to the above I'm a 1m and 5m scalper, my targets are generally 10-50 pips with stops as small as 3 pips but typically 10-15 pips. I trade multiple times a day, I never hold a position.

I traded 10 contracts this week, next week I move up to $20 per pip, so as you can see a 60 point move for me is more than enough!
"I made all my money by selling too soon"
  • #226,585
  • May 14, 2010 7:41am May 14, 2010 7:41am
my reasoning - should be self explanatory
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  • #226,586
  • May 14, 2010 7:42am May 14, 2010 7:42am
I think my profit is begining to role in......hhhhhhhhhhmmmmm, first arm confirmed waiting 4 a close above 1.4610. then that is all i need for 100pips on the upside frm my entry
  • #226,587
  • May 14, 2010 7:45am May 14, 2010 7:45am
Quoting Bleek
Like I said and now she's +60 from there.
there is a channel.. if price break 4614 then cable confirm bullish.. if not price still bearish mode..
"Invest With The Insiders, Not The Masses" George Muzea
  • #226,588
  • May 14, 2010 7:46am May 14, 2010 7:46am
Quoting musicman007
Its Squeaky bum tine - anyone short from 4695 with me and a tight stop ?
Hey musicman, you live in Surrey?
  • #226,589
  • May 14, 2010 7:48am May 14, 2010 7:48am
Quoting 4xStar
This (below) is a great explanation/summary of how things work in these forums & newbies would do well to read it several times....
More wise words today.

I've made 3 bad demo trades today by looking at the wrong timeframes, or having stops too close which got bounced on and then continued on.

Got a long on from 14579.5 though, SL at BE+12 now and wondering if we'll make it up a bit more (struggling at the levels cloggie mentioned at the moment), 80-100 pips would be nice though to get me back in the green
Back to basics, it has to be for me!
  • #226,590
  • May 14, 2010 7:50am May 14, 2010 7:50am
Hi every body

i beleive she is going towards 1.55 over the mid of next week. So start the long.
  • #226,591
  • May 14, 2010 7:50am May 14, 2010 7:50am
Quoting OldReigatian
Hey musicman, you live in Surrey?

Nah - uptnorth - hence Squeaky bum time - aka Fergie time !
  • #226,592
  • May 14, 2010 7:54am May 14, 2010 7:54am
Quoting 4xStar
This (below) is a great explanation/summary of how things work in these forums & newbies would do well to read it several times. The big problem for newbies (including me up until a few months ago) is that you see these senior, successful traders giving their entries but what you don't understand is the timeframe they are trading from AND the amount of risk they have for the trade in relation to account size.
So someone like BB who goes for the 200 pip moves will completely ignore a 60 pip retrace .. whereas that could devastate an inexperienced...
lol omg does ppl take trades on wht ppl post here????????
  • #226,593
  • May 14, 2010 7:54am May 14, 2010 7:54am
Quoting musicman007
Nah - uptnorth - hence Squeaky bum time - aka Fergie time !
Just renewed my season ticket for Spurs today, look forward to seeing your boys back at the Lane next season. Hoping the green pips will pay for next seasons renewal

Just booked a short from 14620 hoping goes back to below todays low
  • #226,594
  • May 14, 2010 7:54am May 14, 2010 7:54am
hi all


greeny all the way crazy friady wild nice red and green short and long its a nice wild game i hope every body played good

we are between H3 and L3 enjoy the ride
  • #226,595
  • May 14, 2010 7:54am May 14, 2010 7:54am
Oik ( Wti pref) is a good barometer of cable at present - and right now is headed north.
  • #226,596
  • May 14, 2010 7:55am May 14, 2010 7:55am
hahahaa... I see bearish.. why should i go long? no... i will hold my trade with short.
"Invest With The Insiders, Not The Masses" George Muzea
  • #226,597
  • May 14, 2010 7:56am May 14, 2010 7:56am
Quoting OldReigatian
Just renewed my season ticket for Spurs today, look forward to seeing your boys back at the Lane next season. Hoping the green pips will pay for next seasons renewal

Just booked a short from 14620 hoping goes back to below todays low
Youve had a fantastic season !

Fancy buying Berbacrap from us? what a lazy Bas !
  • #226,598
  • May 14, 2010 7:57am May 14, 2010 7:57am
5mins to go.. bearish candle! go cable down cable down..!
"Invest With The Insiders, Not The Masses" George Muzea
  • #226,599
  • May 14, 2010 7:58am May 14, 2010 7:58am
i am not man enough to trade beast lol, so i find EUR/JPY traded the best so far today, cable was just shitty today.
Anyone agree??
  • #226,600
  • May 14, 2010 8:00am May 14, 2010 8:00am
Quoting cloggie
Key here is 4593, if that goes 4633 is next, if it holds we are going back towards the low.

Reached, consolidating, looking for the next target.
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