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Cable Update (GBPUSD)

  • #241,681
  • Jul 29, 2010 7:29am Jul 29, 2010 7:29am
Quoting Dayboy001
short @ 1.5650
SL @ 15710

We've just had the 8am Pump now time for the 20 past dump
Took a bit longer than expected but,

closed half @ 1.5602
moved SL to B/E
  • #241,682
  • Jul 29, 2010 7:45am Jul 29, 2010 7:45am
GO GO GO!!!
Attached Image
To Your Success!!
  • #241,683
  • Jul 29, 2010 7:49am Jul 29, 2010 7:49am
Quoting grashid
mate..my humble view is 133.15 is very low mate atm. 133.40 cannot break...otherwsie it may visit anothr round of 132.60-131.40 or even 130.40 which is invalid in monthly bar right now....

maximum if she wanna drop is 134.40 or little bit lower to 133.70/80.

n becarefull with your short and waiting/out for a while then buy dip when the option is open...

if today close below 135.50 then look probabilites to c your targetis there...for me...no trade and watch to buy dip for last fall movement if this happen...

we need 139.40-140-141 area before...
Good day to you,

Only got back now and read your post.

All very valid reasoning that I will always take into consideration. I appreciate you taking the time to post this up.

Thank you so much

Regards
  • #241,684
  • Jul 29, 2010 7:50am Jul 29, 2010 7:50am
Looking to go long if it closes above 50% fibo
Don't be emo... don't be emo....
  • #241,685
  • Edited 8:39am Jul 29, 2010 8:26am | Edited 8:39am
Quoting drakes
Looking to go long if it closes above 50% fibo
20 pips profit reached, looking to go in again if it bounces off in the 5m chart

On hindsight, should have set the TP higher...
Don't be emo... don't be emo....
  • #241,686
  • Jul 29, 2010 8:48am Jul 29, 2010 8:48am
Quoting drakes
20 pips profit reached, looking to go in again if it bounces off in the 5m chart

On hindsight, should have set the TP higher...
aiming for the days high is something to be mindful of on a bounce like this, profit is profit tho , day trading never to early to take a profit lol
  • #241,687
  • Jul 29, 2010 8:52am Jul 29, 2010 8:52am
Shorts will be in serious trouble if Moody does drop the US AAA rating. Interviews like this will soften the blow I guess.

http://online.wsj.com/article/BT-CO-...29-705380.html

Of course California on the brink of bankruptcy and actually declaring a state of emergency does not help either:

http://www.reuters.com/article/idUSN2822176520100728
  • #241,688
  • Jul 29, 2010 8:52am Jul 29, 2010 8:52am
Quoting digger1
aiming for the days high is something to be mindful of on a bounce like this, profit is profit tho , day trading never to early to take a profit lol
Yeah I know, I'm actually putting into practise what I learnt from Cloggie, so hence why my TP was quite conservative.... once I build up the confidence of successful trades I'll set it higher, now just trying to see if I can re-enter the Long based on 5m chart...
Don't be emo... don't be emo....
  • #241,689
  • Jul 29, 2010 8:54am Jul 29, 2010 8:54am
Quoting cloggie
Shorts will be in serious trouble if Moody does drop the US AAA rating.

http://online.wsj.com/article/BT-CO-...29-705380.html
lol, ya think , would say probably one daily bar worth about 500 to 800 pips across the board ha ha
  • #241,690
  • Jul 29, 2010 8:55am Jul 29, 2010 8:55am
Hi Cloggie,

No trading the London open today?
Don't be emo... don't be emo....
  • #241,691
  • Jul 29, 2010 8:56am Jul 29, 2010 8:56am
Quoting digger1
lol, ya think , would say probably one daily bar worth about 500 to 800 pips across the board ha ha

Some congressman somewhere will pass a law that allows the dollar only to drop by 30 pip max a day, just as they did after that drop on the DOW.
  • #241,692
  • Jul 29, 2010 8:58am Jul 29, 2010 8:58am
Quoting drakes
Hi Cloggie,

No trading the London open today?

Been here, traded the break of my coffin corner on my ass chart and am now patiently waiting for a new high here followed by 5696. The dollar is selling of across the board, started at TY last night, lots of risk aversion with the bad goods numbers yesterday, rumours of rating cuts and CA bankruptcy are not helping the greenback either today.
  • #241,693
  • Jul 29, 2010 9:01am Jul 29, 2010 9:01am
Quoting cloggie
Been here, traded the break of my coffin corner on my ass chart and am now patiently waiting for a new high here followed by 5696. The dollar is selling of across the board, started at TY last night, lots of risk aversion with the bad goods numbers yesterday.
Alright... no idea about your coffin corner though... but put your advice into practice just now, though I should have target today's high instead of getting out much earlier....
Don't be emo... don't be emo....
  • #241,694
  • Jul 29, 2010 9:02am Jul 29, 2010 9:02am
Quoting cloggie
Been here, traded the break of my coffin corner on my ass chart and am now patiently waiting for a new high here followed by 5696. The dollar is selling of across the board, started at TY last night, lots of risk aversion with the bad goods numbers yesterday, rumours of rating cuts and CA bankruptcy are not helping the greenback either today.
Where do you read all these fundamentals anyway?
Don't be emo... don't be emo....
  • #241,695
  • Jul 29, 2010 9:02am Jul 29, 2010 9:02am
Quoting drakes
Alright... no idea about your coffin corner though... but put your advice into practice just now, though I should have target today's high instead of getting out much earlier....

Don't be greedy, nothing is guaranteed in FX. Profit is profit, just keep buying the supports until she turns.
  • #241,696
  • Jul 29, 2010 9:04am Jul 29, 2010 9:04am
Quoting cloggie
Some congressman somewhere will pass a law that allows the dollar only to drop by 30 pip max a day, just as they did after that drop on the DOW.
Well you can bet they would have things even more messed up relly dont think the whole lot of them are smart enough to pass gas let alone laws and regulations
  • #241,697
  • Jul 29, 2010 9:04am Jul 29, 2010 9:04am
Quoting drakes
Where do you read all these fundamentals anyway?

All part of trading, you need to keep your finger on the pulse at all times, news can give you great opportunities to enter trades and on days like this you don't worry too much about the retraces as the fundies are helping you out.
  • #241,698
  • Jul 29, 2010 9:04am Jul 29, 2010 9:04am
Quoting digger1
aiming for the days high is something to be mindful of on a bounce like this, profit is profit tho , day trading never to early to take a profit lol
Some rich trader who writes books said " I owe all my wealth to selling too early" cant remember his name or if he was going up or down( entry or exit) but i think this is good advice..just wish i could get it right in the right direction.. but i did take it as advice in terms of going With the Trend...Thanks for that Dig. it is one of my mantras that i forget now and then
All systems of divination, like music itself,work through patterns.
  • #241,699
  • Jul 29, 2010 9:06am Jul 29, 2010 9:06am
Quoting cloggie
Don't be greedy, nothing is guaranteed in FX. Profit is profit, just keep buying the supports until she turns.
Thats true, will buy again if it hits the supports and holds, what sort of SL should I set for this type trade anyway? The previous support?
Don't be emo... don't be emo....
  • #241,700
  • Jul 29, 2010 9:07am Jul 29, 2010 9:07am
Quoting drakes
Thats true, will buy again if it hits the supports and holds, what sort of SL should I set for this type trade anyway? The previous support?

All depends on your r/r. As a guide, if you buy of support on the hourly, set your SL below the lower support on the M30/15. Just make sure you identify your supports correctly, using either MA's/TL's/fibs/previous lows.

The big supports today are:
1.5599 on the M15/M30
1.5610 25ma on the hourly
1.5630 50 fib retrace
1.5638 as the R1 (still to form)
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