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Cable Update (GBPUSD)

  • #246,181
  • Aug 17, 2010 3:23am Aug 17, 2010 3:23am
Quoting cloggie
It is your money, your trade, your strategy. I just highlighted your setup as an example of how to play the flag. You did well not shorting this at support and identifying the pattern, there is nothing wrong with moving your stop to halfway up the flag and see if it breaks on this attempt. Just don't get greedy and have a green trade turn red on you.
Can't turn red. Got 40 pips out of it, sl at entry and now see what the remaining pos can do for me. Am still traumatized from a recent GU long entered at somewhere round 1.43 which I closed to preserve 30 pips, sl was never touched and, well, you know where GU is now.
  • #246,182
  • Aug 17, 2010 3:25am Aug 17, 2010 3:25am
Quoting bbakker
You do make me crack up... sometimes!
I didn't know http://img507.imageshack.us/img507/7...mberscrack.jpg
  • #246,183
  • Aug 17, 2010 3:25am Aug 17, 2010 3:25am
Quoting AnonYmos
Am still traumatized from a recent GU long entered at somewhere round 1.43 which I closed to preserve 30 pips, sl was never touched and, well, you know where GU is now.

Never fret over past trades, each and every one is a new opportunity to get it right.
  • #246,184
  • Aug 17, 2010 3:26am Aug 17, 2010 3:26am
Quoting cloggie
Actually the clever bit is that it won't as comparison as this January saw a similar increase. So statistically speaking there will not be a year on year increase in Jan. Clever accounting really putting the increase then.
I forget Labour temporarily reduced VAT and put it back in January this year, clever indeed.
  • #246,185
  • Aug 17, 2010 3:27am Aug 17, 2010 3:27am
Quoting cloggie
I agree again with you, but there is a distinct difference in approach and doing what DC is doing takes big brass ones, who will be right, we'll know in 10-20 years.

That said, you can see the difference in market sentiment here, just look at the confidence numbers and Gilt prices, the market likes what he is doing so far and good numbers will only reinforce that "feeling"
Following the Greek drama, the market was certainly crying out for fiscal discipline, rather than further, or continued, expansion of the government's balance sheet, hence the favourable response to the austerity budget. This mood is in marked contrast to the height of the crisis, when the market was demanding the opposite. As you say, only time will tell.

Personally, I think there is enough evidence of an early economic recovery in the UK for the government to be cutting back on spending, as it is doing. Moreover, providing inflation can be kept under control, the UK will, hopefully, have very supportive monetary policy in place for some time, which can offset much of the pain inflicted from the necessary cuts.

However, I am in favour of a country running small budget surpluses during the good times in the economic cycle and deficits during the times when private sector demand and credit creation shrinks. This, I believe, is how Keynesian policies should be used in a crisis.
  • #246,186
  • Aug 17, 2010 3:34am Aug 17, 2010 3:34am
Quoting AnonYmos
Can't turn red. Got 40 pips out of it, sl at entry

I am not going to teach you how to suck eggs, but I would have played it slightly differently. As a day trader I would have covered at the touch of the flag as any subsequent break would have seen a retest allowing me to get right back in at pretty much the same level or even slightly better. Profit is profit and as a daytrader I don't scoff at 60 pips, the touch of the flag would have been great to take the 60, see it test, fail and retest and get back in on the bounce. At least my 60 would have been in the bank.

Apologies for picking you out publicly here, but your entry was spot on having identified the pattern and just wanted to share a way of securing the profit using the same pattern.
  • #246,187
  • Aug 17, 2010 3:41am Aug 17, 2010 3:41am
Quoting TommyPips
Hi BBaker,

Yes it was, sent it back though for refund. Good basic introduction though. Now I'm learning from the ground up!

I did reply earlier, but post seem to have got deleted. My posts also take time to show as I'm a newbie and they are monitered.

Your a great crowd here!
If you are going to stick with his system, keep it separate from your other Forex trading. Ensure you keep a Trading Journal so that you can track your progress and how profitable you are with his system. Keep a separate journal for your own Forex trading.

Good place to continue your Forex education is -http://www.fxstreet.com/education/

If you like listening to Webinars (Archives of previous live sessions), you can go through the archive -
http://www.fxstreet.com/live/archives/

There are many other web sites that provide Forex education too! You will find many different ways of trading, so go through a few different sessions by different people, see which one you like and then review all of their previous sessions to better understand their way of trading that you would like to emulate.

Good luck matey and remember Rome wasn't built in a day. Slowly, slowly, catchy monkey. We all remain students of the Forex market, forever!
  • #246,188
  • Aug 17, 2010 3:45am Aug 17, 2010 3:45am
Quoting forexlion
I didn't know
Always the joker... have you tried stand-up, actually forget that, stick to your day job, actually you can forget that too
  • #246,189
  • Aug 17, 2010 3:47am Aug 17, 2010 3:47am
Quoting cloggie
I am not going to teach you how to suck eggs, but I would have played it slightly differently. As a day trader I would have covered at the touch of the flag as any subsequent break would have seen a retest allowing me to get right back in at pretty much the same level or even slightly better. Profit is profit and as a daytrader I don't scoff at 60 pips, the touch of the flag would have been great to take the 60, see it test, fail and retest and get back in on the bounce. At least my 60 would have been in the bank.

Apologies for picking you out...
No need for apologies, bro (cf. my title line). - Coming in from swing trading. Therefore tend to keep part of pos as long as possible (e.g. got a GY from down at 128 and no reason to close). Close 1st half of pos for profits of somewhere between 30 and 100 pips, move sl to entry and see what the 2d half does. However, my entries are fairly bad. Thats why the strategy does not work out yet and is also reason why I'm following you (and some others) very closely. My entries must become more accurate.
  • #246,190
  • Aug 17, 2010 3:54am Aug 17, 2010 3:54am
Quoting AnonYmos
. My entries must become more accurate.
Your id of the pattern was spot on, your entry was too. You just used swing trading technique for a intra day pattern trade, and the two don't mix.
  • #246,191
  • Aug 17, 2010 3:58am Aug 17, 2010 3:58am
3rd try at breaking 629.
  • #246,192
  • Aug 17, 2010 4:02am Aug 17, 2010 4:02am
Scalping long @ 1.563 again based on this and botom flag:

Attached Image
Don't be a hero. Don't have an ego. Always question yourself
  • #246,193
  • Aug 17, 2010 4:05am Aug 17, 2010 4:05am
Quoting USD-Bear
Scalping long @ 1.563 again based on this and botom flag:

Attachment
Not in my play book with 5616 just sitting there. Have a peek at EU and UC
  • #246,194
  • Aug 17, 2010 4:05am Aug 17, 2010 4:05am
Quoting bbakker
If you are going to stick with his system, keep it separate from your other Forex trading. Ensure you keep a Trading Journal so that you can track your progress and how profitable you are with his system. Keep a separate journal for your own Forex trading.

Good place to continue your Forex education is -http://www.fxstreet.com/education/

If you like listening to Webinars (Archives of previous live sessions), you can go through the archive -
http://www.fxstreet.com/live/archives/

There are many other web sites that provide...
Thank you!......I will have a look there. I must admit I read everything I find on the subject.

I do like the simplicity of the box method. It's just getting it right.

And I will!
  • #246,195
  • Aug 17, 2010 4:08am Aug 17, 2010 4:08am
Quoting AnonYmos
Oh, come on, Cloggie, please let me stay in a weeny bit longer! I got the upper boundary of the flag, a feeble supp, the DP and a 200 MA between now and my entry. And now that she's kinda outa the flag she might take off blow thru the res @ .5703 shoot up to 1.70 and make me filthy rich!
Closed her now as she crashed thru all of what was between now and my entry.
  • #246,196
  • Aug 17, 2010 4:10am Aug 17, 2010 4:10am
Quoting AnonYmos
Closed her now as she crashed thru all of what was between now and my entry.

And that's why I shared the pattern play with you, so next time you enter based on a pattern, use the same pattern as your exit. Enter on a flag, exit on a flag. You just gave 60 pips to the market.

Not meaning to pick on you, just wanted to further the debate.
  • #246,197
  • Aug 17, 2010 4:10am Aug 17, 2010 4:10am
Quoting cloggie
Not in my play book with 5616 just sitting there. Have a peek at EU and UC
Thought it likely 1.563 would hold seeing broken support on USD Index, well SL @ 1.5600
Don't be a hero. Don't have an ego. Always question yourself
  • #246,198
  • Aug 17, 2010 4:11am Aug 17, 2010 4:11am
Quoting USD-Bear
well SL @ 1.5600
That won't take long.
  • #246,199
  • Aug 17, 2010 4:13am Aug 17, 2010 4:13am
Quoting cloggie
Not in my play book with 5616 just sitting there. Have a peek at EU and UC
just wondering...why is everybody is shouting on long at the cable....my chart are still saying bearish as long as 1.5700 is taken out....did i miss something?daily and weekly are still bearish to me...and still 1.5700 is where all 3 of my MA are flirting. adding in the PA are still saying bearish.maybe i made a mistake in reading my chart....care to comment.....??
  • #246,200
  • Aug 17, 2010 4:14am Aug 17, 2010 4:14am
so, I don't think that bulls will be here any more (
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