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Cable Update (GBPUSD)

  • #247,581
  • Aug 20, 2010 6:45am Aug 20, 2010 6:45am
Quoting bbakker
Same as Wednesday? FL thinks history will repeat itself and looking back at the chart for the last 7 days, he's probably not wrong either! I am waiting for it to come to the 1.5653-43 area and I will be looking to short this again, but that is just me.

Also depends on how we get there!
my read is

4 hour 200 ema was tested

should go to 1 hour 200 ema one last time, then drop to daily 200 ema
  • #247,582
  • Aug 20, 2010 6:47am Aug 20, 2010 6:47am
That's me done for today with regards to FF. I wish you all good trading and plenty of green pips.
  • #247,583
  • Aug 20, 2010 6:47am Aug 20, 2010 6:47am
Quoting pawpaw1000
Seems like she headed back into the range....

What do you guys make of this:
Good day to you,

Enticing fresh longs perhaps? Profit taking?

Who knows.... to anticipate here, will not be good. http://a.imageshack.us/img576/8637/peekaboo.gif We could be going back into range, but we may also see a turn back later to target 1.5390 / 1.5380.

Although I am not trading today, I have a short bias to 1.5380 area - but this is just me. Easy to comment when not in a trade. I may also be smoking something - you know...

http://a.imageshack.us/img41/1116/sm...rijuana031.gif

Regards
  • #247,584
  • Aug 20, 2010 6:48am Aug 20, 2010 6:48am
Quoting forexlion
my read is

4 hour 200 ema was tested

should go to 1 hour 200 ema one last time, then drop to daily 200 ema
Good luck FL, I hope you bag some nice green ones and enjoy your weekend.
  • #247,585
  • Aug 20, 2010 6:52am Aug 20, 2010 6:52am
Is this not a retracement of the morning's drop, to the 50% fib?
  • #247,586
  • Aug 20, 2010 7:03am Aug 20, 2010 7:03am
Quoting AdrianHNV
is that an ice-pip
see i told u
  • #247,587
  • Aug 20, 2010 7:07am Aug 20, 2010 7:07am
Anybody going long from here?? I like the PA.. My entry 1.5525... Risking 25 pips and taking small lots..
  • #247,588
  • Aug 20, 2010 7:09am Aug 20, 2010 7:09am
[quote=bbakker;3963986]I got stopped out .......

Why do you guys use a stop loss? That's a guaranteed way to loose money.

Why not use a hedge? At least you will have a fighting chance and more often than not you can still make a profit on a well defined move.
  • #247,589
  • Aug 20, 2010 7:12am Aug 20, 2010 7:12am
Hedging is on way to give your broker more commission. I would recommend using either normal stops or keep the stop target in mind and exit the trade when it hits...
[quote=ikdenk;3964099]
Quoting bbakker
I got stopped out .......

Why do you guys use a stop loss? That's a guaranteed way to loose money.

Why not use a hedge? At least you will have a fighting chance and more often than not you can still make a profit on a well defined move.
  • #247,590
  • Aug 20, 2010 7:12am Aug 20, 2010 7:12am
Quoting LostMyShirt
Anybody going long from here?? I like the PA.. My entry 1.5525... Risking 25 pips and taking small lots..

What do you see? At the minute I'm just seeing a fair bit of resistance...
  • #247,591
  • Aug 20, 2010 7:15am Aug 20, 2010 7:15am
Quoting ikdenk

Why do you guys use a stop loss? That's a guaranteed way to loose money.

Why not use a hedge? At least you will have a fighting chance and more often than not you can still make a profit on a well defined move.
Could you explain in detail how you use a hedge? Used improperly you could lose money both ways....
******************* I'd rather make money than be right.
  • #247,592
  • Aug 20, 2010 7:16am Aug 20, 2010 7:16am
Quoting LostMyShirt
Anybody going long from here?? I like the PA.. My entry 1.5525... Risking 25 pips and taking small lots..
As mentioned in the earlier post 1.5529 aprox is the 50% fib of the retracement of the mornings drop so would expect it to start dropping from there again ...

any how GL with your trade ...
  • #247,593
  • Aug 20, 2010 7:16am Aug 20, 2010 7:16am
I still see some strength in this pair, (if you ignore that stop hunting move down)
I saw the resistance at my point of entry and thats the reason i took small size.... Am I doing something wrong??? My normal full size is 3-4 standard lot... I have only taken 2 mini lots long here....
Here to learn and improve my trades..
Thanks in advance for any help

Quoting Delite
What do you see? At the minute I'm just seeing a fair bit of resistance...
  • #247,594
  • Aug 20, 2010 7:18am Aug 20, 2010 7:18am
Quoting LostMyShirt
Anybody going long from here?? I like the PA.. My entry 1.5525... Risking 25 pips and taking small lots..
I'm certainly no expert........ but good luck with that one
  • #247,595
  • Aug 20, 2010 7:22am Aug 20, 2010 7:22am
Thanks for the comment.. I am watching this closely and would close if I started to see weakness in the PA....

Quoting ramksanj
As mentioned in the earlier post 1.5529 aprox is the 50% fib of the retracement of the mornings drop so would expect it to start dropping from there again ...

any how GL with your trade ...
  • #247,596
  • Aug 20, 2010 7:27am Aug 20, 2010 7:27am
It is hard to find better place to go short (IMHO)
  • #247,597
  • Aug 20, 2010 7:28am Aug 20, 2010 7:28am
Quoting ramksanj
As mentioned in the earlier post 1.5529 aprox is the 50% fib of the retracement of the mornings drop so would expect it to start dropping from there again ...

any how GL with your trade ...
Yes I would tend too agree with you.

Although I trade through 'Correlation' with Euro and Swissy, I also use other methods too double check what I am doing is at least mostly correct..
Which is thankfully usually is.
  • #247,598
  • Aug 20, 2010 7:30am Aug 20, 2010 7:30am
Quoting forexlion
see i told u
Well we Bees have too let you Lions get a few pips each day otherwise you wouldn't come out too play
  • #247,599
  • Aug 20, 2010 7:34am Aug 20, 2010 7:34am
  •  zigizum
  • | Joined Aug 2010 | Status: Not in a hurry too blow my account | 52 Posts
IFDOCO:

Sell GBPUSD at 1.5589
SL / 1.5669
TP / 1.5419


The Daily has been broken through resistance at 1.5743 on 8.2.2010 Good evidence and signal for long, but it did not last. Last 7 days traded below the value of 1.57. Downward pressure is also found in other dollar crosses... 1h Looks to have good resistance at 1.5666 down from 200MA....the market is currently driven down - Entry is around 1.57 level. Planning some nice spike next week to around 1.56. Next Fibo to move down to 38.2% retr. at 1.5387, which would set our TP.

If we look at our SL - we can see that they were already recorded four peaks around the SL level, so if SL is done, we get nice buy signal for sure. next level then 1.575 (Fibo 50%).

My first post. Saying hello to everybody...
  • #247,600
  • Aug 20, 2010 7:43am Aug 20, 2010 7:43am
Quoting 4xStar
Could you explain in detail how you use a hedge? Used improperly you could lose money both ways....
Instead of a stoploss you open a trade in the opposite direction. You need a non-US broker.

This will give you time to ponder/act. Your loss is limited.

You add to the trades in the direction of the price action, either the original direction or the new one. Only two options!

A hedge EA would help, with profit set at BE or a small gain.

There are many more variations and patience helps, but instant losses and brokers chasing stop losses can be avoided.
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