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Cable Update (GBPUSD)

  • #248,401
  • Aug 24, 2010 3:36pm Aug 24, 2010 3:36pm
Quoting Magix
One last thing here, especially on the ideas and ideals of target trading....
http://www.forexfactory.com/showpost...stcount=244616

When we last chatted, forcast targets based on my charts....the ???? are your targeted buy areas.
Again...Selling at support after 2 weeks of watching price fall...AT SUPPORT!

This is not my indication to buy, it is just my target to the south...from here...
**Shrugs Shoulders**

Who knows?

First chart, August 10th....
Second Chart, Current.
Thanks magix,

Up 50 now and starting to think I should pull the trigger?

Maybe just keep moving s/l?
@pawpaw1000 on Twitter
  • #248,402
  • Aug 24, 2010 3:39pm Aug 24, 2010 3:39pm
Interesting discusion on hedging in here today which I could not partake but here is my personal angle on it.

There are two types of hedging -

Hedging on the same account where by you take a long and short position on the same instrument such as cable which in my view subsconsiously shows indecision and one trying to predict where the market is going, whereas in reality we don't know where it is really going.

or

Hedging on different accounts one for swing trading, the other for day trading. You might be going short with the long-term trend on your swing trades but you could be going in the opposite direction for your day trades and in effect hedging your position.

I know which hedging I will be doing! Then again I'm focused on the swing trades right now rather than any day trades but when I do both, that is when I will be hedging some positions.
  • #248,403
  • Aug 24, 2010 3:39pm Aug 24, 2010 3:39pm
Quoting pawpaw1000
Thanks magix,

Up 50 now and starting to think I should pull the trigger?

Maybe just keep moving s/l?
1.5398 was the london open price , was kinda looking to get back there myself for a 1st tgt or close to that area , dont let me mess up your thinking tho, new york session open price just below that also at 1.5393
  • #248,404
  • Aug 24, 2010 3:41pm Aug 24, 2010 3:41pm
Quoting pawpaw1000
Thanks magix,

Up 50 now and starting to think I should pull the trigger?

Maybe just keep moving s/l?
This is where you need to trade to your plan. You should have an answer to all the questions that the market will throw at you in your trading plan. It certainly helps when you have a document for reference that allows you to make these decisions.

If it were my trade, my plan would have 1st TP at 3:1 and the 2nd TP would be near today's low, but that is of h4/h1. I don't know what timeframe you are working off?
  • #248,405
  • Aug 24, 2010 3:42pm Aug 24, 2010 3:42pm
all moving averages aside ...

daily resistance overhead , support 5320 .. I will take it ..channel till it isn't

at 140 pip range for the day GU was due for a bounce, as it seems fx is pretty much fixed to not fluctuatte to much ( about 1.3 cents a day)

Days range has factored strongly into my trading last few months for targets and reversal zones.

Attached Image (click to enlarge)
Click to Enlarge Name: chart02 au.jpg Size: 142 KB




Quoting Magix
Price rejected at daily support...200EMA or well, a couple of pips below.

24SMA marks the resistance for the daily, so, fwiw, I am expecting this to be a consolidation area for the next couple days, perhaps into next week.

The current momo does favor the southside now, but until I see a Negative daily cross, I am not sold on much lower lows as of just yet.

All interm plays...Quick in dirty, continuations on the days will be my plan until I see a true Neg cross or until I see price cross back into positive territory.

August is typically a...
Blogging daily now at www.volume.zone
  • #248,406
  • Aug 24, 2010 3:44pm Aug 24, 2010 3:44pm
and then there is the hedging that is ...

learn how to trade and trade with the direction of the pros. If unsure of direction stay out.

I have never figured out how any one can make money hedging unless they are hedging a winning position. I have a 1st class honours degree in engineering so not a dumb dumb...just never understood it.



Quoting bbakker
Interesting discusion on hedging in here today which I could not partake but here is my personal angle on it.

There are two types of hedging -

Hedging on the same account where by you take a long and short position on the same instrument such as cable which in my view subsconsiously shows indecision and one trying to predict where the market is going, whereas in reality we don't know where it is really going.

or

Hedging on different accounts one for swing trading, the other for day trading. You might be going short with the long-term trend...
Blogging daily now at www.volume.zone
  • #248,407
  • Aug 24, 2010 3:46pm Aug 24, 2010 3:46pm
Quoting digger1
1.5398 was the london open price , was kinda looking to get back there myself for a 1st tgt or close to that area , dont let me mess up your thinking tho, new york session open price just below that also at 1.5393
thanks digger, When I started this trade I was targeting 5400... It just moved soo quickly I thought to tp lower...

I don't usually trade this time of day but as I have noticed it normally goes in one direction... Advise from you guys that are used to this time?
@pawpaw1000 on Twitter
  • #248,408
  • Aug 24, 2010 3:46pm Aug 24, 2010 3:46pm
5380 major support

Attached Image (click to enlarge)
Click to Enlarge Name: chart02 au.jpg Size: 153 KB
Blogging daily now at www.volume.zone
  • #248,409
  • Aug 24, 2010 3:54pm Aug 24, 2010 3:54pm
Quoting malcolmb14
and then there is the hedging that is ...

learn how to trade and trade with the direction of the pros. If unsure of direction stay out.

I have never figured out how any one can make money hedging unless they are hedging a winning position. I have a 1st class honours degree in engineering so not a dumb dumb...just never understood it.
Exactly. When your swing/position trade is cooking nicely, nothing wrong with a day trade in the opposite direction in your day trading account. Different timeframes for starters. The smaller the timeframe you go, the smaller the SL and the smaller targets, for me anyway. You always get bigger retraces on your swing trades, but if done correctly they will only occur on your last runner and then it doesn't matter how big these retraces are, within reason LOL!
  • #248,410
  • Aug 24, 2010 3:56pm Aug 24, 2010 3:56pm
which one of you just sold? PA dropping very nicely now, not even stopping to breathe!... once we go below 5400 I will place s/l just above locking in 70 pips and letting the thing run!

Got s/l at 5420 (be + 50pips)... loving these lively asian sessions! +4.5% for the week, looking for 8% to improve on last week...
@pawpaw1000 on Twitter
  • #248,411
  • Aug 24, 2010 4:03pm Aug 24, 2010 4:03pm
Quoting pawpaw1000
which one of you just sold? PA dropping very nicely now, not even stopping to breathe!... once we go below 5400 I will place s/l just above locking in 70 pips and letting the thing run!
I just exited my short position and took a long for daily open.

I am not expecting much from it, locked with a 20 pip sl, price for entry...

1.5395.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #248,412
  • Aug 24, 2010 4:03pm Aug 24, 2010 4:03pm
Quoting pawpaw1000
which one of you just sold? PA dropping very nicely now, not even stopping to breathe!... once we go below 5400 I will place s/l just above locking in 70 pips and letting the thing run!
i did
Thank You
  • #248,413
  • Aug 24, 2010 4:09pm Aug 24, 2010 4:09pm
Quoting wormboy
i did
Hey wormy!

Thought you were sleeping mate! I'm gonna hit the hay in the next 15min, just watching PA at this crucial point... Normally a quick drop like the last m15 candle means sellers entering the market so should be good to see how buyers respond!
@pawpaw1000 on Twitter
  • #248,414
  • Aug 24, 2010 4:10pm Aug 24, 2010 4:10pm
Quoting pawpaw1000
Hey wormy!

Thought you were sleeping mate! I'm gonna hit the hay in the next 15min, just watching PA at this crucial point... Normally a quick drop like the last m15 candle means sellers entering the market so should be good to see how buyers respond!
rollover at 1.5393 , was also todays new york session open price would expect a good bounce from here, todays pivot at 1.5427 ( new days pivot) will be watching that level with interst
  • #248,415
  • Aug 24, 2010 4:10pm Aug 24, 2010 4:10pm
Quoting Magix
I just exited my short position and took a long for daily open.

I am not expecting much from it, locked with a 20 pip sl, price for entry...

1.5395.
think you did the right thing M...

This M15 looks bullish but the one just before looked very bearish!!!

hehe..

strange thing this forex...
@pawpaw1000 on Twitter
  • #248,416
  • Aug 24, 2010 4:11pm Aug 24, 2010 4:11pm
Quoting pawpaw1000
Hey wormy!

Thought you were sleeping mate! I'm gonna hit the hay in the next 15min, just watching PA at this crucial point... Normally a quick drop like the last m15 candle means sellers entering the market so should be good to see how buyers respond!

Don't give too much back to the market. You are doing well and coming along nicely. Consistenly pulling 100 pips or so out of the market daily with good reasoning posted here.

FWIW, I closed mine and am now flat. See you guys at the open.
  • #248,417
  • Aug 24, 2010 4:12pm Aug 24, 2010 4:12pm
Quoting pawpaw1000
Hey wormy!

Thought you were sleeping mate! I'm gonna hit the hay in the next 15min, just watching PA at this crucial point... Normally a quick drop like the last m15 candle means sellers entering the market so should be good to see how buyers respond!
Sellers coming into a demand area is not the place to be coming in
  • #248,418
  • Aug 24, 2010 4:14pm Aug 24, 2010 4:14pm
Quoting cloggie
Don't give too much back to the market. You are doing well and coming along nicely. Consistenly pulling 100 pips or so out of the market daily with good reasoning posted here.
AHAA! the big man himself!

Heya cloggs, think i buggered up here... got my stop at be +40 but think I should've pulled it at 5400... 26 pips I'm risking (sl at 5426) but I might be getting too greedy. 66pippers in this session is good.

Well, If I get stopped I still have 3 days to make 4%, no stress...

How you been doing boss?
@pawpaw1000 on Twitter
  • #248,419
  • Aug 24, 2010 4:15pm Aug 24, 2010 4:15pm
Quoting pawpaw1000
Hey wormy!

Thought you were sleeping mate! I'm gonna hit the hay in the next 15min, just watching PA at this crucial point... Normally a quick drop like the last m15 candle means sellers entering the market so should be good to see how buyers respond!
hey man. i was asleep. price alert @420 went off
I'm not gonna take the trade now tho, too early. All the best to you my friend.
Catch you later
Thank You
  • #248,420
  • Aug 24, 2010 4:15pm Aug 24, 2010 4:15pm
Quoting pawpaw1000
AHAA! the big man himself!

Heya cloggs, think i buggered up here... got my stop at be +40 but think I should've pulled it at 5400... 26 pips I'm risking (sl at 5426) but I might be getting too greedy. 66pippers in this session is good.

Well, If I get stopped I still have 3 days to make 4%, no stress...

How you been doing boss?

You'll have one more test here, am doing well posting a bit less here trading a bit more.
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