Cable Update (GBPUSD) | Page 12465 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #249,281
  • Aug 27, 2010 7:42am Aug 27, 2010 7:42am
Quoting LostMyShirt
Wrong guess no stop loss yet.. I am watching... added more to my longs at 1.5480
How did I know that would be the response.
  • #249,282
  • Aug 27, 2010 7:44am Aug 27, 2010 7:44am
Quoting Scipionz
Trading news can kill account in short time.
Stop could not be respected... it happen.

Rather focus on the quick shot, it's better to develop a method for usual trading.
If you are allredy in a trade it make sens.
But enter just after or even just before, is pure gambling and wont be profitable in long run.

I saw some news making a strike 200 pips, even 500 on FED statement.
So the kee-jerk pattern can work once in a while.
But the one that wont will hurt more then all profit you did accumulate before.
This isn't a point of view I personally agree with. All trading is gambling. Even if you are a risk averse trader who waits for 'confirmation' before entering a trade, there is still a possibility that the confirmation may be false or that something else may happen in the middle of your trade. All that matters is your assessment of the probability of success of a particular trade, and if you think you have a 100% certainty you've not assessed it correctly. Then determine how much risk you want to take, and that tells you what kind of probability trades you should be entering into.

Just because you have "a method for usual trading" this doesn't mean you are taking on any less risk. The market can easily move 100 or 200 pips against you even without news. And there is always unscheduled "news".

There is nothing wrong with trading news if you have a reasoned assessment that the probability is in your favour and are prepared for the risk of losing ~50 pips because your stop slipped.

If it turns out that your reasoning was faulty, go back and reassess why. If you find you're constantly doing this, don't trade.

I'm not sure I'd use the "knee-jerk" technique indiscriminately though. The first move isn't always the wrong one.
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #249,283
  • Aug 27, 2010 7:49am Aug 27, 2010 7:49am
we have bernanke speaks in few hour..
usually when he open his mouth...
USD going to be strong...
so be careful if you have long position..
Revesal Trader
  • #249,284
  • Aug 27, 2010 7:53am Aug 27, 2010 7:53am
Quoting mygoldenpips
we have bernanke speaks in few hour..
usually when he open his mouth...
USD going to be strong...
so be careful if you have long position..
Dude that doesnt work
Peace And Quite Is Utterly Malapropos Of My Departure . . .
  • #249,285
  • Aug 27, 2010 7:53am Aug 27, 2010 7:53am
Quoting cloggie
Market is still waiting for Heli-Ben to give us a proper move. The only trades out there right now are a few scalps on the M5. Nothing worth writing home about.
yup, but nice to see that the H4 had finally breakout from 5510. That level held for 24 hours. So, BANG! BANG!
Thank You
  • #249,286
  • Aug 27, 2010 7:55am Aug 27, 2010 7:55am
Quoting autopips
This isn't a point of view I personally agree with....
This is probably going to sound like a really naive question, but here goes. Why not place a stop order both above and below recent candle highs (on say M5) prior to the news. You could then, with some slippage, probably, ride the spike either way?

Feel free to pile in and tell me how idiotic this is!!
  • #249,287
  • Aug 27, 2010 7:55am Aug 27, 2010 7:55am
  •  zigizum
  • | Joined Aug 2010 | Status: Not in a hurry too blow my account | 52 Posts
adding my short at 1,5496
  • #249,288
  • Aug 27, 2010 7:55am Aug 27, 2010 7:55am
Quoting Vegapunk
Dude that doesnt work
it your own money..
it your own trade..
just giving my 2cent opinion..
make your own decision..
Revesal Trader
  • #249,289
  • Aug 27, 2010 7:56am Aug 27, 2010 7:56am
Quoting autopips
And there is always unscheduled "news".
I love this
Peace And Quite Is Utterly Malapropos Of My Departure . . .
  • #249,290
  • Aug 27, 2010 7:57am Aug 27, 2010 7:57am
Quoting mygoldenpips
it your own money..
it your own trade..
just giving my 2cent opinion..
make your own decision..
Yo im in short.... i mean its doesnt work for some guys
Peace And Quite Is Utterly Malapropos Of My Departure . . .
  • #249,291
  • Aug 27, 2010 7:58am Aug 27, 2010 7:58am
Quoting wormboy
yup, but nice to see that the H4 had finally breakout from 5510. That level held for 24 hours. So, BANG! BANG!
chart
Attached Image (click to enlarge)
Click to Enlarge Name: gu4.gif Size: 178 KB
Thank You
  • #249,292
  • Aug 27, 2010 8:00am Aug 27, 2010 8:00am
Quoting Delite
This is probably going to sound like a really naive question, but here goes. Why not place a stop order both above and below recent candle highs (on say M5) prior to the news. You could then, with some slippage, probably, ride the spike either way?

Feel free to pile in and tell me how idiotic this is!!
Difficult to get the levels right. Sometimes after news the price can fling itself around a bit which could mean you end up with both your orders being filled. If you don't have a particularly good reason to expect the news to go one way or another, don't trade it until after the event once you've made some kind of assessment of which way it is going. Nothing wrong with letting price show you the way here, in my opinion, if it matches an assessment you had before the news but were not prepared to trade.
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #249,293
  • Aug 27, 2010 8:02am Aug 27, 2010 8:02am
Quoting Delite
One question of my own to Magix - when you talk about NY filling the range (and I think Cloggie has mentioned this also) do you mean when Asia and Europe have set a range, NY will tend to cover those prices as well? Even in a trending market? Does this covering tend to happen in the next session or can it take a lot longer?
The 2 major players for the GBP and USD are of course London and NY. They will typically always cover the same range at some point. Clearing the books as I refer to it, an old stock traders guide to the markets....or much the same as what we see every week on a gap, the gap getting filled.

The best moves you can look for is when Asian session or Frankie takes price way out of the play range. From here, you can usually catch the bulk of the buy back from London and the retrace during NY.

Watching for these plays only and specifically is only one single piece of the action, trading direction will still be your best bet. You never get caught if you are trending with the Major.

Take the little pieces of rollover and clearing the books, add these to your current play strategies and you can pick up a few more sheckles and have a better understanding of where price is headed.

Best of luck on close of the week.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,294
  • Aug 27, 2010 8:06am Aug 27, 2010 8:06am
This market has huge appetite for frivolities. I want to stay out for now.
Good luck guys.
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #249,295
  • Aug 27, 2010 8:09am Aug 27, 2010 8:09am

With that kind of news realease Ben surely gonna talk very very big

Peace And Quite Is Utterly Malapropos Of My Departure . . .
  • #249,296
  • Aug 27, 2010 8:14am Aug 27, 2010 8:14am
Quoting Magix
Clearing the books as I refer to it, an old stock traders guide to the markets....or much the same as what we see every week on a gap, the gap getting filled.
Speaking of clearing the books, looks like we have closed the books on the longs and shorts for this range, time to move on....

Am thinking that we head into a long cycle again, walk closer to daily resistance, but as the day is red, exercising a little caution couldn't hurt.
Attached Image (click to enlarge)
Click to Enlarge Name: boox2.jpg Size: 113 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,297
  • Aug 27, 2010 8:15am Aug 27, 2010 8:15am
Quoting gammase1
How did I know that would be the response.

Well gammase,, not a tough guess,,, judging by his nickname,,, that would be the most obvious answer )))
  • #249,298
  • Aug 27, 2010 8:17am Aug 27, 2010 8:17am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
So we have finally tested the level I was expecting 546xx...

Magix was also anticipating daily touch...

true direction will take place on wednesday once we have monthly payment out of it's way but hey atleast we know we can simply put a sell order for tuesday on any high's during asia may be

ta
ams



Quoting ams
Cheers Magix...
Before we progress in any direction I like to see a retest of 546xx to be confident of where we are going so we both are thinking on the same lines.
It could be that by the time daily is tested 546xx hased establish itself as daily, 546xx is only only 30 odd pips away from daily anyways.


ta
ams
  • #249,299
  • Aug 27, 2010 8:18am Aug 27, 2010 8:18am
Wormie where is ur entry update it
  • #249,300
  • Aug 27, 2010 8:19am Aug 27, 2010 8:19am
Quoting ams
So we have finally tested the level I was expecting 546xx...

Magix was also anticipating daily touch...

true direction will take place on wednesday once we have monthly payment out of it's way but hey atleast we know we can simply put a sell order for tuesday on any high's during asia may be

ta
ams
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
300 traders viewing now