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Cable Update (GBPUSD)

  • #249,881
  • Aug 30, 2010 3:43pm Aug 30, 2010 3:43pm
Funny enough - God knows why - all of a sudden retail traders are switching long GBP/USD. This cries for more weakness. Short 1.5462.
________________________________ Errare humanum est
  • #249,882
  • Aug 30, 2010 3:47pm Aug 30, 2010 3:47pm
Quoting MisterTrader
. Short 1.5462.
You got more balls than me.

I am waiting for 1.5442--1.5451, and then I will pause and see what price movement happens, and then I want to go Long at that level.
  • #249,883
  • Aug 30, 2010 3:59pm Aug 30, 2010 3:59pm
Quoting MisterTrader
Funny enough - God knows why - all of a sudden retail traders are switching long GBP/USD. This cries for more weakness. Short 1.5462.
Exactly what are you seeing...all I am seeing is a sideways range with a possible trigger long off daily support.

Right now, trade the range...

It really all depends on the type of trader you are.
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,884
  • Aug 30, 2010 4:07pm Aug 30, 2010 4:07pm
Quoting Astroman
How is MB Trading as far as trading options go? I hear they are one of the best. MB is my broker for FX but I would rather trade options with a different broker if I ever do decide to make that leap. We are talking 6--12 months time minimum before I do if I ever decide to do so.
I'm not sure about trading options under MB Trading since I only trade Forex. My brother does trade stocks, VIX, ETFs, and options under TradeStation Securities and likes them.

I tried TradeStation Securities for Forex and loved the trading platform but not $100 monthly fee. I found myself pressured to over trade just to wave to monthly fee. If you have a large funded account then wouldn't matter anyway.
  • #249,885
  • Aug 30, 2010 4:09pm Aug 30, 2010 4:09pm
Quoting malcolmb14
use mf global for fx / futures
td waterhouse for options ( in canada tax free savings account you can trade options in and td , quest trade etc etc are pretty good .. all profit tax free )

Thanks for the info.
  • #249,886
  • Aug 30, 2010 4:12pm Aug 30, 2010 4:12pm
Well, now that clock has turned and the day is a new...the 5m 200 and the daily piv seem to want to align, I could be keeping this current trade for a little better on the target side.

Best of luck guys, will catch you later.
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,887
  • Aug 30, 2010 6:03pm Aug 30, 2010 6:03pm
I'll be watching very closely how price reacts around 5516-20(just above weekly pivot) if and when we get there......might be a promising short.
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  • #249,888
  • Aug 30, 2010 6:36pm Aug 30, 2010 6:36pm
Quoting malcolmb14
interesting Mag ...

ma # 2 closing gap down to your buy zone and trending down , so please explain why you taking longs ? always like to see what you are up to and what you are seeing.
Hope this gives a better picture of what I watch for on my 1m here Mal...

I know it's easy to spot and show these plays after they happen, but this is what I am typically looking for off the 1m and depending on the course of the day, can be a good way to effectively play both directions and grab a few extra sheckles for the weekly totals.

Daily open as support, which is as close to the bottom of the chart as the bottom of the current chart, daily pivot presenting at about 1.5495, 200EMA on the 5 dropping, will watch for exits there...
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,889
  • Aug 30, 2010 6:56pm Aug 30, 2010 6:56pm
Quoting Magix
Hope this gives a better picture of what I watch for on my 1m here Mal...

I know it's easy to spot and show these plays after they happen, but this is what I am typically looking for off the 1m and depending on the course of the day, can be a good way to effectively play both directions and grab a few extra sheckles for the weekly totals.

Daily open as support, which is as close to the bottom of the chart as the bottom of the current chart, daily pivot presenting at about 1.5495, 200EMA on the 5 dropping, will watch for exits there...
nice i close gu sell for 45 when i saw volume on 30 , also could see es was going to be another easy day ... and it was ... 20 points in the bag right into 1043 daily support again
Blogging daily now at www.volume.zone
  • #249,890
  • Aug 30, 2010 7:07pm Aug 30, 2010 7:07pm
Quoting Magix
Hope this gives a better picture of what I watch for on my 1m here Mal...

I know it's easy to spot and show these plays after they happen, but this is what I am typically looking for off the 1m and depending on the course of the day, can be a good way to effectively play both directions and grab a few extra sheckles for the weekly totals.

Daily open as support, which is as close to the bottom of the chart as the bottom of the current chart, daily pivot presenting at about 1.5495, 200EMA on the 5 dropping, will watch for exits there...
sorry dude felt like selling a little lol had to take a shot at yesterdays low
  • #249,891
  • Aug 30, 2010 7:10pm Aug 30, 2010 7:10pm
Quoting digger1
soory dude felt like selling a little lol had to take a shot at yesterdays low
Dammit Dig, I don't need you messing with my stuff....

lol.

Missed out on the sell, stopped out with 5, will see if anything else smells good in the mean time.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,892
  • Aug 30, 2010 7:12pm Aug 30, 2010 7:12pm
Quoting Magix
Dammit Dig, I don't need you messing with my stuff....

lol.

Missed out on the sell, stopped out with 5, will see if anything else smells good in the mean time.
lol, china in a selling mood it appears , took it easy in the gbp ah but fibre was a nice drop
  • #249,893
  • Aug 30, 2010 7:22pm Aug 30, 2010 7:22pm
Quoting digger1
lol, china in a selling mood it appears , took it easy in the gbp ah but fibre was a nice drop
Looks like I mighta caught myself with a little too tight of noose. Coulda kept SL as bottom and been safe...

Oh well...there be more to find.

Watching for a trigger up or down here, not sure I will be coaxed into a sell just yet.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,894
  • Aug 30, 2010 7:24pm Aug 30, 2010 7:24pm
Quoting Magix
Looks like I mighta caught myself with a little too tight of noose. Coulda kept SL as bottom and been safe...

Oh well...there be more to find.

Watching for a trigger up or down here, not sure I will be coaxed into a sell just yet.
better safe than sorry lol, open is holding tough here
  • #249,895
  • Aug 30, 2010 7:25pm Aug 30, 2010 7:25pm
Quoting digger1
better safe than sorry lol, open is holding tough here
Yeah, seen a bit of a shift on the 5m, coulda closed both positions for a few more, but +2, and +3 is better than a poke in the eye with a sharp stick.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,896
  • Aug 30, 2010 7:31pm Aug 30, 2010 7:31pm
Quoting Magix
Yeah, seen a bit of a shift on the 5m, coulda closed both positions for a few more, but +2, and +3 is better than a poke in the eye with a sharp stick.
We could be coming up to the" man Im glad I was stopped out for a couple drop" lol
  • #249,897
  • Aug 30, 2010 7:40pm Aug 30, 2010 7:40pm
Quoting digger1
We could be coming up to the" man Im glad I was stopped out for a couple drop" lol
Pucker time indeed.

Took a long here though...color me crazy...
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,898
  • Aug 30, 2010 7:43pm Aug 30, 2010 7:43pm
Quoting Magix
Pucker time indeed.

Took a long here though...color me crazy...
lol, I m tempted ,watching to see if we get back to the 5445 level or there abouts
  • #249,899
  • Aug 30, 2010 7:51pm Aug 30, 2010 7:51pm
Have had a pretty decent triangle break , but the 1 st break can be a false one , how ever the false one can scare the heck out you if you are on the wrong side lol
  • #249,900
  • Aug 30, 2010 7:54pm Aug 30, 2010 7:54pm
Quoting digger1
Have had a pretty decent triangle break , but the 1 st break can be a false one , how ever the false one can scare the heck out you if you are on the wrong side lol
Wife did laundry today, I got a few extra pairs of clean shorts....
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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