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Cable Update (GBPUSD)

  • #251,261
  • Edited 10:24am Sep 6, 2010 10:03am | Edited 10:24am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
got my 50 pips for today... I expect day close near 154250...if it doesn't I do not care now :-)

Will see what tomm brings...


ta
ams


Quoting ams
shoulda waited for 535xxx, instead of giving my precious 5 pips, my PO nailed it to the pip....expect to go back above 545xx by tomm if possible
  • #251,262
  • Sep 6, 2010 10:08am Sep 6, 2010 10:08am
Quoting Bull_Bear
At least its a probable outcome with facts. Thats the differrence.

Never said I was looking for a 250pips day. I have held my trade since Friday and will continue to plough at my target as long as my technicals are still telling me to stay with the plan.

Good luck
Mine is just as propable mate, seeing as I have witnessed it almost 1000 times and I can now almost bank on it...

Looks like we have almost reached my TP, another 10 pips to 5420...

Just for interest sake, to each his own and all that but your entry on your trade was not very good. You could've easily gotten in higher and had a better RR and Higher Propability trade. It's easy when we are in a downtrend to sell anyplace and then to set s/l 100pips and t/p 200 pips but you don't account for the ranges and therefore lose out on alot of pips...

Just my observation and am interested to know what you think.

Have alot of respect for you and am just asking out of pure curiousity...
@pawpaw1000 on Twitter
  • #251,263
  • Sep 6, 2010 10:32am Sep 6, 2010 10:32am
Quoting cloggie
Like bimmer said, doji on the 15, TL break on the 30, bad news data, plenty of both technical and fundamental for the drop here. Next target lTL on the H1 and H4, once they go we are looking at 5360-ish
Just got back from a day away from the screens on the last day of the pumpkin season. Hit my target while gone and am flat now. Pretty lacklustre day across the pairs today other then GU and EG. See I missed the lively discussion on Dollar's demise (not subscribing to it tough, but that is an entire thread in itself). There is no stopping bond and Gilt prices across the board with yields at all time lows the TL is holding on 10 yr T-bills, no reversal for UJ in sight, wonder if anything is going to come out of the BOJ conference when that finishes tomorrow, not much they can do other then hit the printing presses really, they are pretty isolated there. Not much activity on the equity markets either. Getting ready for normal service to resume tomorrow.

AMS did your buy order get filled? Am not buying this one myself here.
  • #251,264
  • Sep 6, 2010 10:33am Sep 6, 2010 10:33am
Quoting ams
got my 50 pips for today... I expect day close near 154250...if it doesn't I do not care now :-)

Will see what tomm brings...


ta
ams
Nice one ams... have a good one...
@pawpaw1000 on Twitter
  • #251,265
  • Sep 6, 2010 10:34am Sep 6, 2010 10:34am
Quoting nAVIN2007
all my time as a trader points to this support holding..its purely of reading of chart (technicals)..not based on diverence or anything..monthly chart has hidden bullish diverence thou..

weekly chart shows we have broken out of uptrend..

im speculating up..but as u know my speculation is as good as any view, nothing is set in stone
Good day to you, Sir

How are things?

Just some charts regarding possible divergence... the weekly and monthly - both have played out on any current divergence present. There may be new ones forming later, but at this point - there is none according to the gospel of Tau

I hope your trade works out for you!

All the best

Regards
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gu6.gif Size: 25 KB
  • #251,266
  • Sep 6, 2010 10:35am Sep 6, 2010 10:35am
Quoting cloggie
Just got back from a day away from the screens on the last day of the pumpkin season. Hit my target while gone and am flat now. Pretty lacklustre day across the pairs today other then GU and EG. See I missed the lively discussion on Dollar's demise (not subscribing to it tough, but that is an entire thread in itself). There is no stopping bond and Gilt prices across the board with yields at all time lows. Not much activity on the equity markets either. Getting ready for normal service to resume tomorrow.

AMS did your buy order get filled? Am not...
Hey Cloggs...

You gonna wait for LO or maybe put on a lazy trade for ASIA? I will check back later tonight but I need to sleep now... French wine buggered me up last night!

Check you later...
@pawpaw1000 on Twitter
  • #251,267
  • Sep 6, 2010 10:36am Sep 6, 2010 10:36am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
yup matey!!!! got filled and I am done with my 50 pipees for the day :-)

Looking to buy dips until thursday

We've been ranging from 5 days now so expect dodgy moves / breakouts!


ta
ams




Quoting cloggie
Just got back from a day away from the screens on the last day of the pumpkin season. Hit my target while gone and am flat now. Pretty lacklustre day across the pairs today other then GU and EG. See I missed the lively discussion on Dollar's demise (not subscribing to it tough, but that is an entire thread in itself). There is no stopping bond and Gilt prices across the board with yields at all time lows. Not much activity on the equity markets either. Getting ready for normal service to resume tomorrow.

AMS did your buy order get filled? Am not...
  • #251,268
  • Sep 6, 2010 10:36am Sep 6, 2010 10:36am
Quoting pawpaw1000
Hey Cloggs...

You gonna wait for LO or maybe put on a lazy trade for ASIA? I will check back later tonight but I need to sleep now... French wine buggered me up last night!

Check you later...

With NY closed the dead time till Asia is too large for my liking, it will be like watching paint dry, so am not even going to look for anything till the LO tomorrow.
  • #251,269
  • Sep 6, 2010 10:37am Sep 6, 2010 10:37am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
thanks buddy!!


Quoting pawpaw1000
Nice one ams... have a good one...
  • #251,270
  • Sep 6, 2010 10:39am Sep 6, 2010 10:39am
Quoting ams
yup matey!!!! got filled and I am done with my 50 pipees for the day :-)

Looking to buy dips until thursday

We've been ranging from 5 days now so expect dodgy moves / breakouts!


ta
ams

We finally should have some normal volumes starting tomorrow, interesting autumn ahead of us, lots will be driven by the bond market and equities this autumn. The big boys want to continue driving equity prices up with the levels of redemptions they are seeing. Spreads on euro debt has been steadily increasing too, especially the Celtic and Portuguese ones, that story has not finished yet either by all means and we could well see a round 2 of some panic in the markets this autumn.

As long as 2.75 holds on the 10 yr, UJ is doomed and the ones to watch is euro and sterling in the month to come. Am staying away from CHF till the SNB shows its hand.

Good job on that buy, I got back too late to put any worthwhile order in, too late now; dead till Sydney.
  • #251,271
  • Sep 6, 2010 10:40am Sep 6, 2010 10:40am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Cable is only good for scalps these days TT....
Not for "someone who is used to thousand pips" now


I am waiting for euraud..it's showing signs we were talking earlier...flight will be quick.


Quoting TauTrader
Good day to you, Sir

How are things?

Just some charts regarding possible divergence... the weekly and monthly - both have played out on any current divergence present. There may be new ones forming later, but at this point - there is none according to the gospel of Tau

I hope your trade works out for you!

All the best

Regards
  • #251,272
  • Sep 6, 2010 10:42am Sep 6, 2010 10:42am
Quoting ams


I am waiting for euraud..it's showing signs we were talking earlier...flight will be quick.

Election results should be sorted this week, interesting to see what is going to happen to the mining tax over there and the resultant effect on the commodities and ETF's.

Brief whistle stop, am of again, see you guys/girls at the open.
  • #251,273
  • Sep 6, 2010 10:49am Sep 6, 2010 10:49am
Quoting ams
Cable is only good for scalps these days TT....
Not for "someone who is used to thousand pips" now


I am waiting for euraud..it's showing signs we were talking earlier...flight will be quick.
Yip - will be interesting to watch. Just scalped a bit today. Got Dragon during the night on a long and also took some on GU on the way back this afternoon - I am keeping my eye on EURAUD - but the swap and spread is unattractive though - is gonna be about timing....

nicely done on your GU trade!

Regards
  • #251,274
  • Sep 6, 2010 11:05am Sep 6, 2010 11:05am
Quoting pawpaw1000
Mate, france has alot of debt problems and unfunded liabilities, which is true but they are forced to cut spending etc to sort it out. Unlike the US where they just print more and promise more...

The big difference between the US and Europe is the Federal reserve... They are allowing poloticians to sell out the US future...
That is the strength and weakness of the euro, and why the euro will collapse before the USD. The USD, GBP, and CHF are controlled by a single country with it's own well being in mind where the Euro is controlled by a group of countries that have to consider the needs of all the countries in the EU, and eventually one of the countries will feel that the other countries are holding them back and they could do a better job on their own. My vote is on Germany because they have the strongest economy in the EU. This is just my opinion and I could be wrong.

The USD is currently being manages by a group of morons that either have no idea how to manage currency or just don't care what happens to the dollar. The difference is that the excessive spending and poor management will be over in 2 years at the most when we get a new president that will hopefully appoint some people that know how to manage currency and hopefully balance a budget.
  • #251,275
  • Sep 6, 2010 11:40am Sep 6, 2010 11:40am
when those times gonna back ?


Quoting ams
Cable is only good for scalps these days TT....
Not for "someone who is used to thousand pips" now


I am waiting for euraud..it's showing signs we were talking earlier...flight will be quick.
  • #251,276
  • Sep 6, 2010 11:49am Sep 6, 2010 11:49am
Quoting pawpaw1000
Mine is just as propable mate, seeing as I have witnessed it almost 1000 times and I can now almost bank on it...

Looks like we have almost reached my TP, another 10 pips to 5420...

Just for interest sake, to each his own and all that but your entry on your trade was not very good. You could've easily gotten in higher and had a better RR and Higher Propability trade. It's easy when we are in a downtrend to sell anyplace and then to set s/l 100pips and t/p 200 pips but you don't account for the ranges and therefore lose out on alot of pips......
I guess it really should boil down to how and what you want to see out of your trading day and where you believe price is headed.

Letting a trade go almost a full 100 pips into the stink before putting you 50 good to most probably close you back in the hole, is NOT my idea of a solid trade.

We see Brother Clogs coaching a lot of new traders to cut losses and get on the right side of the trade, but I guess if your all fired up, and want to watch price beat you down like you would to some carpet pissing dawg, really the choice is up to the trader...Have atter, Go Nuts!

I mean really, if you liked the price that low, and had a chance to avg in 100 pips higher, it would seem like the thing to do, especially if you were all fired up and sure that we sinking into great depths. But hey, why should we try to figure people out?

In my eyes, +10 beats -1...sitting out a bad trade is better than being in one.

>>Shrugs Shoulders<<


Guess thats why we should all really focus on setting the parameters on our own charts. Play our own games. Accept our own victories, and mourn our own losses.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #251,277
  • Sep 6, 2010 12:43pm Sep 6, 2010 12:43pm
Quoting Magix
I guess it really should boil down to how and what you want to see out of your trading day and where you believe price is headed.

Letting a trade go almost a full 100 pips into the stink before putting you 50 good to most probably close you back in the hole, is NOT my idea of a solid trade.

We see Brother Clogs coaching a lot of new traders to cut losses and get on the right side of the trade, but I guess if your all fired up, and want to watch price beat you down like you would to some carpet pissing dawg, really the choice is up to the trader...Have...
I am totally with you magix though I must say that I believe if you are trading off daily, it is possible to have a s/l of 100 pips. I trade of m15 and a stop of 25 is big for me!

Trying to find good support close by will allow one to have a s/l of as little as 15 pips if you get a good entry...

If I can keep just one of the millions of things I've learnt, it would be to cut your losses! CUT YOUR LOSSES EARLY!
@pawpaw1000 on Twitter
  • #251,278
  • Sep 6, 2010 1:07pm Sep 6, 2010 1:07pm
Quoting pawpaw1000
I am totally with you magix though I must say that I believe if you are trading off daily, it is possible to have a s/l of 100 pips. I trade of m15 and a stop of 25 is big for me!

Trying to find good support close by will allow one to have a s/l of as little as 15 pips if you get a good entry...

If I can keep just one of the millions of things I've learnt, it would be to cut your losses! CUT YOUR LOSSES EARLY!
We have spent 6 days bouncing in the same area, committing to any one direction before we break out of this range doesn't seem altogether rational to me...

We have support on the daily, chart posted previously, and have a fairly defined top on the H4...

I really see no issue with trading off the lower time frames, these are where the plays are made...Watching support and resistance on the other time frames can help you from buying tops and selling bottoms and take a few sheckles along the way both ways...but again, this is where we define ourselves as traders.

100 pip stop loss?

Shit, this still doesn't make sense to me. IF you have an idea of trend, and if you have an idea of trading, why would you have to set this? The days play out very typical...directionally speaking, so if we did in fact leak into an actual trend instead of this sideways crap, you really wouldn't or shouldn't have to have something this size in place....that is, with any sort of basic market understanding....

To me plays like this are still coin tosses. Seems more like a guess to put a 100 pip stop loss on a trade...

But again, not for me to judge others, just gives me a little more perspective on what I don't want to do...
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #251,279
  • Sep 6, 2010 1:17pm Sep 6, 2010 1:17pm
Not really happy about my day pip profit of 54pips. Should have got'en up early 7:00 am (GMT) to catch that 100 pip drop today. I am kicking my self as my week could have started with an easy trade.


Currently just watching the market...
Our beliefs are based on logic and the pursuit of clearity.
  • #251,280
  • Sep 6, 2010 1:22pm Sep 6, 2010 1:22pm
Quoting Magix
We have spent 6 days bouncing in the same area, committing to any one direction before we break out of this range doesn't seem altogether rational to me...

We have support on the daily, chart posted previously, and have a fairly defined top on the H4...

I really see no issue with trading off the lower time frames, these are where the plays are made...Watching support and resistance on the other time frames can help you from buying tops and selling bottoms and take a few sheckles along the way both ways...but again, this is where we define ourselves...
Agreed, exactly the point I was trying to make!
@pawpaw1000 on Twitter
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