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Cable Update (GBPUSD)

  • #255,141
  • Sep 22, 2010 10:28am Sep 22, 2010 10:28am
ok-started to go long@15615 for reasons I put earlier...15585 strong level yesterday early euro session high and 50% of the fomc move
  • #255,142
  • Sep 22, 2010 10:32am Sep 22, 2010 10:32am
Quoting huskyboy
i got kicked out twice myself, hopefully this is the right one; but i always have trouble in tp setting. Any suggestions ? Thanks
Hi Huskyboy,

Yes, the current move looks much better - shame I'm not on it ....lol.....it will run out of steam if I jump on now.

I suppose everyone is different with their TP. I've set it too small, when I could have made more profit. If I leave it open and keep finger on button, it makes me hesitate in case it goe's just that little bit further. It's a mental thing!

Any profit is a profit. There's always another trade around the corner is how I try to think. I try to be disciplined, I really do...lol
  • #255,143
  • Sep 22, 2010 10:33am Sep 22, 2010 10:33am
Tommypips-a rocky start to the day turned out ok.If you like in a bit I can put up the 15m chart I used for today with support and resistance levels
  • #255,144
  • Sep 22, 2010 10:35am Sep 22, 2010 10:35am
Quoting chazzle
ok-started to go long@15615 for reasons I put earlier...15585 strong level yesterday early euro session high and 50% of the fomc move
Certainly hope you are right, planning major shorts, 1.5675 will do.....
Don't be a hero. Don't have an ego. Always question yourself
  • #255,145
  • Sep 22, 2010 10:38am Sep 22, 2010 10:38am
Quoting chazzle
ok-started to go long@15615 for reasons I put earlier...15585 strong level yesterday early euro session high and 50% of the fomc move
ok closed for 20,I think we will test lower levels again
  • #255,146
  • Sep 22, 2010 10:38am Sep 22, 2010 10:38am
Quoting TommyPips
Hi Huskyboy,

Yes, the current move looks much better - shame I'm not on it ....lol.....it will run out of steam if I jump on now.

I suppose everyone is different with their TP. I've set it too small, when I could have made more profit. If I leave it open and keep finger on button, it makes me hesitate in case it goe's just that little bit further. It's a mental thing!

Any profit is a profit. There's always another trade around the corner is how I try to think. I try to be disciplined, I really do...lol
Thanks, got out with 35 pips at 5619, seems R at H1; but setting TP is for me one off the difficult part off trading.
  • #255,147
  • Sep 22, 2010 10:38am Sep 22, 2010 10:38am
I know, it's not completely related. But what is happening with UCAD?
  • #255,148
  • Sep 22, 2010 10:38am Sep 22, 2010 10:38am
Quoting chazzle
Tommypips-a rocky start to the day turned out ok.If you like in a bit I can put up the 15m chart I used for today with support and resistance levels
I'd like to see that too .. as I said earlier, you've been nailing the moves all day.
******************* I'd rather make money than be right.
  • #255,149
  • Sep 22, 2010 10:39am Sep 22, 2010 10:39am
Quoting mktjong
I know, it's not completely related. But what is happening with UCAD?
Actually it is related .. UCad usually moves as mirror opposite to GU ... like often Swissy mirrors Fibre.
******************* I'd rather make money than be right.
  • #255,150
  • Sep 22, 2010 10:39am Sep 22, 2010 10:39am
Quoting chazzle
Tommypips-a rocky start to the day turned out ok.If you like in a bit I can put up the 15m chart I used for today with support and resistance levels

Hi - yes that would be really helpful thanks
  • #255,151
  • Sep 22, 2010 10:41am Sep 22, 2010 10:41am
Quoting 4xStar
I'd like to see that too .. as I said earlier, you've been nailing the moves all day.
ok no problem,I'll put one up when things calm down a bit lol
  • #255,152
  • Sep 22, 2010 10:41am Sep 22, 2010 10:41am
Quoting 4xStar
Actually it is related .. UCad usually moves as mirror opposite to GU ... like often Swissy mirrors Fibre.
Canada also posted poor m/m retail sales earlier this morning which was able to pop it a good 40-50 pips from about 1.0230 to 1.0270ish... so there could be some weakness in the CAD (strength in USD/CAD) from that still being played out too.
check out my blog: forexmademillionaire dot com
  • #255,153
  • Sep 22, 2010 10:43am Sep 22, 2010 10:43am
Quoting 4xStar
Actually it is related .. UCad usually moves as mirror opposite to GU ... like often Swissy mirrors Fibre.
Yeah .. but not always in mirror move. The last few hours got shot up more than 100 pips
  • #255,154
  • Sep 22, 2010 10:45am Sep 22, 2010 10:45am
Quoting chazzle
Tommypips-a rocky start to the day turned out ok.If you like in a bit I can put up the 15m chart I used for today with support and resistance levels
Chazzle,

I had a good start to the day and a "Rocky" afternoon.....lol

Between 6am - 8am I do well, then trade the LO. This forum is very informative when it comes to good advice on the LO and breakouts etc... I'm pretty hopeless after that...lol

I will get better.

Chazzle - that's very kind of you to offer a posting of your chart. It's up to you though.

Nice to see that you can be successful amongst the ranging/spiking earlier.
  • #255,155
  • Sep 22, 2010 10:50am Sep 22, 2010 10:50am
Quoting TommyPips
Chazzle,

I had a good start to the day and a "Rocky" afternoon.....lol

Between 6am - 8am I do well, then trade the LO. This forum is very informative when it comes to good advice on the LO and breakouts etc... I'm pretty hopeless after that...lol

I will get better.

Chazzle - that's very kind of you to offer a posting of your chart. It's up to you though.

Nice to see that you can be successful amongst the ranging/spiking earlier.
Tommy-yes I trade London much better usually than I trade NY-it has taken 40% of my profits a few times in the last few weeks and yes I will do that chart soon
  • #255,156
  • Sep 22, 2010 10:52am Sep 22, 2010 10:52am
Quoting mktjong
Yeah .. but not always in mirror move. The last few hours got shot up more than 100 pips
main reason for this rise is sharp fall of crude oil last 2 h (me thinks)
  • #255,157
  • Sep 22, 2010 10:53am Sep 22, 2010 10:53am
Quoting huskyboy
Thanks, got out with 35 pips at 5619, seems R at H1; but setting TP is for me one off the difficult part off trading.
Huskyboy,

35 pips - thats great! Glad you got on the move.

I missed it - Dam could have been on the up move now as well....lol. Nevermind!

I'm staying flat in case I make a wrong move again. 2 bad one's already already this afternoon.
  • #255,158
  • Sep 22, 2010 10:54am Sep 22, 2010 10:54am
scurt-i would take the small loss/breakeven if you're still in

sorry-might be totally inappropriate I dont know your total position
  • #255,159
  • Edited 11:26am Sep 22, 2010 11:03am | Edited 11:26am
I had a couple of 1H horizonal lines indicating consolidation points over time. They are the 1.562 which was strong SR last Wed, Thur, Fri, and on Mon, and then the 1.5675 which was strong resistance on Mon. The PA has been playing between these two points.

Added to which, the 200EMA and a trendline that I drew (start point at low on Sept 14) are close to the 1.562 value to help with SUPPORT.

On the RESISTANCE side, R1 (1.568) and the 61.8 fib from the LO move this morning are close to the 1.5675 to give additional resistance.

Both the charts the same, just a zoomed out view. 53pip range. Should be able to take a few pips with you.
Attached Image(s) (click to enlarge)
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  • #255,160
  • Sep 22, 2010 11:44am Sep 22, 2010 11:44am
Good day to you,

1.5620 remains the current decider level between up and down. The weekly open is sitting @ 1.5657. Should this become support again, we may end the day @ 1.5695 / 1.5700.

Should price fall and 1.5620 becomes resistance, watch 1.5608 first before shorting ( the 50% line of the week). Price could then run down to the support confluence area of 1.5542 to 1.5536.

This area is made up of the following:

1) Tuesday close @ 1.5542
2) Lower level of the weekly channel by highs @ 1.5542
3) 50% line of last week @ 1.5536
4) Tuesday low @ 1.5536

Market remains in bullish territory above 1.5620.

Wish you all success!

Regards
Attached Image (click to enlarge)
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