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Cable Update (GBPUSD)

  • #256,221
  • Sep 27, 2010 8:38am Sep 27, 2010 8:38am
Quoting cloggie
The world markets don't care which Milliband takes over.
why not? one of them is gonna be the new PM of UK soon!
Enter Signature
  • #256,222
  • Sep 27, 2010 8:38am Sep 27, 2010 8:38am
Quoting Precap2
I suppose you look for your trend in the TF you enter trade (if you enter on M30, that's where you also get your trend). Is that what Cloggie teaches in his private school?

P
I trade predominantly on 1h and 4h but I do take the higher TFs into consideration. I don't confess to be in the same league as traders like Cloggie but I take on-board the good stuff from this thread and try to ignore the bad.

This is not really relevant to our discussion but last week I made 19 long trades on GU with 14 winners, 1 BE and 4 losers. I also made 9 short trades with 5 winners and 4 losers. For GJ I only made 3 trades all long and all were winners. This tells me I was better looking for long entries rather than shorts on GBP pairs.

Anyway, let's agree to disagree and get back to making pips..
  • #256,223
  • Sep 27, 2010 8:39am Sep 27, 2010 8:39am
Quoting PipChick
Just keep bloomberg tv playing as you are trading and you will hear all of this also.
ok, cool. just that it can be difficult to concentrate trading and listening to some silly woman.
Enter Signature
  • #256,224
  • Sep 27, 2010 8:39am Sep 27, 2010 8:39am
Quoting cloggie
NY and NAS both opened up, risk is still on. Keep an eye on the DOW to see how cable responds. 20Bn of M&A announced on the open, could sustain the rally here.

Nymex gold and Oil up on the open.

You can throw all the techie stuff you want on Cable, she will just follow the equities today as she has the whole month barring any Sterling news.

Both DOW and SnP dropped slightly in the first 10 mins and you can clearly see the correlation in both fibre and cable.

Keeping a Dow and SnP chart open with the corresponding SR's with an occasional glance at Nymex Oil and Gold would keep you on the right side of the market today.
  • #256,225
  • Sep 27, 2010 8:40am Sep 27, 2010 8:40am
freakin pissed, bought on the break up here and got in on the down (the fake through my Iphone mobile platform) and seems like we going back down again...

Also tried a scalp of the range and got out -17... all in all going to be down almost 45 pips if I get stopped here...

Darn indecisive!
@pawpaw1000 on Twitter
  • #256,226
  • Sep 27, 2010 8:42am Sep 27, 2010 8:42am
Quoting pawpaw1000
freakin pissed, bought on the break up here and got in on the down (the fake through my Iphone mobile platform) and seems like we going back down again...

Also tried a scalp of the range and got out -17... all in all going to be down almost 45 pips if I get stopped here...

Darn indecisive!
Done for the day... not losing any more in this market...

Good luck all!
@pawpaw1000 on Twitter
  • #256,227
  • Sep 27, 2010 8:42am Sep 27, 2010 8:42am
Quoting pawpaw1000
Darn indecisive!
that's me alright!

Enter Signature
  • #256,228
  • Sep 27, 2010 8:43am Sep 27, 2010 8:43am
Quoting pawpaw1000
freakin pissed, bought on the break up here and got in on the down (the fake through my Iphone mobile platform) and seems like we going back down again...

Also tried a scalp of the range and got out -17... all in all going to be down almost 45 pips if I get stopped here...

Darn indecisive!

Why trade right before the NY open when you don't know yet what the equities are doing, you don't trade right before the LO either, you wait for the open to show you what is happening and then you give it a bit of time for things to settle down and for the orders to be absorbed, same for the NY.
  • #256,229
  • Sep 27, 2010 8:43am Sep 27, 2010 8:43am
Quoting vosterfxandy
ok, cool. just that it can be difficult to concentrate trading and listening to some silly woman.
Here is the deal.....you dont have to know EVERYTHING about the fundamentals to be successful, although, you do need to know some. Regardless what the fundi's are doing, the mkt moves in waves..up and down and sideways. Knowing a little about the fundi's (nothing elaborate) and a lot about techi's and you will do fine.
  • #256,230
  • Sep 27, 2010 8:44am Sep 27, 2010 8:44am
Quoting PipChick
Here is the deal.....you dont have to know EVERYTHING about the fundamentals to be successful, although, you do need to know some. Regardless what the fundi's are doing, the mkt moves in waves..up and down and sideways. Knowing a little about the fundi's (nothing elaborate) and a lot about techi's and you will do fine.

I'll go one step further, if the Techies and fundies disagree, the techies win everytime. Knowing where the risk is and how the dollar half of the pair behaves is not really fundamental, it is technical correlation irrelevant of what fundies are driving it.

Right now the equities are dropping and they are taking cable with it.
  • #256,231
  • Sep 27, 2010 8:45am Sep 27, 2010 8:45am
Quoting PipChick
Here is the deal.....you dont have to know EVERYTHING about the fundamentals to be successful, although, you do need to know some. Regardless what the fundi's are doing, the mkt moves in waves..up and down and sideways. Knowing a little about the fundi's (nothing elaborate) and a lot about techi's and you will do fine.

Hi

Just wondering - how many pips do you target per trade ?

Thanks
  • #256,232
  • Sep 27, 2010 8:46am Sep 27, 2010 8:46am
Quoting pawpaw1000
Done for the day... not losing any more in this market...

Good luck all!
PawPaw..I watch you trade daily and here is what I noticed. You short when the mkt is strongly trending up and you buy when the mkt is exhausted.
  • #256,233
  • Sep 27, 2010 8:46am Sep 27, 2010 8:46am
Well in spite of the banter I hung onto my short from .5860 and just closed for 30. So.... (cue music)...

It's time to put on makeup It's time to dress up right It's time to raise the curtain on the Muppet Show tonight.
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  • #256,234
  • Sep 27, 2010 8:47am Sep 27, 2010 8:47am
Quoting vosterfxandy
why not? one of them is gonna be the new PM of UK soon!
can some one address this?
Enter Signature
  • #256,235
  • Sep 27, 2010 8:48am Sep 27, 2010 8:48am
Quoting Sammie
Hi

Just wondering - how many pips do you target per trade ?

Thanks
Whatever the mkt will give me. I dont have expectations. When I am in a trade, I watch for signs to tell me to exit.
  • #256,236
  • Sep 27, 2010 8:48am Sep 27, 2010 8:48am
Quoting PipChick
PawPaw..I watch you trade daily and here is what I noticed. You short when the mkt is strongly trending up and you buy when the mkt is exhausted.

Pawpaw's biggest problem is patience, or lack thereof. He is a typical retailer and only has a limited window during the day where he can sit behind the screens, that pressure drives his decision making in taking trades that a day trader doing this full time would not as he is fearful that he is going to miss out all together.

Sorry PP for singling you out here publicly.
  • #256,237
  • Sep 27, 2010 8:49am Sep 27, 2010 8:49am
Quoting cloggie
I'll go one step further, if the Techies and fundies disagree, the techies win everytime. Knowing where the risk is and how the dollar half of the pair behaves is not really fundamental, it is technical correlation irrelevant of what fundies are driving it.

Right now the equities are dropping and they are taking cable with it.
Ah, now that's different. I have a big note on my wall, 'Fundimentals always overrule Technicals'. Worked fine for 15 years so far.

Do you really believe that if the market is in uptrend today and the Boe were to suddenly announce more QE the uptrend would continue, as per the charts?
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  • #256,238
  • Sep 27, 2010 8:49am Sep 27, 2010 8:49am
Quoting cloggie
Pawpaw's biggest problem is patience, or lack thereof. He is a typical retailer and only has a limited window during the day where he can sit behind the screens, that pressure drives his decision making in taking trades that a day trader doing this full time would not as he is fearful that he is going to miss out all together.

Sorry PP for singling you out here publicly.
I have been there myself.
  • #256,239
  • Sep 27, 2010 8:53am Sep 27, 2010 8:53am
Quoting Uphios
Ah, now that's different. I have a big note on my wall, 'Fundimentals always overrule Technicals'. Worked fine for 15 years so far.

Do you really believe that if the market is in uptrend today and the Boe were to suddenly announce more QE the uptrend would continue, as per the charts?

IF the BOE would announce QE out of the blue then Sterling would drop like the Bismarck, however that is not just plain fundies, that is a cataclysmic event. When you are talking fundies overall, look at fibre, there is no fundamental reason for its ascend, however it is driven by the inverse technical correlation of the equity rally and that is technical, the equity rally has no fundamental reasons behind it either, the US is in the dumps, ETF's are having the largest redemption in history and the DOW continues, yeah right.

This month so far has been driven by technical risk and any fundamental news has been ignored, so far this month the fundies from the UK have been bad, and have all been ignored by the techs.
  • #256,240
  • Sep 27, 2010 8:56am Sep 27, 2010 8:56am
Quoting cloggie
IF the BOE would announce QE out of the blue then Sterling would drop like the Bismarck, however that is not just plain fundies, that is a cataclysmic event. When you are talking fundies overall, look at fibre, there is no fundamental reason for its ascend, however it is driven by the inverse technical correlation of the equity rally and that is technical, the equity rally has no fundamental reasons behind it either, the US is in the dumps, ETF's are having the largest redemption in history and the DOW continues, yeah right.

This month so far has...
Agreed, I think. I figure in the absence of fundimentals then Techies win. Further, it generally takes a significant Fundie to reverse a trend against a techie bull/bear.
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