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Cable Update (GBPUSD)

  • #269,201
  • Jan 20, 2011 3:56am Jan 20, 2011 3:56am
Quoting lechidi
wow Wormboy! over a hundred pip stop. how do you guys do it? they keep telling us noobs to keep our stops minimal and the stops keep getting hit! frustrating! meanwhile cable is driving me crazy as it were. you keep expecting it to go down after being rejected at a key level and it keeps goin up. then it looks like going for the next level and you buy , then it starts to drop. then you re-plot and enter a sell@ the price you just mentioned. guess what..? it starts to rise towards your 57 pip stop that you put behind the preceeding key level!!! what...
depending on the setup mate. if you're scalping then naturally your stops needs to be tight. vice versa if you're positioning for a larger move. Just remember to manage your risk accordingly. Since I have a larger stop in place, the risk involved ie pip size is much smaller.
If it helps you feel better, I lost a trade on cable yesterday too
Don't worry about pa, if you have a sell signal or buy signal, just react. Anyway historically, it is very rare that cable rallies for nearly 2 weeks without correcting. The last this happened was back on the 22nd July 2010. Guess what happened after. And we are above all, below a major resistance level.
Be patient.

Good luck.
Thank You
  • #269,202
  • Jan 20, 2011 3:56am Jan 20, 2011 3:56am
Quoting bbmac
The 'general' H&S pattern may be there, but it isn't fractally perfect with intermediate swings in the pattern marked by the circles. I have noted that the fractally perfect patterns are higher in probability than the 'general 'ones.

G/L with it.
Thanks for the advice!

I do agree on the general vs the factual version. Thats why I normally take such pattern on a higher TF more seriously.

Gotta wait how it play out.
  • #269,203
  • Jan 20, 2011 3:57am Jan 20, 2011 3:57am
Quoting bbmac
I try to have no opinion on what might happen next or where it might or might not go whether that be over the next minute, hour, day or week etc.., this only influences/affects my ability to take a clear set-up that is part of my trading edge, that may run contra to that pre-formed opinion. The old adage trade what you see not what you think applys. All we know from our analysis beit technical or fundamentally or howsoever based is what the greater probability is, no more...to think we can predict is a mistake.

G/L
well said,
  • #269,204
  • Jan 20, 2011 3:58am Jan 20, 2011 3:58am
Quoting primzvicious
long time no see matey...(on this thread )
keep posting here please...
hi prim ... will do mate
Hope all is well. Have a good one!
Thank You
  • #269,205
  • Jan 20, 2011 4:02am Jan 20, 2011 4:02am
Quoting wormboy
depending on the setup mate. if you're scalping then naturally your stops needs to be tight. vice versa if you're positioning for a larger move. Just remember to manage your risk accordingly. Since I have a larger stop in place, the risk involved ie pip size is much smaller.
If it helps you feel better, I lost a trade on cable yesterday too
Don't worry about pa, if you have a sell signal or buy signal, just react. Anyway historically, it is very rare that cable rallies for nearly 2 weeks without correcting. The last this happened was back on...
Nice to see you back in action, WB ! How was your BKK-trip ? Hope you enjoyed.
  • #269,206
  • Jan 20, 2011 4:03am Jan 20, 2011 4:03am
Attached Image (click to enlarge)
Click to Enlarge Name: cable.jpg Size: 70 KB
  • #269,207
  • Jan 20, 2011 4:07am Jan 20, 2011 4:07am
Quoting PoundTrader
shorts are in play, we could also see a nice move up before and major move down, i just got in a little early so it all depends on your system, on my short at 1.6029 my s/l lost is at breakeven just for this reason, like always be careful and trade with common sense
Hi Bro how it goes ? Knowing you, your post gave me some thought - because I do not see immediate down for near term. I see what you state " we could see a nice move up before long down". Well, there is nothing a SL does not solve !

Trade Well !
  • #269,208
  • Jan 20, 2011 4:10am Jan 20, 2011 4:10am
Will be interesting to see how price reacts at the area circled, if tested..it held back any recovery yesterday ...Daily R1 pivot in there at 6031 area.

G/L
Attached Image
ex member
  • #269,209
  • Jan 20, 2011 4:10am Jan 20, 2011 4:10am
Quoting wormboy
hi prim ... will do mate
Hope all is well. Have a good one!
all is well

+90 atm
Verily, in every difficulties there is relief
  • #269,210
  • Jan 20, 2011 4:10am Jan 20, 2011 4:10am
Quoting vilas
Hi Bro how it goes ? Knowing you, your post gave me some thought - because I do not see immediate down for near term. I see what you state " we could see a nice move up before long down". Well, there is nothing a SL does not solve !

Trade Well !
did you get my PM?
  • #269,211
  • Jan 20, 2011 4:14am Jan 20, 2011 4:14am
Quoting joemiami
weekly resistance of 6013 is holding so far...... short at 5998 with tight stop just above
weekly resist. still holding.... adding another short at 5996
  • #269,212
  • Jan 20, 2011 4:14am Jan 20, 2011 4:14am
Quoting vilas
Nice to see you back in action, WB ! How was your BKK-trip ? Hope you enjoyed.
Hi vilas

Good to be back my friend, how've you been?
Bangkok trip was great, the wife absolutely loved it ( shopping particularly ).
Apologies for not calling you, my cell batt went flat & I forgot to bring the charger!
Here's me & junior wandering outside the pratunam market
Attached Image (click to enlarge)
Click to Enlarge Name: 167954_1687088189632_1610511684_1633453_3614432_n.jpg Size: 106 KB
Thank You
  • #269,213
  • Jan 20, 2011 4:17am Jan 20, 2011 4:17am
if this is the turning point then there's big pips to be made
  • #269,214
  • Jan 20, 2011 4:18am Jan 20, 2011 4:18am
Quoting primzvicious
all is well

+90 atm
nice mate. better book those 90
Thank You
  • #269,215
  • Jan 20, 2011 4:18am Jan 20, 2011 4:18am
Quoting joemiami
weekly resist. still holding.... adding another short at 5996
preparing to head south, 1st target 5946
Attached Image (click to enlarge)
Click to Enlarge Name: 15m gbpusd.gif Size: 29 KB
  • #269,216
  • Jan 20, 2011 4:19am Jan 20, 2011 4:19am
Quoting PoundTrader
not to be rude but HUMBLE OPINIONS don't matter in this business only trading plans and systems.
No worries mate,it's not rude at all.I do have the system and the plan as per Ichimoku and I can also calculate the strenght of the currency every hour according to the same strategy.This tells me GBP is still on the buy,not as strong as per the past days but still there.

So far this strategy is working as I have 274 consecutive winning trades.
I just give it a couple of days untill the 1.6298 level will be confirmed as a sure target.
  • #269,217
  • Jan 20, 2011 4:20am Jan 20, 2011 4:20am
Quoting wormboy
Hi vilas

Good to be back my friend, how've you been?
Bangkok trip was great, the wife absolutely loved it ( shopping particularly ).
Apologies for not calling you, my cell batt went flat & I forgot to bring the charger!
Here's me & junior wandering outside the pratunam market
good to see your doing good, look like jr didn't want to take the pic, lol
  • #269,218
  • Jan 20, 2011 4:20am Jan 20, 2011 4:20am
short 5987. target 5981 , sl 5995.
Hero calls followed by margin calls...
  • #269,219
  • Jan 20, 2011 4:21am Jan 20, 2011 4:21am
Quoting PhAnTi'
short 5987. target 5981 , sl 5995.
is this a scalp trade?
  • #269,220
  • Jan 20, 2011 4:21am Jan 20, 2011 4:21am
Quoting wormboy
Hi vilas

Good to be back my friend, how've you been?
Bangkok trip was great, the wife absolutely loved it ( shopping particularly ).
Apologies for not calling you, my cell batt went flat & I forgot to bring the charger!
Here's me & junior wandering outside the pratunam market
Tks for the Pic - Did you dine at the Tallest Hotel in Pratunam - Baiyoke Tower.

Your Pic and Junior look great !

Choke Dee (Good Luck in Thai)
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