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Cable Update (GBPUSD)

  • #276,361
  • Apr 13, 2011 12:07pm Apr 13, 2011 12:07pm
redbeben thanks for your reply
  • #276,362
  • Apr 13, 2011 12:07pm Apr 13, 2011 12:07pm
Quoting sphinx8
technical one from a newbie....
what would be a good stop loss limit for short entry @ 1.63005 ?
I mean technicaly what is safe gap in case it hits around there and shakes around that level before turning down.... 5pips maybe? or more?
again, I do not mean the possible loses here but purely technicaly in terms of the trading systems.... thanks
my way is 30 pips stop loss than, mostly in market ranging like this, move stop loss @entry price.

if get stopped out you can get in again on a better conformation
90% of traders use TA, indicators and prediction
  • #276,363
  • Apr 13, 2011 12:11pm Apr 13, 2011 12:11pm
Quoting _BBKing_
my way is 30 pips stop loss than, mostly in market ranging like this, move stop loss @entry price.

if get stopped out you can get in again on a better conformation

thanks.
I have all to comfort to be longterm, so I believe order either short or long 1.61 to 1,63 area will turn profit sooner or later, no reason to take the hit on daily basis
  • #276,364
  • Apr 13, 2011 12:17pm Apr 13, 2011 12:17pm
Quoting sphinx8
thanks.
I have all to comfort to be longterm, so I believe order either short or long 1.61 to 1,63 area will turn profit sooner or later, no reason to take the hit on daily basis
up or down but please don't get yourself in a hedging position.that's kind of hard to chew and it will ruin your nerves

I mean for ex I am long term long now with TP 1.67-70 on most of my positions but do intradays as well as probably you saw today.
I mean allocate some trades for long term and others just play them quick so you have enough money at the end of the month to eat something )
  • #276,365
  • Edited 12:34pm Apr 13, 2011 12:17pm | Edited 12:34pm
Quoting sphinx8
technical one from a newbie....
what would be a good stop loss limit for short entry @ 1.63005 ?
I mean technicaly what is safe gap in case it hits around there and shakes around that level before turning down.... 5pips maybe? or more?
again, I do not mean the possible loses here but purely technicaly in terms of the trading systems.... thanks
Good day to you,

You are asking a tough question - I guess that's why you ask...

At this point, 1.6340 is the line in the sand for me. The next push may just run past more than before. Should you choose to short - wait patiently for price. Let it come to you...

Think about it for a while... It now is common knowledge that price is stopping and reversing around 1.6280 to 1.6300. Would it not be a clever move for price to run through these levels? They can then get fresh longs on board and stop out traders shorting from these levels.

Two birds with one stone...

then just for sh*ts and giggles, turn around at say 1.6320 - 1.6330 - and run price back to stop out all the fresh longs just joined. 1.6300 is such a level of traditional importance -that if they REALLY want to go for a more sustained short trip, I would expect them to follow a strategy of deceipt.

just my opinion...

OH - want to add - they could also do it from this low level - leaving behind all of the shorters and feed from the "FKCG" group ( Falling Knife Catching Gangs)

signing off, getting late.

Regards
  • #276,366
  • Apr 13, 2011 12:28pm Apr 13, 2011 12:28pm
  • #276,367
  • Apr 13, 2011 12:34pm Apr 13, 2011 12:34pm
what peoples doing in here?? wait for Mr O debate? tell me the result if already finish...good night..,
I will be the number one Manager.
  • #276,368
  • Apr 13, 2011 12:35pm Apr 13, 2011 12:35pm
Quoting javapips
what peoples doing in here?? wait for Mr O debate? tell me the result if already finish...good night..,
they go long
  • #276,369
  • Edited 1:13pm Apr 13, 2011 1:12pm | Edited 1:13pm
are we going there?
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90% of traders use TA, indicators and prediction
  • #276,370
  • Apr 13, 2011 1:20pm Apr 13, 2011 1:20pm
Quoting TauTrader
...Think about it for a while... It now is common knowledge that price is stopping and reversing around 1.6280 to 1.6300. Would it not be a clever move for price to run through these levels? They can then get fresh longs on board and stop out traders shorting from these levels.


OH - want to add - they could also do it from this low level - leaving behind all of the shorters and feed from the "FKCG" group ( Falling Knife Catching Gangs)

....
hi,
was reading your post.
that same thing happened few minutes ago on euro usd crashing downtrend channel and going back above it same h1 candle... lolz

now first time i try the short near 6280 got in late 6267.
i hope now we are going to crash 6220
90% of traders use TA, indicators and prediction
  • #276,371
  • Apr 13, 2011 1:27pm Apr 13, 2011 1:27pm
Looks like pair stopped at 61.8 fibo level. Pretty point to continue up?

http://4.bp.blogspot.com/-poRBYoHQhP..._fibonacci.png
  • #276,372
  • Apr 13, 2011 1:35pm Apr 13, 2011 1:35pm
got out +2

m5 showing range going flat
will get again the position later and go sleep
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  • #276,373
  • Apr 13, 2011 3:55pm Apr 13, 2011 3:55pm
Quote
Originally Posted by SURIAD
Looks like pair stopped at 61.8 fibo level. Pretty point to continue up?
Good point, the 23.6 and 38.2 retrace levels give GU a good reason to be hanging out there...I've been wondering what it was doing in that area; but will it break to the upside?

UK data's been so bad recently that it's hard to imagine who would be buying GBP's (even the Services PMI surprise had a dark side that can be seen in this report: http://www.markit.com/assets/en/docs...y_11_04_05.pdf under "Four Reasons Why...").

On the other hand, Fed speakers have smacked the USD around one after another since Dudley's one-punch pushed the DXM11 futures contract 85p lower on Apr 1st. So, maybe GU is still up there because of USD sales due to the severe beating it's been given by the Fed.

Tomorrow morning in the NY session, if two hawks (Kocherlakota and Plosser) can outgun two doves, maybe a little dollar recovery will pull GU down out of its technical jail cell and the GBP will disgrace itself as it ought to!

The recent batch of shorts started getting trapped around 1.60, so if GU recovers, maybe it will reach 1.6030-ish before overhead supply runs out (there's an option at 1.6005 that goes off tomorrow at 10 EST, but that's BEFORE the hawk Fedspeak so it may not help).
  • #276,374
  • Apr 13, 2011 5:23pm Apr 13, 2011 5:23pm
Quoting TauTrader
Good day to you, sir

Wanted to ask: how's the little one? He must be growing up real quick....

My regards to you and yours

All success to you
Hey tau

Junior's doing great, he's driving now. Love to get behind the wheels
How are you & the family? Hope everyone is in great health!

Do stop by the thread whenever you feel like doing so, the gang's there.
Have a good one brother!
Thank You
  • #276,375
  • Apr 13, 2011 5:26pm Apr 13, 2011 5:26pm
Quoting PoundTrader
still short at 1.6324, t/p 1.6177, s/l 1.6407. looking good so far

I threw in the towel. Pair looks like dogshit & I had my finger stuck in it a bit too long it seems

Will trade the htf breakout when it occurs. Have a good one my friend!
Thank You
  • #276,376
  • Apr 13, 2011 5:40pm Apr 13, 2011 5:40pm
Breaking news eur/usd aud/usd, Gbp/usd faulter after MAS Announcement to re-centre exchange rate policy band


The logic being that the shifting of the band will reduce the need for ACBs to intervene in USD/Asia and thus will reduce the need for them to buy EUR/USD, AUD/USD Gbp/Usd etc
  • #276,377
  • Apr 13, 2011 5:42pm Apr 13, 2011 5:42pm
stops 1.6220
  • #276,378
  • Apr 13, 2011 5:47pm Apr 13, 2011 5:47pm
Quoting Trendtrader0
Breaking news eur/usd aud/usd, Gbp/usd faulter after MAS Announcement to re-centre exchange rate policy band


The logic being that the shifting of the band will reduce the need for ACBs to intervene in USD/Asia and thus will reduce the need for them to buy EUR/USD, AUD/USD Gbp/Usd etc

source: forexlive

Cut & paste job means dogshit.
Why don't you tell us all what this means & what sort of impact it'll bear on the mentioned pairs, tradeable range - i/d & long term.
Thank You
  • #276,379
  • Apr 13, 2011 6:34pm Apr 13, 2011 6:34pm
Quoting wormboy
I threw in the towel. Pair looks like dogshit & I had my finger stuck in it a bit too long it seems

Will trade the htf breakout when it occurs. Have a good one my friend!
i agree it's dogshit, very bad week to be trading this pair.
  • #276,380
  • Apr 13, 2011 6:47pm Apr 13, 2011 6:47pm
Quoting wormboy
Hey tau

Junior's doing great, he's driving now. Love to get behind the wheels
How are you & the family? Hope everyone is in great health!

Do stop by the thread whenever you feel like doing so, the gang's there.
Have a good one brother!
Good day to you,

We are all great - thanks for asking... Thank you for the invite. Appreciated!

All the best
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