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Cable Update (GBPUSD)

  • #285,261
  • Jul 29, 2011 6:37am Jul 29, 2011 6:37am
Quoting vilas
So true, Navin. Problem is there are times when the moves are easily seen and there are times like this ! I think problem is everyone is Long E & G and the Banks are trying to knock so they do not have to shell out a lot so they are shaking the tree, Y'day I took a Sell on EU at 4302 - it knocked me out at -18 pips and today it is down more than 50 points !
So, it is survive as you can !

Happy Pips and Happy Weekend !
yeah i feel what yur saying completely..it is very tough..but u see this comes down to yur risk aversion..yur not completely comfortable place the trade with the risk u have..and therefore making an adjustment..

i have been there so many times..i have placed trades thinking of 100's of pips getting stopped out just cause of a few pips i wasnt comfortable risking extra..only to be stopped and see it sink

remember we are playing in shark infested water so u need to think like the shark not the bait
  • #285,262
  • Jul 29, 2011 6:47am Jul 29, 2011 6:47am
Shark smells the bait is running away... to chase or to stop. Don't think I will hit the 150pips target.
  • #285,263
  • Jul 29, 2011 6:59am Jul 29, 2011 6:59am
Quoting Unknownpips
Shark smells the bait is running away... to chase or to stop. Don't think I will hit the 150pips target.
what yah aiming for? tl wise
  • #285,264
  • Jul 29, 2011 7:09am Jul 29, 2011 7:09am
Quoting nAVIN2007
what yah aiming for? tl wise
Not savy with the acronyms ... tl as in take loss? I placed profit at support level, wasn't watching market as it hit but now waiting on US GDP to see whether or not I pull out.
  • #285,265
  • Jul 29, 2011 7:10am Jul 29, 2011 7:10am
Quoting Unknownpips
Not savy with the acronyms ... tl as in take loss? I placed profit at support level, wasn't watching market as it hit but now waiting on US GDP to see whether or not I pull out.
i meant take profit at what level..sorry i should have made myself more clear

tl = take level profit
sl= stop loss level
  • #285,266
  • Jul 29, 2011 7:13am Jul 29, 2011 7:13am
Quoting nAVIN2007
i meant take profit at what level..sorry i should have made myself more clear

tl = take level profit
sl= stop loss level
I've decided to exit at 61.8% ret if the outcome is not as expected. Otherwise, aiming for 50% ret. Currently at 110pips, 40 pips more was my planned exit point.
  • #285,267
  • Jul 29, 2011 7:14am Jul 29, 2011 7:14am
Quoting Unknownpips
I've decided to exit at 61.8% ret if the outcome is not as expected. Otherwise, aiming for 50% ret. Currently at 110pips, 40 pips more was my planned exit point.

still a good result
  • #285,268
  • Jul 29, 2011 7:21am Jul 29, 2011 7:21am
On 4h chart we have "head and shoulders". If we close lower 1.6260 we will go all the way down next week.
  • #285,269
  • Jul 29, 2011 7:39am Jul 29, 2011 7:39am
US weak gdp results in 50pip cable rise.... exit is here.
  • #285,270
  • Jul 29, 2011 7:41am Jul 29, 2011 7:41am
H4 is the key for day traders. It is easier to pick support temporary support/resistance areas. Furthermore, you have the luxury of adequate notice (atimes up to 16 hours) take a trade. The concrete zone

Pick your support/resitance on H4 and go down to the lower timeframes (15M) to pick your trades.
Attached Image(s) (click to enlarge)
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  • #285,271
  • Jul 29, 2011 7:41am Jul 29, 2011 7:41am
Time to own up. Looks like I was wrong as the Greenback is moving in the same direction as equities. Poor GDP figures: 1.3% 2QA versus consensus forecasts of 1.8% and 1.9% 1Q.

I should've traded EUR/CHF instead, damn it.
  • #285,272
  • Jul 29, 2011 7:44am Jul 29, 2011 7:44am
Quoting CoffeeGamble
Time to own up. Looks like I was wrong as the Greenback is moving in the same direction as equities. Poor GDP figures: 1.3% 2QA versus consensus forecasts of 1.8% and 1.9% 1Q.

I should've traded EUR/CHF instead, damn it.
Either that or the usual knee jerk reaction and profit taking ensued. However, past experience proved correct. Still expecting fresh sellers to enter from here on but tahts it for this month.
  • #285,273
  • Jul 29, 2011 7:53am Jul 29, 2011 7:53am
Quoting Unknownpips
Either that or the usual knee jerk reaction and profit taking ensued. However, past experience proved correct. Still expecting fresh sellers to enter from here on but tahts it for this month.

Aye, I might short this spike on Sunday when Australia / Asia's open. Hopefully it won't reverse too much today.
  • #285,274
  • Jul 29, 2011 7:53am Jul 29, 2011 7:53am
Just came back for a time around U.s Q2 Gdp release, strong gbpusd reaction to the weaker than expected number...

Current 1hr screenshot is below and above this 6370=61.8% 6438-6260 (current daily lo) is:

6374-82 prev 1hr/4hr sw hi
6388-95 prev 1hr swing hi zone with 6396 = 76.4% 6438-6260
6399-6413 prev 1hr swing lo zone
6432-38-42 previous 1hr/4hr/daily swing hi zone with Weekly R1 @/around 6420 and Daily R2 @/around 6438
6452-71 previous 4hr/daily swing hi zone
6480-96 previous 4hr swing hi zone
6515-46 previous 4hr/daily swing hi zone inc 76.4% 6746-5779 @ 6516, & Weekly R2 @/around 6546
6714-46 previous daily/weekly swing hi zone with 6733 = Monthly R2 @/around
6755 Weekly R3 @/around

G/L
Attached Image (click to enlarge)
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ex member
  • #285,275
  • Jul 29, 2011 8:01am Jul 29, 2011 8:01am
Quoting Unknownpips
Either that or the usual knee jerk reaction and profit taking ensued. However, past experience proved correct. Still expecting fresh sellers to enter from here on but tahts it for this month.
this is what i hate about news u have to gauge if this reaction is true or not..i still bloody havent got a clue

usd is seriously in trouble..every1 is looking to buy it but needs a bloody reason..if things carry on like this it will collapse and world going to be screwed proper
  • #285,276
  • Jul 29, 2011 8:04am Jul 29, 2011 8:04am
NY session not reacting much... thinking about re-entering.
  • #285,277
  • Jul 29, 2011 8:05am Jul 29, 2011 8:05am
Quoting MaryJane
Descending channel only momentary illusion at work - too few points atm and will be invalidated as that broadening pattern might still be in play -- price could go to broken red TL for another test & into supply ......
well, that's the question now.. technically i would stop and reverse sice the channel proved ok but i'm not brave enough to fade this move. if the climax (and the broadening beast) continues, touch of broken wedge LTL (red, plotted exact low/low) could happen around 6426.. closed 2/3 of the longs. let's see.
Attached Image (click to enlarge)
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MarginTrader All Time Return: na
  • #285,278
  • Jul 29, 2011 8:05am Jul 29, 2011 8:05am

Quoting iqyu5an
am taking small lot for Long around here to 6317x... could be wrong .
Happy weekend all...
not euphoria follower
  • #285,279
  • Jul 29, 2011 8:13am Jul 29, 2011 8:13am
nice catch on the GBP/USD just a minute ago... anyone catch that W formation
Attached Image (click to enlarge)
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  • #285,280
  • Jul 29, 2011 8:14am Jul 29, 2011 8:14am
Quoting nAVIN2007
this is what i hate about news u have to gauge if this reaction is true or not..i still bloody havent got a clue

usd is seriously in trouble..every1 is looking to buy it but needs a bloody reason..if things carry on like this it will collapse and world going to be screwed proper
Absolutelly agreed,the world economy definetely would become imbalance
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