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Cable Update (GBPUSD)

  • #286,721
  • Aug 18, 2011 5:34am Aug 18, 2011 5:34am
Quoting nAVIN2007
wow..yep
theres only so much emotion can incase
good lesson learned from Azim is to watch USDX strength into Thursdays and Fridays and generally be mindful of it's movements, it's too bad sometimes I forget about it - the failure to assemble all the bits and pieces of the puzzle is costly though, damn.
  • #286,722
  • Aug 18, 2011 5:35am Aug 18, 2011 5:35am
Quoting ruffryders
yeah, the SL was too tight which is kinda unfortunate, since it did a pullback right after. oh well, move on to the next one.

bloody USD.. its rising
gold is as well
might be keeping cable up??

crazy dynamics
  • #286,723
  • Aug 18, 2011 5:39am Aug 18, 2011 5:39am
It is soo tempting to jump in the market. But I know I gotta wait for a clear setup...

Careful guys, this is the 'shooting range' zone
  • #286,724
  • Aug 18, 2011 5:41am Aug 18, 2011 5:41am
Quoting nAVIN2007
bloody USD.. its rising
gold is as well
might be keeping cable up??

crazy dynamics
yeah USDX is like chinese sun tzu warfare it kinda digs the tunnel below the surface and then suddenly emerges behind you.
  • #286,725
  • Aug 18, 2011 5:42am Aug 18, 2011 5:42am
hey bro, i made a big mistake yesterday i sold 0.2 lots GBP/USD at 1.6470 and did not set a stop and it broke the 1.6470 resistence. It seems 1.6470 becomes a solid support now. Should i close 0.1 lot of my short order to reduce the risk? Please give some of your advices if you dont mind. Thank you.
  • #286,726
  • Aug 18, 2011 5:47am Aug 18, 2011 5:47am
Quoting ruffryders
yeah USDX is like chinese sun tzu warfare it kinda digs the tunnel below the surface and then suddenly emerges behind you.

may just be testing the resistance..with a bit of luck
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  • #286,727
  • Aug 18, 2011 5:48am Aug 18, 2011 5:48am
Quoting Yuchen
hey bro, i made a big mistake yesterday i sold 0.2 lots GBP/USD at 1.6470 and did not set a stop and it broke the 1.6470 resistence. It seems 1.6470 becomes a solid support now. Should i close 0.1 lot of my short order to reduce the risk? Please give some of your advices if you dont mind. Thank you.
It will definately go down.. but dont know when exactly
  • #286,728
  • Aug 18, 2011 5:50am Aug 18, 2011 5:50am
Quoting delorean
It will definately go down.. but dont know when exactly
Thank you. I will wait and see what will happen in the next couple hours. It seems one hour chart starts to bearish.
  • #286,729
  • Aug 18, 2011 5:52am Aug 18, 2011 5:52am
Quoting _BBKing_
up n down n up n down

n up

then again down.......
im still in favour of longs.

i have 3reds on my statement today. and all were shorts...
No point in closing them just because they are red.

One of my shorts is red but the other is green. I will end up with 2 green shorts because I know the cable has a lot more down side. Look at the bigger picture, and not the 5m chart.
  • #286,730
  • Aug 18, 2011 5:53am Aug 18, 2011 5:53am
Quoting Yuchen
hey bro, i made a big mistake yesterday i sold 0.2 lots GBP/USD at 1.6470 and did not set a stop and it broke the 1.6470 resistence. It seems 1.6470 becomes a solid support now. Should i close 0.1 lot of my short order to reduce the risk? Please give some of your advices if you dont mind. Thank you.

yur going to have to see what happens at the rising trendline..if it crosses it u may be ok 1.46 probably be in reach
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  • #286,731
  • Aug 18, 2011 5:59am Aug 18, 2011 5:59am
Quoting ruffryders
good lesson learned from Azim is to watch USDX strength into Thursdays and Fridays and generally be mindful of it's movements, it's too bad sometimes I forget about it - the failure to assemble all the bits and pieces of the puzzle is costly though, damn.

problem is rules of trading are changing..the dailly on USD previous day broke the high had no follow through..then broke the low and today without news..it back up trying to break the high of the previous



i dont know about u..but u cant forecast this shit

which is why im not gonna assume it will, break to the topside unless it actually does..its just nuts how its back up there!!
  • #286,732
  • Aug 18, 2011 6:00am Aug 18, 2011 6:00am
Quoting Yuchen
Thank you. I will wait and see what will happen in the next couple hours. It seems one hour chart starts to bearish.
This is my opinion and you dont have to follow it.

If your account can survive a possible drawdown when price goes up to 1.6700, keep the trade.

If not, i would not try to save that trade.

But, it depends on your strategy. I cant really say much.

Again, please dont listen to me. Make your own evaluation of the market and see how you can play it out.
  • #286,733
  • Aug 18, 2011 6:12am Aug 18, 2011 6:12am
Quoting delorean
This is my opinion and you dont have to follow it.

If your account can survive a possible drawdown when price goes up to 1.6700, keep the trade.

If not, i would not try to save that trade.

But, it depends on your strategy. I cant really say much.

Again, please dont listen to me. Make your own evaluation of the market and see how you can play it out.

id say 1.72 stop above there..
this may playout before a fall..mark this post people..we will comeback to it!!
  • #286,734
  • Aug 18, 2011 6:13am Aug 18, 2011 6:13am
Quoting delorean
This is my opinion and you dont have to follow it.

If your account can survive a possible drawdown when price goes up to 1.6700, keep the trade.

If not, i would not try to save that trade.

But, it depends on your strategy. I cant really say much.

Again, please dont listen to me. Make your own evaluation of the market and see how you can play it out.
Thanks, i closed 0.1 lot. The price might break 6470 and keep going down but i think i'd better reduce the risk
  • #286,735
  • Aug 18, 2011 6:18am Aug 18, 2011 6:18am
Quoting nAVIN2007
yur going to have to see what happens at the rising trendline..if it crosses it u may be ok 1.46 probably be in reach
What? 1.46 ??? or do you mean 1.64.
By the way, i just closed my second short, too. the first one lost 20 dollars and the second lost 10 dollars. Now i realized the importance to set up a tight stop if you want to trade before some significant support/resistence
  • #286,736
  • Aug 18, 2011 6:19am Aug 18, 2011 6:19am
Quoting nAVIN2007
id say 1.72 stop above there..
this may playout before a fall..mark this post people..we will comeback to it!!
wow, 1.72 !
  • #286,737
  • Aug 18, 2011 6:19am Aug 18, 2011 6:19am
Cable pretty much moving as expected. It has currently eun into its rising trendline, which so far has led to a rally. Will it happen this time? Looks to me like distribution by the bigger hands, and that they are selling into the rallies and not allowing those long at the higher level to escape with a BE. No real setup for me, as I am still only interested in selling. Not expecting to enter anything till US news is out.
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  • #286,738
  • Aug 18, 2011 6:29am Aug 18, 2011 6:29am
stopped out @BEp while lunch.
got in again at lower price 6480.

again stops @BEp

went heavy.

already closed half to recover some loss.

does this market want to pay today or what?
90% of traders use TA, indicators and prediction
  • #286,739
  • Aug 18, 2011 6:34am Aug 18, 2011 6:34am
Quoting Yuchen
What? 1.46 ??? or do you mean 1.64.
By the way, i just closed my second short, too. the first one lost 20 dollars and the second lost 10 dollars. Now i realized the importance to set up a tight stop if you want to trade before some significant support/resistence

oops my bad yes 1.64

this is the mistake u make..look at the monthly and look at the high of the previous..we are above it or was

u sold into it..which is very stupid as it will be support..this is why this area is such a tough nut to crack..

trade safe amigo
  • #286,740
  • Aug 18, 2011 6:41am Aug 18, 2011 6:41am
just except the party's over longers. ;-)
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