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Cable Update (GBPUSD)

  • #288,441
  • Sep 13, 2011 9:17am Sep 13, 2011 9:17am
So guys,

Reading the last pages tells me people are taking pips on lower timeframes. I took a short position yesterday aiming a 1week+ trade. Do you think cable will maintain downtrend on higher timeframes (30m,1h) ?

Thanks.
  • #288,442
  • Sep 13, 2011 9:48am Sep 13, 2011 9:48am
Cable been really choppy recently for any trade to keep for a more than a couple of hours.
Anyway see this on the 4hr- for those that like them. I have a small long already from earlier today with the stop below the 4hr low. Good luck to you which ever direction your trading in.
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  • #288,443
  • Sep 13, 2011 10:12am Sep 13, 2011 10:12am
Quoting iqyu5an
just fine... and u ?

just back to FF from dinner bro...
me very good!
hopefully next week will have more time to trade
90% of traders use TA, indicators and prediction
  • #288,444
  • Sep 13, 2011 10:13am Sep 13, 2011 10:13am
Quoting carefultrade
From looking at the 4H charts, I decided to take a long at 5808, SL 5788, TP 5888
i hope you closed @BEp
90% of traders use TA, indicators and prediction
  • #288,445
  • Sep 13, 2011 10:15am Sep 13, 2011 10:15am
Quoting gsantri
Hoho.. think I need that Jagger's jumpin' jack flash again..

EU already passed the 1st ceiling.
lol
EU is crazy last 3-4 days!
90% of traders use TA, indicators and prediction
  • #288,446
  • Sep 13, 2011 10:23am Sep 13, 2011 10:23am
Quoting guigors
So guys,

Reading the last pages tells me people are taking pips on lower timeframes. I took a short position yesterday aiming a 1week+ trade. Do you think cable will maintain downtrend on higher timeframes (30m,1h) ?

Thanks.
imo still downtrend until price unable to breake the channel.
but must be very careful with entries and stops! here (57 n 58) is supposed to be a strong support/demand area
90% of traders use TA, indicators and prediction
  • #288,447
  • Sep 13, 2011 10:24am Sep 13, 2011 10:24am
Quoting wormboy


Okay, I placed a single lot short on cable (sold @5813) due to the rejection off the daily open & placed an emergency stop @5970.
I will look to add to my existing position once price close below the previous day low. If however price close above the previous day high, I might have to get out of the trade.

Have a good one.
very good call!
90% of traders use TA, indicators and prediction
  • #288,448
  • Sep 13, 2011 10:40am Sep 13, 2011 10:40am
i decide to try a small long with stop at 5750 as the 5 mins MACD is divergent to 5 mins SMA&EMA on my chart.
  • #288,449
  • Sep 13, 2011 10:43am Sep 13, 2011 10:43am
Just scalping... markets are very fickle right now!

Attached Image (click to enlarge)
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Hope all is well with everyone!

EDIT: My grandma with a zimmerframe moves quicker than this pair... come on... only a few pips to go!
  • #288,450
  • Sep 13, 2011 10:52am Sep 13, 2011 10:52am
Attached Image (click to enlarge)
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A couple of h4 demand zones below and the daily supply zones above... I would rather long here and go short further up!

Scalp target hit... finally!

P.S. I was taken out of this GU trade after cashing in 1/3 at 50 pips and the rest at 15 pips. I am a bad loser and my game plan ensures that I make a trade safe usually quite quickly. The downside is that I sometimes get stopped out and then price moves in the direction I was in... but I can accept that as part of my trading style!
  • #288,451
  • Sep 13, 2011 10:59am Sep 13, 2011 10:59am
close short and add long
Quoting iqyu5an
1H, PA :
below 50 daily fibo
below the gap
below weekly low
=> 50 daily fibo below the gap and below weekly low
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not euphoria follower
  • #288,452
  • Sep 13, 2011 11:04am Sep 13, 2011 11:04am
I'm flat right now on GU. Hourly is showing a bearish engulfing with no hourly close above 1.5835. We might range here in this accumulation phase before the market makes its move. Daily is still bearish with a lower low and a lower high, although London made the low, NY, so far, had not been able to take out this low.

I am out of here... good luck with your trades!
  • #288,453
  • Sep 13, 2011 11:09am Sep 13, 2011 11:09am
Quoting guigors
So guys,

Reading the last pages tells me people are taking pips on lower timeframes. I took a short position yesterday aiming a 1week+ trade. Do you think cable will maintain downtrend on higher timeframes (30m,1h) ?

Thanks.
I am not so sure. If you look at my daily chart that I posted earlier, you can see that we have extended quite a distance from the moving averages and like a rubber band, we will snap back at some point. You also have some decent demand levels just below where buy orders will be sitting.

I don't know what your SL is nor do I know how much heat you are willing to take, but I think we might get a pullback here, before we continue the downtrend. Then again, anything can happen!
  • #288,454
  • Sep 13, 2011 11:14am Sep 13, 2011 11:14am
Quoting bbakker
I'm flat right now on GU. Hourly is showing a bearish engulfing with no hourly close above 1.5835. We might range here in this accumulation phase before the market makes its move. Daily is still bearish with a lower low and a lower high, although London made the low, NY, so far, had not been able to take out this low.

I am out of here... good luck with your trades!
i dont know why this cable dont rise up iam still in my long position from 1.6240
and i dont know what to do ihave more 400 pips down till margin call guys
i need your advice pls
ty
when GOD brings you a challenge he also gives you the power to deal with it
  • #288,455
  • Edited 11:44am Sep 13, 2011 11:30am | Edited 11:44am
Quoting eitan1010
i dont know why this cable dont rise up iam still in my long position from 1.6240
and i dont know what to do ihave more 400 pips down till margin call guys
i need your advice pls
ty
Unfortunately because the markets are always right. Never think that a currency pair HAS to go in any direction. Generally, the $ seems to be back in favour although we have hit a small supply zone on the Dollar Index (DIX) and hence we could bounce from here, but GBP only makes up a small percentage of the DIX which is heavily weighted to the Euro.

Also, from a fundamental perspective, all we are getting is bad news out of the EuroZone (EZ) and now that the US have extended their credit card for another 2 years, the spotlight is back on the EZ. If you look at the yields on Greece 1yr, it currently stands on 134% and the 10yr is at 24.47%. Basically the bond markets are saying that Greece will default very soon and that is not good news for the Euro and since the GBP is normally correlated to the Euro, it will also affect GBP and the Euro will take it down with it.

Weekly demand is 1.5286-1.5535 and price should bounce up from this level, but this is more than the 400 pips for the lower figure that will trigger the margin call.

My advice is to take the loss now. At least you will have capital left in your account. You then need to re-assess your trade and try to understand where you went wrong and I would say that the first thing you did wrong is that you did not use a stop loss to cut your losses short rather than racking up an even bigger loss that you are in now.

I would then wait for your next setup and I assume you have certain setups that trigger your trade entries, but this time use a sensible stop loss.

Trading is not easy my friend! It takes many years of hard graft before you can read the markets properly, that I can assure you. However, don't give up. Everyone has their knock backs. Sometimes it feels you are taking one step forward and then two steps back, but persistence is key. During the phase of your education in learning how to trade the markets, keep the capital risk at a minimum. Learning to trade is not about the money, it is learning how to trade. Once mastered, focus on the trading, not the money!

Good luck! It sounds to me that you currently have the 'rabbit caught in headlights' syndrome!

P.S. It also sounds that you are over-leveraging whereby you are placing a trade that is too large for the capital that you have. You should only be risking 1% of your account on each trade and if 800 pips is your account, that means a SL of 8 pips = 1%. Therefore, you should be placing smaller lots (mini or even micro lots) for the money that is in your account. There is only one word for this and that is greed. You are simply being too greedy I am afraid to say.
  • #288,456
  • Sep 13, 2011 11:44am Sep 13, 2011 11:44am
Quoting bbakker
Unfortunately because the markets are always right. Never think that a currency pair HAS to go in any direction. Generally, the $ seems to be back in favour although we have hit a small supply zone on the Dollar Index (DIX) and hence we could bounce from here, but GBP only makes up a small percentage of the DIX which is heavily weighted to the Euro.

Also, from a fundamental perspective, all we are getting is bad news out of the EuroZone (EZ) and now that the US have extended their credit card for another 2 years, the spotlight is back on the EZ....

i agree with everything but taking the hit..
one thing i realised is having a stop miles away is pointless there comes a time always where the loss can be so big it is difficult to cut..i approach same scenero as yourself but i have plenty of room i hope to breath

anyway i will post a chart for u..if this scenero fails i think u have to cut cause it will go lower..but u have a good chance it will bounce from here

(I cannot post chart from live platform as alpari have distorted the candles (they are wrong)..good thing i know this)


be lucky
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  • #288,457
  • Sep 13, 2011 11:47am Sep 13, 2011 11:47am
Quoting bbakker
Unfortunately because the markets are always right. Never think that a currency pair HAS to go in any direction. Generally, the $ seems to be back in favour although we have hit a small supply zone on the Dollar Index (DIX) and hence we could bounce from here, but GBP only makes up a small percentage of the DIX which is heavily weighted to the Euro.

Also, from a fundamental perspective, all we are getting is bad news out of the EuroZone (EZ) and now that the US have extended their credit card for another 2 years, the spotlight is back on the...
i will wait. its very hard mentally for me to loose now allmost 3000 gbp
i will pray for moving up atleast to 1.6100 and then i will close half position....
when GOD brings you a challenge he also gives you the power to deal with it
  • #288,458
  • Sep 13, 2011 11:49am Sep 13, 2011 11:49am
Quoting nAVIN2007
i agree with everything but taking the hit..
one thing i realised is having a stop miles away is pointless there comes a time always where the loss can be so big it is difficult to cut..i approach same scenero as yourself but i have plenty of room i hope to breath

anyway i will post a chart for u..if this scenero fails i think u have to cut cause it will go lower..but u have a good chance it will bounce from here

(I cannot post chart from live platform as alpari have distorted the candles (they are wrong)..good thing i know this)


be...
are u long to?
when GOD brings you a challenge he also gives you the power to deal with it
  • #288,459
  • Sep 13, 2011 11:50am Sep 13, 2011 11:50am
Quoting eitan1010
i will wait. its very hard mentally for me to loose now allmost 3000 gbp
i will pray for moving up atleast to 1.6100 and then i will close half position....

the truth is if price can go this high..u have a winning position
1.59 needs to form support..i am almost positive it will go up
Quoting eitan1010
are u long to?
yes
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  • #288,460
  • Sep 13, 2011 11:53am Sep 13, 2011 11:53am
Quoting nAVIN2007
i agree with everything but taking the hit..
one thing i realised is having a stop miles away is pointless there comes a time always where the loss can be so big it is difficult to cut..i approach same scenero as yourself but i have plenty of room i hope to breath

anyway i will post a chart for u..if this scenero fails i think u have to cut cause it will go lower..but u have a good chance it will bounce from here

(I cannot post chart from live platform as alpari have distorted the candles (they are wrong)..good thing i know this)


be...
The question is how far will it bounce, or will it be a dead cat bounce? 1.5910 is a realistic target, then 1.596x, then 1.606x and then the nice supply level at 1.616x... only time will tell!
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