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Cable Update (GBPUSD)

  • #288,461
  • Sep 13, 2011 9:54am Sep 13, 2011 9:54am
Quoting nAVIN2007
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


yes
good luck for us
when GOD brings you a challenge he also gives you the power to deal with it
  • #288,462
  • Sep 13, 2011 9:56am Sep 13, 2011 9:56am
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....
Next time you open a position, risk less money on the trade is my advice for the future!

Mazel Tov!
  • #288,463
  • Sep 13, 2011 9:58am Sep 13, 2011 9:58am
Quoting bbakker
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!

that is true..but for myself im in a swing trade that i may be in for a very long time..i am looking at above 1.7

but probably will be happy to just see it and close knowing me

Quoting eitan1010
good luck for us
luck has nothing to do with it..its in the charts
  • #288,464
  • Sep 13, 2011 10:02am Sep 13, 2011 10:02am
Quoting bbakker
Next time you open a position, risk less money on the trade is my advice for the future!

Mazel Tov!
and lets say mazal tov....
ty
when GOD brings you a challenge he also gives you the power to deal with it
  • #288,465
  • Sep 13, 2011 10:03am Sep 13, 2011 10:03am
Quoting nAVIN2007
that is true..but for myself im in a swing trade that i may be in for a very long time..i am looking at above 1.7

but probably will be happy to just see it and close knowing me



luck has nothing to do with it..its in the charts
u r wright
when GOD brings you a challenge he also gives you the power to deal with it
  • #288,466
  • Sep 13, 2011 10:05am Sep 13, 2011 10:05am
Quoting nAVIN2007
that is true..but for myself im in a swing trade that i may be in for a very long time..i am looking at above 1.7

but probably will be happy to just see it and close knowing me



luck has nothing to do with it..its in the charts
I agree, I am bullish on GBP on the longer timeframes, but see how the weekly failed to make a higher high and now it testing the lows of the second week in July. 1.53 is the line in the sand for me. If the weekly closes below this, all longs are off!

As stated before, I am not looking for shorts here. Let's see what happens!
  • #288,467
  • Sep 13, 2011 10:06am Sep 13, 2011 10:06am
GBPUSD down move is done to me for now,
its time to up again at 1.60 level lets see how it works,
EURUSD did very well from its lows already up 200 pips,
retracement doesnt last that much, its a change in trend and soon GBP will follow too
Macd on 1H 4H MACD is above zero
and looking at charts it will go up very soon.
so best trade will be GBPUSD and GBPJPY
i am in lets see how it works..
Don't compare your Trades with Others
  • #288,468
  • Sep 13, 2011 10:08am Sep 13, 2011 10:08am
Quoting eitan1010
u r wright

when u are in a trade..the one thing u must always maintain is belief..now in yur case u probably entered with what u thought was the trend and got caught with the fall

The belief is what u need to keep u in the trade and not cancel due to pressure

stay strong and watch 1.58..if it break 1.5740..i think u need to take the hit..but chance of it holding is good
  • #288,469
  • Sep 13, 2011 10:11am Sep 13, 2011 10:11am
Quoting nAVIN2007
when u are in a trade..the one thing u must always maintain is belief..now in yur case u probably entered with what u thought was the trend and got caught with the fall

The belief is what u need to keep u in the trade and not cancel due to pressure

stay strong and watch 1.58..if it break 1.5740..i think u need to take the hit..but chance of it holding is good
During this time he is shitting bricks... I think we all agree is that he was over-exposed and risked too much, but it is all part of the learning process. At no stage during the trade should one ever be worried about the loss. If you worry about taking the loss, you are risking too much!!!
  • #288,470
  • Sep 13, 2011 10:12am Sep 13, 2011 10:12am
Quoting bbakker
I agree, I am bullish on GBP on the longer timeframes, but see how the weekly failed to make a higher high and now it testing the lows of the second week in July. 1.53 is the line in the sand for me. If the weekly closes below this, all longs are off!

As stated before, I am not looking for shorts here. Let's see what happens!

100% agree..

Quoting bbakker
During this time he is shitting bricks... I think we all agree is that he was over-exposed and risked too much, but it is all part of the learning process. At no stage during the trade should one ever be worried about the loss. If you worry about taking the loss, you are risking too much!!!
yes yur right..many times people enter and focus on winning not thinking about the loss. I normally have a stop where the loss is something i can deal with..but myself i had a plan to catch the bottom and ride the trend up..and this is what im attempting..i just hope it goes right

this boucing from 1.57 area to 1.66-67 i take as bullish
  • #288,471
  • Sep 13, 2011 10:15am Sep 13, 2011 10:15am
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....
i am sorry to hear that and i had the similar experience at the beginning when i started to trade 3 years ago so i completely understand your feeling now.
i think GBP has a support at 1.5760-80 so i think it should not a bad idea to set a stop around 1.5750 (but i may wrong so it is just my opinion).
based on your post i assumed if you could endure another 400 pips and you almost lost 3000 gbp with your 300+ pips lose now that means you should have 4000 gbp let in your account and you probably trade 1 lot when you open this order. i suggest in the future, you always set a stop, if you are not sure where should you set the stop, you can simply looked at last week/month low/high, or you can use Fibonachi or sometimes use the crucial points, such as 1.6000, etc. and if you are still not sure or feel unconfident, then you should set up a stop that if it stopped, ur total lose will no more than 5%.
My next suggestion is since you have a not too small account, why dont you next time open a small order, such as 0.2 lots or 0.3 lots and then you can add more and more if the market is on your trend, especially for GBP it could swing 300 pips in couple days, but always make sure you set your stop and after you add more orders, make sure set the stop to your average entry price so if you got stop, you wont lost money but if you are on the market trend then your profit could be not bad, you could still get 1000+GBP if you for a trade but your potential loss will be smaller.
But good luck my friend and we are not afraid of loss but we need to make sure we learn something after we loss.
  • #288,472
  • Sep 13, 2011 10:22am Sep 13, 2011 10:22am
I have got to go now. Be good and trade safe!
  • #288,473
  • Sep 13, 2011 10:32am Sep 13, 2011 10:32am
Quoting nAVIN2007
100% agree..



yes yur right..many times people enter and focus on winning not thinking about the loss. I normally have a stop where the loss is something i can deal with..but myself i had a plan to catch the bottom and ride the trend up..and this is what im attempting..i just hope it goes right

this boucing from 1.57 area to 1.66-67 i take as bullish
1.66-67 is too high i think around 1.6250 should be a strong resistence especially the daily trend is bearish but as you said, long a small portion with stop (possibly around 1.5750) is a reasonable risk and we will see what will happen.
by the way, i never seen you on the other thread, do you only trade GBPUSD ?
  • #288,474
  • Sep 13, 2011 10:34am Sep 13, 2011 10:34am
Quoting Yuchen
1.66-67 is too high i think around 1.6250 should be a strong resistence especially the daily trend is bearish but as you said, long a small portion with stop (possibly around 1.5750) is a reasonable risk and we will see what will happen.
by the way, i never seen you on the other thread, do you only trade GBPUSD ?

can trade anything but generally just trade cable used to it u know

all im saying is..thins is a range cable has been in for a long time..if it falls what can u do ..but gbp is actually not doing to bad
  • #288,475
  • Sep 13, 2011 10:45am Sep 13, 2011 10:45am
Possible we would test the third below trendline,break below trendline might bring GU going lower But this kind of pattern If valid always breaking upside
Attached Image (click to enlarge)
Click to Enlarge Name: GU Daily.png Size: 41 KB
If there was easy money lying around,no one would be forcing it into your
  • #288,476
  • Sep 13, 2011 10:57am Sep 13, 2011 10:57am
Hello all,
I have been a lurker for a few years now and finally decided to get off my behind and join the discussions.
REQUESTING NO VOUCHES.Vouches are useless.
  • #288,477
  • Sep 13, 2011 11:14am Sep 13, 2011 11:14am
Is it just me or does anyone see how ridiculously beat the the pound is against the dollar?? where did all the dollar strength come from?? i just dont see the strength come from anywhere with such a bad outlook in US...
anyone here eyeing for a retracement atleast?? hoping to see 1.65 soon...
We live in a finite world with infinite possibilities.
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  • #288,478
  • Sep 13, 2011 11:26am Sep 13, 2011 11:26am
thanks 2 u all for agreat response i am very apprichiate it

thanks and i will wait hope it will go up

come on bulls.....
when GOD brings you a challenge he also gives you the power to deal with it
  • #288,479
  • Sep 13, 2011 11:26am Sep 13, 2011 11:26am
Seems if price takes another stab at taking out 5750 the next major support lies at 5350.
REQUESTING NO VOUCHES.Vouches are useless.
  • #288,480
  • Sep 13, 2011 11:51am Sep 13, 2011 11:51am
this may need to work itself out befor the bottom gives way
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 23 KB
REQUESTING NO VOUCHES.Vouches are useless.
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