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Cable Update (GBPUSD)

  • #288,921
  • Edited 10:02am Sep 16, 2011 10:01am | Edited 10:02am
Quoting Flatfish
Cable looking likes it setting itself up for another H+S. I'll be looking for it to breach the high to trip a few stops and retrace. Not keen on trying long so will look for a sell entry.
Managed to get lucky again. Closed out for the day and done for the week. Still plenty of pips to be milked next week following the bankers.
  • #288,922
  • Sep 16, 2011 10:04am Sep 16, 2011 10:04am
I will take profit here on short eur aud.
Attached Image (click to enlarge)
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  • #288,923
  • Sep 16, 2011 10:06am Sep 16, 2011 10:06am
i will take profit here on short eur usd
Attached Image (click to enlarge)
Click to Enlarge Name: eur 15 min.gif Size: 26 KB
  • #288,924
  • Sep 16, 2011 10:08am Sep 16, 2011 10:08am
Quoting Flatfish
Managed to get lucky again. Closed out for the day and done for the week. Still plenty of pips to be milked next week following the bankers.
It is not luck. You nailed it. Take some credit bro
  • #288,925
  • Sep 16, 2011 10:13am Sep 16, 2011 10:13am
Quoting ovaforty
i will take profit here on short eur usd
I have to say i think u are one of the best traders i have seen use ema's
  • #288,926
  • Sep 16, 2011 10:19am Sep 16, 2011 10:19am
Quoting nAVIN2007
I have to say i think u are one of the best traders i have seen use ema's
It is discipline.
money management
risk management
buy value
  • #288,927
  • Sep 16, 2011 10:19am Sep 16, 2011 10:19am
I say lucky, but 9/10 that works (years of watching pa). Its only because we have all the fundamental b/s at the moment of flash press releases and central bank interventions. You may just enter against a real breakout while something like that happens.
  • #288,928
  • Sep 16, 2011 10:21am Sep 16, 2011 10:21am
Quoting Flatfish
I say lucky, but 9/10 that works (years of watching pa). Its only because we have all the fundamental b/s at the moment of flash press releases and central bank interventions. You may just enter against a real breakout while something like that happens.
yes, but your stop losses protect you against a devastating loss.
  • #288,929
  • Sep 16, 2011 10:26am Sep 16, 2011 10:26am
Which rarely has to be more than 15 -20 pips. Which is why I consider them good trades. Advantage of being an older trader you can get away with smaller stops when you know the tricks.
  • #288,930
  • Sep 16, 2011 10:30am Sep 16, 2011 10:30am
Nice work guys

Risk off before we go into the weekend!
  • #288,931
  • Sep 16, 2011 10:37am Sep 16, 2011 10:37am
Quoting bbakker
Nice work guys

Risk off before we go into the weekend!
Exactly....
I am out for the weekend except for my little nest egg in gbp/aud.
  • #288,932
  • Sep 16, 2011 10:52am Sep 16, 2011 10:52am
The gbp/aud is the best kept secret in Forex in my opinion. It is the closest thing to a Holy Grail that I have seen.
20:1 leverage is less risky, but provides earning potential to build wealth over time with NO risk of loss, after the b/e stop loss is in place.
the rate differential insures a lucrative daily swap interest paid.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp aud daily.gif Size: 25 KB
  • #288,933
  • Sep 16, 2011 11:01am Sep 16, 2011 11:01am
1.5781 seems a good area for scalps

Quoting ovaforty
The gbp/aud is the best kept secret in Forex in my opinion. It is the closest thing to a Holy Grail that I have seen.
20:1 leverage is less risky, but provides earning potential to build wealth over time with NO risk of loss, after the b/e stop loss is in place.
the rate differential insures a lucrative daily swap interest paid.
ahh just saw yur chart no wonder u have a bearish stance
  • #288,934
  • Sep 16, 2011 11:08am Sep 16, 2011 11:08am
Quoting nAVIN2007
1.5781 seems a good area for scalps



ahh just saw yur chart no wonder u have a bearish stance
I choose to keep a "savings account" in the gbp/aud rather than a bank.
1.5781 is a good place for a scalp, but not on a friday after London has closed.
  • #288,935
  • Sep 16, 2011 11:33am Sep 16, 2011 11:33am
Quoting ovaforty
I choose to keep a "savings account" in the gbp/aud rather than a bank.
1.5781 is a good place for a scalp, but not on a friday after London has closed.

i have often thought myself..and then seen crazy movement just b4 close..

  • #288,936
  • Sep 16, 2011 11:38am Sep 16, 2011 11:38am
The current rate for AUD is 4.75%
The current rate for GBP is .50%
4.75 - .50 = 4.25 rate differential.

This is subject to change in the future as rates change, but for now this is the reality.

My broker (Interbankfx) pays approximately 22 or 23 usd per day on a full lot at these current rates. It fluctuates a bit.

Expand it out:
$22 x 30 days = $660 a month
$660 x 12 months = 7,920 per year passive interest income.

In my opinion swap interest rates are not usury, because you are not lending money to someone and charging them interest. You are simply buying the AUD with the GBP.
  • #288,937
  • Sep 16, 2011 12:45pm Sep 16, 2011 12:45pm
If you can find a way to take the risk away in Forex (or at least lessen it), then you will find the true path to wisdom and prosperity.


This is what I teach my students.
  • #288,938
  • Sep 16, 2011 12:56pm Sep 16, 2011 12:56pm
There are some very knowledgeable Traders spending their valuable time to teach on this thread. I learn from each and every one of them.

As the week comes to a close I just wanna say that I never meant to insult anyone or argue with anyone on this thread. We have as many opinions as we have traders. We all see different things when we read the charts. I benefit from what you see and vice-versa.
Keep posting and analyzing. Together we can make some money. I posted here because I was really moved when I saw the situations that exist currently. I just wanna help.
  • #288,939
  • Sep 16, 2011 1:33pm Sep 16, 2011 1:33pm
Forex is bigger than all the stock markets, etc. combined. The sheer volume is staggering to me. I am awestruck by how many billions are flowing through the charts I observe with fluidity in their correlations. They move as one. This market is computer driven and you need to be aware of this and consider this in your strategies.


Find a pattern, and see how it might be exploited. Find ranges and trade them. This can be your bread and butter. Look for long trending pairs that pay interest. This is your carry trade. This is where you put your savings account money. This is determined by Market Sentiment and is profitable when that sentiment is "Risk On".

Find a defensive strategy. Risk Aversion market sentiment strategies will make fast money in a short time frame. Market Sentiment will at times trump technicals, but the market usually returns to technicals over time because the technicals are dynamic and also change with the swings in the fundamentals.


Keeping aware and up to date on the global financial and political situations, monitoring money flows, and commodities, etc. will supply plenty of info to get a heads up on sentiment. You have to know if it is "risk on" or "risk Off "
  • #288,940
  • Sep 16, 2011 1:43pm Sep 16, 2011 1:43pm
Quoting ovaforty
There are some very knowledgeable Traders spending their valuable time to teach on this thread. I learn from each and every one of them.

As the week comes to a close I just wanna say that I never meant to insult anyone or argue with anyone on this thread. We have as many opinions as we have traders. We all see different things when we read the charts. I benefit from what you see and vice-versa.
Keep posting and analyzing. Together we can make some money. I posted here because I was really moved when I saw the situations that exist currently. I...

I am happy to see a trader like u in here and its a pleasure to read yur comments + charts.. being humble is a very good trait..much success to u

final chart ..have great weekend all
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