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Cable Update (GBPUSD)

  • #295,561
  • Dec 25, 2011 7:28am Dec 25, 2011 7:28am
most brokesr open 2am monday
  • #295,562
  • Dec 25, 2011 7:30am Dec 25, 2011 7:30am
look like il be taking a long position when market open with a t/p 1.5693
  • #295,563
  • Dec 25, 2011 7:55am Dec 25, 2011 7:55am
Last time I traded the Monday following Christmas I think cable had a 23 pip range so if your idea of excitement is usd/jpy then you will love the price action. Surfice to say I won't even have the charts up tomorrow- plus the fact that the three accounts I have funds in are all closed tomorrow. The market could surprise with a big move, but my experience tells me it won't it will be a tight range until Asia comes in on Tuesday- again just my recollection of past years.
  • #295,564
  • Dec 25, 2011 8:33am Dec 25, 2011 8:33am
Quoting PoundTrader
look like il be taking a long position when market open with a t/p 1.5693
what's the reason ?
A chart helps those who can read it.
  • #295,565
  • Dec 25, 2011 9:04am Dec 25, 2011 9:04am
Quoting geniusztc
what's the reason ?
my system told me to
  • #295,566
  • Dec 25, 2011 9:13am Dec 25, 2011 9:13am
my other system tells me we are flat until further notice, so I am watching my dashed TL for a bullish move. 2.11am here, goodnight.
Attached Image (click to enlarge)
Click to Enlarge Name: christmas trade2.gif Size: 19 KB
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  • #295,567
  • Dec 25, 2011 9:14am Dec 25, 2011 9:14am
yeah i don't think there be much movement till tuesday
  • #295,568
  • Dec 25, 2011 9:22am Dec 25, 2011 9:22am
Wife snoring again, so on the couch and just close enough to my computer to feed my addiction
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  • #295,569
  • Dec 25, 2011 10:00am Dec 25, 2011 10:00am
I can't believe I missed it, focussing too much on lower timeframes I suspect. We have just broken the daily trendline (thick white) and are now retesting it. It intersects perfectly with the 4 hour and 1 hour trendline at exactly the 61.8 golden ratio retrace and recen support. It's a little rough on the 4hr chart because it is a daily trendline but daily shows it well. Targetting 5874 first.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: christmas trade3.gif Size: 17 KB
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  • #295,570
  • Dec 25, 2011 11:09am Dec 25, 2011 11:09am
Ok, back to basics.
Monthly
:Higher lows
ecent bearish hidden divergence
:MACD has turned bearish but is above the signal line
:QQE climbing from an oversold position

Weekly
:Not exacly hidden bullish divergence on QQE but not far off.

Just wondering if January is going to be a very bullish month.
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  • #295,571
  • Dec 25, 2011 11:31am Dec 25, 2011 11:31am
Quoting kratun
I see what you mean.But as he's stated he never kept a trade for more than four days.Why not?Why should one bother for a few points he didn't have the previous day.I'll never forget a trade which was closed by me because of fear not to lose those 3-4 points,only to see with regret the same pair shoting for more than 1800pips ...
I think perhaps you maybe making the same mistake I often do, and that is seeing someone else's strategy through the eyes of your own. You might position trade for 1800 pips, holding it for weeks or months etc for your 1800 pips. During the same time, Pound Trader and others here, might only hold trades for hours or a few days etc, but we take many long and short trades during this time, focussing on swing trading lower timeframes (since obviously currency does not move in a straight line). As a result we may rack up more than 1800 pips, we may not. At the end of the day, it comes down to a number of things including personality (particularly patience) and the desire to be involved in the game on a regular basis. Your attention span also I guess, (mine is quite short unfortunately) and the system you have been trained in and are comfortable with.

I often find myself questioning the strategies and trade calls of longer term traders because according to my shorter term strategy, it doesn't make sense what they are doing. I think just about everytime I have done this on this forum, I have ended up wanting to crawl into a hole somewhere. I know this is not really what you are doing, but you get my point. We all have fun and hopefully make money
I hope you are all enjoying your post xmas lunch food sleep.
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  • #295,572
  • Dec 25, 2011 11:42am Dec 25, 2011 11:42am
Quoting Ill-b-back
I think perhaps you maybe making the same mistake I often do, and that is seeing someone else's strategy through the eyes of your own. You might position trade for 1800 pips, holding it for weeks or months etc for your 1800 pips. During the same time, Pound Trader and others here, might only hold trades for hours or a few days etc, but we take many long and short trades during this time, focussing on swing trading lower timeframes (since obviously currency does not move in a straight line). As a result we may rack up more than 1800 pips, we may...

very true..take me for example..i have been in a trade 2 months and still in drawdown..many will look at this and think wtf..
but i work and its the only way i know how to trade not having to worry abt news, it fit me as well in term of not having to update trendlines n stuff as im quite lazy in this respect so yur right in what u say

seeing the positive 1.8k pips also has a downside as well..
  • #295,573
  • Dec 25, 2011 11:49am Dec 25, 2011 11:49am
Quoting nAVIN2007
very true..take me for example..i have been in a trade 2 months and still in drawdown..many will look at this and think wtf..
but i work and its the only way i know how to trade not having to worry abt news, it fit me as well in term of not having to update trendlines n stuff as im quite lazy in this respect so yur right in what u say

seeing the positive 1.8k pips also has a downside as well..
Ha, Ha, very true Navin, when I heard you were holding a trade into such large drawdown, I did think WTF??? I was a single minded bear until a few hours ago, how things can change at 2 in the morning after xmas lunch and dinner and about 2 litres of coke. My updated trendlines now seem to be agreeing with you
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  • #295,574
  • Dec 25, 2011 11:51am Dec 25, 2011 11:51am
Quoting Ill-b-back
Ha, Ha, very true Navin, when I heard you were holding a trade into such large drawdown, I did think WTF??? I was a single minded bear until a few hours ago, how things can change at 2 in the morning after xmas lunch and dinner and about 2 litres of coke. My updated trendlines now seem to be agreeing with you
That's Cocoa Cola by the way. Just clarifying, (you know, rubber - eraser thing).
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  • #295,575
  • Dec 25, 2011 11:55am Dec 25, 2011 11:55am
Quoting Ill-b-back
Ha, Ha, very true Navin, when I heard you were holding a trade into such large drawdown, I did think WTF??? I was a single minded bear until a few hours ago, how things can change at 2 in the morning after xmas lunch and dinner and about 2 litres of coke. My updated trendlines now seem to be agreeing with you
haha i still dont know..but i know if i exit now..ill never know
hard part is sticking to guns..which i have become used too..if u read my post right from begining u will see i always appeared to be a trader which was looking to hold longer term..

have a lovely christmas bro!!..and i agree with yur wife u definately addicted to thread
  • #295,576
  • Dec 25, 2011 12:24pm Dec 25, 2011 12:24pm
I often find myself questioning the strategies and trade calls of longer term traders because according to my shorter term strategy, it doesn't make sense what they are doing.

Sure thing mate sure thing,as your short-term strategy indicate they don't know what are they doing.You shouldn't ask yourself such questions,all you need is to look at your MACD.Listen to him and never argue with him he knows better.
  • #295,577
  • Dec 25, 2011 12:55pm Dec 25, 2011 12:55pm
As I've already made a couple of useless replies,I decided not to participate in this thread any longer.Wish you well . May the pips be with you.
  • #295,578
  • Dec 25, 2011 1:51pm Dec 25, 2011 1:51pm
Hi All,
Hope everyone's having a great and merry Christmas.

Cable trading within April-July-August downtrend channel.

Nearby downtrend line off August-October tops indicates an

acceleration of the bearish pressure towards the base of the channel.

1.5770 barrier rejected the price clearly on three different occasions

in December culminating in ca. 150pip selloff on Friday.

This spells further weakness going forward.

Cable is trading @ 1.5590 right now as of this writing.

My stance is as follows:

Setting POs to establish short positions on pullback to 1.5618 (PO).
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_D.jpg Size: 58 KB
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  • #295,579
  • Dec 25, 2011 2:08pm Dec 25, 2011 2:08pm
Quoting kratun
I often find myself questioning the strategies and trade calls of longer term traders because according to my shorter term strategy, it doesn't make sense what they are doing.

Sure thing mate sure thing,as your short-term strategy indicate they don't know what are they doing.You shouldn't ask yourself such questions,all you need is to look at your MACD.Listen to him and never argue with him he knows better.
Fair go. Has this guy taken a fraction of my statement out of context to completely reverse what I was trying to say about myself or what? If you are still in this thread at all Kratun, try reading my reply in full again. You might find I was using your News of the World journalistic cut n pasted statement to expose my own floors (just one of them actually).
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  • #295,580
  • Dec 25, 2011 2:17pm Dec 25, 2011 2:17pm
Quoting nAVIN2007
haha i still dont know..but i know if i exit now..ill never know
hard part is sticking to guns..which i have become used too..if u read my post right from begining u will see i always appeared to be a trader which was looking to hold longer term..

have a lovely christmas bro!!..and i agree with yur wife u definately addicted to thread
I don't think many investors are expecting the highs your are hoping for Navin, which makes me think we WILL probably get there as this is the Forex.
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