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Cable Update (GBPUSD)

  • #309,321
  • Apr 23, 2012 1:45am Apr 23, 2012 1:45am
Quoting Davit
I am with you! Short this bitch!
Oh man, I hope that bith don't turn into a btch, just kidding
Come with me if you want to live....
  • #309,322
  • Apr 23, 2012 1:47am Apr 23, 2012 1:47am
Quoting Vikingbarde
i've taken a short position on gbp/usd, and added more funds to increase stop loss to 1.6200 , - however with latest data - i think it best to close the trades, take the hit, and wait. If it goes up to 6.400 or more i cannot finance all. if i close now, it goes up to 1.6400 i can make money on the way up, and short on the way down, from close to the top peak, - and get my money back anyway, - with less risk.
what do you think?

VB
Unlike others who suggest Demo trading I strongly disagree.What demo teaches you is totally useless in real world.
Everyone makes money on demo and along the way pick up very bad habits which become serious hindrance in real trading not to mention costly.
I suggest reduce your order.If 1 dollar per pip then reduce to 25C this way you still care about the results and maintain your cool without stressing out.
My rule of thumb is if its giving you stress trading going 10 pips against you then you are over-trading.
Another advise reduce number of trades and only enter when its obvious up or down.
Don't rely on indicators only.They are mostly lagging and don't give you full picture.
In trading, you have to be defensive and aggressive at the same time
  • #309,323
  • Apr 23, 2012 1:50am Apr 23, 2012 1:50am
Quoting Davit
I am with you! Short this bitch!
I shorted at the open & nowam long till we get a new high i might sweat a bit but we will get a new high or at least an attempt at a new high.
  • #309,324
  • Apr 23, 2012 1:51am Apr 23, 2012 1:51am
Quoting retra
I am selling now at 1.6108 Target initially 1.6050 and 1.6000
I am holding out for London before taking action.London could shoot this thing up like a racket which it did on Friday.
In trading, you have to be defensive and aggressive at the same time
  • #309,325
  • Apr 23, 2012 1:52am Apr 23, 2012 1:52am
Quoting Allseeingeye
if you already closed its ok but it wont break 1.62 i will short 1.6150 and add all the way to 1.6266 that would make wave 5 bigger then wave 3 which means I AM WRONG BUT I DONT THINK SO! Expecting down move of 600 - 1200 pips for entire wave 2 & then b to complete around 1.52
I'm not sure where you getting 600 - 1200 pips from ? It's a typo or you counting 5th decimal place as a pip ?! Which is wrong if you do !

My 2 pence (Sterling). Good day.
.
  • #309,326
  • Apr 23, 2012 2:17am Apr 23, 2012 2:17am
short @ 1.6101 targeting s2 1.5990
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  • #309,327
  • Apr 23, 2012 3:20am Apr 23, 2012 3:20am
G/M,

3 fib cluster at the pullback lo incl 50% 6007-6148, 61.8% 6036-6148 and 23.6% 5861-6148...classic 3 and 5min regular div plays there

G/L
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ex member
  • #309,328
  • Apr 23, 2012 3:42am Apr 23, 2012 3:42am
I think GBP/USD has pull back enough for now until 1.6078 from 1.6148 on friday's closing top and today's 1.6135. A 50-55 pips is normal from asian hours. Expecting consolidating waves.

And then break out for test at 1.6160-1.6170. Unless 1.6060 is breached. then there may not be a rally up. As 4hr is moving down.
  • #309,329
  • Apr 23, 2012 3:52am Apr 23, 2012 3:52am
i think its better to wait for new york session today to make a clear picture of today's trading activities
  • #309,330
  • Apr 23, 2012 4:04am Apr 23, 2012 4:04am
Quoting Vikingbarde
i've taken a short position on gbp/usd, and added more funds to increase stop loss to 1.6200 , - however with latest data - i think it best to close the trades, take the hit, and wait. If it goes up to 6.400 or more i cannot finance all. if i close now, it goes up to 1.6400 i can make money on the way up, and short on the way down, from close to the top peak, - and get my money back anyway, - with less risk.
what do you think?

VB
Suicide its a suicide
  • #309,331
  • Apr 23, 2012 4:13am Apr 23, 2012 4:13am
I guess the question in today's tradinbg session is how far the pullback will go off 6148..is it a pullback, extended pullback or more ? Intraday remains bearish, 1hr has seen a L below the last 3 x HL's on that t/f and this following a LH, 4hr remains in a clssic opa uptrend ie HL's and HH's and Daily in a general opa uptrend. There is hidden div building on 1hr good as long as price remains above 6035. 50sma on 1hr at the current pullback lo - this trades above the 100sma which is above the 200sma on this 1hr t/f.

G/L
Attached Image
ex member
  • #309,332
  • Apr 23, 2012 4:16am Apr 23, 2012 4:16am
Daily is as below...

G/L
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ex member
  • #309,333
  • Apr 23, 2012 4:19am Apr 23, 2012 4:19am
Is Fisher done talking? Hoping bad news!
Sterling gives me pain like English food does.
In trading, you have to be defensive and aggressive at the same time
  • #309,334
  • Apr 23, 2012 4:41am Apr 23, 2012 4:41am
Quoting Davit
I am with you! Short this bitch!
take it easy i feel your emotion here, I am short at 56127, let's see.....how far it will going down.......
  • #309,335
  • Apr 23, 2012 4:42am Apr 23, 2012 4:42am
Quoting Davit
Is Fisher done talking? Hoping bad news!
Sterling gives me pain like English food does.
Long @1.60838 for a quick pips. Reason: Price touched the 200 period MA on 15 TF.
  • #309,336
  • Apr 23, 2012 5:05am Apr 23, 2012 5:05am
Quoting Leeson
Long @1.60838 for a quick pips. Reason: Price touched the 200 period MA on 15 TF.
Out with +12 pips.

Quick profit. Made my 1%. Can stay on the sidelines waiting for a better setup.

Later.
  • #309,337
  • Apr 23, 2012 5:33am Apr 23, 2012 5:33am
Quoting TauTrader
Good day to you,

On a shorter timeframe ( 5 min ) - I am of the opinion that we have started sqeezing ( as from around 1.6070)

So busy forming a short term bull trap. No one knows how high they will be driving price on this current leg up - but I have started shorting to take advantage of what I believe could become a profitable short.

Please remember that this is on the 5min - so I am not saying price is reversing. Just pointing out what I am going to trade for the next few sessions.

All the best for the coming week

Regards
Good day to you,

Closing shorts here @ 1.6090. Might be a mistake - banking. As things stand right now - will sell again from a bit higher up. This may however change as we progress.

All success

Regards
  • #309,338
  • Edited 5:49am Apr 23, 2012 5:38am | Edited 5:49am
3 x fib cluster (2 shown on 1hr pic below) discussed in a prev post at the current daily lo - now a minor previous 1hr swing lo zone too-clearly some demand there but how much if tested again ? Is this the start of the next leg up by the bulls or is weakness on 1hr a sign of more downside ?

G/L
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ex member
  • #309,339
  • Apr 23, 2012 7:17am Apr 23, 2012 7:17am
Yeah i closed shorts 1.6080 . waiting to see where it goes. On here - says it will go back up first, then go down ( so it's definately not going to go down from here directly in 1 hour when the us market opens ? )
VB
  • #309,340
  • Apr 23, 2012 7:24am Apr 23, 2012 7:24am
still holding my gbpjpy short
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