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Cable Update (GBPUSD)

  • #313,021
  • May 14, 2012 12:26pm May 14, 2012 12:26pm
[quote=Vikingbarde;5665082]Some traders where i trade enter v large tp and sl, ie x10 - so they don't lose, - if they were wrong, they keep that trade - for weeks or months until it goes to profit, - they may have 4 or 5 of these, - i see i guy - 6 months - not one loss -2 or 3 trades over 2 weeks old.
VB
Do many people trade this way?

If you have a trade open for weeks or months you are guaranteed to loose as the cost of "swaps" will soon be a lot bigger bigger than your TP.... in most cases after about 2 - 3 weeks.... that is if you are using a "live account", demo accounts don't have swap costs.
  • #313,022
  • May 14, 2012 12:26pm May 14, 2012 12:26pm
Good day fellow traders...

Sitting at Starbucks enjoying a latte and the sunshine - interesting Monday in the markets.

I am flat and will remain that way - charts are pointing in many different directions today - will wait till I can understand them better.

Hope all had green pips -

Faller
I don't trust any move - when you have profit...take it.
  • #313,023
  • May 14, 2012 12:29pm May 14, 2012 12:29pm
men can multitask too ...
  • #313,024
  • May 14, 2012 12:30pm May 14, 2012 12:30pm
Today was an interesting day to jump into forex trading! I'm struggling to see good spots, so i presume I should watch and wait. Good luck tomorrow
  • #313,025
  • May 14, 2012 12:35pm May 14, 2012 12:35pm
Quoting Faller
Good day fellow traders...

Sitting at Starbucks enjoying a latte and the sunshine - interesting Monday in the markets.

I am flat and will remain that way - charts are pointing in many different directions today - will wait till I can understand them better.

Hope all had green pips -

Faller
sitting at starbucks enjoying life eh.. lol. very good mate, must have life other than just trading...

anyway, i see ucad has a lot more room down.. perhaps might get cable more upside, but i'm with you, not trading cable.. got bored lately by the move on cable and perhaps until it in sync with fiber i will stay sideline..

hey, have a nice day mate..
  • #313,026
  • May 14, 2012 12:37pm May 14, 2012 12:37pm
Quoting bguguen
the Weekly bear is waiting to happen perhaps when UK is done with all that olympic hype...

it is all about timing - I do see what you are seeing.........I could try and predict when the weekly will happen but it would definitely be a guess at this point....but all things being equal it should happen within the week if my chart reading is correct.

Faller
I don't trust any move - when you have profit...take it.
  • #313,027
  • May 14, 2012 1:07pm May 14, 2012 1:07pm
Unfortunately Greece will continue to cause panic on the currency markets and commodity ... if we add specific handling ... Forex ... must take all protective measures .... scalping remains basic.
  • #313,028
  • May 14, 2012 1:08pm May 14, 2012 1:08pm
[quote=GlennFX1;5665877]
Quoting Vikingbarde
Some traders where i trade enter v large tp and sl, ie x10 - so they don't lose, - if they were wrong, they keep that trade - for weeks or months until it goes to profit, - they may have 4 or 5 of these, - i see i guy - 6 months - not one loss -2 or 3 trades over 2 weeks old.
VB
Do many people trade this way?

If you have a trade open for weeks or months you are guaranteed to loose as the cost of "swaps" will soon be a lot bigger bigger than your TP.... in most cases after about 2 - 3 weeks.... that is if you are using...
Mate im one of those traders and guess what... im not losing out on swaps... there are swap free brokers out there, just need to look harder and yes they usually have a fixed spread policy and that is what turns most conventional with swap traders down
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #313,029
  • May 14, 2012 1:13pm May 14, 2012 1:13pm
Quoting A-speculator
sitting at starbucks enjoying life eh.. lol. very good mate, must have life other than just trading...

anyway, i see ucad has a lot more room down.. perhaps might get cable more upside, but i'm with you, not trading cable.. got bored lately by the move on cable and perhaps until it in sync with fiber i will stay sideline..

hey, have a nice day mate..
Mate... if i were you id better not bet on UCAD to fall back down... UCAD is in an incredibly tight range and im favoring a possible Break upside with the recent bounce from the upward moving trendline...
USDX is also in a bullish run..... so UCAD rather than more room down, is headed for a possible break above the downwards trendline, if it breaks oh boy.... UCAD can go up to 1.0500, hold on to your knickers
Attached Image (click to enlarge)
Click to Enlarge Name: usdcadw1.14052012.1910.gif Size: 21 KB
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #313,030
  • May 14, 2012 1:16pm May 14, 2012 1:16pm
Quoting bguguen
Mate... if i were you id better not bet on UCAD to fall back down... UCAD is in an incredibly tight range and im favoring a possible Break upside with the recent bounce from the upward moving trendline...
USDX is also in a bullish run..... so UCAD rather than more room down, is headed for a possible break above the downwards trendline, if it breaks oh boy.... UCAD can go up to 1.0500, hold on to your knickers
Attachment
i'm not looking too much down mate.. 96xx will be just fine if ucad able to trade sustainable below 1.0 first..
  • #313,031
  • May 14, 2012 1:33pm May 14, 2012 1:33pm
Quoting A-speculator
i'm not looking too much down mate.. 96xx will be just fine if ucad able to trade sustainable below 1.0 first..
the thing is mate, i think fiber might has completed 161 run down at about 2825 and might retrace back up, but i won't take any long yet since there's no valid momentum on the upside, so i might watch that pair for a bit.

cable i won't take long because of latest movement is so bloody slow, so i better leave it for the time being.

swissy has the same view as fiber is right now testing the 38 fibo at about the 9345 area, and i would not short cause no valid momentum to the downside yet.

the only one i can trade is ucad since ucad has shown quite a momentum last week to the down side and today the pair is testing last week's high, which is too good to pass.. that is why i only trade 1 pair atm..

early in asian session i do have interest in the aussie and kiwi, but no uptrust rejection of the 1.0 and 7800 support, that is why i'm not taking it..

i understand of the possible bullish view on the ucad above the 1.0 level, but i would like to see how price progress and did short it at the high.
  • #313,032
  • May 14, 2012 1:34pm May 14, 2012 1:34pm
[quote=bguguen;5666026]
Quoting GlennFX1

Mate im one of those traders and guess what... im not losing out on swaps... there are swap free brokers out there, just need to look harder and yes they usually have a fixed spread policy and that is what turns most conventional with swap traders down
OK, Tnx for the reply on swap free brokers, will look a bit harder..... any suggestions??
  • #313,033
  • May 14, 2012 1:38pm May 14, 2012 1:38pm
Yo my best forex friend !! Im thinking long 1.6 ,short 1.6300 x


Quoting nAVIN2007
yo tony it have to close above the pale blue line to convince me buddy..


cable movement to me look legitimate

what yah thinking Mr T?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #313,034
  • May 14, 2012 1:41pm May 14, 2012 1:41pm
Sorry


Quoting costyn
Unfortunately Greece will continue to cause panic on the currency markets and commodity ... if we add specific handling ... Forex ... must take all protective measures .... scalping remains basic.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #313,035
  • May 14, 2012 1:46pm May 14, 2012 1:46pm
Cad really is a difficult one right now monthly say down ,maybe next month



Quoting bguguen
Mate... if i were you id better not bet on UCAD to fall back down... UCAD is in an incredibly tight range and im favoring a possible Break upside with the recent bounce from the upward moving trendline...
USDX is also in a bullish run..... so UCAD rather than more room down, is headed for a possible break above the downwards trendline, if it breaks oh boy.... UCAD can go up to 1.0500, hold on to your knickers
Attachment
Attached Image (click to enlarge)
Click to Enlarge Name: cad lfx d1 14-512 2.gif Size: 24 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #313,036
  • May 14, 2012 1:48pm May 14, 2012 1:48pm
or maybe up its cheeky really it is
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #313,037
  • May 14, 2012 1:49pm May 14, 2012 1:49pm
lol I like it

Quoting bguguen
, hold on to your knickers
Attachment
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #313,038
  • May 14, 2012 1:54pm May 14, 2012 1:54pm
im short ,watch daily

Quoting Bones
Cad really is a difficult one right now monthly say down ,maybe next month
Attached Image (click to enlarge)
Click to Enlarge Name: eur cad h4 14-5 -5-12.gif Size: 18 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #313,039
  • May 14, 2012 1:55pm May 14, 2012 1:55pm
...and struggle you will even with a strategy that you have proved to yourself works. Currently, you have entered the week after some major fundamentals have altered market positioning. In addition to this, the fallout from the repercussions in capital readjustments has yet to be fully manifested.

If with no proven track-record from previous trading - demo or otherwise - it would be wise to reduce exposure to a minimum... wide stops and minimum lots. Should you feel the urge to have a trade running - a killer of many that acquire this habit - Cable would not be where I would be heading.

Most instruments have reached significant support/resistance/Fibonacci points, and so PA is going to bounce around a while until the next trend is established.

I'd wait for the market to show its hand - there is always a retrace - and then get in. So you miss a few pips, big deal, it is better than missing an account.

There are some good traders on this thread, but each has their own method of trading, and so it is better to watch what each does, and find a style that fits with your psychology.

DON’T BLINDLY FOLLOW OTHERS TRADES… I’m not suggesting that you would, but it always seems good advice to give.


Quoting 2manycharts
Today was an interesting day to jump into forex trading! I'm struggling to see good spots, so i presume I should watch and wait. Good luck tomorrow
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #313,040
  • May 14, 2012 1:57pm May 14, 2012 1:57pm
Quoting Bones
im short ,watch daily
wow, you nail it bones.. how do you get your second entry? based on shorted TF? if based on 4h, you might not get that trade..

well done mate..
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