Cable Update (GBPUSD)

yep im short, but if monday close below 1.5462, then we have a uptrend

Yes I agree. I've just taken a long position at 1.5522 based on daily pivot, a couple of fib retracements, and top of previous supply zone. Will see how this goes.

no real sign of retrace yet.better stop would be 1.5501-5503 but still nothing confirmed for a buy ..apart from the buyers reported to be there.techs don't show anything to me

scale to smaller TF and look price action

Hi PoundTrader

EUR and GBP has already moved down and with out any retrace.All traders are killing them.If you have any doubt please look last COT report.

Some big countries are selling all there reserves in GBP and EUR.I don't know whether price will move up this week.

My bias is down for this two currency's...

AUD,SGD,JPY and USD are safe heavens for time being...

Take a look at my live chart...I am still trading...

Already +400 pips for this week on all trades...

This is not to hurt some one...but this is what i do...be in the market all the time to know the market...

I se weekly pivot,38.2% 5392-5591 and top of a previous 1hr swing lo/hi zone at the current daily lo. Some loading longs here ?

G/L

Man I'd love to take a look around your system PT, I'm quite sure it would
be a while before I'd leave

hi there,

excuse my question here but 400 pips is a bit too much.real pips is some 60 the rest is fragmented trades.Wouldn't be better to open a bigger lot size up there and hold it instead of opening multiple smaller lots on the way down?

at the end of the day it would mean the same thing if you close one big trade partially or close smaller ones in full .

I'll sell gold as soon as we are above 1600 mark...to be precise 1607-1617

SL just above 1625 TP 1560

I'll start trailing GU as soon as we are under 1.5510 and load longs @ 1.5503 and between 1.5470-1.5486...still have to decide the best entry but I am lazy now

or just sit out for the rest of the day.

already bagged 60 pips on the drop(half lot) and still have the buy's in profit and SL @ BE

hey guys,I know you like fundies

We haven’t heard much about Greece lately because the media’s attention has been on Spain and Italy. Greece may be ready to steal back some of its limelight.

In an article dated July 14th, we learn that Greece has ignored 70% of the austerity measures it was supposed to implement before the next bailout check would be sent.

The new Greek finance minister, Yannis Stournaras, until recently a professor of economics at the University of Athens, hasn’t learned yet the art of extortion that is required to accomplish anything at all during negotiations with the Eurozone.

So, when he went to the meeting of Eurozone finance ministers earlier this week at the Eurogroup—which serves as political control over the common currency—he accomplished absolutely nothing. He wasn’t even able, unlike his predecessors, to get himself into the media with some wild threat about a “disorderly default” or destroying the entire Eurozone if he didn’t get what he wanted.

…Inspectors of the “Troika”—the EU Commission, the European Central Bank, and the International Monetary Fund, which have agreed to bail out Greece under certain “conditions”—were back in Athens earlier in July to check on the agreed-upon structural reforms and meet with government officials to determine if these certain “conditions” have been met. The inspectors already expected the worst, after a three-month hiatus while Greece was embroiled in political turmoil and two elections, an interregnum during which nothing was implemented.

Apparently, it was even worse. Elements of their preliminary report due by the end of July seeped out: it painted an “awful picture”; of the 300 specific measures to be implemented by now, 210 were completely ignored and left by the wayside. This is the report that the Troika will use in deciding whether or not to send the next bailout tranche to Greece. And without this money, Greece will have to default and most likely exit the Eurozone…

This could get interesting all over again.

The full article can be read here
http://www.businessinsider.com/greec...-greece-2012-7

as i read here, is it more profitable or does it even matter to open many small lots or one big lot ?

as my trading strategy is to open small lots and add more small lots as i get sure im in the right way... so should i consider doin a big lot instead of my small lots ? and why? i dont get the point on myself.

to everyone, enjoy this great day of trading

I think the point being made was that if you are going to expose yourself to the market for a sell trade, it's probably best to open most of that exposure at your highest entry price to maximize profit. However, as you say, if you prefer to increase your exposure as you become more sure of direction, then that's another approach, but your profit (assuming total exposure is equal) will be less on your winning trades as your averaged entry price will not be as good. That's my take on it anyway.

i think GU is going to hoover around this area until Retail Sales data comes out

hi there,

it is not a golden rule and I could not tell..that's why I ask coz we are all still learning.it is just something that makes no logic in my head.

for example as BBking once said a position opened at smaller lots means you are not sure of your plan and you use small lot just to justify your mistake.

afterall if you are not sure why do you jump in first place.if you need something to touch the ego and tell you were right might as well use demo and not risk the balance of a real account.

don't get me wrong,I open more than one trade in same direction but I have swings and scalps.
I might have a swing open for days and scalps,opened with same amount that will be closed on a daily setup.

why I don't see the logic of adding positions when you are sure of the direction is that you can never be sure of direction

look at price now.dropped as I stated ''first stop 1.5515-5520'' and from that point I could not tell if it will retrace or carry on...I had nothing on my charts.

a cascade positions adding system would do just this

Ex: open sell 1.5580 as first position of 0.10 lots

open second position @ 1.5560 of 0.10 lots
open 3rd position @ 1.5540 of 0.10 lots

open 4th position @ 1.5530 of 0.10 lots

open 5th position @ 1.5520 of 0.10 lots

total 0.5 lots

by 1.5515 1st position would have 65 pips profit
second 45 pips profit
3rd 25 pips profit and 4th 15 pips profit and last 5 pips.

that would total 155 pips.looks good on the charts but it would mean 155 pips*0.10 lots =155 USD.

if you would open a 0.5 lot trade @ 1.5580 by 1.5515 you would have 65 pips*0.5 lots=325 USD by that time...


even if you scale your position it would still bring better profit.even if you move SL to BE still give you better profit ...this is what I do.on this move scale out after 30 pips and close half and rest @ BE or trail it .


and here comes the tricky part in my opinion(feel free to boo me if I am wrong):

if for example first trade is on + 65 pips,second @45,third@25,4th 15 and last +5 and market turns as it did for 35 pips?

you would have 30 on the first,10 on the second,-10 on the third,-20 on 4th and -30 on last one.

if we add this up you would have -40 pips at the end.....this if you decide to bail out all coz of news changing the trend or whatever martian attack might occur .

or it might be just emotions when you see more money and you add more and more to gain more on that move..which is natural (I did it many times)but with a bit of patience you get by.


any other ideas to share ? I think we all fail in MM sometimes.I'm still looking for some gaps to be filled in trading knowledge.

how do you think
how far it will go?

1.5570 or 1.5590 or 1.5620

for now 1.5570 looks a good place to short for 30 pips .confirmation is on M1 since 1.5560 but I just don't trust this level to short..it's like hanging there

and here comes the chart

now...I have to pray

oopppss...I think I'll kill this trade in baby size(some 10-20 pips only)
just don't like the M30 and H4 how it looks like

M30 about to grow a perfect buy and H4 ...well if we close above 1.5589 we hit 1.5620 for sure and maybe draw higher high @ 1.5692