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Cable Update (GBPUSD)

  • #328,321
  • Oct 25, 2012 10:35am Oct 25, 2012 10:35am
Quoting Raftron
Thank you

I think my stop loss was too tight. I placed pending order below fibo's 50% and support line which was quickly broken on USD news. Suddenly price bounced back up and because the spread with my broker is massive on this pair, my stop loss was hit, by only few pips.

I guess I did nothing wrong expect too tight stop loss.

I would be 50 pips in profit now....
Don't dwell on it, whatever you do. It happened and you can't change it. Seems like you are counting the 'could have been profit' or at least you're counting the imaginary pips! You learned a lesson, put it in your trading plan and then start looking at other opportunities in the market. Get over it and move on!
  • #328,322
  • Oct 25, 2012 10:35am Oct 25, 2012 10:35am
Quoting bbakker
Finally! First stop @ 1.6110
Amen to that! It seems we were in almost identical positions, except I kept bringing my SL down towards BE when it looked like heading south, then chickening out and moving it higher again when it lurched back up. Been caught too many times like that. At BE now, and off to express my relief, as it were...
  • #328,323
  • Oct 25, 2012 10:38am Oct 25, 2012 10:38am
Quoting bbakker
Don't dwell on it, whatever you do. It happened and you can't change it. Seems like you are counting the 'could have been profit' or at least you're counting the imaginary pips! You learned a lesson, put it in your trading plan and then start looking at other opportunities in the market. Get over it and move on!
Thanks again. I really appreciate your comments.
I guess I needed that 'smack' at the back of my head.
  • #328,324
  • Oct 25, 2012 10:38am Oct 25, 2012 10:38am
Quoting Typeface
Amen to that! It seems we were in almost identical positions, except I kept bringing my SL down towards BE when it looked like heading south, then chickening out and moving it higher again when it lurched back up. Been caught too many times like that. At BE now, and off to express my relief, as it were...
Don't count your chickens yet! A decisive break of 1.61 is what is required before we go down further!
  • #328,325
  • Oct 25, 2012 10:38am Oct 25, 2012 10:38am
Do not get too comfortable on the South train.

Regards
  • #328,326
  • Oct 25, 2012 10:45am Oct 25, 2012 10:45am
Quoting tirmizi
sharp pull back today and retest of prev supply line heading up

USDOLLAR
Attached Image (click to enlarge)
Click to Enlarge Name: dollar_index10.jpg Size: 107 KB


Yes.
To Your Success!!
  • #328,327
  • Oct 25, 2012 10:48am Oct 25, 2012 10:48am
downside break of the 5min range could just be could just be a fake out by participants wanting to get long at a decent price and couldn't see sufficient liquidity on the price ladder above the price whilst in the range - they then move it down to pick up the liquidity of the weak sell stops just below the range ...just one scenario - time will tell what is actually going on...meanwhile below is the current near-term 1hr screenshot as I see it.

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 110 KB
ex member
  • #328,328
  • Oct 25, 2012 10:49am Oct 25, 2012 10:49am
Beware the south fake. Not convinced of short here. Just saying.
Ghost Rider - WWTBMD?
  • #328,329
  • Edited 11:22am Oct 25, 2012 10:49am | Edited 11:22am
Actually, SL to 31 now, just above the point of all that tedious support this afternoon, so locking in about 7 pips profit.

Generally, I try to discipline myself to moving the SL down (or up, as appropriate) to just above the lowest strong s/r.

Resistance seems more appropriate, if you're shorting a stock, but does anyone think one is better than the other, given the choice?

Edit: OK, to answer my own question, what is the point at which I might suspect this is indeed a fake b/o? Answer: a higher low, and a higher high. So SL moved down to 125, a little above latest high.
(unless, of course, it's a flag - oh God, my head hurts.)
  • #328,330
  • Oct 25, 2012 10:49am Oct 25, 2012 10:49am
Quoting Fudomyo
lol...


There's fresh horses on AU and EU. GU is tonight's stick in the mud.
Hiya Fudomyo. I wondered who might pick up... Looks like the BOJ may have to do an SNB? I'd appreciate your thoughts on this.
Gone to a better place
  • #328,331
  • Oct 25, 2012 11:04am Oct 25, 2012 11:04am
Quoting smikester
Hiya Fudomyo. I wondered who might pick up... Looks like the BOJ may have to do an SNB? I'd appreciate your thoughts on this.
+1. Thanks.
Don't be smart. Be rich.
  • #328,332
  • Oct 25, 2012 11:07am Oct 25, 2012 11:07am
Quoting albchr
Beware the south fake. Not convinced of short here. Just saying.
Other GBP pairs are pulling back. It got to 1.6112 not quite the 10 which I saw as support. We did see 10 and then hopefully a nice break... the law of averages says we will. Maybe lots of retailers saw the good news and went in long above 1.61 afer the news, so lots of juicy stops below for NY to take.

If you look at the OPEN trades stats on GU it makes me laugh...

Average long entry is 1.6137
Average short entry is 1.5993

Retailers for you... oh shit I am one too! LOL

Hourly finished as a bearish engulfing... nice for the shorters!

Here come the buyers at 10
  • #328,333
  • Oct 25, 2012 11:14am Oct 25, 2012 11:14am
Hey where the hell is NAV?
I don't want a job, i want money!
  • #328,334
  • Oct 25, 2012 11:21am Oct 25, 2012 11:21am
Quoting dario1002
Hey where the hell is NAV?
Organising our get together with Azim in London or he has run to the hills chased by the bulls
  • #328,335
  • Oct 25, 2012 11:23am Oct 25, 2012 11:23am
another example of box range in S&P 500 if drops more i think it will drag the prices lower to euro$ and pound$
Attached Image (click to enlarge)
Click to Enlarge Name: snp.png Size: 38 KB
Learning Requires Failure
  • #328,336
  • Oct 25, 2012 11:26am Oct 25, 2012 11:26am
Quoting bbakker
Other GBP pairs are pulling back. It got to 1.6112 not quite the 10 which I saw as support. We did see 10 and then hopefully a nice break... the law of averages says we will. Maybe lots of retailers saw the good news and went in long above 1.61 afer the news, so lots of juicy stops below for NY to take.

If you look at the OPEN trades stats on GU it makes me laugh...

Average long entry is 1.6137
Average short entry is 1.5993

Retailers for you... oh shit I am one too! LOL

Hourly finished as a bearish engulfing... nice for the shorters!

Here...
Yeah I'm being careful here. That last hour engulfer closed dead on the close of the hour bar 8 hours ago. Well, 61171 close 8 hours ago, just over 50% fib @ 61104 and last hour closed 61173 (pretty close to dead on...lol)

Now this hour so far stops dead at the 50% ? Hmmm??? LOL

Sorry no chart...taking care of Mom.
Ghost Rider - WWTBMD?
  • #328,337
  • Oct 25, 2012 11:37am Oct 25, 2012 11:37am
Quoting albchr
Beware the south fake. Not convinced of short here. Just saying.
market is now gone into "Good Night" mode...zzzzz
To Your Success!!
  • #328,338
  • Oct 25, 2012 11:39am Oct 25, 2012 11:39am
Earlier you said -

Quoting ndsouz
express elevator to hell!! GOING DOWN!!
Now you say -

Quoting ndsouz
market is now gone into "Good Night" mode...zzzzz
You make me laugh!
  • #328,339
  • Oct 25, 2012 11:39am Oct 25, 2012 11:39am
Last Thursday it fell at this time... this Thursday its back at the same price range... whats gonna be now? thursday dejavu or sellers stop-loss kungfu?
To Your Success!!
  • #328,340
  • Oct 25, 2012 11:41am Oct 25, 2012 11:41am
Quoting bbakker
Earlier you said -



Now you say -



You make me laugh!
hehe, im laughing too. at that moment usd index was also rising and gbp at the resistance from where it fell.. anyways... i think she wants to surprise us when we are least expecting it. maybe against me or maybe for me...
To Your Success!!
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