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Cable Update (GBPUSD)

  • #328,721
  • Oct 31, 2012 11:29am Oct 31, 2012 11:29am
Quoting Nachiket
I am fed up of this range. so many times it has taken me out in this 1.6050-1.6120 area
Chill man. Who hasn't been taken out before? I got taken out Numerous times during the first 2 week of Oct and worst still it hit my SL on the spot before going my direction.
  • #328,722
  • Oct 31, 2012 11:42am Oct 31, 2012 11:42am
Quoting Snooze
Chill man. Who hasn't been taken out before? I got taken out Numerous times during the first 2 week of Oct and worst still it hit my SL on the spot before going my direction.
He doesn't know what chill is as he is hot-headed, you can tell by his posts! He needs to get his emotions in check if he wants to succeed.
  • #328,723
  • Oct 31, 2012 11:52am Oct 31, 2012 11:52am
Quoting tirmizi
hi i thought that we have a good retrace after 6110 but i dont think so now,

we still have room to the upside towards initially 6155, 6180 and 6220

GL
london morning fix was at 6118 hourly close above 6118 is bullish i guess
Learning Requires Failure
  • #328,724
  • Oct 31, 2012 11:52am Oct 31, 2012 11:52am
Quoting TauTrader
Good day,

Do not see this as a drop with "Oomph" - I am marking 1.6125 as a target again for future reference.

Regards
  • #328,725
  • Oct 31, 2012 11:54am Oct 31, 2012 11:54am
Hedging my GBP shorts with a EURUSD long...

http://gyazo.com/0c028558b48e0137d83b4e59c96cfd9e

Long live the yurow -

Inserted Video
  • #328,726
  • Oct 31, 2012 11:58am Oct 31, 2012 11:58am
Quoting tirmizi
london morning fix was at 6118 hourly close above 6118 is bullish i guess
if we close above 6130 then its an "angle trend line" break out targeting 6220 min
GL
Learning Requires Failure
  • #328,727
  • Oct 31, 2012 12:00pm Oct 31, 2012 12:00pm
Quoting tirmizi
if we close above 6130 then its an "angle trend line" break out targeting 6220 min
GL
alright its a break out i dont know if its real or fake


GL friends
Learning Requires Failure
  • #328,728
  • Oct 31, 2012 12:01pm Oct 31, 2012 12:01pm
Looking on the 30 min chart to short back down for a few. Approaching top of channel. This is a an early entry - so I expect draw down. Starting with 50% of normal position.

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: channelgu.jpg Size: 103 KB
  • #328,729
  • Oct 31, 2012 12:02pm Oct 31, 2012 12:02pm
Quoting bbakker
My calculations were wrong... it is 1.6085 which is the first support line, if there is no hourly close above 1.6115.
I was hoping for a fall to 1.6088, being the 38.2% retrace of the move up.
My mistake was to hope for it: look what I did!
  • #328,730
  • Oct 31, 2012 12:11pm Oct 31, 2012 12:11pm
its hard to take a loss
its harder to let profit run
Learning Requires Failure
  • #328,731
  • Oct 31, 2012 12:14pm Oct 31, 2012 12:14pm
Quoting Typeface
I was hoping for a fall to 1.6088, being the 38.2% retrace of the move up.
My mistake was to hope for it: look what I did!
We have no control over the market, so nothing wrong with a little hope. The trouble starts when price turns against you and you don't have a SL in place, the charts are clearly telling you otherwise, but you 'hope' that it turns again in your favourable direction. Some even throw more money at it by averaging their losers, Nachiket being one of them. Nothing wrong with scaling into a trade, but when it isn't planned and you throw more trades onto the chart, 'hoping' price will turn, it really is a recipe for disaster. Usually these people don't like being wrong and it usually ends in tears.

Nothing wrong with a little hope, so long it is the right kind of hope!
  • #328,732
  • Oct 31, 2012 12:23pm Oct 31, 2012 12:23pm
Quoting bbakker
We have no control over the market, so nothing wrong with a little hope. The trouble starts when price turns against you and you don't have a SL in place, the charts are clearly telling you otherwise, but you 'hope' that it turns again in your favourable direction. Some even throw more money at it by averaging their losers, Nachiket being one of them. Nothing wrong with scaling into a trade, but when it isn't planned and you throw more trades onto the chart, 'hoping' price will turn, it really is a recipe for disaster. Usually these people don't...
Good post.

Regards
  • #328,733
  • Oct 31, 2012 12:26pm Oct 31, 2012 12:26pm
Quoting bbakker
We have no control over the market, so nothing wrong with a little hope. The trouble starts when price turns against you and you don't have a SL in place, the charts are clearly telling you otherwise, but you 'hope' that it turns again in your favourable direction. Some even throw more money at it by averaging their losers, Nachiket being one of them. Nothing wrong with scaling into a trade, but when it isn't planned and you throw more trades onto the chart, 'hoping' price will turn, it really is a recipe for disaster. Usually these people don't...

well said!!!

without hope we cant trade and we always hope rationally to take small losses and big profits
Learning Requires Failure
  • #328,734
  • Oct 31, 2012 12:32pm Oct 31, 2012 12:32pm
Thanks for your kind comments!

Here is my daily chart to show my long-term shorts -

Attached Image (click to enlarge)
Click to Enlarge Name: 20121022_GU_D1.png Size: 29 KB


I really HOPE price turns here

EDIT: It was an old chart... now the latest chart!

P.S. Anyone notice that bullish divergence on the CCI... it is still playing out

P.P.S If we get a DAILY close above the trendline, I will close BOTH shorts.
  • #328,735
  • Oct 31, 2012 1:00pm Oct 31, 2012 1:00pm
Quoting bbakker
We have no control over the market, so nothing wrong with a little hope. The trouble starts when price turns against you and you don't have a SL in place, the charts are clearly telling you otherwise, but you 'hope' that it turns again in your favourable direction. Some even throw more money at it by averaging their losers, Nachiket being one of them. Nothing wrong with scaling into a trade, but when it isn't planned and you throw more trades onto the chart, 'hoping' price will turn, it really is a recipe for disaster. Usually these people don't...
Very true. Fortunately, I had no exposure at that point; I was hoping for the fall to 88 so I could go long. My only loss was of the pips I had hoped to bank as the market traced back up.

Like most traders, I think I have a love/hate relationship with SLs - still trying to perfect the balance between keeping them tight to minimise cost, and leaving enough room to avoid getting stopped out at the wrong time.
  • #328,736
  • Oct 31, 2012 1:05pm Oct 31, 2012 1:05pm
does anyone think its likely to enter eur/usd buy with tp 1.30 , i think its likely it may want to kiss 1.3000 again today or tomorrow ?
prepare for worst & expect the best
  • #328,737
  • Oct 31, 2012 1:09pm Oct 31, 2012 1:09pm
Quoting bbakker
We have no control over the market, so nothing wrong with a little hope. The trouble starts when price turns against you and you don't have a SL in place, the charts are clearly telling you otherwise, but you 'hope' that it turns again in your favourable direction. Some even throw more money at it by averaging their losers, Nachiket being one of them. Nothing wrong with scaling into a trade, but when it isn't planned and you throw more trades onto the chart, 'hoping' price will turn, it really is a recipe for disaster. Usually these people don't...
We don't become small by being wrong in a trade decision but surely will become small when the stubbornness of being right will make the bank balance small.
prepare for worst & expect the best
  • #328,738
  • Edited 1:36pm Oct 31, 2012 1:12pm | Edited 1:36pm
approaching to 1.6164 and then support will follow up to 1.6034.
  • #328,739
  • Oct 31, 2012 1:20pm Oct 31, 2012 1:20pm
Quoting tony_dtrader
does anyone think its likely to enter eur/usd buy with tp 1.30 , i think its likely it may want to kiss 1.3000 again today or tomorrow ?
I wait something like this
Attached Image
  • #328,740
  • Oct 31, 2012 1:44pm Oct 31, 2012 1:44pm
Quoting tony_dtrader
does anyone think its likely to enter eur/usd buy with tp 1.30 , i think its likely it may want to kiss 1.3000 again today or tomorrow ?
Good day,

Can not really tell. But should you choose to long - SL should be 1.2936. For if we break 1.2940 - we will probably also see 1.2920, 1.2900.

Regards
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