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Cable Update (GBPUSD)

  • #346,661
  • Sep 10, 2013 11:04am Sep 10, 2013 11:04am
added another limit short at 5750
then will be hands off.over 70% short on GU on Oanda which does not make me happy.Market makers love fking up retail traders.
65% ADR which hints more room on upside. 5750 most likely will get hit in today's NY session.
Attached Image
In trading, you have to be defensive and aggressive at the same time
  • #346,662
  • Sep 10, 2013 11:08am Sep 10, 2013 11:08am
Quoting TauTrader
{quote} Sir NAV - This is confusing to me.. If your BE is above 1.60 - then why aiming lower? All I can think of, is that you have multiples long as well as multiple shorts? Regards
i have majority short..i need 1.53 at least on my short to get out of trouble but i have a long at 1.58 which i held for god only knows how long

i rather it falls because my longer term direction is up..but i tried to be cute selling as well

hence the headache Mr T
  • #346,663
  • Sep 10, 2013 11:09am Sep 10, 2013 11:09am
Quoting TauTrader
{quote} Sir NAV - This is confusing to me.. If your BE is above 1.60 - then why aiming lower? All I can think of, is that you have multiples long as well as multiple shorts? Regards

  • #346,664
  • Sep 10, 2013 11:10am Sep 10, 2013 11:10am
Quoting Davit
added another limit short at 5750 then will be hands off.over 70% short on GU on Oanda which does not make me happy.Market makers love fking up retail traders.
Couldnt agree more Davit.

I have been watching 1.5750 for weeks and weeks, much like everyone else I assume...

This is the problem, I would think the market makers know this is such an obvious short entry that they may do one of 2 things. a) price drops from here, therefore not triggering all the sell orders sitting sround 1.5750... or b) they could push price up 50/100 pips triggering entries AND stops, then when all retailers assume price heading for 1.6 and go long, market plummets 500 or so pips killing all the newly opened long positions...

The joys of trading
  • #346,665
  • Sep 10, 2013 11:15am Sep 10, 2013 11:15am
MACD showing bear divergence
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.h4.png Size: 38 KB
In trading, you have to be defensive and aggressive at the same time
  • #346,666
  • Sep 10, 2013 11:21am Sep 10, 2013 11:21am
Quoting Freshpips
{quote} Couldnt agree more Davit. I have been watching 1.5750 for weeks and weeks, much like everyone else I assume... This is the problem, I would think the market makers know this is such an obvious short entry that they may do one of 2 things. a) price drops from here, therefore not triggering all the sell orders sitting sround 1.5750... or b) they could push price up 50/100 pips triggering entries AND stops, then when all retailers assume price heading for 1.6 and go long, market plummets 500 or so pips killing all the newly opened long positions......

Hi friend
I developed trading system that overcomes this by averaging my orders.Very high top I place .50 and rest .25 lot.Its not pyramiding which is suicidal but averaging your intended amount in multiples entries.
This is standard way Banks and Hedge funds operate. They never place all their orders at once.
I trade without SL.My SL is the amount I am willing to lose and once reached I'll take the loss.This protects me from spikes which often traders fall victim.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #346,667
  • Sep 10, 2013 11:24am Sep 10, 2013 11:24am
Stopped out on Cable. No need to cry, loss was well within the predetermined parameters that I set myself in my trading plan. Will Have another attempt when price action tells me to. Cable loss was more than offset by JPY shorts and US Equity calls. Hope everybody has had a great day. Next 24 hours are big so good luck.
  • #346,668
  • Sep 10, 2013 11:34am Sep 10, 2013 11:34am
ill start adding shorts between those 2 lines..SL 1.5850 area lets see where she wants to go..
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Click to Enlarge Name: Screen shot 2013-09-10 at 19.32.43.png Size: 64 KB
Early to bed, early to rise, keeps you healthy, wealthy and wise.
  • #346,669
  • Sep 10, 2013 11:40am Sep 10, 2013 11:40am
Quoting eqshack
ill start adding shorts between those 2 lines..SL 1.5850 area lets see where she wants to go.. {image}

your chart looks like my brain when drunk j/k
In trading, you have to be defensive and aggressive at the same time
  • #346,670
  • Sep 10, 2013 11:42am Sep 10, 2013 11:42am
Quoting nAVIN2007
{quote} i have majority short..i need 1.53 at least on my short to get out of trouble but i have a long at 1.58 which i held for god only knows how long i rather it falls because my longer term direction is up..but i tried to be cute selling as well hence the headache Mr T
Sir NAV -

Ah - OK. Now a lot clearer. Yip - a tough one to manage - but you have been around the block a few times....

Take care

Regards
  • #346,671
  • Sep 10, 2013 11:47am Sep 10, 2013 11:47am
Quoting Freshpips
{quote} Couldnt agree more Davit. I have been watching 1.5750 for weeks and weeks, much like everyone else I assume... This is the problem, I would think the market makers know this is such an obvious short entry that they may do one of 2 things. a) price drops from here, therefore not triggering all the sell orders sitting sround 1.5750... or b) they could push price up 50/100 pips triggering entries AND stops, then when all retailers assume price heading for 1.6 and go long, market plummets 500 or so pips killing all the newly opened long positions......
Great analysis of market psychology! - I agree to a high degree
  • #346,672
  • Sep 10, 2013 11:49am Sep 10, 2013 11:49am
RSI is getting closer to 80 on h4 and daily
80 and 20 is good signal for price reversal areas.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.daily.png Size: 33 KB
In trading, you have to be defensive and aggressive at the same time
  • #346,673
  • Sep 10, 2013 11:50am Sep 10, 2013 11:50am
Quoting Davit
{quote} your chart looks like my brain when drunk j/k
lol ... good seems like usdx wants to go further down..daily close ( USDX) under 81.87 will take dollar to 81.48 and it should mean to gbpusd - 1.5800 area.
eurusd 1.3325 or something around that.
Early to bed, early to rise, keeps you healthy, wealthy and wise.
  • #346,674
  • Sep 10, 2013 11:56am Sep 10, 2013 11:56am
Quoting eqshack
{quote} lol ... good seems like usdx wants to go further down..daily close ( USDX) under 81.87 will take dollar to 81.48 and it should mean to gbpusd - 1.5800 area. eurusd 1.3325 or something around that.

Hi Egshack (funny name)
What I have been reading on Ichimoku indicator that its most effective on Asian currencies and less so outside that.Kind self fulfilling since more Asians are using it.I thought to share this info.
In trading, you have to be defensive and aggressive at the same time
  • #346,675
  • Sep 10, 2013 11:57am Sep 10, 2013 11:57am
Cable in Daily Chart

Key Point 1.5755 :nerd:
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Click to Enlarge Name: 2013-09-10_Cable in Daily Chart.jpg Size: 159 KB
Always looking the GREAT, never left GOOD Point...
  • #346,676
  • Sep 10, 2013 12:00pm Sep 10, 2013 12:00pm
Quoting Davit
{quote} Hi Egshack (funny name) What I have been reading on Ichimoku indicator that its most effective on Asian currencies and less so outside that.Kind self fulfilling since more Asians are using it.I thought to share this info.
thanks for sharing.It seems to work quite well with eurusd too ..fun name for sure
Early to bed, early to rise, keeps you healthy, wealthy and wise.
  • #346,677
  • Sep 10, 2013 12:03pm Sep 10, 2013 12:03pm
Quoting Davit
{quote} Hi friend I developed trading system that overcomes this by averaging my orders.Very high top I place .50 and rest .25 lot.Its not pyramiding which is suicidal but averaging your intended amount in multiples entries. This is standard way Banks and Hedge funds operate. They never place all their orders at once. I trade without SL.My SL is the amount I am willing to lose and once reached I'll take the loss.This protects me from spikes which often traders fall victim. Regards

thats what i do as well
or least i think i do

anyways..nice charts u deserve a vouch as u can obviously trade well

btw i just seen ff have removed the vouch button or is it me?
  • #346,678
  • Sep 10, 2013 12:12pm Sep 10, 2013 12:12pm
Quoting nAVIN2007
{quote} thats what i do as well or least i think i do anyways..nice charts u deserve a vouch as u can obviously trade well btw i just seen ff have removed the vouch button or is it me?

Thanks Navin for the vouch.
Please don't give me a vouch.I feel overburdened by them.I am still learning to trade.I guess its a ongoing job training that never ends.
Regards


Guys for fun place this S/R indicator on your charts and observe how accurately it draws the levels.I have found nothing as good as this.I can draw them manually as well but having indi "think" along same levels is nice.
Attached File(s)
File Type: ex4 ftc_SupportAndResistance.ex4   6 KB | 445 downloads
In trading, you have to be defensive and aggressive at the same time
  • #346,679
  • Sep 10, 2013 12:38pm Sep 10, 2013 12:38pm
Quoting nAVIN2007
{quote} thats what i do as well or least i think i do anyways..nice charts u deserve a vouch as u can obviously trade well btw i just seen ff have removed the vouch button or is it me?
After you given Vouch for him/her.
And then in "Member Wall's" by Click Two Persons icon, automatic will withdrawal your V

I've got experienced with this
Always looking the GREAT, never left GOOD Point...
  • #346,680
  • Sep 10, 2013 1:00pm Sep 10, 2013 1:00pm
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_USD_dzienny.png Size: 52 KB
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