Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#349,861
Oct 22, 2013 3:51pm Oct 22, 2013 3:51pm

nAVIN2007
Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts

Quoting guess121

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{quote} Fair enough. Nope... if you read my posts on this thread... there has been plenty of bad news.

Ignored

if u trade the news u trade emotion..and trading this is difficult to say the least..some position trade so they pick locations and buy and sell looking for potential high probability trades..it all depends.

I think position traders are growing as scalping is becoming very tough and this is why news isnt so impt

#349,862
Oct 22, 2013 3:52pm Oct 22, 2013 3:52pm

fxmasterdxb
Joined May 2012 | Status: Senior Member | 3,056 Posts

Quoting Baggi

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{quote} I think you hit your target price.

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not yet, the retrace so far has reached 1.6228 so did not hit my target, anyway ill wait for the day candle to close and then close my position manually

#349,863
Oct 22, 2013 3:53pm Oct 22, 2013 3:53pm

nAVIN2007
Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts

Quoting eliteincome

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Gidday Navin Did your account get smoked out yeah I ended up with we hedge hate doing that all the time

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I lied

I just wanted to see if people finished me off!!

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#349,864
Oct 22, 2013 3:58pm Oct 22, 2013 3:58pm

guess121
Joined May 2007 | Status: Trader | 1,050 Posts

Quoting nAVIN2007

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{quote} if u trade the news u trade emotion..and trading this is difficult to say the least..some position trade so they pick locations and buy and sell looking for potential high probability trades..it all depends. I think position traders are growing as scalping is becoming very tough and this is why news isnt so impt

Ignored

Fair enough... I think we are all different.

#349,865
Oct 22, 2013 4:00pm Oct 22, 2013 4:00pm

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

Hi mate, you mentioned earlier today that 6400 would be bad for you re your short positions- is this still the case ? is that where your cut off point is-if reached to close all short positions?

G/L

Quoting nAVIN2007

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{quote} I lied I just wanted to see if people finished me off!! {image}

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ex member

#349,866
Oct 22, 2013 4:03pm Oct 22, 2013 4:03pm

sakisf
Joined Sep 2013 | Status: boreddddd | 3,137 Posts

What is the commonly used day close? GMT or GMT+1/2/3?

#349,867
Oct 22, 2013 4:04pm Oct 22, 2013 4:04pm

nAVIN2007
Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts

Quoting bbmac

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Hi mate, you mentioned earlier today that 6400 would be bad for you re your short positions- is this still the case ? is that where your cut off point is-if reached to close all short positions? G/L {quote}

Ignored

it all depend on what i see..this area we are at now is a tough spot..so far i have nothing to worry about but i dont want 1.63 to be crossed..i might have to close if if on test i feel it is support..
1.6470 area if u remember was my road block, long target when i was building bullish positions..then on monthly we got the double doji bottom, but wicks were facing both north and south..so i decided long was risky so switiched to short as i thought probability of a short was lower risk based on a bearish flag building.

but to answer yur question:- it wont be the end for my if 1.64..i always trade with my emotion completely intact

im a tough cookie ya know

#349,868
Oct 22, 2013 4:16pm Oct 22, 2013 4:16pm

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

Thanks for that...you certainly are a tough cookie lol - G/L to ya !

Quoting nAVIN2007

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{quote} it all depend on what i see..this area we are at now is a tough spot..so far i have nothing to worry about but i dont want 1.63 to be crossed..i might have to close if if on test i feel it is support.. 1.6470 area if u remember was my road block, long target when i was building bullish positions..then on monthly we got the double doji bottom, but wicks were facing both north and south..so i decided long was risky so switiched to short as i thought probability of a short was lower risk based on a bearish flag building. but to answer yur question:-...

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ex member

#349,869
Oct 22, 2013 4:19pm Oct 22, 2013 4:19pm

nAVIN2007
Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts

Quoting bbmac

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Thanks for that...you certainly are a tough cookie lol - G/L to ya ! {quote}

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thanks i certainly need it!!..im prepared to wait 1 year if it takes that

#349,870
Oct 22, 2013 4:21pm Oct 22, 2013 4:21pm

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

probably/generally in Europe - CET which is currently GMT +2 ...Uk is on GMT +1 at moment - ie BST.

G/L

Quoting sakisf

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What is the commonly used day close? GMT or GMT+1/2/3?

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ex member

#349,871
Oct 22, 2013 4:27pm Oct 22, 2013 4:27pm

sakisf
Joined Sep 2013 | Status: boreddddd | 3,137 Posts

Thank you. Was asking though what is common reference for world markets. i.e. Pepperstone's feed is UTC+2 (GMT+3) and Dukascopy is GMT. So I was wondering which I shall take as correct for the day close. Here for example it is 12.26 am, therefore day has just closed, but for Dukascopy chart Daily has yet to make a high/close.

#349,872
Oct 22, 2013 4:33pm Oct 22, 2013 4:33pm

suthmo
| Commercial User | Joined Feb 2010 | 8,031 Posts

And it's goodnight from me, be lucky and don't cross the line.

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Founder of Sutherland Wave Principle

#349,873
Oct 22, 2013 4:34pm Oct 22, 2013 4:34pm

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

Well the majority of forex trading is done thru London (40%), nxt is New York, then Frankfurt then far east... - I am in London so I use gmt+1 as day's but many use the European close...it's really up to you and probably better to stick to the London/European close if you are in Europe. You may not have a choice re charting if your charting prints it where the broker/chart server is based ?)

G/L

Quoting sakisf

Disliked

Thank you. Was asking though what is common reference for world markets. i.e. Pepperstone's feed is UTC+2 (GMT+3) and Dukascopy is GMT. So I was wondering which I shall take as correct for the day close. Here for example it is 12.26 am, therefore day has just closed, but for Dukascopy chart Daily has yet to make a high/close.

Ignored

ex member

#349,874
Oct 22, 2013 4:40pm Oct 22, 2013 4:40pm

sakisf
Joined Sep 2013 | Status: boreddddd | 3,137 Posts

Quoting bbmac

Disliked

Well the majority of forex trading is done thru London (40%), nxt is New York, then Frankfurt then far east... - I am in London so I use gmt+1 as day's but many use the European close...it's really up to you and probably better to stick to the London/European close if you are in Europe. You may not have a choice re charting if your charting prints it where the broker/chart server is based ?) G/L {quote}

Ignored

I am using s/r levels on daily closes/highs/lows so I can do it based on the last hour of the day on dukas charts. Will try both gmt+1/+2 and see what works better. Thank you

#349,875
Oct 22, 2013 4:47pm Oct 22, 2013 4:47pm

JeremyWS
Joined Oct 2010 | Status: Trader | 1,654 Posts

Quoting sakisf

Disliked

Thank you. Was asking though what is common reference for world markets. i.e. Pepperstone's feed is UTC+2 (GMT+3) and Dukascopy is GMT. So I was wondering which I shall take as correct for the day close. Here for example it is 12.26 am, therefore day has just closed, but for Dukascopy chart Daily has yet to make a high/close.

Ignored

The most commonly used is GMT, everything revolves around GMT. In terms of official closes for day open/closes

you have the 4PM GMT Reuters/WM Fix which is critical for FX derivatives and cross ccy contracts. For charting the 5PM NY time end is seen as the "standard" for the end of the trading day / beginning of the next.

#349,876
Oct 22, 2013 5:31pm Oct 22, 2013 5:31pm