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Cable Update (GBPUSD)

  • #361,841
  • Feb 3, 2014 6:34am Feb 3, 2014 6:34am
Quoting kuroro001
{quote} 45 looks strong
Yeah, but usd/chf moves strongly up and gbp stays untouched. It should have been shaken a bit but it doesn't look it will go lower. At least not now.
  • #361,842
  • Feb 3, 2014 6:36am Feb 3, 2014 6:36am
scalp my long back to 63625 then it could get back to 6375 then short rsi is coming up to 30 and there has not been to much buying so a short order and sl at 63275
  • #361,843
  • Feb 3, 2014 6:38am Feb 3, 2014 6:38am
Quoting sakisf
{quote} Yeah, but usd/chf moves strongly up and gbp stays untouched. It should have been shaken a bit but it doesn't look it will go lower. At least not now.

It's out of sync today, GU behave on its own.

Better take trades separately, without correlations to each other
COT: The precious data ignored
  • #361,844
  • Feb 3, 2014 6:43am Feb 3, 2014 6:43am
Quoting kuroro001
{quote} It's out of sync today, GU behave on its own. Better take trades separately, without correlations to each other
I use u/chf as a usd strength gauge solely. Only checking it really with EU trades. Today GBP & CHF go in sync but reverse if you notice the 5 min charts (they are almost the same).
  • #361,845
  • Feb 3, 2014 6:45am Feb 3, 2014 6:45am
if you look for long term, it's short. you can double it in 2 months time...
  • #361,846
  • Feb 3, 2014 7:45am Feb 3, 2014 7:45am
yo GM..how u doing buddy?

I quite interested on how comes u are so bullish on cable, perhaps im missing something!!..for sure u know i hold u in high regard but yur bullishness has me thinking..i must be missing something..

where u think long term we are heading bro!!?
what yah thinking..
  • #361,847
  • Feb 3, 2014 7:51am Feb 3, 2014 7:51am
Why is GU trying to move sideways, under 6360 the likelihood of getting to 6220/6190. Otherwise I shall wait for 6430 to reload shorts. But then let us see how PA would go for the next hour
Keep the Lights on then you can catch the rise from the dark.
  • #361,848
  • Feb 3, 2014 8:06am Feb 3, 2014 8:06am
Quoting nAVIN2007
yo GM..how u doing buddy? I quite interested on how comes u are so bullish on cable, perhaps im missing something!!..for sure u know i hold u in high regard but yur bullishness has me thinking..i must be missing something.. where u think long term we are heading bro!!? what yah thinking..
Hello Navin,

Thanks. I laid out many pointers in previous posts over the weeks as to the rationale for the positions taken.

One thing's for sure though:

We all have to preserve our capital as the first priority. Not having a stop loss or worse doubling down is the
sure road to account evaporation.

You can go look for yourself right now that some of our friends are losing more than 70% of their account equities as we speak just
because of having no stop loss and using martingale strategy no matter how they term it.

Thank God for them it's only testing strategy account and not a real account !
Hear the music before the song is over ...
  • #361,849
  • Feb 3, 2014 8:12am Feb 3, 2014 8:12am
Quoting GlobalMacro
{quote} Hello Navin, Thanks. I laid out many pointers in previous posts over the weeks as to the rationale for the positions taken. One thing's for sure though: We all have to preserve our capital as the first priority. Not having a stop loss or worse doubling down is the sure road to account evaporation. You can go look for yourself right now that some of our friends are losing more than 70% of their account equities as we speak just because of having no stop loss and martingale strategy. Thank God it's only testing strategy account and not a real...
yes u are right!!..even myself am trading like an absolute tool!!! and kinda guilty of the same thing but it never exceeded 25% of my account, thanks god
still can go wrong but i have conviction that this thing is consolidating and 1.57 is possible...

if i see light for sure i will consider myself fortunate and make the necessary adjustments
now lets get some pips
  • #361,850
  • Feb 3, 2014 8:16am Feb 3, 2014 8:16am
Closed shorts at 6340. Whats now? Maybe try to long 50 pips. It have a potential to rise again.
  • #361,851
  • Feb 3, 2014 8:18am Feb 3, 2014 8:18am
Quoting nAVIN2007
{quote} yes u are right!!..even myself am trading like an absolute tool!!! and kinda guilty of the same thing but it never exceeded 25% of my account, thanks god still can go wrong but i have conviction that this thing is consolidating and 1.57 is possible... if i see light for sure i will consider myself fortunate and make the necessary adjustments now lets get some pips

All possible but it can take weeks or months to slide down. I think somewhere maybe at 6250 it will rocket again to 6430-6470
  • #361,852
  • Feb 3, 2014 8:25am Feb 3, 2014 8:25am
Or we can wait for correction to 6420 and try to sell again with target 6020.
  • #361,853
  • Feb 3, 2014 8:27am Feb 3, 2014 8:27am
Quoting Trader88q
{quote} All possible but it can take weeks or months to slide down. I think somewhere maybe at 6250 it will rocket again to 6430-6470
im a formation trader..

i have 2 possiblities actually 3

1)monthly diamond (right hand forming) ..means down
2)bear wedge on monthly, today we broke out, means down

3) im wrong

1.55 is on but realistically 1.5 is possible.(1st problem is close below 1.6, then 1.5750)
1.35 is my actual target assuming no pressure and i was extremely strong..

lets see what the happens (i dont see up with these formations)
  • #361,854
  • Feb 3, 2014 8:27am Feb 3, 2014 8:27am
oh cant not believe that i closed my 6600 short at 6598 with +2 pips profit. When fear takes place all plans and strategy brakes down.
  • #361,855
  • Feb 3, 2014 8:28am Feb 3, 2014 8:28am
Quoting nAVIN2007
{quote} im a formation trader.. i have 2 possiblities actually 3 1)monthly diamond (right hand forming) ..means down 2)bear wedge on monthly, today we broke out, means down 3) im wrong 1.55 is on but realistically 1.5 is possible 1.35 is my actual target assuming no pressure and i was extremely strong.. lets see what the happens

could you please to show some graphs with tech. drawings?
  • #361,856
  • Feb 3, 2014 8:38am Feb 3, 2014 8:38am
Quoting Trader88q
{quote} could you please to show some graphs with tech. drawings?
1st chart is bear flag break at the top of range (consolidation within the range top)
chart2 is the formation of the diamond in process right side is forming, if it is true 1.51 is on at least..

I am in favour the diamond breaking south..with the main trend so around 1.3 for cable long term i see.....all that needs to happen is news goes bad
my forecast is completely technical ..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusdmonthly.png Size: 62 KB
Click to Enlarge Name: gbpusdmonthly1.png Size: 59 KB
  • #361,857
  • Feb 3, 2014 8:39am Feb 3, 2014 8:39am
Quoting Trader88q
oh cant not believe that i closed my 6600 short at 6598 with +2 pips profit. When fear takes place all plans and strategy brakes down.
Same here...And most fueled by the noise on forums like FF about taper or no taper. Didn"t want to be caught napping and set TP to BE and it hit and closed it instead of me leaving me it to run.


Learning to close my ears to the noise on here.
  • #361,858
  • Feb 3, 2014 8:47am Feb 3, 2014 8:47am
Quoting GlobalMacro
{quote} Hello Navin, Thanks. I laid out many pointers in previous posts over the weeks as to the rationale for the positions taken. One thing's for sure though: We all have to preserve our capital as the first priority. Not having a stop loss or worse doubling down is the sure road to account evaporation. You can go look for yourself right now that some of our friends are losing more than 70% of their account equities as we speak just because of having no stop loss and using martingale strategy no matter how they term it. Thank God for them it's...

hi GlobalMacro,

i agree with what you said about using sl and martingale strategy.the outcome is in best case very volatile, worst case is a total loss. if one is trying a martingale strategy, he should calculate the break-off-point before entering the first transaction - which would be a modified sl.
fortis fortuna adiuvat
  • #361,859
  • Edited 9:17am Feb 3, 2014 8:58am | Edited 9:17am
Quoting deltaone
{quote} hi GlobalMacro, i agree with what you said about using sl and martingale strategy.the outcome is in best case very volatile, worst case is a total loss. if one is trying a martingale strategy, he should calculate the break-off-point before entering the first transaction - which would be a modified sl.

Correct, Deltaone.

Like PoundTrader says: "I take stop losses like a Boss".

And if I may add my contribution to that quote:

"I also take huge profits like a King".
Hear the music before the song is over ...
  • #361,860
  • Feb 3, 2014 8:59am Feb 3, 2014 8:59am
Quoting nAVIN2007
{quote} 1st chart is bear flag break at the top of range (consolidation within the range top) chart2 is the formation of the diamond in process right side is forming, if it is true 1.51 is on at least.. I am in favour the diamond breaking south..with the main trend so around 1.3 for cable long term i see.....all that needs to happen is news goes bad my forecast is completely technical .. {image} {image}
and on w1 rising wedge break downside
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2014-02-03-11-09-35.png Size: 145 KB
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