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Cable Update (GBPUSD)

  • #362,301
  • Feb 6, 2014 3:40am Feb 6, 2014 3:40am
Quoting elbert3
short again at 1.6298 3 shorts now 20 lot at 6328 5 lot 6319 and i will sell the 20 lots at 6250 ish depending on candle and let the other 2 run 6200 or more sl down to 6307
sl on 20 lots 6300 is better i think i will let this one run now well into profit, the move is slower that i thought it would be from yesterday
  • #362,302
  • Feb 6, 2014 3:40am Feb 6, 2014 3:40am
The problem now is a stop loss hunters. The non moving price corridor 6350-6250 force wide pubic to enter the corridor. As long price stands that way as more traders enter the corridor. In long term looks like we are going down but before that i think the bloody SL hunters will appear as always. By that logic usually they hit 20-30 pips behind the corridor. Suppose if we now have 6350 they will definetlly can hit to 6380 or even 6400 and then after when wide public will get SL they will rotate they position down. Classics.

In addition for those who think that if price will hit 6380 and is planing to buy. If that happen you will think to open long but look what if 6380 u long and then after the price crash down to 6180? Think about that.
  • #362,303
  • Feb 6, 2014 3:46am Feb 6, 2014 3:46am
in higher TF, TF and KS starting for crossing where TS crossed under KS, this good indication for bear in longer term, in weekly chart i can see 1.5750 as next target but it will need long time weeks even month, as usual the higher TF the wider the range for the price......

for daily trader maybe prefer to use H1/H4 or daily TF
  • #362,304
  • Feb 6, 2014 3:49am Feb 6, 2014 3:49am
Quoting Red Alert
in higher TF, TF and KS starting for crossing where TS crossed under KS, this good indication for bear in longer term, in weekly chart i can see 1.5750 as next target but it will need long time weeks even month, as usual the higher TF the wider the range for the price...... for daily trader maybe prefer to use H1/H4 or daily TF
Look in long term it can hit 5000. But we will not wait that long.Usually to wait 200 pips sometimes takes 1 or 2 weeks. I am unable to wait more that 2 days when i get green pips. Its hard to keep green position u know. So even now if u keep your short 6300 suppose u will be unable to wait until 6000.
  • #362,305
  • Feb 6, 2014 3:55am Feb 6, 2014 3:55am
Quoting Trader88q
{quote} Look in long term it can hit 5000. But we will not wait that long.Usually to wait 200 pips sometimes takes 1 or 2 weeks. I am unable to wait more that 2 days when i get green pips. Its hard to keep green position u know. So even now if u keep your short 6300 suppose u will be unable to wait until 6000.
Yes, you right, that's physiological matter, most of trader "prefer" to keep red than green....
  • #362,306
  • Feb 6, 2014 4:03am Feb 6, 2014 4:03am
Quoting elbert3
short again at 1.6298 3 shorts now 20 lot at 6328 5 lot 6319 and i will sell the 20 lots at 6250 ish depending on candle and let the other 2 run 6200 or more sl down to 6307

I think you mean you will **buy** your 20 lots at 6250... i hope your not selling your already short position
  • #362,307
  • Feb 6, 2014 4:07am Feb 6, 2014 4:07am
is anyone gonna trade the BoE interest rate decision? I would think that the GBP/USD will climb on announcement - what do you all think?
  • #362,308
  • Feb 6, 2014 4:23am Feb 6, 2014 4:23am
Quoting lamp
{quote} I think you mean you will **buy** your 20 lots at 6250... i hope your not selling your already short position
yes i have a plan and will post it when done in fact i will show you next post , it is what i call a fake, iil be back and i think trader 88 hit on it yesterday ,were the big boys can take it up and down, i have done this move 2 times now in this year the last time 24th jan on a friday were i took the price up and down for a total 321 pips friday and monday, and this looks like the same move but it is taking its time, you can go back on my posts and see the result of the 24th move
  • #362,309
  • Feb 6, 2014 4:25am Feb 6, 2014 4:25am
Quoting GlobalMacro
{quote} Closing long position here @ 1.6308. P&L : +/- 0 pips All positions FLAT now.
smart!
With a good book and quality paper you can fine wipe your ass.
  • #362,310
  • Feb 6, 2014 4:32am Feb 6, 2014 4:32am
BOE will keep the rates the same, we might not even have any movement in the GBP today. i would keep an eye out on the US data coming out between today and tomorrow
  • #362,311
  • Feb 6, 2014 4:43am Feb 6, 2014 4:43am
Holding short from .6311 but SL at break even now. This has been a rather dull week!!
  • #362,312
  • Feb 6, 2014 4:50am Feb 6, 2014 4:50am
Quoting moneymove
Targeting 1.6405 See you there.... or not...... {image}
still hold my long
  • #362,313
  • Feb 6, 2014 4:50am Feb 6, 2014 4:50am
Quoting lamp
{quote} I think you mean you will **buy** your 20 lots at 6250... i hope your not selling your already short position
Attached Image (click to enlarge)
Click to Enlarge Name: fake.png Size: 75 KB
this is the start of the fake you see it sometimes after a spike which you use later as you entry it can be at the top when price confirms or just before in no mans land were you would not think to sell or buyn see other chart
Attached Image (click to enlarge)
Click to Enlarge Name: fake2.png Size: 72 KB
it fakes out of the area i go long here , some traders would short because of the past candle forms, 20 lots sl below entry and you let it go to the past spike and i sell and short at the same time.
Attached Image (click to enlarge)
Click to Enlarge Name: fake 3.png Size: 82 KB
now it makes i more fake out it then comes back down to the bottom line, you find even if it moves up and down the price never gos below the bottom line, i have maked x and you can see my stop and sell i did move the targets up to the x
Attached Image (click to enlarge)
Click to Enlarge Name: fake5.png Size: 85 KB
now the price is going to the x when you sell you sl 7 pips above the day befores high.
Attached Image (click to enlarge)
Click to Enlarge Name: fake8.png Size: 87 KB
now you have taken profit from you long 66 pip i think and you sell 20 lots short at the x, then let the price come down and depending on the candles i add 2 more short at different times of 5 lots each, then i bring my sl for the 20lots down now at 6307 never put it on even number if i can get 50 pips i sell the 20 lots and lett the 2 -5 lots run on and sell when i think it it right hope to get to 1.6200 total pips about 170 and more, i hope that did not boare you to much, we just have to see if it works, normally done by now and the price should jump up
  • #362,314
  • Feb 6, 2014 4:52am Feb 6, 2014 4:52am
Quoting airafx
{quote} still hold my long
patient...............
That which does not kill us makes us stronger
  • #362,315
  • Feb 6, 2014 5:10am Feb 6, 2014 5:10am
Quoting allisonmagic
BOE will keep the rates the same, we might not even have any movement in the GBP today. i would keep an eye out on the US data coming out between today and tomorrow
I know NFP, employment data and trade balance data comes out over the next day or two. How do we know which way the data will take us price wise? - I dont know till its released.

My current strategy is to have two orders either side of the price action leading upto the event. Problem is sometimes due to volatility they both can be triggered

I need to identify the right direction to place a trade. When data comes out, the market reacts so quickly and I think I am subject to lag because the market can sometimes react before the data is released on economic calanders.

How can I trade better the fundamental data? Any advice is welcomed.
  • #362,316
  • Feb 6, 2014 5:22am Feb 6, 2014 5:22am
sl down to 6297 might break out here above 6300 spike up ??/
  • #362,317
  • Feb 6, 2014 5:23am Feb 6, 2014 5:23am
Quoting moneymove
{quote} patient...............
patience is the key in forex reelly not easy to learn patience
  • #362,318
  • Feb 6, 2014 5:24am Feb 6, 2014 5:24am
buy 292 sl 280
With a good book and quality paper you can fine wipe your ass.
  • #362,319
  • Feb 6, 2014 5:26am Feb 6, 2014 5:26am
Quoting Suffo
buy 292 sl 280
You using harmonics?
  • #362,320
  • Feb 6, 2014 5:30am Feb 6, 2014 5:30am
Quoting allisonmagic
BOE will keep the rates the same, we might not even have any movement in the GBP today. i would keep an eye out on the US data coming out between today and tomorrow
I bet (lol) we do see a "jump", price action is completely sideways right now. I am still sure it will go up. But if I'm wrong you can slap me!
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