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Cable Update (GBPUSD)

  • #362,701
  • Feb 10, 2014 8:26am Feb 10, 2014 8:26am
Quoting Davit
{quote} trade small so you don't panic and exit early.I trade without fixed SL.I only place SL once in profit regards
But what about risk management? If the position turns against you while you are not at the computer, this could be too expensive for my taste. Even a small position could run out of order if not checked. Or did I misunderstood and you use a stop loss, but it is flexible?
Fix up, trade sharp ...
  • #362,702
  • Feb 10, 2014 8:27am Feb 10, 2014 8:27am
Hey D I agree with short on a weekly basis
,only I just thinking shorts not safe right there right now ,could be tho

Quoting Davit
{quote} check out Bones Target is 1.60 {image}
Attached Image (click to enlarge)
Click to Enlarge Name: gbp USD h10 Spot.png Size: 32 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #362,703
  • Feb 10, 2014 8:33am Feb 10, 2014 8:33am
Quoting Bones
Hey D I agree with short on a weekly basis ,only I just thinking shorts not safe right there right now ,could be tho {quote} {image}
price is making lower lows 425 then 412 next up could be 64 then break 6385 support.Yellen could make the difference tomorrow..
In trading, you have to be defensive and aggressive at the same time
  • #362,704
  • Feb 10, 2014 8:37am Feb 10, 2014 8:37am
Quoting Hickson
{quote} But what about risk management? If the position turns against you while you are not at the computer, this could be too expensive for my taste. Even a small position could run out of order if not checked. Or did I misunderstood and you use a stop loss, but it is flexible?
I average in so position against me is another opportunity.I only take a loss if fundamental factors for direction is no longer valid.
So because of this I am comfortable being in red as long as underlining factors are still true.
I have read enough about UK fragile "recovery" that chances of PA reaching 1.58 is greater then reaching 1.70+
Look at Cable last 5yrs.Its been ranging.
In trading, you have to be defensive and aggressive at the same time
  • #362,705
  • Feb 10, 2014 8:40am Feb 10, 2014 8:40am
Quoting eurusd_trade
{quote} Just saw this. I can't believe you thought I bought EG at 8350 on ECB day after it had already moved to the highs and I specifically said we were at channel highs AND i said even a retest of 1641x-1642x in GU doesn't count. For me we need a multi day hold/close in GU above 1.6425 before I will consider us back in somewhat a bullish bias. Unless proven wrong (and could definitely be wrong) for me GBPXXX is doing right shoulder which at this time remains a sensible view. Long term I do believe in GBP strength but for now the technicals are...
I was referring to this post you made to me precisely at the high. Immediately after I said it was about to drop.


Quoting eurusd_trade
{quote} right because everyone is in SUCH a rush to sell EG after breaking above trendline again. granted we are at daily channel highs but after all the real money GBP buying recently the macro movers aren't exactly rushing into the currency, especially not unti GBP/XXX retests LT support. a retest of 1.6410 doesn't count. for a big LT move higher, try again in 3-6 months, maybe, after more pain around 1.60xx and 1.61xx
  • #362,706
  • Feb 10, 2014 8:46am Feb 10, 2014 8:46am
Quoting Davit
{quote} I average in so position against me is another opportunity.I only take a loss if fundamental factors for direction is no longer valid. So because of this I am comfortable being in red as long as underlining factors are still true. I have read enough about UK fragile "recovery" that chances of PA reaching 1.58 is greater then reaching 1.70+ Look at Cable last 5yrs.Its been ranging.
Seems mentally tough, but if it works for you, why not.
Fix up, trade sharp ...
  • #362,707
  • Feb 10, 2014 8:53am Feb 10, 2014 8:53am
Quoting PayTheLimit
{quote}
Hear the music before the song is over ...
  • #362,708
  • Feb 10, 2014 8:54am Feb 10, 2014 8:54am
Exited my GBPUSD longs last night and transferred over to GBPNZD, which I think will be even more rewarding. It might not start out that way, though. Looking for 2.100.
  • #362,709
  • Feb 10, 2014 9:02am Feb 10, 2014 9:02am
Quoting elbert3
{quote} hi my method for today or scenario , today high 6425, we are in a pull back already on that high to 61%fib 6408 then quick sell off , 6350 or more , thats only my opinion,
sl down to 6398 in profit on the way down and sold at the 61 fib line 24 pips, looks to be going right so far will post chart soon
  • #362,710
  • Feb 10, 2014 9:03am Feb 10, 2014 9:03am
Quoting lamp
@davit I opened another 2 positions in the last few hours around 1.63900 and the 200H1 SMA - these have removed a large chunk of my profits. Holding on though
Your chance to get out if you still want to and keep profits.
In trading, you have to be defensive and aggressive at the same time
  • #362,711
  • Feb 10, 2014 9:06am Feb 10, 2014 9:06am
Quoting Zappa
Exited my GBPUSD longs last night and transferred over to GBPNZD, which I think will be even more rewarding. It might not start out that way, though. Looking for 2.100.
Any reason in particular on the target of 2.10? The New Zealand economy is booming.
  • #362,712
  • Feb 10, 2014 9:07am Feb 10, 2014 9:07am
Quoting Davit
{quote} Your chance to get out if you still want to and keep profits.
you don't think it will continue?
  • #362,713
  • Feb 10, 2014 9:09am Feb 10, 2014 9:09am
Quoting elbert3
{quote} hi can i ask were your sl is mine is 7 pips over the high
Position unchanged since Friday.

Everything can be read here in this post from Friday:
Quoting GlobalMacro
{quote} Filled when cable dropped to 1.6382...should've set it lower, then could sell higher now...oh well. OK. Setting trade parameters: SHORT @ 1.6385 S/L : 1.6450 T/P: OPEN Cable now 1.6409 High: 1.6418 Open P&L : - 24 pips
Hear the music before the song is over ...
  • #362,714
  • Feb 10, 2014 9:10am Feb 10, 2014 9:10am
Quoting lamp
{quote} you don't think it will continue?
Yes but you were worried.Chance to get out.If you are not 100% sure then you can't make mistake by taking profit.
I trade very differently so I am not ideal example here.
In trading, you have to be defensive and aggressive at the same time
  • #362,715
  • Feb 10, 2014 9:12am Feb 10, 2014 9:12am
Quoting Davit
{quote} Yes but you were worried.Chance to get out.If you are not 100% sure then you can't make mistake by taking profit. I trade very differently so I am not ideal example here.
Oh, ok i understand thanks for the heads up! i think i will minimise my position - your trading style it different, but i like it!
  • #362,716
  • Feb 10, 2014 9:28am Feb 10, 2014 9:28am
few hours to close ,personally I don't see bears in control yet ,not even imediate tl ,and def not break up point ,
my parameters are to see falling tl reaction ,so close ,to see close back under break up ,
to see rejection off top of range
Attached Image (click to enlarge)
Click to Enlarge Name: gbp usd h10 USD Spot.png Size: 36 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #362,717
  • Feb 10, 2014 9:31am Feb 10, 2014 9:31am
Quoting lamp
{quote} Oh, ok i understand thanks for the heads up! i think i will minimise my position - your trading style it different, but i like it!
in a nut shell I am a position trader and not a scalper.Hate scalping.Tried and stressed the crap out of me.I don't have the personality of a scalper.
I am an artist a painter
website here

So to see the painting whole you must step back.When you do little details are not important anymore as overall effect.Scalping is putting your face close to canvas while that could be interesting you will never see the image unless you step back.
Lot of similarities with painting and trading.
Anyway green pips
In trading, you have to be defensive and aggressive at the same time
  • #362,718
  • Feb 10, 2014 9:32am Feb 10, 2014 9:32am
Quoting GlobalMacro
{quote} Position unchanged since Friday. Everything can be read here in this post from Friday: {quote}
well done mate ,i am just playing out the move i post, i will post chart soon i am not on the pc with the working chart on as it is in another building gl
  • #362,719
  • Feb 10, 2014 9:38am Feb 10, 2014 9:38am
Quoting Davit
{quote} in a nut shell I am a position trader and not a scalper.Hate scalping.Tried and stressed the crap out of me.I don't have the personality of a scalper. I am an artist a painter website here So to see the painting whole you must step back.When you do little details are not important anymore as overall effect.Scalping is putting your face close to canvas while that could be interesting you will never see the image unless you step back. Lot of similarities with painting and trading. Anyway green pips
true, 1 candle tells a tail, several candles tell the story.
  • #362,720
  • Feb 10, 2014 9:43am Feb 10, 2014 9:43am
Quoting elbert3
{quote} true, 1 candle tells a tail, several candles tell the story.
I read Livermore's memoir twice
What made a huge difference in his trading was his discovery to get away from market noise as much as possible.
Often his best trades were made while he was vacationing in Florida away from markets.
Despite of what many assert him being Tech trader he was very keen on fundamentals.He did introduce pivots "tape reading"
Anyway main point of this post is larger view of action is always helpful.
Forgot to add his best most profitable trades were all counter trades.
Regards
In trading, you have to be defensive and aggressive at the same time
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