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Cable Update (GBPUSD)

  • #367,741
  • Mar 10, 2014 8:54am Mar 10, 2014 8:54am
rally up to 6711 would do nicely ??
  • #367,742
  • Mar 10, 2014 8:55am Mar 10, 2014 8:55am
Quoting PoundTrader
{quote}no short haven't traded gbp/usd this week, i shorted gbp/aud and gbp/cad
don't follow the crosses, but I suspect they are working out nicely...enjoy
Look Sharp/Trade Tight
  • #367,743
  • Mar 10, 2014 8:56am Mar 10, 2014 8:56am
sold 1.6639. sl: 1.67. already collected 150 pips in 3 positions. wouldn't worry if I get stopped out.
  • #367,744
  • Mar 10, 2014 8:57am Mar 10, 2014 8:57am
sell 639 sl 685
With a good book and quality paper you can fine wipe your ass.
  • #367,745
  • Mar 10, 2014 8:57am Mar 10, 2014 8:57am
Quoting elbert3
rally up to 6711 would do nicely ??
no sir you are trapped. you followed the buy on dips strategy at the top of a trading range. don't go for this fancy terms.
  • #367,746
  • Mar 10, 2014 8:58am Mar 10, 2014 8:58am
Quoting Suffo
sell 636 sl 685
you are following me neck to neck.
  • #367,747
  • Mar 10, 2014 9:03am Mar 10, 2014 9:03am
...this could be deadly
With a good book and quality paper you can fine wipe your ass.
  • #367,748
  • Mar 10, 2014 9:05am Mar 10, 2014 9:05am
Quoting giveachance
{quote} no sir you are trapped. you followed the buy on dips strategy at the top of a trading range. don't go for this fancy terms.
tongue in cheek remark, managing to grab some picks back ,on the last 2 buys
  • #367,749
  • Mar 10, 2014 9:10am Mar 10, 2014 9:10am
Daily

On the Daily chart the pair has been progressing inside a high angle uptrend channel while holding above both of its moving averages.
Further upside has been limited by the weekly resistance and downside is expected.
Sell at 1.6678 with a stop loss at 1.6848, a target at 1.6351 and a second target at 1.5959.
This provides a risk/reward of 172/318 for the first target and 172/718 for the second.

H4

On the 4 Hours chart the pair is progressing inside a potential downtrend channel and is closing in on the support of its 1.6606-1.6755 range while holding below its faster moving average and above its slower moving average.
A correction is probable but further downside is expected.
The Stochastic indicator is also turning down from its overbought state.
Sell at 1.6581 with a stop loss at 1.6637, a target at 1.6476 and a second target at 1.6356.
This provides a risk/reward of 56/105 for the first target and 56/222 for the second.

H1

On the 1 Hour chart the pair is located inside its 1.6597-1.6772 range while holding below both of its moving averages.
It has recently broken its uptrend channel and a correction/retest is expected.
The Stochastic indicates probable upside as it heads for a turn from its oversold state.
If the pair drops lower, we have a ideal buy setup at 1.6613 with a stop loss at 1.6588 and a target at 1.6627, offering a optimum risk reward of 25/50.
Otherwise, any buy from the current price level is not recommended because of a severly hampered risk/reward ratio.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusddaily.png Size: 28 KB
Click to Enlarge Name: gbpusdh4.png Size: 29 KB
Click to Enlarge Name: gbpusdh1.png Size: 26 KB
  • #367,750
  • Mar 10, 2014 9:10am Mar 10, 2014 9:10am
Quoting 45Condor
{quote} I did... and never being one to miss an opportunity for self-promotion... Written by a member of Forex Factory, for members of Forex Factory, and beyond, the blurb for the book goes like this: For the 95 percent of currency traders that fail to make it rich, come and join a fellow sufferer for a week of ups and downs. For Pip’s Sake! will leave you nodding in agreement at how the currency markets often confuse. Angry at how the political and economic industries leave you last in the queue. Laughing at how the author haplessly tries to become...

its a great book i enjoyed it very much ..highly entertaining read!
Id love to give feedback on amazon but the damn thing is asking me for a phone number i never bloody used b4
  • #367,751
  • Mar 10, 2014 9:13am Mar 10, 2014 9:13am
Quoting giveachance
{quote} no sir you are trapped. you followed the buy on dips strategy at the top of a trading range. don't go for this fancy terms.
sorry i just read the post back should be 66711
  • #367,752
  • Mar 10, 2014 9:14am Mar 10, 2014 9:14am
Quoting Suffo
small sell 638 sl 685
out 640
With a good book and quality paper you can fine wipe your ass.
  • #367,753
  • Mar 10, 2014 9:14am Mar 10, 2014 9:14am
Quoting elbert3
{quote} sorry i just read the post back should be 66711
would be glad if you escape with a small profit/loss than a huge loss. green pips to you
  • #367,754
  • Mar 10, 2014 9:23am Mar 10, 2014 9:23am
Quoting giveachance
{quote} would be glad if you escape with a small profit/loss than a huge loss. green pips to you
i am ok my gold long covers the gbpusd 4 times over now just pp at 1341 hope to get to 1360,, 1390, and had 2 longs at 10,and 14 pips the 10 pip had a load on it but still have longs at 6704 ??
  • #367,755
  • Mar 10, 2014 9:25am Mar 10, 2014 9:25am
sell 635 sl 685
With a good book and quality paper you can fine wipe your ass.
  • #367,756
  • Mar 10, 2014 9:35am Mar 10, 2014 9:35am
out 632
With a good book and quality paper you can fine wipe your ass.
  • #367,757
  • Mar 10, 2014 9:38am Mar 10, 2014 9:38am
long 6629 target 6646
  • #367,758
  • Mar 10, 2014 9:46am Mar 10, 2014 9:46am
Quoting Suffo
sell 639 sl 685
out 633
With a good book and quality paper you can fine wipe your ass.
  • #367,759
  • Mar 10, 2014 9:52am Mar 10, 2014 9:52am
Quoting elbert3
long 6629 target 6646
Attached Image (click to enlarge)
Click to Enlarge Name: 1.png Size: 104 KB
just need to start making higher
  • #367,760
  • Mar 10, 2014 9:57am Mar 10, 2014 9:57am
sell 637 sl 685
With a good book and quality paper you can fine wipe your ass.
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