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Cable Update (GBPUSD)

  • #448,341
  • Jan 29, 2017 1:50pm Jan 29, 2017 1:50pm
Quoting Luzbay
I'd take this! {image}
i closed my long 1.2532
  • #448,342
  • Jan 29, 2017 1:52pm Jan 29, 2017 1:52pm
Quoting Luzbay
I'd take this!
You want french fries and a Coke with that too?

Wise decision, I am thinking the same thing.

Another way to play this breakout is to wait for a close below 1.25
  • #448,343
  • Jan 29, 2017 1:53pm Jan 29, 2017 1:53pm
Quoting Don96
i closed my long 1.2532
Darn!

You win some, you lose some (well, I guess you still won here!).

No one ever went broke taking a profit. That's the way I'd look at it (with a slightly regretful expression on my face!).
  • #448,344
  • Jan 29, 2017 1:59pm Jan 29, 2017 1:59pm
Quoting Luzbay
No one ever went broke taking a profit.
That's precisely what Wall Street has been telling us for decades. It is a big fat lie.

On the contrary, always leave your position open (and even add more lots after each pullback) until you have clear evidence that the trend is over, that's the only way to pocket the big money.
  • #448,345
  • Jan 29, 2017 2:04pm Jan 29, 2017 2:04pm
Quoting Mr Breakout
That's precisely what Wall Street has been telling us for decades. It is a big fat lie. On the contrary, always leave your position open (and even add more lots after each pullback) until you have clear evidence that the trend is over, that's the only way to pocket the big money.
I'll have to try this out, it makes a lot of sense - thank you for the strategy!
  • #448,346
  • Jan 29, 2017 2:10pm Jan 29, 2017 2:10pm
Quoting Luzbay
{quote} I'll have to try this out, it makes a lot of sense - thank you for the strategy!
You are quite welcome.

GBP/USD now trying to close the Sunday gap (1min and 5 min charts)...
  • #448,347
  • Jan 29, 2017 2:13pm Jan 29, 2017 2:13pm
Check 4 hour
  • #448,348
  • Jan 29, 2017 2:16pm Jan 29, 2017 2:16pm
Quoting elbert3
Check 4 hour
I see low money flow but a downward trend (with a bit of resistance in between).

What do you see?
  • #448,349
  • Jan 29, 2017 2:22pm Jan 29, 2017 2:22pm
Quoting elbert3
Check 4 hour
4H same story, a juicy breakout in progress...
Attached Image (click to enlarge)
Click to Enlarge Name: bkr.png Size: 175 KB
  • #448,350
  • Jan 29, 2017 2:23pm Jan 29, 2017 2:23pm
Have you taken a position yet, Mr B?

My trigger finger is itchy, but I'm refusing to take the current spread!
  • #448,351
  • Jan 29, 2017 2:24pm Jan 29, 2017 2:24pm
Quoting Luzbay
{quote} I see low money flow but a downward trend (with a bit of resistance in between). What do you see?
Resistance ???
  • #448,352
  • Jan 29, 2017 2:25pm Jan 29, 2017 2:25pm
Quoting elbert3
{quote} Resistance ???
Well...

I think it'll wrestle with 1.2544 for a bit, but downwards from there!
  • #448,353
  • Jan 29, 2017 2:25pm Jan 29, 2017 2:25pm
Quoting Luzbay
Have you taken a position yet, Mr B? My trigger finger is itchy, but I'm refusing to take the current spread!
Still waiting.
I almost never trade before 6PM (EST), the spread is too big and unstable and it's just almost random noise really.
  • #448,354
  • Jan 29, 2017 2:27pm Jan 29, 2017 2:27pm
Quoting Mr Breakout
{quote} Still waiting. I almost never trade before 6PM (EST), the spread is too big and unstable and it's just almost random noise really.
It sounds like a good rule to have.

Whenever I'm on EST, I try not to trade before 10am local time - I don't know why, it's just a habit that I've gotten into!
  • #448,355
  • Jan 29, 2017 2:27pm Jan 29, 2017 2:27pm
Quoting Luzbay
{quote} Well... I think it'll wrestle with 1.2544 for a bit, but downwards from there!
2524 has to go first then 2400
  • #448,356
  • Jan 29, 2017 2:31pm Jan 29, 2017 2:31pm
OK, money where my mouth is. I managed to get in very quickly when there was just a 1.0 spread - I'll take that on this pair.

Entry @ 1.25681
SL @ 1.26209
TP @ flexible

I'm currently targeting 1.24373, but I'll adjust it depending on how the trade goes.

Here we go!
  • #448,357
  • Jan 29, 2017 2:33pm Jan 29, 2017 2:33pm
Quoting elbert3
{quote} 2524 has to go first then 2400
Now you are talking
  • #448,358
  • Jan 29, 2017 2:33pm Jan 29, 2017 2:33pm
I still would like to buy the dip this week, I'm not against selling it, but I just don't see any decent short term resistance right now...
Look Sharp/Trade Tight
  • #448,359
  • Jan 29, 2017 2:38pm Jan 29, 2017 2:38pm
Quoting Luzbay
OK, money where my mouth is. I managed to get in very quickly when there was just a 1.0 spread - I'll take that on this pair. Entry @ 1.25681 SL @ 1.26209 TP @ flexible I'm currently targeting 1.24373, but I'll adjust it depending on how the trade goes. Here we go!
Sounds like a good plan but watch out, this beast could also go as high as 1.2700, hit the breakout line and THEN go down, just to shake us out.

The cable is a very very clever fox indeed.
  • #448,360
  • Jan 29, 2017 2:39pm Jan 29, 2017 2:39pm
If it does, I'll swallow my pride, dust myself down and plan my next trade!

Glass half full, stiff upper lip, etc!
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