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Cable Update (GBPUSD)

  • #448,401
  • Jan 29, 2017 11:36pm Jan 29, 2017 11:36pm
As for cable, I will buy the hell out of it at 1.2460/65...that's for sure
Look Sharp/Trade Tight
  • #448,402
  • Jan 29, 2017 11:36pm Jan 29, 2017 11:36pm
Quoting PayTheLimit
The only reason I wont go on that level is if I see something more interesting at the time somewhere else.
Absolutely!

There are 28 currency pairs to choose from, just with the majors (USD, EUR, JPY, GBP, AUD, CHF, CAD, NZD), so we should never limit ourselves to ANY specific pair.

Yes I post mostly on this cable thread, but believe me I watch them all, because there is ALWAYS something interesting happening on this pair or that pair, on any given day, come rain or shine.
  • #448,403
  • Jan 29, 2017 11:41pm Jan 29, 2017 11:41pm
Quoting Mr Breakout
{quote} Absolutely! There are 28 currency pairs to choose from, just with the majors (USD, EUR, JPY, GBP, AUD, CHF, CAD, NZD), so we should never limit ourselves to ANY specific pair. Yes I post mostly on this cable thread, but believe me I watch them all, because there is ALWAYS something interesting happening on this pair or that pair.
I follow six right now, that seems to work for me. I'm trying to trade less, so less pairs is a good way to start.
Look Sharp/Trade Tight
  • #448,404
  • Jan 29, 2017 11:42pm Jan 29, 2017 11:42pm
I would wait until after leaders meet.
  • #448,405
  • Jan 29, 2017 11:54pm Jan 29, 2017 11:54pm
Quoting PayTheLimit
I'm trying to trade less, so less pairs is a good way to start.
You truly believe that trading less is more profitable, in the long run?

Do you think casinos will make more money if they stay open only a few hours and accept only a few customers, per day?
  • #448,406
  • Jan 29, 2017 11:57pm Jan 29, 2017 11:57pm
Quoting Mr Breakout
{quote} You truly believe that trading less is more profitable, in the long run?
Yes, I believe so, especially for short term traders. Pick better levels, or better setups, and trade bigger. Be stingy with your trades.

Not sure I get your casino analogy? Who's the casino?
Look Sharp/Trade Tight
  • #448,407
  • Jan 29, 2017 11:58pm Jan 29, 2017 11:58pm
Quoting PayTheLimit
As for cable, I will buy the hell out of it at 1.2460/65...that's for sure
Friday's bottom of $1.2525 plays a key support role, which should limit downside potential. As long as that isn't broken, look for a further rise to $1.2605 and even $1.2625 in extension. Alternatively, below $1.2525 would turn the outlook negative and call for $1.2495 and $1.2460.
  • #448,408
  • Jan 30, 2017 12:04am Jan 30, 2017 12:04am
Quoting PayTheLimit
Not sure I get your casino analogy? Who's the casino?
What I am saying is that if you have a trading edge (like the casinos), your optimum strategy is to search for your winning trading setup everywhere, not just in 6 pairs.

This will not only diversify your positions, but also give you MORE trading opportunities, regardless of your time frame.

For example why wait 2 weeks for the GBP/JPY to touch this or that level, when the AUD/JPY is currently giving you a buy signal.

In other words, the trader will miss a lot of trading opportunities if he limits himself to a few pairs only.
  • #448,409
  • Jan 30, 2017 12:15am Jan 30, 2017 12:15am
Quoting Mr Breakout
{quote} What I am saying is that if you have a trading edge (like the casinos), your optimum strategy is to search for your winning trading setup everywhere, not just in 6 pairs. This will not only diversify your positions, but also give you MORE trading opportunities.
More trading is more stress, more risk. I want less of both. Our edge is in waiting to see the best cards. Then hammering it. That's my line of thought.
Look Sharp/Trade Tight
  • #448,410
  • Jan 30, 2017 12:24am Jan 30, 2017 12:24am
Quoting PayTheLimit
More trading is more stress
That is true.

Quoting PayTheLimit
more risk
Trading more frequently does not increase risk at all. Do casinos take more risk if the gamblers start betting more often? Of course not, they just make even more money.

Anyway, thanks for sharing and take care for now, I am off to bed.
Bye all and trade well.
Over and out.
  • #448,411
  • Jan 30, 2017 12:27am Jan 30, 2017 12:27am
later...
Look Sharp/Trade Tight
  • #448,412
  • Jan 30, 2017 12:28am Jan 30, 2017 12:28am
Quoting Dr.Zain
{quote}Friday's bottom of $1.2525 plays a key support role, which should limit downside potential. As long as that isn't broken, look for a further rise to $1.2605 and even $1.2625 in extension. Alternatively, below $1.2525 would turn the outlook negative and call for $1.2495 and $1.2460.
So whats your plan?
Look Sharp/Trade Tight
  • #448,413
  • Jan 30, 2017 12:47am Jan 30, 2017 12:47am
Long GU now...
  • #448,414
  • Jan 30, 2017 1:26am Jan 30, 2017 1:26am
Quoting Dr.Zain
{quote}Friday's bottom of $1.2525 plays a key support role, which should limit downside potential. As long as that isn't broken, look for a further rise to $1.2605 and even $1.2625 in extension. Alternatively, below $1.2525 would turn the outlook negative and call for $1.2495 and $1.2460.
agree
little bit of sense, little bit of luck
Ktr Return This Month: na
  • #448,415
  • Jan 30, 2017 1:44am Jan 30, 2017 1:44am
manufactured S/R....ie, made up S/R, sure do like that lower level...I'd like to get a closer look at it...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 48 KB
Look Sharp/Trade Tight
  • #448,416
  • Jan 30, 2017 1:57am Jan 30, 2017 1:57am
17/01/30 MONDAY 08:55+1GMT
EARLY MORNING REPORT
Ubi maior minor cessat
  • #448,417
  • Jan 30, 2017 2:08am Jan 30, 2017 2:08am
Gap fill fight here now then see the plan
  • #448,418
  • Jan 30, 2017 2:16am Jan 30, 2017 2:16am
Quoting elbert3
Gap fill fight here now then see the plan
closed and trying to bounce and it might.
Intraday only.
  • #448,419
  • Jan 30, 2017 2:25am Jan 30, 2017 2:25am
It doesn't look like a bounce, to me..
  • #448,420
  • Jan 30, 2017 2:26am Jan 30, 2017 2:26am
2540, 2525, 2490.
Intraday only.
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