FX Trading May 21-25

Cable at 2.000 and above will happen


  • Total voters
    19
  • Poll closed .
Stopped into a breakout trade at 19 just before the news which looked pretty horrible when it happened and didn't look any better when the news came out but if you have a system you have to go with it. I hope you guys are right with your shorts. Need someone to start buying EUR/GBP
 
Cable and Euro trading seems to be well bid all the way to 1.9680. We may see the lower level sooner rather than later. Short positions in both are being held for the duration of the London and maybe into the US sessions. Shorts from 1.9765 and 1.3462 levels yesterday. Targeting Cable at around 1.9680

A significant spike from Cable on the back on the BOE unanimous rate hike decision. Possibly a knee jerk reaction and may only have a short life span. A last dying breath, so to speak.

Or is it?

Ready to cut the short trades at breakeven and a reverse trade taken. If it appears that a second attempt at 1.9800 is in the offing.
 
well, im not liking this trade, and considering to cut my losses now. will give it a bit of time.
 
A significant spike from Cable on the back on the BOE unanimous rate hike decision. Possibly a knee jerk reaction and may only have a short life span. A last dying breath, so to speak.

Or is it?

Ready to cut the short trades at breakeven and a reverse trade taken. If it appears that a second attempt at 1.9800 is in the offing.



Taken +40 Profit on the Euro trade leaving Cable trading for now.
 
-13, reversed long 59 for a break higher. These are the hardest for me to take , because I want a pullback, but when the strength holds up, I read it as a threat to shorts, over the next term. So i have a choice, cut a loss and hope for pullbacks, or just get long. long it is.
 
well, im not liking this trade, and considering to cut my losses now. will give it a bit of time.

no need to cut losses. out for -20. considered raising the stop to -30 but to be honest, dont see the point. it may or may not stop there, wont want to find out being on the short side.

next one.
 
-13, reversed long 59 for a break higher. These are the hardest for me to take , because I want a pullback, but when the strength holds up, I read it as a threat to shorts, over the next term. So i have a choice, cut a loss and hope for pullbacks, or just get long. long it is.

i still find hard to switch hats that quick. guess it is something to work on. well done. had the chance tocut the loss for -13 too, but gave it the benefit of the doubt (or the benefit of hope:rolleyes: ), and really didnt see a lot of upside for a long, well.

time to read price for any setups.

j
 
no need to cut losses. out for -20. considered raising the stop to -30 but to be honest, dont see the point. it may or may not stop there, wont want to find out being on the short side.

next one.

You stuck to your stop and that's the good point. I've seen too many trades go really sour because the stop was moved to 'give it a bit more space'. I've done it, my other half used to regularly do it (a bit of nagging on the subject eventually sorted him out:D )

Don't think the cable knows quite where it wants to go today.
 
You stuck to your stop and that's the good point. I've seen too many trades go really sour because the stop was moved to 'give it a bit more space'. I've done it, my other half used to regularly do it (a bit of nagging on the subject eventually sorted him out:D )

Don't think the cable knows quite where it wants to go today.

yep, guess you are right jilly. :D

I win some, lose some, and miss many :LOL:

lets see what happens. hindsight, it really was bad reading on my end, but well. mistake is a mistake. at least the chart is opening up a bit, and that should give a bit of information later on.

good day :D

j
 
Erratic trading in both directions leave’s, me to conclude, that, we may see a stalemate in price action upto the US open, leading to considerable "tug of war" shenanigans. It will take a brave heart to Buy this market and a fool to Sell it.

Still holding "Short"
 
i still find hard to switch hats that quick. guess it is something to work on. well done. had the chance tocut the loss for -13 too, but gave it the benefit of the doubt (or the benefit of hope:rolleyes: ), and really didnt see a lot of upside for a long, well.

time to read price for any setups.

j

Yes it is hard, but old jesse livermore, helped me get my head around it. He talks about not losing your position in the market, so that has helped with my mentals in paying top price, ie long 1.9759. I would have to tolerate any draw against that premium, but I want to be long because the market is. so need to hold the position in the market long.

As for reading upside, who knows how high it will or wont go, again, the markets choice, not ours.(thats what I tell myself and it removes me from holding fixed opinions or being wed to any trade) I'll take what it gives, including a kickin, if it comes.
 
Looks like your timing was a lot better than mine. Will be cutting losses if it breaks 790, because I reckon longer term trend is upwards.

I was happy to get filled at 785, however, Im just not as convinced about the longer term trend. Im still bearish (or is that just pig-headedness??)
 
The 1hr Eur/Usd looks a bullish reversal, until it is neutralised, cable migt still get to 9810 ADX on 1hr cable is above 23, so stocastic can be in oversold for a while, as it is it still well climing up, with MACD well above the 0 line and slightly rising histogram. On 15 cable looks tempting, but loking at 1hr cable and EUR/USD I shall wait for establishing any shorts on cable
 
Yes it is hard, but old jesse livermore, helped me get my head around it. He talks about not losing your position in the market, so that has helped with my mentals in paying top price, ie long 1.9759. I would have to tolerate any draw against that premium, but I want to be long because the market is. so need to hold the position in the market long.

As for reading upside, who knows how high it will or wont go, again, the markets choice, not ours.(thats what I tell myself and it removes me from holding fixed opinions or being wed to any trade) I'll take what it gives, including a kickin, if it comes.

Very much agree with your sentiments. It was only when I got my brain around the fact that losses are simply a cost of business (in this case FX business) that I was able to move away from being ecstatic when I was "right" and suicidal when I was "wrong" about a given trade. It helped me emotionally divorce myself from my trades.
 
I feel there is very little point in me sitting watching the back and forth action which is now evident. Until the reality of the wider fundaments hits home and the downward pressure reasserts itself, I shall be pottering around the garden. Cable should see the 1.9780 levels held and maintained until sanity prevails.
 
Very much agree with your sentiments. It was only when I got my brain around the fact that losses are simply a cost of business (in this case FX business) that I was able to move away from being ecstatic when I was "right" and suicidal when I was "wrong" about a given trade. It helped me emotionally divorce myself from my trades.


yep, you are spot on. without the divorce, you cant trade. if one makes a mistake, well, it gives opportunities to see where was the mistake and correct it. but thats about it.
 
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