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[el chupacabra] 09/10/2013 19:17

what do u think of this penycae?

[bracke] 09/10/2013 13:34

Penycae

Thanks for the cable explanation.

I rarely hold index overnight especially in the current climate.

Taking losses - I still find that hard to do but having had fingers burnt more than once, experience tells me to let it go, take the loss and try again.

One can only ponder what will happen once the US announces some sort of resolve to their situation, probably another can kick followed by the market acting as if it has had divine deliverance!

[penycae] 09/10/2013 13:12

Afternoon bracke.
Yes, was a bit premature on the short side. I'd been in and out of long positions right up to the 1.59's. Cable started to weaken around there. 'Puta giving me sell signals, but I didn't let them develop fully. (React, don't anticipate).
Also there's a barrier around 1.6 which a lot of cable traders see as being caste in stone.
This time, the UK was picking up, at a time when Uncle Sam was struggling.
I'm actually waiting for a reasonable long entry point at the moment, although if it continues to slide, there'll be a lot to be had on the downside.
Staying out of high risk trades, and just holding long for the moment.
Was working here last night. Left the DOW alone, but was tempted to take a long just after the close when it was at 14750.Sometimes you can be too cautious, but at least I got a good night's sleep.
The poor UK data this morning got me out of jail with the rent covered. Was quite a bit down at one point. Working against the 'Puta at the moment. It won't let me move stops when I open a trade. I have to close the position and re-enter rather than do that. To by-pass that, I tend to put silly stops in place at the outset. Next step will be for my 'Puta guru to limit stops to sensible amount. Would have worked on those cable trades if I'd had the discipline to wait for the upswing to become exhausted. Having said that, it was the event risk which took it down this morning, not the move.
Ego is still too big to take those early losses. I think I might need psychiatric help.

[bracke] 09/10/2013 12:08

Good day Penycae

Well done with Cable. Your pips must have been squeaking!

Looking back on the trades I assume you would agree that you shorted too early. Have you ascertained why that was?

[penycae] 09/10/2013 12:00

Morning all.
May the Gods of Cable shower you with blessings. Closed cable shorts after that data. Can't believe my luck.Got a good result just by staying away from the screen.
Just waiting for the miners to take off.
Cable still needs watching. A lot to be made on an aggressive position when the US sorts itself out.

Trade well and prosper Earthlings......

[bracke] 04/10/2013 10:22

Good day Penycae

Although the US situation unresolved cable easing which as you post probable due to intervention.

Perhaps when the US does eventually 'kick the can down the road' Mrs P will see the miners improve.

[penycae] 04/10/2013 09:58

Morning bracke!

DX was at a fairly crucial level last night. Might have been some gentle intervention to boost the dollar. Strain easing a bit now on FOREX, but holding a lot of miners (unmargined) which could do with a boost for Mrs. P.
Got a fair bit to do today, so just letting the existing stuff (mostly longs) ride.

[bracke] 03/10/2013 13:36

Penycae

I presume you are awaiting the result of the Obamacare/Shutdown and the debt ceiling situations before much chance of a drop in cable?

[bracke] 01/10/2013 10:38

Good day Penycae

Yes over the cliff but the fall is gentle on the expectation of deliverance.

I know you operate wide stops but even you must be feeling the strain.

[penycae] 30/9/2013 23:14

Evening all. Over the fiscal cliff tomorrow?

[babywolf] 27/9/2013 21:35

Hi Bracke & Penycae

Post from Never-ever-again Land...
Still gruelling and doing the endurance test aka The Refurb - and contrary to the impression I must be giving, this is not some palatial pad but a 2 bedroom flat - hope to be in it within the next month, finished or not - or it will remain empty as my own remains will be splattered at Beachy Head

Reassuring to see your presence on the thread and hope you are both well and trading is prosperous although I see the market is, as ever, not behaving in an accommodating manner at times - good luck with your forex Penycae.
Bracke - are you still trading/holding BP?

[bracke] 27/9/2013 18:45

Penycae

Thanks for the reply.

I wish you a pleasant weekend and hope next week is better for your trades.

[penycae] 27/9/2013 18:32

bracke - took another contract at 1.6074. I'll not add any more until Monday. Difficult to say what break even is on my Forex trades because I don't aggregate the positions, and the contracts differ in value. I'll be well in the money when it gets back to 1.6003 - assuming it does!
I'm off to a "do" tonight, so switching off now. Have good weekend.

[bracke] 27/9/2013 15:51

Afternoon Penycae.

Your initial entry levels for shorts were the exact opposite, you would have been quids in if you had gone long!!

Have you added since 1.6003? What's you current b/even?

I note Mr Carney says no interest rate drop for three years. I don't think so.

Perhaps once the US Debt Ceiling is sorted cable will drop. In the meantime you will have to accept masochist mode

[penycae] 27/9/2013 15:39

Afternoon bracke!

Just another day at the office in Forexland. Shorts in profit, then our new Guvn'r opened his mouth about QE, and up she goes. Still holding, and will add every 100 unless the charts show a complete reversal.
Equities taking a pounding. Got some miners well underwater, so nothing really safe. Same with the banks.
Don't see any big drops, but who knows?

[bracke] 27/9/2013 10:51

Penycae

I can see why you have silly stops! Pips must be squeaking.

I think you should put monkey on short rations.

[bracke] 25/9/2013 17:09

Good afternoon Penycae

I did not see your post until this morning.

I looked at the intra day chart which suggested a rise so did not follow you in.

2 to 1 does seem a little excessive!

I have a trend line commening from the high on 06 Aug 2009 and touching the high on 02 May 2011 which is currently at 1.6340.

I will see what it does overnight, "silly stops" are not for me.

[penycae] 25/9/2013 16:04

Afternoon bracke!

Still short from 16003. Added this morning from 15991, and will add again around 16085 (if it gets there). Not wedded to the dark side, but would seriously consider holding present positions and adding every 100 points upwards. If they're looking for 2 to 1 again it will indeed be an economic miracle.
I think cable will be sold off overnight, but I've got some silly stops in place just in case they try to pump it up.

[bracke] 25/9/2013 10:18

Good day Penycae

I note cable has broken to the downside of the rising wedge but remains within the rising channel. First support appears to be at 1.5877.

EDIT

It has bounced off the Daily SMA 200.

There was resistance at 1.6063. Maybe it wants another attempt.

DOUBLE EDIT

Should be Hourly SMA 200 not Daily

[penycae] 24/9/2013 21:55

Short from 1.6003

[penycae] 24/9/2013 21:55

Thanks El C.

All good?

[el chupacabra] 24/9/2013 21:54

use a capital H in your http penycae and you'll be rate