[Art Krantz]

I'm not too sure how much use our far sighted views will be to you Sledge, but I assume (if) you're playing it from the short side off these lower top fades, then you've got the breeze at your back for now.

Like Andre mentioned, euro/pound is a decent companion to your Cable trade as Sterling takes on water.

Long as you're banking dollars & your risk is in line, then you're heading in the right direction I guess.

[Sledge]

Art-
Well I have learned over my trading "career" to look outward from the market (Zooming out to higher timeframe) as you and Anna and Milliard collectively do.

For me everything starts with a Daily chart, then a 4 hr. Only drilling down for oil I do is to pinpoint entry or stops. I stopped smacking my head on the 1 minute wall a while back- and boy does it make trades much more rewarding and less stressful!

And yes, banking dollars is key that some seem to forget to do. I take what the market gives me. I set a reasonable target-- say that is 100 pips, if it gets to 98 and stalls hard. I bank $ and wait for the next set-up. Some newer traders won't deviate from that 100 pip target and end up with less than my 98- or are really stubborn and let it fall into negative territory because they "KNOW ;-)" it will eventually get to their target. All the while I'm sitting there counting my 98 and planning my next move- while they sweat the trade from hell they have placed themselves in.

As you informed Andre, the Bull Armor will have to come out soon, I don't foresee the ability for this to get down to the 1.94 level right now, just doesn't have enough steam behind the down move to get there. Although every retail bucketshop is herding their followers that this badboy is on its way to 1.93 or even 1.85- yikes! As you said next quarter- yes it is a definate possibility, but it will have to rise up to build momentum to plow through that wall of 1.97XX but hey, there are plenty of purchasers for shorts out there for you to folks to sell too.

Sledge

[milliard]

You mentioned you focus exclusively on the old Cable Sledge. Is there a specific reason you remain loyal to that grizzly son of a bitch?

Sterling has represented pretty neat value selling it via Yen, Euro & especially the Franc.

Some real sweet technical zones have been tagged & bagged on those 3 during last quarter. By comparison, & typically - Cable has bucked & snorted like the irksome camel it is.

Just curious really.

[Sledge]

Milliard-
Well the story goes something like this.
1. Newbie trader gets the bug from a relative that trades currency.

2. Newbie begins to demo trade and open about 8 different windows of every currency flavor.

3. Newbie trader doesn't realize that each currency has its own "personality" and attempts to trade them all the same. (Ouch!)

4. Newbie is drawn to USD/JPY and as soon as nice win comes in- Yen Spanks new trader down to the floor and takes all winnings away.

5. Over time and steep learning curve, I get to the point of analysis of my own trades. I create a spreadsheet of what currencies I excel at, and which ones are "not going so well."

6. I narrow down the list to the EUR, GBP and CHF

7. I then realize that the GBP hours fit the best for my schedule. Since the London market is the Major market for currency and a ton of volume is traded in GBP during the London session it made logical sense. Additionally, I have access to most major "news time" events- I don't trade the news but as an example, yesterday with the rate decision coming out- I was still at home able to make any adjustments necessary before heading off to the day Job. I am also able to get a nice feel from my JOB-EOD (4:30 EST to about 11:00 PM EST) to see how the market played out in NY and what the "lull time" drift is telling me (NY Close until say bedtime.- have to sleep sometime I guess)

8. If the lull time is to my liking, I place a trade and let it be ready for the London open.

9. To me, the GBP doesn't whip and dip like a CAD or JPY, it is not the flavor of the day currency like the EUR. The AUD and NZD are just not very interesting to me for some reason so I stay away from them. I have never gotten into crosses, but as I am much more seasoned now than before- I may dabble into them. I have not ever traded a cross in all the time I have been trading- maybe time to get familiar with a few.

10. Best answer. I can get in with a nice rythem with the GBP, I have a good feel for it and it GENERALLY behaves itself. I agree with you, this month thus far has been a nasty little ride, I have been taking "base hits" much more than making nice "home runs" But it is OK, base hits still put $ in the account and make the trader happy. I told a fellow pound trader that if I only trade GBP for the rest of my life- as long as I'm consistantly making money with it, I'm fine to trade one Currency.

More than you wanted to know I'm sure, but there you be.
Sledge

[milliard]

That's fair enough. If something feels right & you can claw a buck out of it then that's gotta be a positive yeah?

If it aint broke, then it don't need fixing

Right, we're about 5 hours late out of the door today, so I'll bid you adios & we're off in search of strong beer & even stronger women!!

Enjoy your weekend.

[torero]

I like that line! have a good weekend!

I think I'm liking GBPCHF more and more, rides like a wild buck but it can be nicely rewarding. Now I have 4 favorite pairs, GBPUSD, GBPJPY, EURJPY and GBPCHF. I think it's more than enough to keep my eyes busy.

[Sledge]

Originally Posted by milliard »

That's fair enough. If something feels right & you can claw a buck out of it then that's gotta be a positive yeah?

If it aint broke, then it don't need fixing

Right, we're about 5 hours late out of the door today, so I'll bid you adios & we're off in search of strong beer & even stronger women!!

Enjoy your weekend.

You do the same! Good luck with that strong woman!

[milliard]

Originally Posted by Art Krantz »

The range tiers have certainly worked through the rolling year with easy access markers. Looks like it’s setting up for a fire fight back at the big daddy 1.94 zone.

Those closing daily lower tops don’t make for a good smoke signal at all. Best get your Bull armour out & clean her down Andre, you ole boys might be in for a skirmish or two at the next full moon!!

Hope you’re still positioned to the short side Mr Sledge?

Prices flopping into Krantzy’s lower tier (from post #8) which should now act as a soft ceiling if we get a healthy close into the lower sixes down here.

Counter bids unusually light at the 650-80 huh Annie Oakley? Those pirates talk a lot of shit at times.

(weak) Russian lethargy if you ask me, that + EU/GB hot thru .8025

See how much reliance on that the Pound bears are likely to stomach.

Time to get your 1.94 calling cards located children, playtime is looming!