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Trade the reaction, not the news!
Cable Update - Continued 102 replies
Cable (GBPUSD) vs Euro (EURUSD) 31 replies
Cable Update (GBP/USD) without Idiots 23 replies
Why is GBPUSD called cable? 66 replies
cable short for gbpusd? 6 replies
DislikedThis is Alqaz Syed. I am also one of the traders who are in deep trouble. I also want to away from the computer for a while and you said very right "Your goal should not be to make money but rather to get confidence back ..." I am in Forex for 7 Months and I still not have confidence developed.Ignored
DislikedThis might not be what you want to hear but if you are consistently making losses, you should be in demo, not live trading, until you can be consistently profitable in demo. Live trading is harder than demo, so even after that there is a battle.
First rule of trading: PRESERVE YOUR CAPITAL.
This obviously applies to your money. But it also applies to your EMOTIONAL CAPITAL, your TRADING CONFIDENCE. Once you blow the latter, it can take years, if ever, to get it back (I know from experience).
In a practical sense, many traders have the rule: If you have a run of losses (even if you have been somewhat successful), go back to paper/demo trading until you can again prove to yourself that you can trade profitably, then start live trading again.
My 2¢.Ignored
DislikedAll, I am sharing an MT4 indicator which automatically calculates Daily Pivot/S/R levels, much like what Abuawad posts daily.
Reading the posts in the eur/usd and gbp/usd threads, I'm quite surprised to note that many do not look at these important levels. Trading with these levels for a few months has been a huge difference in performance. It greatly helps setting entries, exits, identifying divergences, etc.
Hopefully, it helps some of you make more pips too!
ps. I'm not sure who originally created this, but I retrieved it from Imran Sait's thread on the 5min GBP/JPY scalping method. All credit goes to the original authors.Ignored
DislikedI wonder why you guys confuse yourselves so much on technical analysis. Forget about those things you re talking about. Base your analysis on identifying the long term trend and follow it. forget about the EMA's and stuphs (they are all lagging) they will only follow the price. but the trend is alway ahead of the price. IDENTIFY THE TREND AND FOLLOW IT. THE TREND IS STILL LONG BOTH GU AND GJ. its just undergoing a minor short but the overall trend is long for now. and the great support is at 1.972X... Good luck to guys that are "short" and Guys that are long. LaterzIgnored
DislikedOn the subject of pivots Nav this one that Two feet posted is a good one. Its initially set up for daily pivots so what I have done is apply it and show the daily pivots on charts up to 4hr.Then If you apply it again and change in inputs daily sr levels to false and weekly sr levels to true and then go to visualization and tick daily and weekly you then get the weekly pivots on these time frames.
So you then have all pivots but not all on one chart as this can then get busy.
That’s how I do it now, not as I described to you before.
Knowing where price is against pivots is vital.
With regards to your analysis I think your bob on with a possible up move then down though I haven’t had time to study my charts yet.
The daily has another pin which is bearish. My only problem with it is that it’s on a short day .At this point I think I would like to see what the week close is like.Ignored
Dislikedis this country is in massive debt much more than america and the big player over there are pulling out because things are bad and here we are suffering..i dont know the ins and outs of it but thats the jist of it...
hence why we could be droping, also possible £ is over valued and we depend on america for stuff (im just throwing things in the air...LOL) and if our rates dont drop inports maybe be inhibited....Ignored
Dislikedyea Bones ..Bearish Gartley Pattern is formed on the daily & 4hr. and bearish Pin bar on the daily off the 150ema. But cable has to break 1.9740 area to break down ...its been getting lot of support around that area .. Next week should be interesting .Lets see how it works out ...Ignored