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Cable Update (GBPUSD)

  • #12,941
  • May 17, 2007 1:08pm May 17, 2007 1:08pm
I see that you still are using print screen to capture your charts and post them here in a huge browser bashing size..... Go to this website and download the free version of the screen grabber software. You'll be able to grab only pieces of your charts instead of your whole desktop. It's easy to use and you can help save people's browsers everywhere.....*snif*...plus it very useful when you want to grab a image that can't be right clicked to save.

http://www.wisdom-soft.com/products/screenhunter.htm

peace
  • #12,942
  • May 17, 2007 1:14pm May 17, 2007 1:14pm
ashlee it is possible to ID the longer term and shorter term trends but always remember price can turn on a dime nothing is 100 percent certain... in trading ur dealing with pure probabilities just as quickly as the trend seems down it can reverse and snap backup... u can move with the current flow just realize that the flow or current can shift at anytime. all it takes is 1 trader to make it so... This is why risk control is key and having an edge or systematic way to take entries and exits... just some thoughts based on evolving experience...
  • #12,943
  • May 17, 2007 1:14pm May 17, 2007 1:14pm
Quoting enoc2g
gbpjpy is holding under strong resistance at the 240 psych barrier failure to breach this level coupled with dollar strength cable weakness could see another large retracement down... timing the entry just right on this pair is key without deep pockets.
Exactly this is a waiting game, ive stayed in all day and not gone to the gym waiting for a movement that hasnt materiaslised yet!
  • #12,944
  • May 17, 2007 1:14pm May 17, 2007 1:14pm
Can you guys tell me about your open positions at this point... anyone short? anyone long?

What's the expectation for today and 2morrow?

Anyone willing to forex chat on skype?
  • #12,945
  • May 17, 2007 1:19pm May 17, 2007 1:19pm
Hi, im new to this and im just finding my feet so i wanted to ask a couple of questions if i may;

1 - Does good news from the USA bring the GBP/USD market down or is it the other way round, im not too sure how the whole Fundamental thing works, i'd appreciate it if someone could clear that up for me.

2 - What's the best time and most active to trade the GBP/USD

Thanks.
  • #12,946
  • May 17, 2007 1:20pm May 17, 2007 1:20pm
Quoting Pipsta
I see that you still are using print screen to capture your charts and post them here in a huge browser bashing size..... Go to this website and download the free version of the screen grabber software. You'll be able to grab only pieces of your charts instead of your whole desktop. It's easy to use and you can help save people's browsers everywhere.....*snif*...plus it very useful when you want to grab a image that can't be right clicked to save.

http://www.wisdom-soft.com/products/screenhunter.htm

peace
Honest I resize my charts (screenshot of netdania chart,) to 800* 600 for the forum before attaching. Do they appear too big for everyone?

Ill try the software on the next chart then
  • #12,947
  • May 17, 2007 1:20pm May 17, 2007 1:20pm
Quoting enoc2g
ashlee it is possible to ID the longer term and shorter term trends but always remember price can turn on a dime nothing is 100 percent certain... in trading ur dealing with pure probabilities just as quickly as the trend seems down it can reverse and snap backup... u can move with the current flow just realize that the flow or current can shift at anytime. all it takes is 1 trader to make it so... This is why risk control is key and having an edge or systematic way to take entries and exits... just some thoughts based on evolving experience...
Thanks for the insight. On the other hand, I still strongly believe that in every field, there's gotta be some experts - the forex field is just one of them. I know for sure that the big guys (multi-million dollar forex investors) KNOW 90-99% of where the currency is heading. All it takes is getting to talk to those experts and get some advice. But guess what: no multi-million dollar investor would even think about joining or posting in a forum - or give free advice to newbies like us here. IMHO of course.
  • #12,948
  • May 17, 2007 1:23pm May 17, 2007 1:23pm
Quoting metro
Hi, im new to this and im just finding my feet so i wanted to ask a couple of questions if i may;

1 - Does good news from the USA bring the GBP/USD market down or is it the other way round, im not too sure how the whole Fundamental thing works, i'd appreciate it if someone could clear that up for me.

2 - What's the best time and most active to trade the GBP/USD

Thanks.
1. Good US news means GBP/USD would go down
2. There is no best time - most active time is when strong market-moving numbers come out.
  • #12,949
  • May 17, 2007 1:24pm May 17, 2007 1:24pm
Quoting ashlee_17
Anyone willing to forex chat on skype?
interesting question .. i always wondered why isnt their a forex live chat room
  • #12,950
  • May 17, 2007 1:25pm May 17, 2007 1:25pm
Quoting ashlee_17
There is an important question to ask ourselves here:

Has the cable started its downtrend yet?? Is there any indicator that can tell us such thing?
MA crossing systems will typically give a trader an idea on trending. You want a crossing system that isn't too touchy or to numb to the price action. If you use something like a 5sma/10wma like someone earlier in this thread mentioned and watch for crosses to enter, although I prefer the hourly and 4hr chart than the 15 min chart they suggested unless it's to close out after capturing a good move, it should give you decent positioning on healthy trending moves. You won't be a top/bottom picker with this type of system but more of a 'meat of the move' type positioning. It's actually a low stress way to trade. Don't think, don't predict, don't concern yourself with tying to know which way sentiment is. Just wait for crosses and trade them with either a trailing stop or a counter cross signal to stop out a false signal or profit trade.

No system is perfect but It's a pretty good way of taking the guess work out of trading. You can mess with the two MAs some to get a pair you like better either slightly altering the number of the faster and slower MAs or changing the simple/exponential/weighted nature of them to your liking. I prefer something a little faster than the 5/10 and don't use the weighted. Although I have other filters to take out the false signals the faster MAs trigger. It just takes some research to find the ones that fit your trading style best. Good luck.

Peace
  • #12,951
  • May 17, 2007 1:26pm May 17, 2007 1:26pm
Quoting Tatton
interesting question .. i always wondered why isnt their a forex live chat room
There's gotta be a few - but we probably don't know about them.
  • #12,952
  • May 17, 2007 1:32pm May 17, 2007 1:32pm
ashlee_17 and others interested. If you want some excellent info and descriptions of various technical indictors for trend etc look at this site. You then can apply them to your own trading system to help.


http://www.metaquotes.net/techanalysis/indicators/
  • #12,953
  • May 17, 2007 1:32pm May 17, 2007 1:32pm
Quoting el_duende
Honest I resize my charts (screenshot of netdania chart,) to 800* 600 for the forum before attaching. Do they appear too big for everyone?

Ill try the software on the next chart then
Yea...they still turn up really big. Almost taking up the whole width of my laptop and I have my resolution set pretty high so things shouldn't take up that much space. I do that purposefully to avoid that problem. i have great eyes so I can see small print so that doesn't bother me. If you use photobucket to post them they have a thumbnail selection that allows you to post a small clickable version of the larger pic which people can click on to see it full size.
  • #12,954
  • May 17, 2007 1:39pm May 17, 2007 1:39pm
my normal resolution is 1400 * 900 (widescreen laptop) only thing I can think of that makes them look big on other peoples screens. Strange though as I resize them to 800*600.
  • #12,955
  • May 17, 2007 1:45pm May 17, 2007 1:45pm
"Thanks for the insight. On the other hand, I still strongly believe that in every field, there's gotta be some experts - the forex field is just one of them. I know for sure that the big guys (multi-million dollar forex investors) KNOW 90-99% of where the currency is heading. All it takes is getting to talk to those experts and get some advice. But guess what: no multi-million dollar investor would even think about joining or posting in a forum - or give free advice to newbies like us here. IMHO of course."

If you read trading in the zone youll see that you really dont need to know where its going u just need to exercise ur edge whatever ur edge is for any if then scenario, all the big traders know that so do the casinos trading is just a numbers game controlling risk and exercising your edge is all one can do, nothing else is known or certain, millionaire traders also have losing trades... George Soros has made and lost billions of dollars and so have others.

when I become a millionair trader ill be sure to post on FF my entire journey in gruesome detail... lol
  • #12,956
  • May 17, 2007 1:46pm May 17, 2007 1:46pm
Quoting el_duende
my normal resolution is 1400 * 900 (widescreen laptop) only thing I can think of that makes them look big on other peoples screens. Strange though as I resize them to 800*600.
Well, you aren't the only one who posts big pics so don't feel like I'm singling you out. I just see that you grab your whole desktop and thought you might like the screen grabber software. It's very useful for me so I thought you'd like it.
  • #12,957
  • May 17, 2007 1:47pm May 17, 2007 1:47pm
Quoting el_duende
ashlee_17 and others interested. If you want some excellent info and descriptions of various technical indictors for trend etc look at this site. You then can apply them to your own trading system to help.


http://www.metaquotes.net/techanalysis/indicators/
Thank you for your valued input. But honestly, I prefer to trade with the "go with the flow" trading system. I usually trade when price action is strong. More than 70% of my trades are scalping.
  • #12,958
  • May 17, 2007 1:50pm May 17, 2007 1:50pm
pipsta what does this look like

that software is cool by the way, lets me do some editing


ashlee_17 this is the current trend which is down, I believe aprox 1.9775 will be resistance for bulls and ultimately will become supprt for a move South (Red Dot)

also
Gold dropping
$ gaining against other currencies
USDX up
Bernanke speech saying subprimes only will have limited effect on markets
DOW and S & P down
GBP/JPY and EUR/JPY look toppish
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 May. 17 19.45.jpg Size: 64 KB
  • #12,959
  • May 17, 2007 1:55pm May 17, 2007 1:55pm
Quoting el_duende
pipsta what does this look like

that software is cool by the way, lets me do some editing


ashlee_17 this is the current trend which is down, I believe aprox 1.9975 will be resistance for bulls and ultimately will become supprt for a move South (Red Dot)

also
Gold dropping
$ gaining against other currencies
USDX up
Bernanke speech saying subprimes only will have limited effect on markets
DOW and S & P down
GBP/JPY and EUR/JPY look toppish

You mean to say 1.9770? right?
  • #12,960
  • May 17, 2007 1:59pm May 17, 2007 1:59pm
Quoting Tatton
interesting question .. i always wondered why isnt their a forex live chat room
I have been on some trading chat room or other programs and the messages are going by so fast you cant read them all and it gets really confusing.
“Past performance is not indicative of future results”
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