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Cable Update (GBPUSD)

  • #3,421
  • Dec 27, 2006 3:16am Dec 27, 2006 3:16am
i do alot of watching, and when i turn my head, it moves in those big jumps!! just thought if a move like that in asia would affect the euro market with some profit taking?? looks like good scalping if you have the nerve and can handle the slow ride in either direction for 10 pips!!
  • #3,422
  • Dec 27, 2006 3:21am Dec 27, 2006 3:21am
Looking through the past week or so, when cable wanted to push down, it did so with a heavy push. So far it hasn't done so. Still riding on the top half of moving average. I took a Long position due to this. Target at around today's high to be on the safe side. But, it can easily push much higher. The bear force shows nothing.
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  • #3,423
  • Dec 27, 2006 3:22am Dec 27, 2006 3:22am
here is a good question for ya. i sometimes watch cnbc world and their forex discussions with traders and/ strategists from the big boys. is this a good way to get some tidbits of good info, or are they just a bunch of gum flappers that do not have a clue either about where this market will go?? are there any good resources besides here to find out info??
  • #3,424
  • Dec 27, 2006 3:28am Dec 27, 2006 3:28am
Quoting mtrmth
here is a good question for ya. i sometimes watch cnbc world and their forex discussions with traders and/ strategists from the big boys. is this a good way to get some tidbits of good info, or are they just a bunch of gum flappers that do not have a clue either about where this market will go?? are there any good resources besides here to find out info??
Here's a question for you. Do you watch the weather channel to tell you the weather or do you stick ur head out of your window and see if it's raining?
Not being sarcastic, but I believe most of us here are spot traders. 50-100 pips is all we want in a day's work. Not trying to forcast what's going to happen 2 weeks from now. News are important, but what's more important is at th is min at this sec. not 2 days later. Just my two cent. which doesn't seem to be worth anything in here anywayz.
  • #3,425
  • Dec 27, 2006 3:31am Dec 27, 2006 3:31am
Quoting yulvme
Here's a question for you. Do you watch the weather channel to tell you the weather or do you stick ur head out of your window and see if it's raining?
Not being sarcastic, but I believe most of us here are spot traders. 50-100 pips is all we want in a day's work. Not trying to forcast what's going to happen 2 weeks from now. News are important, but what's more important is at th is min at this sec. not 2 days later. Just my two cent. which doesn't seem to be worth anything in here anywayz.
Agreed... They usually keep eyes on the long term trend. Are you purchasing a long-term contract denominated in a foreign currency? Then it is important to you. Are you squeezing 50-100 pips daily here? Not much...
  • #3,426
  • Dec 27, 2006 3:37am Dec 27, 2006 3:37am
ok, then they are talking heads not to be listened to, got it. like i asked, should i listen or not!!! actually, i look out the window before i stick my head out!!!
  • #3,427
  • Dec 27, 2006 3:40am Dec 27, 2006 3:40am
when it is channeling like this, i know a good scalper will snag pips. is there a good indicator of when to do that, like when it sits at 19600 for about 20 min, is that a good time to short???
  • #3,428
  • Dec 27, 2006 3:45am Dec 27, 2006 3:45am
Quoting mtrmth
ok, then they are talking heads not to be listened to, got it. like i asked, should i listen or not!!! actually, i look out the window before i stick my head out!!!
Here's a better idea, read the forum for ideas on how to trade but, trade with your own prediction. After all, if you it's winning trade you'll pocket the winning in ur own pocket instead of ours. I personally careless what the news says. I read the charts and from experience determin what my trade should be. It's less confusing that way, plus if i make a mistake i know how i made the mistake instead of thinking i should of listened or not have listened to others. "A wise man can teach you how to catch a fish, but he would not catch the fish for you"
  • #3,429
  • Dec 27, 2006 3:49am Dec 27, 2006 3:49am
Quoting mtrmth
when it is channeling like this, i know a good scalper will snag pips. is there a good indicator of when to do that, like when it sits at 19600 for about 20 min, is that a good time to short???
Here's a clue to indicators, " they are lagging" which means they show you what "HAPPENED" not what will happen, you have to be the one that determines that. as for scalpers, I doubt there's any good indicators that would lead you to always catch that 20 pips or what have you.
remember Scalping is harder than Intreday trading. You have to learn how to walk before you start running.
  • #3,430
  • Dec 27, 2006 3:53am Dec 27, 2006 3:53am
understood. i am new to this and my expierience is limited. if i get tips on what you do, whether i use them or not, you have shown me how to catch the fish for myself. i may end up using a half dozen ideas that i feel comfortable with since there is no sure-fire method to get a full plate from the buffet table. if there was and i knew it i would sell it for a million bucks a pop!!!
  • #3,431
  • Dec 27, 2006 3:57am Dec 27, 2006 3:57am
but those same indicators also show trends for future movements, right?? i think my head is going to explode!!
  • #3,432
  • Dec 27, 2006 4:06am Dec 27, 2006 4:06am
Quoting mtrmth
understood. i am new to this and my expierience is limited. if i get tips on what you do, whether i use them or not, you have shown me how to catch the fish for myself. i may end up using a half dozen ideas that i feel comfortable with since there is no sure-fire method to get a full plate from the buffet table. if there was and i knew it i would sell it for a million bucks a pop!!!
Here's a very simple way to possibly make you some pips, set your frame to 5min, using moving average. mine set at 25 purple and 10 dash yellow. When price goes above moving average on the 2nd candle if it passes through fully above moving average purple line BUY, when comes below Purple on 2nd candle fully Sell. Hope this helps you. It's very simple, but with cable don't be greedy. Good Luck
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  • #3,433
  • Dec 27, 2006 4:06am Dec 27, 2006 4:06am
Quoting mtrmth
but those same indicators also show trends for future movements, right?? i think my head is going to explode!!
..well.. not really. Many times I have looked at indicators that appear to establish a pattern, and just when you might be thinking the price will do one thing it carries on and does the opposite (or even something different).

Finally I gave up trying to be smarter than the market. Play with real money and you will too.

Happy new year
Minesweeper target: 284
  • #3,434
  • Dec 27, 2006 4:08am Dec 27, 2006 4:08am
Quoting mtrmth
but those same indicators also show trends for future movements, right?? i think my head is going to explode!!
No, it does not.
  • #3,435
  • Dec 27, 2006 4:19am Dec 27, 2006 4:19am
If you only use a 1/2 a dozen methods then u will be ahead of the game. I think most of us used a 1/2 dozen methods the first 60 days and still look at other methods, you can never stop learning. Remember their are over a 150 indicators for all of us to use, but their are only about a dozen that are used. This you will need to determine for yourself. By doing this u will put together a chart that you are confindent in, this way when u need to pull the trigger you will feel positive in doing so. This is the key. I would also say that you need to learn price action, how to use fibs and how to draw trend lines and channels. But just start looking in the forum under trading methods. On the news I would say it can not hurt to keep up with it but I would not ingross myself in it use the techinal side and you will not get too confused. Remember the BIG BOYS Already know whats going on.
Quoting mtrmth
understood. i am new to this and my expierience is limited. if i get tips on what you do, whether i use them or not, you have shown me how to catch the fish for myself. i may end up using a half dozen ideas that i feel comfortable with since there is no sure-fire method to get a full plate from the buffet table. if there was and i knew it i would sell it for a million bucks a pop!!!
  • #3,436
  • Dec 27, 2006 6:02am Dec 27, 2006 6:02am
Forming a triangle suggesting a breakout up. But getting back to the week channel still likely.

What are you guys thinking?
  • #3,437
  • Dec 27, 2006 6:08am Dec 27, 2006 6:08am
Quoting cesarnc
Forming a triangle suggesting a breakout up. But getting back to the week channel still likely.

What are you guys thinking?
Dont know what to think! the news at 3.00 GMT might move it one way or the other - I was lucky to catch a few pips earlier this morning in the asian trade so I am waiting and watching
mama
  • #3,438
  • Dec 27, 2006 6:36am Dec 27, 2006 6:36am
I agree. You are right on.
Stan
Quoting yulvme
Here's a question for you. Do you watch the weather channel to tell you the weather or do you stick ur head out of your window and see if it's raining?
Not being sarcastic, but I believe most of us here are spot traders. 50-100 pips is all we want in a day's work. Not trying to forcast what's going to happen 2 weeks from now. News are important, but what's more important is at th is min at this sec. not 2 days later. Just my two cent. which doesn't seem to be worth anything in here anywayz.
  • #3,439
  • Dec 27, 2006 6:40am Dec 27, 2006 6:40am
Quoting Mama007
Dont know what to think! the news at 3.00 GMT might move it one way or the other - I was lucky to catch a few pips earlier this morning in the asian trade so I am waiting and watching
If the market stays that quiet until 3.00 GMT, then we'll have a blast either way...
  • #3,440
  • Dec 27, 2006 6:45am Dec 27, 2006 6:45am
[NORTH AMERICA FX OPEN] Sovereign bids in Eur/Usd, more reserves diversification talk from the UAE plus generalised profit taking on last week's gains have seen the Usd pressured across the board. Another soft outturn for US Nov new home sales is likely to keep the pressure on. 156.50 barrier defense in Eur/Jpy is now likely to provide some stability.
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