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Cable Update (GBPUSD)

  • #55,501
  • Feb 22, 2008 10:02am Feb 22, 2008 10:02am
Quoting salah k.
i know u r perfectly correct about the time frame but i mean im planning to open a real account of 1000$ soon like next week and i cant rely on long time frames.
Yes you can my friend, short time frames are for the pros or crazy people,
Your trend lines and everything else will be more reliable,
My biggest mistake also to this day is using way too much margin for the account size, and worrying about to small a move in the market.
Really you must go to higher a TF than 15 min or you will lose your money.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #55,502
  • Feb 22, 2008 10:08am Feb 22, 2008 10:08am
Quoting Ash
I had to learn how to trade on higher TF' to learn how to scalp in this market. I'd prefer to trade on the higher TF's, more rewarding and less stressful.
i perfer higher TF too ..definately less pain
  • #55,503
  • Feb 22, 2008 10:15am Feb 22, 2008 10:15am
It does not look like cable will buck this downtrend. I will wait for the close and the next open (daily) to decide, but methinks a she is going bloody red on Monday.
  • #55,504
  • Feb 22, 2008 10:18am Feb 22, 2008 10:18am
Quoting Bones
Yes you can my friend, short time frames are for the pros or crazy people,
Your trend lines and everything else will be more reliable,
My biggest mistake also to this day is using way too much margin for the account size, and worrying about to small a move in the market.
Really you must go to higher a TF than 15 min or you will lose your money.
will do my friend thnx for sharing ur experiences in trading
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #55,505
  • Feb 22, 2008 10:21am Feb 22, 2008 10:21am
Quoting Bones
Yes you can my friend, short time frames are for the pros or crazy people,
Your trend lines and everything else will be more reliable,
My biggest mistake also to this day is using way too much margin for the account size, and worrying about to small a move in the market.
Really you must go to higher a TF than 15 min or you will lose your money.
when u open yur account next week: salak

trade daily and 4hr ...always buy in direction of trend and in a dip
make sure by then u know your candle formations inside out
place support/resistance lines, channels etc
and most impt .....risk:reward at less 1:2 ...otherwise its impossible for u not to blow yur account. u see if u trade on a small time frame u will place plenty of trade and each time u lose on the spread, u also cant get the risk to reward ratio correct (scalping is high risk hence huge rewards) it something to consider once u have experience.
  • #55,506
  • Feb 22, 2008 10:23am Feb 22, 2008 10:23am
Quoting nAVIN2007
when u open yur account next week:

trade daily and 4hr ...always buy in direction of trend and in a dip
make sure by then u your candle formations inside out
place support/resistance lines, channels etc
and most impt .....risk:reward at less 1:2 ...otherwise its impossible for u not to blow yur account. u see if u trade on a small time frame u will place plenty of trade and each time u lose on the spread, u also cant get the risk to reward ratio correct (scalping is high risk hence huge rewards) it something to consider once u have experience.
Navin, what in your opinion is the best trend guide? Price Action? Trendlines? Stochs/RSI/MACD? or FIBS?
  • #55,507
  • Feb 22, 2008 10:29am Feb 22, 2008 10:29am
Quoting shiva
Navin, what in your opinion is the best trend guide? Price Action? Trendlines? Stochs/RSI/MACD? or FIBS?
actually i dont use indicators apart from stochs generally just for divergence. I find candlestick my indicator for trading..so i guess it has to be price
  • #55,508
  • Feb 22, 2008 10:38am Feb 22, 2008 10:38am
Well actually I have managed to close my shorts with BE but i sweated a bit. Whatever.... This was not a good day apart from my long term positions.... I had a few stupid decisions.
.
  • #55,509
  • Feb 22, 2008 10:41am Feb 22, 2008 10:41am
Quoting bullrock
Well actually I have managed to close my shorts with BE but i sweated a bit. Whatever.... This was not a good day apart from my long term positions.... I had a few stupid decisions.
Nah, I think we still came out ahead. Don't sweat it. I'd rather have you make a call then have fly by "buy" individual making one.
Humble Lifetime Member
  • #55,510
  • Feb 22, 2008 11:17am Feb 22, 2008 11:17am
What reliable broker has 1-2 spread for GU
  • #55,511
  • Edited 11:51am Feb 22, 2008 11:40am | Edited 11:51am
Quoting salah k.
i know u r perfectly correct about the time frame but i mean im planning to open a real account of 1000$ soon like next week and i cant rely on long time frames.

To park on a higher TF like 4hr or daily for getting the trend right .... and then go back to the 5/15M just to get in at the most opertune time, but only trade with the longer TF Trend! Otherwise GBP/USD will drive you nuts and you will blow accounts being so new to trading. This is the advise I live by myself and it works. Don't be in a hurry & lose money and listen [not to me] but other seasoned traders like bones and others here. You will still be able to take small/quick profits intraday, while trading with the trend. IMO
  • #55,512
  • Feb 22, 2008 11:50am Feb 22, 2008 11:50am
Quoting bullrock
Well actually I have managed to close my shorts with BE but i sweated a bit. Whatever.... This was not a good day apart from my long term positions.... I had a few stupid decisions.
I've had more than a few, so its no problem.
  • #55,513
  • Feb 22, 2008 12:03pm Feb 22, 2008 12:03pm
one thing i have learned from trading the pair is not to short it when it is in bull mode.....just relax wait for the confirmed dip and buy again....i know is hard but i made some stupid trades and learned from them...like now i willl not short for shit....
DISCIPLINE IS THE KEY TO SUCCESS!!!:nerd:
  • #55,514
  • Feb 22, 2008 12:15pm Feb 22, 2008 12:15pm
Quoting got pips?
one thing i have learned from trading the pair is not to short it when it is in bull mode.....just relax wait for the confirmed dip and buy again....i know is hard but i made some stupid trades and learned from them...like now i willl not short for shit....

thanks for saying that man.. i was doing good this week till i shorted in bull mode... just needed to learn from them i guess... like i want to short now before the markets close but not going to do it
  • #55,515
  • Feb 22, 2008 12:17pm Feb 22, 2008 12:17pm
Quoting AmeriTrini
I've had more than a few, so its no problem.
.
  • #55,516
  • Feb 22, 2008 12:18pm Feb 22, 2008 12:18pm
Wisdom.

If you p*** against the wind. (It can get stronger after it gtot weaker) You can get pi**ed and you would smell very badly... Hehe
.
  • #55,517
  • Feb 22, 2008 12:21pm Feb 22, 2008 12:21pm
Quoting Ash
Nah, I think we still came out ahead. Don't sweat it. I'd rather have you make a call then have fly by "buy" individual making one.
Thanks Ash. Have a great weekend. After all a BE is a win too. A no loss is better then a loss.
.
  • #55,518
  • Feb 22, 2008 12:21pm Feb 22, 2008 12:21pm
Quoting bullrock
Wisdom.

If you p*** against the wind. (It can get stronger after it gtot weaker) You can get pi**ed and you would smell very badly... Hehe
Humble Lifetime Member
  • #55,519
  • Feb 22, 2008 12:22pm Feb 22, 2008 12:22pm
Quoting bullrock
Thanks Ash. Have a great weekend. After all a BE is a win too. A no loss is better then a loss.
Humble Lifetime Member
  • #55,520
  • Feb 22, 2008 12:26pm Feb 22, 2008 12:26pm
Quoting bullrock
Wisdom.

If you p*** against the wind. (It can get stronger after it gtot weaker) You can get pi**ed and you would smell very badly... Hehe
i grew up on a sailboat, should have looked at my past pissing experiences.. you learn fast when you siting in wetness for a few hours
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