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Cable Update (GBPUSD)

  • #57,801
  • Mar 11, 2008 8:37am Mar 11, 2008 8:37am
Quoting 4x_Trader
Position long @ 2.0158 stopped @ 2.0080, stand aside....
Wonder why such a high entry. Price got to 20211 before reversing (H30 pinbar) and taking out the SL.
Darkness lies one inch ahead..
  • #57,802
  • Mar 11, 2008 8:39am Mar 11, 2008 8:39am
Quoting nAVIN2007
he understand candle formations and uses them at support/ resistance points u need to have a understanding of these things otherwise your risking your money
indicators to use :
stocastics, pivot points and TD trendlines and generall support/resistance lines and use fibs ..u dont really need anything else to have successfull trades. the most inportant thing u need to know is your candle stick formation at support and resistance area..learn this and u will be a good as him...good luck to u ...
thanx navin
i've allready learn abuawad chart for 2 days
and it very good to learn
  • #57,803
  • Mar 11, 2008 8:43am Mar 11, 2008 8:43am
Quoting manize
Hi Navin ... 2.0220 looks like a strong resistance for 4H. If broken highly possible moves up ?
yes it is ....u see some of u guys dont realise is that nobody has a clear direction of where we are going its all based on knowledge and confirmation signals...........right now ....we have to areas

resistance area:2.0218
support area : 2.0046

we just moved down if u look at the 1hr chart if we close above 2.0132 then we have a pierce bullish pattern on 1hr chart which means next 1hr candle is likely to be bullish and so on till we get to those areas
if u look at the 4hr chart if we close below 2.0113 its a gonna be a bearish piercing pattern wich means next 4 hrs likely to be bearish ...just trade in the direction price is moving and deals with stress as we come to it..thats what all traders do ...theres no clear direction u just use patterns to predict where the hell we are going ..

u see to me right now the price on 1hr chart seems to not want to close above 2.0133 which kinda make me feel we are heading downward..
  • #57,804
  • Mar 11, 2008 9:15am Mar 11, 2008 9:15am
it should break it has everything goign to for it break.....
u see the candle tell u everything....damn ..if i trade like this with real money..that will be something....
  • #57,805
  • Mar 11, 2008 9:24am Mar 11, 2008 9:24am
Quoting nAVIN2007
i dont even know what currency oil is..
Hello nAVIN,

OIL is a commodity. You won't find it as a currency.
  • #57,806
  • Mar 11, 2008 9:27am Mar 11, 2008 9:27am
dollar is kicking ass.
never underestimate the power of news
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #57,807
  • Mar 11, 2008 9:28am Mar 11, 2008 9:28am
Now wasnt that a pleasant ride downhill on the Euro and GBP sledge ? (sleigh)

a little bounce now perhaps then another slide ?

this is better than feeding the squirrels

its a race to the bottom now with USA and Germany

next bad news will be USA and off we go again..

Simple fact is we are all sliding and the US is in front so all this picking on one and then t'other is a load of codswallop - good for us as we can just trade contra to the latest panic confident that the winning side of the pair is the next in line for a dose of bad news
  • #57,808
  • Edited 10:09am Mar 11, 2008 9:29am | Edited 10:09am
You are right navin. I just watching and learning , no tradding by live account. Just try my demo account. Short 2.0040, TP 1.9975, SL 2.0080, once support level 2.0046 was broken. Let see what happened !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #57,809
  • Mar 11, 2008 9:30am Mar 11, 2008 9:30am
Quoting Carrera
Hello nAVIN,

OIL is a commodity. You won't find it as a currency.
hi buddy ...oh yes ...silly me (shows how new i am to all this )
  • #57,810
  • Mar 11, 2008 9:32am Mar 11, 2008 9:32am
Quoting allserene
Now wasnt that a pleasant ride downhill on the Euro and GBP sledge ? (sleigh)

a little bounce now perhaps then another slide ?

this is better than feeding the squirrels

its a race to the bottom now with USA and Germany

next bad news will be USA and off we go again..

Simple fact is we are all sliding and the US is in front so all this picking on one and then t'other is a load of codswallop - good for us as we can just trade contra to the latest panic confident that the winning side of the pair is the next in line for a dose of bad news
wen do u think the US will get out of this race?
it sounds a bit unlikely that it will continue this free fall forever.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #57,811
  • Mar 11, 2008 9:34am Mar 11, 2008 9:34am
Quoting manize
You are right navin. I just watching and learning , no tradding.
everything u need to know is all in the charts....study price action and base everything on this...whatever happen fundamentally is reflected in price if u can do this...then yur mechanical in your approach and u will just make good trading decisions.
I am on a demo but i know for a fact that trading live wont change anything about what i do...because my method is mechanical...
  • #57,812
  • Mar 11, 2008 9:43am Mar 11, 2008 9:43am
Went short @ 2.0131 which was 50% fibo retrace from the high today and cashed out with 125 pips!
"I know how hard it is for you to put food on your family." George W. Bush
  • #57,813
  • Mar 11, 2008 9:51am Mar 11, 2008 9:51am
Quoting nAVIN2007
everything u need to know is all in the charts....study price action and base everything on this...whatever happen fundamentally is reflected in price if u can do this...then yur mechanical in your approach and u will just make good trading decisions.
I am on a demo but i know for a fact that trading live wont change anything about what i do...because my method is mechanical...
I intend to agree with you but on second thought I see you forgot about amount of equity and % risk and emotions.
  • #57,814
  • Mar 11, 2008 9:58am Mar 11, 2008 9:58am
WOWSA's bad day to over sleep hey!!

I don't like trading in this kinda strenght, yes it's where the money is made and lost, but not being that good seems to lean towards lost here.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #57,815
  • Mar 11, 2008 10:03am Mar 11, 2008 10:03am
Navin my system is mechanical kinda to but in demo I can'T use it and trade off it, the problem was I didn't trust it enough with real $$$'s so I kept trading sucker bets.

But find out soon hey!! Hope your right dude, try your best to stick to your system, switch your brain off and don't start over thinking it when your live.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #57,816
  • Mar 11, 2008 10:03am Mar 11, 2008 10:03am
Quoting fxbroker
I intend to agree with you but on second thought I see you forgot about amount of equity and % risk and emotions.
emotion depend on your thought process....trading is probability to some extent...if u base yur trades where u manage yur risks...high % successfull entery ie behind pivot or major stress points...the probability should lie in your favor....I going to go live next week ...and am just trying to iron out some of money management issues i have because this is what will let me down if anything...its amazing what u learn just from typing and answering questions...
  • #57,817
  • Mar 11, 2008 10:04am Mar 11, 2008 10:04am
I am not a good economic analyst but it seems central banks are pumping money into the market.....just news from CNBC
  • #57,818
  • Mar 11, 2008 10:07am Mar 11, 2008 10:07am
Quoting TraderJR
How did you manage that? H4 candle 1 hr before LO opened under 20070, indicating price should have gone down to 20031.
i didn't manage it i was sleep till 8:30 i miss that candle by lock if and i check the chart there was a strong support on the fibo fav and the next candle close above the unknown down limit
  • #57,819
  • Mar 11, 2008 10:08am Mar 11, 2008 10:08am
Quoting salah k.
wen do u think the US will get out of this race?
it sounds a bit unlikely that it will continue this free fall forever.
Dunno ! I am buying shares in goldman sachs as they are off 28% this year and are the only guaranteed survivor among the financials - they were up 6% in the first hour today (now 4%) but still big losses last few days..

The US is in for a real soaking - I have seen a lot of recessions as I am 435 years old and this one is still to get going as we dont have big unemployment YET - until we get a big wave of unemployment then it isnt a serious recession in my book - but Florida is losing jobs fast and it is accelerating now. I am buying here and there but another 10% off even good shares can still happen very easily - that will mess the USD up big style

I think the US will win the race to the bottom but how low it is I have no idea
  • #57,820
  • Mar 11, 2008 10:11am Mar 11, 2008 10:11am
Quoting T 1 Ti
can u please share the indicator ?
how do u know that today still going to north,
cos yesterday ur green target is in the bottom,
but today is upper ?
Quoting nAVIN2007
he understand candle formations and uses them at support/ resistance points u need to have a understanding of these things otherwise your risking your money
indicators to use :
stocastics, pivot points and TD trendlines and generall support/resistance lines and use fibs ..u dont really need anything else to have successfull trades. the most inportant thing u need to know is your candle stick formation at support and resistance area..learn this and u will be a good as him...good luck to u ...
thanks nAVIA2007, and i don't have more to say , haw i know it was going up!! i wasn't sure and for the color of the table its a matter of formating only not indicator for going up or down, there are two limits one up and other down any one of them broken will move to the limit area targets the uplimit to the up target and the down limit to the down targets.
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