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Cable Update (GBPUSD)

  • #58,141
  • Mar 13, 2008 9:49am Mar 13, 2008 9:49am
Quoting ghous
that's better and always remeber switching from short term to long term is'nt always as easy as "waiting for the right time" try giving it some time in the demo...

there is big misconseption when ppl look fore short term trading techniques because they can't afford to loose much, i think the shorter time frames are much much more difficult to trade and certainly NOT for the beginners!!! best of luck with your trading...
scalping is for experts.....but and profit is much shorter term ..i tried both and found longer term trading is great...just now i have to adjust cause i never use stop loss while trading probably cuase im on a demo and not worried about loss as such..
going live is different story...

this is going to break out now....less lines around..
  • #58,142
  • Mar 13, 2008 10:04am Mar 13, 2008 10:04am
Quoting Runway Trade
If you want to know why the market is not going up now is because I entered a long at 2.0370! So now the market does not move or will fall 100 pips. LOL. I have had a bad day as well. Put my SL just under daily R1. If it stomps me out I am staying out till next week. Started the week well but *$cked it up yesterday and today......
yeah i know what u mean it not like the SP wasnt in the right place...this is what i mean.u have to give the market space to swing and the SP just would take u out...this is the only main reason live is different to demo..its different ball game....sorry m8

what lot size did u use to enter?
  • #58,143
  • Mar 13, 2008 10:12am Mar 13, 2008 10:12am
The cable is not really responding to the VERY BAD retail sales news that came out today, is there a top forming?

  • #58,144
  • Mar 13, 2008 10:16am Mar 13, 2008 10:16am
Quoting AmeriTrini
The cable is not really responding to the VERY BAD retail sales news that came out today, is there a top forming?

i was thinking exactly the same thing because u know commodities responded to the weak dollar numbers y didnt euro and cable respond?
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #58,145
  • Mar 13, 2008 10:23am Mar 13, 2008 10:23am
Quoting salah k.
i was thinking exactly the same thing because u know commodities responded to the week dollar y didnt euro and cable respond?
all i know is if EUR goes up so does cable but i think EUR high is taking the biscuit and there politics going on...EUR needs to come down and if cable goes up..EUR wont drop
theres a very strong correlation between those too ....but as always i really dont know what im talking about ...it isnt my strong point at all. I was long because of the retail sales thing, wont have been good and it should push cable up..maybe this is the reason
  • #58,146
  • Mar 13, 2008 10:29am Mar 13, 2008 10:29am
Quoting nAVIN2007
all i know is if EUR goes up so does cable but i think EUR high is taking the biscuit and there politics going on...EUR needs to come down and if cable goes up..EUR wont drop
theres a very strong correlation between those too ....but as always i really dont know what im talking about ...it isnt my strong point at all. I was long because of the retail sales thing, wont have been good and it should push cable up..maybe this is the reason

dude i know im in no position to give advice but entering the market during the news will not give u pips. u c news traders or the big guys wont behave rationally. i think its better to avoid entering during news release just adjust ur SL or TP if u had an earlier position.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #58,147
  • Mar 13, 2008 10:33am Mar 13, 2008 10:33am
Quoting salah k.
dude i know im in no position to give advice but entering the market during the news will not give u pips. u c news traders or the big guys wont behave rationally. i think its better to avoid entering during news release just adjust ur SL or TP if u had an earlier position.
yur right brother..i know
I entered a short on 0.1 lot size...if it was going up i think it have done already..but yur right (i wont do this as of monday)
I enter based on my rules being met..bearish candles all over the place and 4hr candle practically engulfing .either way its a peircing pattern formation assume next 20 minutes remain as they are. 1hr very bearish too and cross over of moving averages
  • #58,148
  • Mar 13, 2008 10:35am Mar 13, 2008 10:35am
Quoting nAVIN2007
yeah i know what u mean it not like the SP wasnt in the right place...this is what i mean.u have to give the market space to swing and the SP just would take u out...this is the only main reason live is different to demo..its different ball game....sorry m8

what lot size did u use to enter?
Still only tradeing 1 mini lot on live account while learning, but still hurts. now only going to use 4H and use 1H to enter trade
  • #58,149
  • Mar 13, 2008 10:40am Mar 13, 2008 10:40am
hey guys, I know this doesnt really belong here, but i believe its a good time to take a look at UJ, the pair has hit a nice bottom, and has formed a double bottom at 100.00 area.. carry traders world wide are having an eye on UJ, if it manages to go near 100 region again, do grab the chance, u can hold forever and enjoy the rollover and capital gains..

cheers..
  • #58,150
  • Mar 13, 2008 10:41am Mar 13, 2008 10:41am
Quoting Runway Trade
Still only tradeing 1 mini lot on live account while learning, but still hurts. now only going to use 4H and use 1H to enter trade
4hr is great...u will make more at least yur not greedy and playing with small lot sizes its good shows yur disciplined
  • #58,151
  • Mar 13, 2008 10:43am Mar 13, 2008 10:43am
hey navin did u notice that commodities fell almost 3 min be4 cable and euro and aussie.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #58,152
  • Mar 13, 2008 10:44am Mar 13, 2008 10:44am
Quoting salah k.
dude i know im in no position to give advice but entering the market during the news will not give u pips. u c news traders or the big guys wont behave rationally. i think its better to avoid entering during news release just adjust ur SL or TP if u had an earlier position.
dude u were right this counts as a 50% retracement level...this baby should now sink...
  • #58,153
  • Mar 13, 2008 10:48am Mar 13, 2008 10:48am
Quoting nAVIN2007
dude u were right this counts as a 50% retracement level...this baby should now sink...
i know i said it
but u really have to wait dollar has rate cuts coming in next week.
dont short anything just yet especially not in ur real account.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #58,154
  • Mar 13, 2008 10:52am Mar 13, 2008 10:52am
Quoting salah k.
i know i said it
but u really have to wait dollar has rate cuts coming in next week.
dont short anything just yet especially not in ur real account.
still on demo bro..i have to much weakness still...we might go down there and news will bring it up ...this is forex and its all crazy
I used to think its all logical but it really isnt...u should trade what u see, its that simple
  • #58,155
  • Mar 13, 2008 10:54am Mar 13, 2008 10:54am
dun be surprise if there isnt any rate cut, if the S&P finanial analysts are correct about the write downs, the interest rate might just stay the same.. then GU might just go skydiving without a parachute.
  • #58,156
  • Mar 13, 2008 10:56am Mar 13, 2008 10:56am
anybody feels the market now is really silent, as if preparing for a gigantic dip?
  • #58,157
  • Mar 13, 2008 11:01am Mar 13, 2008 11:01am
Quoting nAVIN2007
still on demo bro..i have to much weakness still...we might go down there and news will bring it up ...this is forex and its all crazy
I used to think its all logical but it really isnt...u should trade what u see, its that simple
Nav, there is no escaping the loss of money. So, get on the bandwagon and start trading real capital and get a feel for the real psychology of trading, right now you are just wasting valuable time trading a demo account. Trust me, you will never be perfect an neither will anyone else. JUST DO IT!!
  • #58,158
  • Mar 13, 2008 11:06am Mar 13, 2008 11:06am
In my chart, daily TF, the pair retraced after touching 61.8 fibo, just @ 2.0389 (or around it)... Can't be sure enough, but I think this retracement will take a while before resuming the uptrend (weekly TF)

Tomorrow is friday, I'll keep out of the market if nothing come to my interest... I'm learning to play this pair safe enough to let my account grow, not to let it blow...^^
  • #58,159
  • Mar 13, 2008 11:07am Mar 13, 2008 11:07am
Quoting lyy.sg
dun be surprise if there isnt any rate cut, if the S&P finanial analysts are correct about the write downs, the interest rate might just stay the same.. then GU might just go skydiving without a parachute.

i dont think the rate cuts are gonna stop as much as i wish they would because these high prices are very tempting to short from.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #58,160
  • Edited 4:02pm Mar 13, 2008 11:23am | Edited 4:02pm
I do think traders are speculating on next week as it looks very probable. If you then take the psychology of that are they really going to cash in early?
I doubt very much that price will leave the channel.
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