Cable Update (GBPUSD)

Quoting mcfx

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I've been blowing my accounts for a long time now, today i blew it up bad, and am thinken that maybe you just get in a rut and can't get yourself out of it.

I'm thinken to myself... y did i shot at .0150, 8 hours ago and long when the news was coming out... wow what a ball of stress lol

I keep on doen the same things wrong... ha

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Quoting Bones

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Ok let me have the starting point ,im serious cause I do not know where id be today if I did not get good advise from some traders here on Forex Factory.I mean put yourself in Navs and mine shoes. Where do we start ,who do we speak to as there is no one we know in this industry ,there is no one to train us?
I do think it important to broaden your horizons to get information from many sources’ but to get away completely from a thread is a bit over the top.
I would appreciate your more detailed advise on this Moe and I am not being argumentative hope you can see my point

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Quoting Bones

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mcfx I have blown up 3 accounts consider it student fees

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Quoting zones

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Whilst i am not Moe, i'll have a crack at this.
I can empathise with both of you and to an extent both of you are right in your advice for Nav.
Firstly Moe, most beginners do not have a clearly defined plan. Where they have a written criteria for entering and managing a trade. Thus they trade on emotions. Following a volatile pair like cable is not easy even for a seasoned trader let alone a beginner. On a public forum where there are diverse ideas and strategies one could very easily be persuaded to enter a trade on the recommendation of one person and exit on the recommendation of another. Even if no trade is initiated, there is a very high possibilty of the trader being at least influenced to either cut his profit short in a winning trade and conversely to let his loss run on a losing trade. To cut my rant short basically most beginners do not have clearly defined rules to manage a trade and thus the potential for being influenced by others is very high.
Secondly Bones,
There are lots of very talented traders here, who have so much to offer and are very willing to share their knowledge. By hanging around in these forums one picks up very useful tips . The wonderful thing about this zero sum game is that there is a lot of comradery here with genuine concern for the well being of one another. The scope for shortening the learning curve is very real.
I hope the rant is half coherent.

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Quoting Bones

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Yes yes we want talented traders to come and throw us the odd bone,(thats a joke btw lol) and they do,you just need to work out who they are thats all

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Quoting nAVIN2007

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BRO ....i dont one to talk, but i feel say one thing ..when u trade please make sure u trade in the direction of the trend..this can save u big time especially if yur entery isnt perfect...
when u get in a rut.......just stop trading as start tomorrow again...
next confirm direction with 4 hr chart ..
I think its less stressfull trading in the day .....bloody news is around ..LOL
GOOD LUCK BUDDY WITH THE COMEBACK ..

PS..i made my profit back temporarly ..

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Quoting Bones

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mcfx I have blown up 3 accounts consider it student fees

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Quoting Abuawad

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count me also

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Quoting zones

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Whilst i am not Moe, i'll have a crack at this.
I can empathise with both of you and to an extent both of you are right in your advice for Nav.
Firstly Moe, most beginners do not have a clearly defined plan. Where they have a written criteria for entering and managing a trade. Thus they trade on emotions. Following a volatile pair like cable is not easy even for a seasoned trader let alone a beginner. On a public forum where there are diverse ideas and strategies one could very easily be persuaded to enter a trade on the recommendation of one person and exit on the recommendation of another. Even if no trade is initiated, there is a very high possibilty of the trader being at least influenced to either cut his profit short in a winning trade and conversely to let his loss run on a losing trade. To cut my rant short basically most beginners do not have clearly defined rules to manage a trade and thus the potential for being influenced by others is very high.
Secondly Bones,
There are lots of very talented traders here, who have so much to offer and are very willing to share their knowledge. By hanging around in these forums one picks up very useful tips . The wonderful thing about this zero sum game is that there is a lot of comradery here with genuine concern for the well being of one another. The scope for shortening the learning curve is very real.
I hope the rant is half coherent.

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Quote

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Its a shake up ,thats all,Intrest rates have just got wider and that is not bearish on this pair. We have a potential pin on the 4 hour

Quoting Bones

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Its a shake up ,thats all,Intrest rates have just got wider and that is not bearish on this pair.
We have a potential pin on the 4 hour

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Quoting salah k.

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i have to disagree u c tomorrow we have mpc meeting and any dovish sign will kill cable.

plus if u notice the 4h candles do not show bullish movement they are strongly bearish

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Quoting Abuawad

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I do my analysis once the US session is close. What time in Est or GMT, really I don’t know in Saudi Arabia 1:00 Am GMT+3.
Haw I find -+20 pips from the closing. I say before if there are no support or resistant values before these lines I make -+20 pips as the unknown area limits. If there are any support or resistant I’ll make the S/R as the unknown area limits, how I find this value “ONE WORD” experience I have focus on cable for more than 2 year.

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Quoting MarcoW

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Abuawad, do you wait until price closes beyond the "unknown" area on the 4hr chart before you enter or just when it penetrates it?

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Quoting oleevier

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i agree , strong short signal on 4h i see

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