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Cable Update (GBPUSD)

  • #59,921
  • Mar 30, 2008 4:18pm Mar 30, 2008 4:18pm
Leave that trade open, if you can and make another trade when the time is right, my shorting 100pips higher up same stop suggestion, should work, ofcourse no guarantee, might get lucky, 55% chance you'll hit TP before SL at this point, i'd prefer to find 70%+ trades though, which will come in time.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,922
  • Mar 30, 2008 4:31pm Mar 30, 2008 4:31pm
this is very tricky....price is moving to much north if the 4hr candle closes above 1.9982 thn we might see the flipping higher levels again...there really is so much indecision its unbelieveable...
  • #59,923
  • Mar 30, 2008 4:39pm Mar 30, 2008 4:39pm
Thats why I'm sticking to M1 and my own personal setups, it's like forecasting the weather the further out you try to forecast the more inaccurate it is.

Forex to me is a day traders tool, if you want long term your better off with stocks, then you find a bullish sector and a bullish stock and jump on a few, but you'll need more funds, actually 6K is enough. ( or bearish and do both ways to protect against market crash )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,924
  • Edited 5:01pm Mar 30, 2008 4:48pm | Edited 5:01pm
Quoting Turveyd
Thats why I'm sticking to M1 and my own personal setups, it's like forecasting the weather the further out you try to forecast the more inaccurate it is.

Forex to me is a day traders tool, if you want long term your better off with stocks, then you find a bullish sector and a bullish stock and jump on a few, but you'll need more funds, actually 6K is enough. ( or bearish and do both ways to protect against market crash )
i cant trade small time frames.i tried i always end up looking at the 1 hr chart to get a direction..and even the 1 hr chart gives wrong singals at times, 4 hrs and daily are good....at least it was so on demo, i dunno whats changed apart from my nerves...but i must come right soon otherwise i might lose my account..

look at the indecision on the 15 minute chart right now ...we must be turning round now ....time for the handbrake again .....wishfull thinking !!! lol
this would be a good time to sell again but im to scared to do that right now ....lets see what happens with this trade...
  • #59,925
  • Mar 30, 2008 5:03pm Mar 30, 2008 5:03pm
ibfx has gone crazy, 16 pips spread on gbp/usd :-|
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  • #59,926
  • Mar 30, 2008 5:07pm Mar 30, 2008 5:07pm
Quoting Turveyd
Thats why I'm sticking to M1 and my own personal setups, it's like forecasting the weather the further out you try to forecast the more inaccurate it is.

Forex to me is a day traders tool, if you want long term your better off with stocks, then you find a bullish sector and a bullish stock and jump on a few, but you'll need more funds, actually 6K is enough. ( or bearish and do both ways to protect against market crash )
Im sorry that is not true Turveyd.The higher time frames are the most reliable.I very much doubt if you will ever hit your monthly target profit on the 1 min chart.
Nav is going the right way but must resisit adding to his position right now
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #59,927
  • Mar 30, 2008 5:14pm Mar 30, 2008 5:14pm
I agree totally on Nav, not getting himself into a potentially worse situation, preserving and minimizing his expenditure while learning is key here.

And disagree totally, we've both got valid system, neither of us is going to understand the others, totally implausible with the size of the account I've got to a) make enough money and b) afford the 100pip stops that 4H requires.

Where as you have the funds, but not the time to sit here and watch for a perfect setup on M1.


Time will tell, I'm betting I can ofcourse easily in theory in practice as Nav's seeing not so easy, I'm not there yet though sadly, hoping it'll click this week atleast enough to remain profitable with more trades.

10.4 spread on FXCM, the -0.3 Spread on EU looked nice last week I saw, that would sure help!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,928
  • Mar 30, 2008 5:22pm Mar 30, 2008 5:22pm
Quoting Bones
Im sorry that is not true Turveyd.The higher time frames are the most reliable.I very much doubt if you will ever hit your monthly target profit on the 1 min chart.
Nav is going the right way but must resisit adding to his position right now

Hey bud iam going to send you a pm...in a few minutes so dont leave yet please...
  • #59,929
  • Mar 30, 2008 5:24pm Mar 30, 2008 5:24pm
Quoting Bones
Im sorry that is not true Turveyd.The higher time frames are the most reliable.I very much doubt if you will ever hit your monthly target profit on the 1 min chart.
Nav is going the right way but must resisit adding to his position right now
bro i so aint i realised something about my trading ...at 0.1 lot size i head is right and dont panic and generally make winning trades when i stick to this size anymore sends me over the edge an start doing stupid things....the entry was stupid but at least its moving towards my entery point ..lol

think small aim for the stars ...is the only way i can do this ....
  • #59,930
  • Mar 30, 2008 5:27pm Mar 30, 2008 5:27pm
Quoting jets211990
Hey bud iam going to send you a pm...in a few minutes so dont leave yet please...

Alright bud i PM you check it out...since i dont whant to clutter this thread with my strategy...
  • #59,931
  • Mar 30, 2008 5:31pm Mar 30, 2008 5:31pm
Quoting nAVIN2007
bro i so aint i realised something about my trading ...at 0.1 lot size i head is right and dont panic and generally make winning trades when i stick to this size anymore sends me over the edge an start doing stupid things....the entry was stupid but at least its moving towards my entery point ..lol

think small aim for the stars ...is the only way i can do this ....
yes you have the momentum on your side.Watch 9830 when we get there.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #59,932
  • Mar 30, 2008 5:38pm Mar 30, 2008 5:38pm
Quoting Bones
yes you have the momentum on your side.Watch 9830 when we get there.
sure will if i can bro ..have work tomorrow new job ...it wont be easy to trade as it can only be done now on large time frames


im off to bed ....good luck guys ..wish u all many pips
  • #59,933
  • Mar 30, 2008 5:40pm Mar 30, 2008 5:40pm
Same as that Nav.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #59,934
  • Mar 30, 2008 6:45pm Mar 30, 2008 6:45pm
Okay the positive side here!!!

If I stick to 1 mini lot per trade, I can get stopped out 51 times thats huge compared to normal, so relax chill out and get stopped 2% gone not a biggy get back in the game!! ( up from 5 trades so 10x's )

I can also trade 2 or even 3 markets at the same time!!


I CAN DO THIS!!!!

GOT to stick to $1 per pip until I'm £500+ though, then back to $1 if I drop under!! RULES!!!

And Loosen it up alittle, the money is at risk, so risk it and let thy profits run at times anyway!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,935
  • Mar 30, 2008 7:01pm Mar 30, 2008 7:01pm
Quoting abuzant
ٍSource is TenforeX by the way, just started to tick.
can u give us exact url please
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #59,936
  • Mar 30, 2008 7:07pm Mar 30, 2008 7:07pm
Quoting Bones
Its going to be intresting....
I would interpret this to mean the blue pin's influence has been played out, and it's now the red pin which is in effect.

Or the two pins cancel out and price will be rangebound..
Darkness lies one inch ahead..
  • #59,937
  • Mar 30, 2008 7:22pm Mar 30, 2008 7:22pm
Quoting nAVIN2007
i was hoping to make a fortune from trading but i come to see that it will take its time for me to become profitable...but at least i moving in the right lines...i think
A trader I know told me this, I found it quite insightful and thought you also might find it interesting:

"I've been trading for 3 years but last January I quit a fulltime job to live
of trading. It has been and still is a great journey and although there have
been though months (my accounts have taken a big blow in august), I'm doing okay.

I'm not a zillionaire, nor do I expect to become one soon but it pays
the bills and I have more time to spend with my family.

The 95% fail rate you hear everybody mention is probably true or even
underestimated. But remember one thing: you are yourself the main obstacle
for profitability in trading. Regardless of your system or strategy, you'll
have to stay confident with your abilities and diligently stick to your
gameplan. And that takes a whole lot more discipline and confidence than
you'd ever imagined.

Have patience (the markets will always be here), find your edge and develop
a (combination) of systems that suit your personality."
Darkness lies one inch ahead..
  • #59,938
  • Mar 30, 2008 7:43pm Mar 30, 2008 7:43pm
Quoting MarcoW
Keep them coming Abuawad!!

Regarding Abuawad's method..

Thus far, every time I have taken the time to do my own charts per his method and then trade live with them I have turned a profit.. every time thus far. The only problem I have encountered was figuring the appropriate stop loss for my account and allowing the price to turn against me and head in that direction before reversing and playing out per projection.

He posts the projections every day.. no secret.. it either works or it doesn't.. anyone who thinks it doesn't need only take the time to look back over the charts and the projections and see the results!
What gives me some confidence in Abuawad's method is how well price respects his targets and S/R. The 40 pip "unknown area" where one is advised to stay away and where price behaves unpredictably is unique in my experience - fibs and pivots do not have any equivalent.

When price closes/opens above a certain target or S/R it does indeed move to the next line, giving one both direction and a potential TP - the essence of a method (SL generally 15 pips further back on the previous line). Details about applying the method at the H1 level are sketchy IMO and probably a lot of trading judgement is required there.
Darkness lies one inch ahead..
  • #59,939
  • Mar 30, 2008 7:47pm Mar 30, 2008 7:47pm
Keep the success stories coming traderJR it builds confidence!!!

Interesting mix so far, GU is bullish up trending off the 90min sma, and EU is bearish to flat really.

Expect GU, 1.9990 will be tested shortly well over the night, expect it will fail at this level and head back down again ( or this just wishful thinking for Nav )

Guess I should get a early night, try to get up early it takes me 2 - 3 hours to be awake / confident enough to place a trade after I get up after all.


I toyed with EU long while I wrote above, shoulda !!

Don't do anything stupid Nav before I wake up hey
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,940
  • Mar 30, 2008 7:54pm Mar 30, 2008 7:54pm
Fairly sure Abu and most others that are profitable, generate there charts around there subconscious bias to fit with what they expect, after all many different ways to interpret the same chart its uncanny how they pick the right one.

So there instinctive damn good traders, they can't teach what they do as it's on a subconscious level which there likely not even aware there doing sadly.


So agree with there charting logic or not, remember it's more of a prediction than just a chart and be advised to follow along atleast not fight against.

I'm starting to get my own subconscious gut feeling, but it comes and goes sometimes it's all meaningless and other times I know exactly what it's going to do, even on a daily chart basis I don't even trade.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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