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Cable Update (GBPUSD)

  • #60,441
  • Apr 4, 2008 8:01am Apr 4, 2008 8:01am
futures markets predicated 50:50 chance of 50 basis point cut later this month by the FED, although cable and euro for that matter sell, shows best to stick to techical trading becos funnymentals make little sense!!
Trading is 80% Emotional, 20% Technical
  • #60,442
  • Apr 4, 2008 8:02am Apr 4, 2008 8:02am
Hello Abuawad ,

shall we see the cable going down if 4h candle close below the 1.9938?

did you make change of your forecast for today?

best regards

FXP
  • #60,443
  • Apr 4, 2008 8:02am Apr 4, 2008 8:02am
Quoting fx local
Navin2007- i strongly suggest u read "Trading in the Zone" by Mark Douglas, and Trading Althete by Shane Murphy, most traders have been where u are at moment, i certantialy have anyway,
i will buddy ...i know the whole week i stayed out of the market and i jum in right in the wrong place always and news always catches me but ...i keep making the same mistake time and time again ....the good news is ..i lost what i made on monday and entered on 0.1 lot...i wont go higher because im lossing faith in myself and scared to lose..which is the biggest problem i got right now ..
  • #60,444
  • Apr 4, 2008 8:03am Apr 4, 2008 8:03am
So cable are going down?
I'm really confused.
Don't worry, life's too short
  • #60,445
  • Apr 4, 2008 8:04am Apr 4, 2008 8:04am
Quoting salah k.
thats wats killing me

i thought cable would be at 2.01
WTF dollar is gaining sterngth against all the market and commodities

wat the hell does that mean
thats means that anything can happen, funds must of been long into figure profit taking sell off perhaps!? non farm hasnt made any sense for months!
Trading is 80% Emotional, 20% Technical
  • #60,446
  • Apr 4, 2008 8:05am Apr 4, 2008 8:05am
Both £ and $ are weak right now....which is why £ reversed against $ after knee jerk reaction up to 0050 resistance (trend line ) U.s a big export market for Uk, so recessiion there not good for Uk, this weak NFP improves chances of a Uk rate cut next week.
ex member
  • #60,447
  • Apr 4, 2008 8:05am Apr 4, 2008 8:05am
Quoting fxpredator
Hello Abuawad ,

shall we see the cable going down if 4h candle close below the 1.9938?

did you make change of your forecast for today?

best regards

FXP
No i didn't update it still the values in it correct and working well.
is it goning down !! till now the 4h candle didn't close under the down limit.
  • #60,448
  • Apr 4, 2008 8:06am Apr 4, 2008 8:06am
oscillator extreme reading on 1min at those 0050 highs with regular bearish divergence reading 5min thr to 1hr suggesting a reversal at that trend line mentioned above.
ex member
  • #60,449
  • Apr 4, 2008 8:09am Apr 4, 2008 8:09am
Quoting nAVIN2007
i will buddy ...i know the whole week i stayed out of the market and i jum in right in the wrong place always and news always catches me but ...i keep making the same mistake time and time again ....the good news is ..i lost what i made on monday and entered on 0.1 lot...i wont go higher because im lossing faith in myself and scared to lose..which is the biggest problem i got right now ..
read them books as a start, will help you adjust your mental approach, trading dont forgot is hardest thing to be successfull at, market is like a bad trading opponent trying to instill bad trading techniques. key to sucess is emotional discipline, the ability to keep your emotions removed from your decisions,

non farm- iguess the game is no to guage if data is bullish/bearish but instead focus on markets response to fundamental news, if a market shrugs off aload of bullish datat be aware of impending bear move
Trading is 80% Emotional, 20% Technical
  • #60,450
  • Apr 4, 2008 8:10am Apr 4, 2008 8:10am
Quoting Abuawad
No i didn't update it still the values in it correct and working well.
is it goning down !! till now the 4h candle didn't close under the down limit.
thank you Abuawad,

i have shorts from 2.003 , and i will add more if the 4h candle close below the pp 1.9938

best regards
FXP
  • #60,451
  • Apr 4, 2008 8:10am Apr 4, 2008 8:10am
Quoting Toleot
So cable are going down?
I'm really confused.
down i think is the direction but wait for the price to rise first....but i wont listen to what im saying right now ....as i keep getting it wrong.
  • #60,452
  • Apr 4, 2008 8:11am Apr 4, 2008 8:11am
Quoting Abuawad
No i didn't update it still the values in it correct and working well.
is it goning down !! till now the 4h candle didn't close under the down limit.
FXDD just close and start a new 4H candle meanwhile MT already close it one hours before.

Hello Abuawad, which platform should I followed?

Thanks
  • #60,453
  • Apr 4, 2008 8:13am Apr 4, 2008 8:13am
I think I said the daily res was 2.0060.We bounced near there. Im not in at mo as I can not watch price action and that has cost me in the past .
Im typing this from a Mc Donalds car park a long way from home ,lol

That could well be a lower high for trend to continue.
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,454
  • Apr 4, 2008 8:13am Apr 4, 2008 8:13am
Very interesting and scary moves indeed.

2.0060 is v.strong resistance as Bones mentioned.

NFP numbers did cause price to jerk up, but Andrew's pitchfork top line, happens to coincide near 2.0060, and I reckon many sellers went into action at this point. RSI on overbought and also expectancy for BoE interest rate cuts next week might have helped selling.

Bulls and Bears were fighting for a good couple of minutes with price going up and down, but seems like bears won, right now sitting around 1.9938.
Trade the reaction, not the news!
  • #60,455
  • Apr 4, 2008 8:13am Apr 4, 2008 8:13am
Quoting nAVIN2007
i will buddy ...i know the whole week i stayed out of the market and i jum in right in the wrong place always and news always catches me but ...i keep making the same mistake time and time again ....the good news is ..i lost what i made on monday and entered on 0.1 lot...i wont go higher because im lossing faith in myself and scared to lose..which is the biggest problem i got right now ..
take some time out and improve yor self esteem, key is do someting postive, when youre in a slump try to be patient and wait for a trade that you feel very confident about and keep size very small.

your goal should not be to make money but rahte rto get confidence back by making correct decisions,

good luck mate
Trading is 80% Emotional, 20% Technical
  • #60,456
  • Apr 4, 2008 8:17am Apr 4, 2008 8:17am
hi...re NFP

Can empathise with the guy re roulette...I was sitting 38pips up, anticipating a breeze to 20060, and upwards, then wham...I watch dazed as it rattled down....loaded gun comes to mind....

After 8 months of attempting to learn forex, I'm on the verge of giving up, it's soul-shredding. Weeks of grudging miserable measly wee gains - then obliterated in a fell swoop, over and over again.

No idea why the £ tanked, it's a vicious beast this fx - only explaination I can come up with is that 20040 was a sell signal for traders and once it hit that point the 'big sell' came.

Ah well - back to drawing board and plan B career!!!

P.S. haven't posted on this thread before but have enjoyed lurking and reading. Good trading folks.
  • #60,457
  • Apr 4, 2008 8:26am Apr 4, 2008 8:26am
hi,
out of the subject. how can help me with MQL programming, any book or refrance please
  • #60,458
  • Apr 4, 2008 8:28am Apr 4, 2008 8:28am
The 4hr chart shows the now tested descending 4hr trend line created by highs at points a and b. The second screenshot shows the bearish oscillator divergence on charts 5min thru to 1hr at that top, 30min being the screenshot example
Attached Images
ex member
  • #60,459
  • Apr 4, 2008 8:29am Apr 4, 2008 8:29am
do you mean my-sql? if so, what you require? send me a PM

Quoting Abuawad
hi,
out of the subject. how can help me with MQL programming, any book or refrance please
  • #60,460
  • Apr 4, 2008 8:32am Apr 4, 2008 8:32am
now look at that 4hr chart above and the green ascending trend line, also 38.2% of the 9729-0050 todays top move....medium bids there said mni, bullish regular divergnec now on 1min trigger with oscillator showing extreme o/s readings 5min thru 15min charts.
Attached Image
ex member
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