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Cable Update (GBPUSD)

  • #60,641
  • Apr 6, 2008 9:21pm Apr 6, 2008 9:21pm
Supposr at 50 percent orange fibb...thats why i closed my short with 14 pips of profit...
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  • #60,642
  • Apr 6, 2008 9:31pm Apr 6, 2008 9:31pm
Smart moves Jets, smart moves

-140pips down in total, which is just STUPID and BAD TRADING.

Need EU to run back to 5700 - 5705 area to get me to break even on the day, the phrase no chance comes to mind.

But will brush it off, get it back shortly, loads more pips left to lose, pulled back 100pips from the low's already

Not that that is good news
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60,643
  • Apr 6, 2008 9:34pm Apr 6, 2008 9:34pm
p.s. not my system at fault, my system screamed to go short, but I held my longs living in hope of a upward break!!

Come on EU, 1.5685 is key here, anywhere near think I best take and be very happy.

1.9904 on GU is the 90min Downtrend line, move over this and 1.9925 is a sure thing short term, which will really help my $5 per pip in EU
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60,644
  • Apr 6, 2008 9:37pm Apr 6, 2008 9:37pm
1.9904 tested and failed, I love my system, except for when it's working against me
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60,645
  • Apr 6, 2008 9:58pm Apr 6, 2008 9:58pm
sitting under 90sma again, darn and blast is
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60,646
  • Apr 6, 2008 10:13pm Apr 6, 2008 10:13pm
Quoting manize
Yes agree, Short 1.9911, TP 1.9840, SL 1.9960. Wish me luck !
Manize: I can't wait for 1.9840 target I exited from my account for 25 pips TP and 26 pips TP but I still have two more accounts for 1 lot each what do you think are you still waiting for 1.9840 target. the only thing i am a little bit hesitating is London opening and I still didn't take my dinner and I am sleepy too so I think I am gonna exit my remaining two accounts soon and will see you guys tomorrow at 7:00 am Central time in US.

Thanks and have a great night.
  • #60,647
  • Apr 6, 2008 10:22pm Apr 6, 2008 10:22pm
Well... it's certainly looking down right now. Price has crossed lower band of the up channel, and moved into Daily S3 (1.9890).

It might run up back a little to 1.9920ish and head back down again. Looking at 1.9737 strong support as target.
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Trade the reaction, not the news!
  • #60,648
  • Apr 6, 2008 10:28pm Apr 6, 2008 10:28pm
Sure is looking down, guess I should take @1/2 of my loss from worst case and be happy.

not down hugely since 3weeks back, over confident for once, back to no confidence I bet.

Wish I was trading GU, compared to EU it barely moved


20pips higher is all I need to erase the stupid trades but nooooo.

UJ had a 100pip up move
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60,649
  • Apr 6, 2008 10:52pm Apr 6, 2008 10:52pm
Quoting Turveyd
Sure is looking down, guess I should take @1/2 of my loss from worst case and be happy.

not down hugely since 3weeks back, over confident for once, back to no confidence I bet.

Wish I was trading GU, compared to EU it barely moved


20pips higher is all I need to erase the stupid trades but nooooo.

UJ had a 100pip up move
im looking for LONG on GBPUSD
  • #60,650
  • Apr 6, 2008 10:52pm Apr 6, 2008 10:52pm
Quoting TraderJR
How to use the template

Drag the attached TPL file to the MT4 "templates" folder

Right click on the chart, select Templates, Abuawad

Lines will appear on the chart which match Abuawad's values and colour scheme (if not, restart MT4, open GBP/USD and try again)

Unknown Area Limits UALs are solid yellow lines, T1 thru T3 (capital T) are solid lines, Support/Resistance (S/R) lines are dotted, appropriately coloured.


How I use Abuawad's method (a work in progress, this is what I think at the moment)
Please read it all carefully

Basically Abuawad's method says: The H4 candle Close and/or next H4 candle Open indicates price will move to the next priceline in the direction indicated by the first H4 candle, provided that Open/Close is not in the Unknown Area (between the yellow lines). Price will then try to break that priceline and move to the next priceline. If it fails, it will move back to the previous priceline.

BE OUT OF ANY TRADES AT LEAST 30 MINUTES BEFORE A SIGNIFICANT NEWS RELEASE. Following a NEWS release, I'm not sure...

Any of the lines is a "priceline", and can be a "target" (small t) i.e. including UALs and S/R lines.

My rules
1. Wait for a valid signal as per the above, that it's GO for entry. If the H4 Close/Open is only a few pips from a priceline, it's prudent to look for some sort of confirmation, perhaps in the preceding H4 or H1 candles; the risk adverse will wait for the next H4 candle. I regard 5 pips or more from a trigger priceline as a clear signal.

2. Look for a good entry (e.g. price may close under the trigger indicating to go short, then move up somewhat - a great opportunity to enter)

3. StopLoss (SL): Find the priceline adjacent to the trigger priceline, and set SL equal to the adjacent priceline value plus 15 pips, away from indicated
price movement direction. If the resulting SL is less than 50 pips, it's probably a good idea to increase it to at least that.

4. TakeProfit (TP): If you are content with a "small" (but almost guaranteed) profit, set TP to the next priceline value in indicated price movement direction (1st target). It's prudent to set TP a few pips short of the target, and if in a Sell trade you must add the spread to the nominal TP.

5. If you want to try for greater profits, set T3 (up or down as appropriate) as TP, but to avoid being caught by a reversal at the 1st target, move SL to BreakEven BE when the 1st target is achieved - you might end up with 0 pips but at least won't lose anything. Simlarly trail SL if subsequent targets are achieved (maybe use the +15 pip rule above to try and avoid being stopped out early - though if price reverses, it will mean you have given up more profit).
Good stuff JR!

Thanks mate.
Rob
  • #60,651
  • Apr 6, 2008 11:01pm Apr 6, 2008 11:01pm
Ultraman, avoid Eurusd tonight i suggest, it's not playing well, hehehehe

5am here, my first all night trading session, determined to get back max pips, UJ's coming down nicely, EU not moving sadly, atleast the right way.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60,652
  • Edited Apr 7, 2008 1:11am Apr 6, 2008 11:05pm | Edited Apr 7, 2008 1:11am
Quoting makey2u
Sometimes in financial markets it can be as simple as saying, "All the good news is already in the price." This is the bottom-line of why we think the euro will move sharply lower in the weeks ahead.

> original text removed in the interest of space. Read Jack's full text at the link below <
http://www.forexfactory.com/showpost...ostcount=60632

As you can see, I have both fundamental and technical reasons why we believe the euro is due for a major correction lower against the US dollar. I have a multi-week target of around 1.4800 on the euro against the dollar. If it gets there, your euro puts will soar.
So hopefully you will be able to be filled on my order to buy June euro puts (EDB RR) that I recommended this morning in Issue #130. I expect it to be a big winner!

Best wishes,
Jack
Thorough analysis. Thanks for sharing.
I'm short EUR/USD at 1.5735 and agree that the Euro is taking a break down south for a few weeks before it continues its journey north.
Rob
PS makey2u ...Was the analysis by Jack from The LFB?
  • #60,653
  • Apr 6, 2008 11:10pm Apr 6, 2008 11:10pm
Crap night, was just having a mess around to, was over my £400 barrier i reversed off once before, guess what reversed off it again


closed out -£58 -116 pips BAD night!!


But brush myself off and back in business trading smarter tommorow!!




Unlucky on the EU break down, nothing move, 95% of the time the range holds and adding lots woulda made a nice profit, typical hey
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60,654
  • Apr 6, 2008 11:31pm Apr 6, 2008 11:31pm
Quoting Ultraman
im looking for LONG on GBPUSD
Glad to see you have money to lose!!.
  • #60,655
  • Edited Apr 7, 2008 12:21am Apr 6, 2008 11:36pm | Edited Apr 7, 2008 12:21am
Quoting Ultraman
im looking for LONG on GBPUSD
It's like watching someone about to jump off a building and everyone shouts ...
"Noooo ...Don't do it!!!"
  • #60,656
  • Apr 7, 2008 12:04am Apr 7, 2008 12:04am
9771 a good target?
  • #60,657
  • Edited 12:33am Apr 7, 2008 12:17am | Edited 12:33am
Quoting AmeriTrini
Glad to see you have money to lose!!.
will see AmeriTrini
im still looking forward for LONG
  • #60,658
  • Apr 7, 2008 12:28am Apr 7, 2008 12:28am
Well, I hope Ultraman & AmeriTrini both right in their own way, so cable will go down first then go up again. Many pips for all of us.
Don't worry, life's too short
  • #60,659
  • Apr 7, 2008 1:05am Apr 7, 2008 1:05am
Quoting asyed4
Manize: I can't wait for 1.9840 target I exited from my account for 25 pips TP and 26 pips TP but I still have two more accounts for 1 lot each what do you think are you still waiting for 1.9840 target. the only thing i am a little bit hesitating is London opening and I still didn't take my dinner and I am sleepy too so I think I am gonna exit my remaining two accounts soon and will see you guys tomorrow at 7:00 am Central time in US.

Thanks and have a great night.
I did that because I should go offline business. But now I back online again, maybe I'll change my target above 1.9840. Just watch to do the best when to close.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #60,660
  • Apr 7, 2008 1:10am Apr 7, 2008 1:10am
Im looking for a move down eventually, but have just gone LONG 9874, Stop 9844, TP 1 9924..want to see it bounce of 9869 support and run up to give a nice entry for a short.
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