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Cable Update (GBPUSD)

  • #61,641
  • Apr 15, 2008 6:22am Apr 15, 2008 6:22am
Quoting Tmac
9620 is 1st TP
2nd will be about 9550 near term

1st target met

this was posted 5 days ago
Don't chase the market, Let the market come to you
  • #61,642
  • Apr 15, 2008 6:25am Apr 15, 2008 6:25am
I've got 1.9587 then 1.9330ish
Patience + Humility + Study = Success
  • #61,643
  • Apr 15, 2008 6:37am Apr 15, 2008 6:37am
I did scalp got 10 pips long from 1.9621 - 1.9631.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,644
  • Apr 15, 2008 6:53am Apr 15, 2008 6:53am
You haven't worked it out have you yet, Candles are not only useless but they are used to lie to you frequently to take your money, better on the opposite as already proved has better odds.

Try a Bollinger Band on the 1D chart, 20Sma Dev 2, just play the range mate.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #61,645
  • Apr 15, 2008 6:59am Apr 15, 2008 6:59am
Quoting Turveyd
You haven't worked it out have you yet, Candles are not only useless but they are used to lie to you frequently to take your money, better on the opposite as already proved has better odds.

Try a Bollinger Band on the 1D chart, 20Sma Dev 2, just play the range mate.
woa, where do you get that candles are useless? on what foundation is this based? Candles ARE the foundation of forex but that is hard work and many will not put in the time to learn but use worthless lagging indicators

those that use indicators will fail more often than not because indicators are ALL lagging.........if you want to make money in forex then look to the leading indicators and candlestick patterns and retire early
Don't chase the market, Let the market come to you
  • #61,646
  • Apr 15, 2008 7:06am Apr 15, 2008 7:06am
Quoting Turveyd
You haven't worked it out have you yet, Candles are not only useless but they are used to lie to you frequently to take your money, better on the opposite as already proved has better odds.

Try a Bollinger Band on the 1D chart, 20Sma Dev 2, just play the range mate.
Thanks for advice.May you guide me ?
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,647
  • Apr 15, 2008 7:09am Apr 15, 2008 7:09am
Okay rule #1 I do not use lagging indicators I spit on indicators just as hard!!

Actually yesterdays candle was bearish and down move was expected.

S/R levels, Momentum and Trend is where the golden egg lies!! And also consider the markets range, the BB indicator is likely the best although far from perfect.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #61,648
  • Apr 15, 2008 7:12am Apr 15, 2008 7:12am
I did scalp only at a dip / top when the cable moved too slow up and down.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,649
  • Apr 15, 2008 7:19am Apr 15, 2008 7:19am
the way it looks now is that the news this week whether US or UK related wont be in favor of cable so we might see a big drop to the major resistance which was strong enough to hold 3 times : 19300

but if next week US home sales were as good as last month's home sales then i think cable will brake than resistance.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #61,650
  • Apr 15, 2008 7:20am Apr 15, 2008 7:20am
Quoting Turveyd
Okay rule #1 I do not use lagging indicators I spit on indicators just as hard!!

Actually yesterdays candle was bearish and down move was expected.

S/R levels, Momentum and Trend is where the golden egg lies!! And also consider the markets range, the BB indicator is likely the best although far from perfect.
BB --> Bullish Bearish ?
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,651
  • Apr 15, 2008 7:25am Apr 15, 2008 7:25am
Bollinger Bands.
  • #61,652
  • Apr 15, 2008 7:25am Apr 15, 2008 7:25am
Quoting shajib
Hmm..what fundamental or technical reason did you see that made you go long at this stage?
hi shajib

i had an initial tp of 9650, if i'd waited I would have won +140, instead i acted on IMPULSE, started to imagine a big retracement and went long..

if only i didnt open my laptop.. sometimes you make more money by NOT being at the screen and going surfing (does anyone surf here?), than by monitoring it.

anyway between 9585 and 9600 i see a big retracement coming.. excellent trading of yours, by the way. keep at it
  • #61,653
  • Apr 15, 2008 7:31am Apr 15, 2008 7:31am
Quoting Turveyd
You haven't worked it out have you yet, Candles are not only useless but they are used to lie to you frequently to take your money, better on the opposite as already proved has better odds.

Try a Bollinger Band on the 1D chart, 20Sma Dev 2, just play the range mate.
In a hand of a commited student of the market and of a proffesional are many tools. It is good to hold to those that are useful, and in my experiance candles are very useful when used properly, but this is my subjective view. On the other hand, every tool has got some purpouse and limitation. One can use a screwdriver to put a nail in the wall, but it comes easier with the hammer. If you find candles not usefull try other e.g. OHLC bars.
Happy trading, and may the indicators (even laging ones) leed you well.
2be
Make sure losses are small and profits are bigger!
  • #61,654
  • Apr 15, 2008 7:36am Apr 15, 2008 7:36am
Quoting DutchTrader
I've got 1.9587 then 1.9330ish
You da man Dutch!


On another note, folks, this is simple technical analysis. Look to the higher timeframes to find the main direction for the trend. This month took a turn for the bears on the monthly charts and from there on out we saw bearishness after the 1.99's. I plan on continuing to short this until we either 1) get a confirmation bar on the monthly or 2) get a reversal bar coming up.

Have a good one everybody.
I dream, therefore I become.
  • #61,655
  • Apr 15, 2008 7:36am Apr 15, 2008 7:36am
Quoting magictrader
Bollinger Bands.
How can I find it ?
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,656
  • Apr 15, 2008 7:38am Apr 15, 2008 7:38am
I see possible bounce on trendline.
Attached Image (click to enlarge)
Click to Enlarge Name: up.gif Size: 31 KB
  • #61,657
  • Apr 15, 2008 7:38am Apr 15, 2008 7:38am
Why the euro not fall after the news until now???
Grasp all lose all
  • #61,658
  • Apr 15, 2008 7:47am Apr 15, 2008 7:47am
Quoting Teefoo
Why the euro not fall after the news until now???
give it some more time

im sure it will
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #61,659
  • Apr 15, 2008 7:57am Apr 15, 2008 7:57am
Quoting tomaz55
hi shajib

i had an initial tp of 9650, if i'd waited I would have won +140, instead i acted on IMPULSE, started to imagine a big retracement and went long..

if only i didnt open my laptop.. sometimes you make more money by NOT being at the screen and going surfing (does anyone surf here?), than by monitoring it.

anyway between 9585 and 9600 i see a big retracement coming.. excellent trading of yours, by the way. keep at it
Thanks. Unfortunately I still sometimes act on impulse. Old habit . I'm still holding a short position after closing another at 9640. There is a possible breakout in u/j as Dow's momentum shifts upwards. So USD should continue to perform further until I see a candle formation negating this view. I agree that 9600 would be a very good place to go long to catch a nice retracement.
  • #61,660
  • Apr 15, 2008 8:25am Apr 15, 2008 8:25am
Waiting for the timing to bounce up. She looks like diffilcult down below 1.9622, but still unsure, no one able against the market trend.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
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