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Cable Update (GBPUSD)

  • #64,081
  • May 4, 2008 2:17am May 4, 2008 2:17am
hi all
this is my first post
dont doubt with first poster, just act next week, according to the chart.....lol.....j/k
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  • #64,082
  • May 4, 2008 3:38am May 4, 2008 3:38am
Quoting coop38
hi all
this is my first post
dont doubt with first poster, just act next week, according to the chart.....lol.....j/k

this guy also predict similar to yours....cheers

http://www.forexfactory.com/attachme...1&d=1209537857


http://www.forexfactory.com/showpost...postcount=2613


sonic
  • #64,083
  • May 4, 2008 3:45am May 4, 2008 3:45am
Quoting coop38
hi all
this is my first post
dont doubt with first poster, just act next week, according to the chart.....lol.....j/k

nice first diagram but if u look u will see a evening star formation..after this why u thinking up .....an explaination as to why we will go up would be good as it needed in this case....

i doubt there be a more conviencing bearish formation even if u looked the whole year ..it engulf the bullish candle completely..
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  • #64,084
  • May 4, 2008 4:21am May 4, 2008 4:21am
Quoting nAVIN2007
nice first diagram but if u look u will see a evening star formation..after this why u thinking up .....an explaination as to why we will go up would be good as it needed in this case....

i doubt there be a more conviencing bearish formation even if u looked the whole year ..it engulf the bullish candle completely..
i have no evening star on my 4h chart, anyone know why? uk time
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  • #64,085
  • May 4, 2008 4:31am May 4, 2008 4:31am
Quoting tim1234
i have no evening star on my 4h chart, anyone know why? uk time

thats strange i have this on mine...but u still have a bearish formation but that not the point.u need to speak to yur broker...
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  • #64,086
  • May 4, 2008 4:32am May 4, 2008 4:32am
Quoting TraderJR
Yes, but it really is a trading robot, with all the advantages and disadvantages that that implies:

Advantages: No emotion, will execute trades according to set rules with extreme efficiency.

Disadvantages: Rule-bound, very inflexible, nothing in the way of judgement, discretion or insight..

The EA can be optimised according to past data i.e. to give max profit, minimum drawdown - If you have gone through this exercise, you really get to understand the meaning of "Past performance has no bearing on future returns"

An EA can be profitable for months, then tank because the market climate has changed.

Progress is being made in getting robots to do complex tasks, like driving unattended on roads, but trading the forex... hmmm?

See http://en.wikipedia.org/wiki/DARPA_Grand_Challenge

However one would be a fool to say "never", though a trading robot which consistently made money in all types of markets and generally available to traders might mean the end of FOREX as we know it. If such a beast exists, one would presume extraordinary efforts were being made to cloak the fact, including regular random losses..
thnx bro and ur right it doesnt make sense in forex if everyone keeps winning

so u have a point it will be the end of FOREX if everyone uses a good EA tat never loses.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #64,087
  • Edited 5:12am May 4, 2008 4:38am | Edited 5:12am
Quoting salah k.
thnx bro and ur right it doesnt make sense in forex if everyone keeps winning

so u have a point it will be the end of FOREX if everyone uses a good EA tat never loses.
what u have to ask yourself is why would u make a EA that was profitable and would u sell it..? i doubt it...u would just use it and become rich...the reason why there sold is because it uses consistency and then probability comes into play and trading then becomes a game of chance...based on rules being met.

i reckon u may make money but in the end u definately gonna blow yur account or worse the house ....I think trading is all about discretion which is why 2 people can use the a same system and one will lose..just my view
  • #64,088
  • May 4, 2008 5:48am May 4, 2008 5:48am
Quoting salah k.
"USD est non mortuous"
does it mean not dead?
Yes, its a loose Latin translation.
USD Est Non Mortuus
  • #64,089
  • May 4, 2008 6:20am May 4, 2008 6:20am
Quoting tim1234
i have no evening star on my 4h chart, anyone know why? uk time
Because of timezone differences, H4 candles can have vastly different appearances between brokers.

See http://www.forexfactory.com/showpost...ostcount=61146

and also

http://www.forexfactory.com/showpost...ostcount=60899

Quite logical if u think about it - why should candles be the same when there can be 1, 2 or 3 hours difference between their Opens/Closes?

OTOH H1 closes between brokers are quite similar, as one might expect (except in the odd case where a broker's timezone is 30 min out of sync with the hour)
Darkness lies one inch ahead..
  • #64,090
  • May 4, 2008 6:47am May 4, 2008 6:47am
But you have a Bearish engulfing candle formation and it means the same thing. See www.babypips.com. Differant brokers will result in differant signals.

Jim

Quoting tim1234
i have no evening star on my 4h chart, anyone know why? uk time
  • #64,091
  • May 4, 2008 7:15am May 4, 2008 7:15am
Quoting nAVIN2007
but if u look u will see a evening star formation..after this why u thinking up .....an explaination as to why we will go up would be good as it needed in this case....
dear naVIN2007,
i dont expert with candles formation, it;s harmonic pattern that told me the price will go north next week, i like the setup because the RR ratio is very good

cheers....
  • #64,092
  • May 4, 2008 7:16am May 4, 2008 7:16am
I have tried hundreds of them, I have a room in my house with a server and 5 computers each of them has several copies of MT4 on them. I had 30 of them running at one time before and its always the same thing. If its an EA that favors the trend then you will make money as long as the trend continues. If it favors a ranging market then you will make money in a ranging market. Because the market is constantly changing, there will never be an EA that makes consistant money......UNLESS you do like I am doing. I have found a good one, but I have to make adjustments every day. I have to see where the price is and make changes constantly.

Jim

Quoting nAVIN2007
what u have to ask yourself is why would u make a EA that was profitable and would u sell it..? i doubt it...u would just use it and become rich...the reason why there sold is because it uses consistency and then probability comes into play and trading then becomes a game of chance...based on rules being met.

i reckon u may make money but in the end u definately gonna blow yur account or worse the house ....I think trading is all about discretion which is why 2 people can use the a same system and one will lose..just my view
  • #64,093
  • May 4, 2008 7:19am May 4, 2008 7:19am
Guys and Gals,

We just have to trade what the market gives you. We have talked about this 9730 area as a support and resistance area. In the chart below you can see that many times in the past this area has been successful in providing support when the price is above and resistance when the price is below, but it has provided support more than resistance. We are at that level of support now. I am not saying that we will not break it short, especially when we could have a gap down, but if we don't you can see that the 1 Hr trendline that Bones turned me on to the other day is right there also providing extra support. If I hadn't gotten this info I would be thinking something differant.

Everyone: This is how this thread should work, with people helping one another, showing their charts and, EXPLAINING WHY THEY REACH THAT CONCLUSION!!!
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  • #64,094
  • May 4, 2008 7:27am May 4, 2008 7:27am
Quoting coop38
dear naVIN2007,
i dont expert with candles formation, it;s harmonic pattern that told me the price will go north next week, i like the setup because the RR ratio is very good

cheers....
its certainly possible buddy and who knows..anything can happen but based on signals its looks like maybe a short move up and then down again...remember the trend is down so there no telling where the bottom is...i wish u luck
  • #64,095
  • May 4, 2008 7:31am May 4, 2008 7:31am
Quoting hard1head1
Guys and Gals,



Everyone: This is how this thread should work, with people helping one another, showing their charts and, EXPLAINING WHY THEY REACH THAT CONCLUSION!!!
definately....it all depends on where we open on sunday ...and whether we break this support..if it breaks it will turn into resistance and should sell on retest ...
  • #64,096
  • May 4, 2008 8:00am May 4, 2008 8:00am
I am leaning on trading this triangle unless the market tells me otherwise. See you all tonight.
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  • #64,097
  • May 4, 2008 8:36am May 4, 2008 8:36am
Quoting nAVIN2007
its looks like maybe a short move up and then down again...remember the trend is down so there no telling where the bottom is...i wish u luck
or maybe
its looks like, a short move down a bit and then up for the rest of the week.....and remember the trend is easy to spot after the fact....wish u uck too, buddy

hey...its nice to have other opinion, make us alerted as a trader

cheers
  • #64,098
  • May 4, 2008 8:46am May 4, 2008 8:46am
Quoting coop38
or maybe
its looks like, a short move down a bit and then up for the rest of the week.....and remember the trend is easy to spot after the fact....wish u uck too, buddy

hey...its nice to have other opinion, make us alerted as a trader

cheers
we have a v shape pattern denoting possible reversal which has failed,or has it ? possible head n shoulder...right rougly 61.8 % ratio is met so really not to sure confirmation is needed ofcourse but for long that trendline acting as resistance need to break..im in favor of short..but u never know

and this is reason why...

that line acting as resistance can be considered a early signal (advanced entry for head n should pattern) already in play if 1.9711 break ..200 pips is likely ..

i think ..lol
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  • #64,099
  • May 4, 2008 9:15am May 4, 2008 9:15am
You can tell who the keen ones are Lol

Prev 1hr swings and potential trend lines as shown below ahead of Monday's action. (Having Monday off here as Uk Bank Hol)

4hr below that.
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ex member
  • #64,100
  • Edited 9:37am May 4, 2008 9:16am | Edited 9:37am
Quoting nAVIN2007
possible head n shoulder...
consider this, an inverted one

looks similar
http://thepatternsite.com/images/hsbmeasure.jpg
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