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Cable Update (GBPUSD)

  • #69,381
  • Jun 5, 2008 3:27pm Jun 5, 2008 3:27pm
Quoting AmeriTrini
Thanks Tone.................Im ready for this market now!!!
Happy trading to ya all!
Trading is 80% Emotional, 20% Technical
  • #69,382
  • Jun 5, 2008 3:32pm Jun 5, 2008 3:32pm
man did u c oil
biggest daily range ever
unbelievable
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #69,383
  • Jun 5, 2008 4:26pm Jun 5, 2008 4:26pm
Quoting salah k.
man did u c oil
biggest daily range ever
unbelievable
crazy isnt it!! did u manage to buy it salah?
Trading is 80% Emotional, 20% Technical
  • #69,384
  • Jun 5, 2008 4:51pm Jun 5, 2008 4:51pm
Quoting fx local
crazy isnt it!! did u manage to buy it salah?
no bro but i am thinking of shorting it now since its at the top
it might retrace a dollar
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #69,385
  • Jun 5, 2008 5:29pm Jun 5, 2008 5:29pm
Lifes a Gamble but the markets aren't well there near 50/50 ( only spread stops it being 50/50 ) , there hard and most people just gamble on them with no system, gamblers lose end of story sadly.

The more pips you aim for the more it becomes a 50/50 as the less relevant the spread is.

Stops are good and bad depending on how you trade, but :-

1. Tight stops are good at keeping losses small, but lead to a high lose ratio.
2. Lose Stops still get annoying as they get taken out for moderate losses.

I'm turning into a no stop trader, even if i decide to cut my losses I can normally get a better exit than a stop would get me, but I do except I will take HUGE hits occasionally, but 75% win ratio since swapping over ( 12 trades so not alot of proof yet ), mainly it's alot less stressful kinda rules out having to have PERFECT entrys and wussing 99% of trades going.


End of the day, there are many ways to play this game, no way is wrong really, as long as you can profit from it.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #69,386
  • Jun 5, 2008 5:53pm Jun 5, 2008 5:53pm
Does anyone see the formation of a morning star ( 2nd candle formed today) on the daily.

If we get a green candle tomorrow with a close above todays close then the reversal may be confirmed

2.00 ?? is this possible ????

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Blogging daily now at www.volume.zone
  • #69,387
  • Jun 5, 2008 5:56pm Jun 5, 2008 5:56pm
y d m a h
If I Go Broke Trying Then I Will die happy.
  • #69,388
  • Jun 5, 2008 6:06pm Jun 5, 2008 6:06pm
Yes I see it Malcolm .Ive closed all but one of my longs and am looking to buy again.

Quoting malcolmb14
Does anyone see the formation of a morning star ( 2nd candle formed today) on the daily.

If we get a green candle tomorrow with a close above todays close then the reversal may be confirmed

2.00 ?? is this possible ????

Attachment
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #69,389
  • Jun 5, 2008 9:19pm Jun 5, 2008 9:19pm
Quoting Turveyd
Stops are good and bad depending on how you trade, but :-

1. Tight stops are good at keeping losses small, but lead to a high lose ratio.
2. Lose Stops still get annoying as they get taken out for moderate losses.

I'm turning into a no stop trader, even if i decide to cut my losses I can normally get a better exit than a stop would get me, but I do except I will take HUGE hits occasionally..
Another approach is to set a 100 pip stop and adjust lot size to whatever % capital u are prepared to lose, say up to 5 %. The stop shouldn't be taken out very often, but if it is, your max loss is 5 %. With a $10k A/C this means you can only set 0.5 lot max.
Darkness lies one inch ahead..
  • #69,390
  • Jun 5, 2008 9:27pm Jun 5, 2008 9:27pm
Quoting asyed4
Thanks man, really appreciated your confirmation of strong support for my PT level. Yes indeed it go down till 1.9464-buy and I had remained kept 1.9469/1.9470 as a PT for buy order for Shorts positions.


That is why I like this forum - Hureeeeeeeeeeeeeeeeeee

Alqaz Syed.
Thanks to your self for made that decision, i just give suggestion. I dont want you Thanked me if im right and blame me if i accidently wrong...
im happy for your pips
Verily, in every difficulties there is relief
  • #69,391
  • Jun 5, 2008 9:50pm Jun 5, 2008 9:50pm
Quoting primzvicious
i decide to long

stp @ 19445
close trade for 120 pips
Verily, in every difficulties there is relief
  • #69,392
  • Jun 6, 2008 12:33am Jun 6, 2008 12:33am
Ok, who's sitting around thinking about what's going to happen and who's actually done something?
Just digging in the trenches like everyone else!
  • #69,393
  • Jun 6, 2008 12:38am Jun 6, 2008 12:38am
Quoting eohater
Ok, who's sitting around thinking about what's going to happen and who's actually done something?
i think no serious market before US news
  • #69,394
  • Jun 6, 2008 12:50am Jun 6, 2008 12:50am
Daddy LONG Stroke from 580
Don't Get Bitter, Get Better
  • #69,395
  • Jun 6, 2008 1:20am Jun 6, 2008 1:20am
Quoting malcolmb14
Does anyone see the formation of a morning star ( 2nd candle formed today) on the daily.

If we get a green candle tomorrow with a close above todays close then the reversal may be confirmed

2.00 ?? is this possible ????

Attachment
To be a morning star yesterday's candle should have had a smaller range.

I agree with the reversal possibility, but before shooting for the 2.0000 target: we're still in a down trend in the daily time frame, so market will have to take back 1.9852 and after that hold 1.9461 to have the trend changed to up.
Once that happen we can try to shoot for the 2.0000, but now it's just premature imho.
Getting it right is NOT as important as not getting it wrong.
  • #69,396
  • Jun 6, 2008 1:22am Jun 6, 2008 1:22am
What do you guys think about where strong support lies, According to my analysis it could drop down to 1.9525 area before it go up in US session but all depends upon how much Euro will drop. I have some short positions around 1.9570 area and I have PT levels are between 1.9534-1.9536. These are my short term targets and I kept my fingers crossed.

With the help of Forex Fibonacci Calculator, I think it will obviously go down for the next 3-4 hours and Fibo extension is towards 1.95 but I doubted it would go that down. I will be very happy if it would hit my PT levels successfully.
  • #69,397
  • Jun 6, 2008 1:40am Jun 6, 2008 1:40am
Quoting asyed4
What do you guys think about where strong support lies, According to my analysis it could drop down to 1.9525 area before it go up in US session but all depends upon how much Euro will drop. I have some short positions around 1.9570 area and I have PT levels are between 1.9534-1.9536. These are my short term targets and I kept my fingers crossed.

With the help of Forex Fibonacci Calculator, I think it will obviously go down for the next 3-4 hours and Fibo extension is towards 1.95 but I doubted it would go that down. I will be very happy if it would hit my PT levels successfully.
Supports I'll watch:

1.9564: Already tested and it held so far, be careful with shorts as long as this one holds.

1.9537:

1.9461:
Getting it right is NOT as important as not getting it wrong.
  • #69,398
  • Jun 6, 2008 1:43am Jun 6, 2008 1:43am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting malcolmb14
Does anyone see the formation of a morning star ( 2nd candle formed today) on the daily.

If we get a green candle tomorrow with a close above todays close then the reversal may be confirmed

2.00 ?? is this possible ????

Attachment
Hey what's up Malcolmb...haven't seen you in a while. Based on my fibs, I see 2.035 as a very real possibility and I'd try to play it seeing as this is Forex and all, but ADP came out better than expected earlier in the week though so I'm not sure how it will affect the play to 2.00. As you said will need to see the MS confirmation.

Also I think you called Eur/Cad earlier in the week. I don't play the pair but been watching it...awesome call man!!! Wish I had some more time to spend over at your site to see what I can pick up. Take care and leave some pips for the newbs please...
"Wishful thinking dies hard." Igor T.
  • #69,399
  • Jun 6, 2008 1:50am Jun 6, 2008 1:50am
I've been short since 1.9593 with a TP of 1.9555. I'm looking at the strong support at 1.9564. My SL is @1.9590.
Just digging in the trenches like everyone else!
  • #69,400
  • Jun 6, 2008 3:35am Jun 6, 2008 3:35am
Eohater, I'm one of those waiting on the sidelines for the moment.
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