09072008
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Cable Update (GBPUSD)
- #75,102
- Jul 8, 2008 5:53pm Jul 8, 2008 5:53pm
- Joined Feb 2008 | Status: Trader | 5,732 Posts
Patience + Discipline - Greed = Success
- #75,103
- Jul 8, 2008 5:55pm Jul 8, 2008 5:55pm
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
Money & Pain
Respect the market, protect your capital, be patient
- #75,104
- Jul 8, 2008 6:13pm Jul 8, 2008 6:13pm
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
Money & Pain
Respect the market, protect your capital, be patient
- #75,105
- Jul 8, 2008 6:18pm Jul 8, 2008 6:18pm
- | Joined May 2007 | Status: Trader | 4,716 Posts
the key part is that u dont need to where its going in order make money....
HOLLA
- #75,106
- Edited 8:26pm Jul 8, 2008 6:30pm | Edited 8:26pm
- | Joined Jun 2008 | Status: Trader | 7 Posts
Some what new to the post, not very new to ForexFactory thought 
. Just kind've been sitting on the sidelines and reading what everyone has to say. I love places where traders can talk and decipher the market together, and it's fun when everyone has something new or uses a different strategy, and it's even cooler when all the strategies come into aggreement and everyone makes money Nothing is better to me than hearing about people profiting.
Anyway, consider this my first introduction post to the Cable thread and I hope to contribute more in the future.
So here's my take on the cable, coming strictly from a basic technical standpoint w/o indicators
Obviously we are in a DT, and I see a support level that was established back around 6/17 which seem to have held up last night, therefore forming a decending triangle. now since we are in a larger down trend from the Daily, I would say the anticipation would be for a breakdown, but that doesn't mean it won't breakup as it is really in a sideways trend right now. Anyway, I know I have written a lot. If it breaks to the upside, then set the Fib and that's where I will be looking to take my profits.
(btw, I need to rant on all those who went long this morning... coming from what I see, I don't know why anyone went long when we are clearly in a down trend and it never broke to TL ?!?! You all basically broke a cardinal rule and went against the trend)
Don't know if that was useful, but hoped it helped a few people out. It easy for everyone to yell out numbers and this and that, but I find it more helpful as Moe said earlier to post more pics, so here's mine
Cheers everyone!
http://i119.photobucket.com/albums/o...GBPUSD7808.jpg
. Just kind've been sitting on the sidelines and reading what everyone has to say. I love places where traders can talk and decipher the market together, and it's fun when everyone has something new or uses a different strategy, and it's even cooler when all the strategies come into aggreement and everyone makes money Nothing is better to me than hearing about people profiting. Anyway, consider this my first introduction post to the Cable thread and I hope to contribute more in the future.
So here's my take on the cable, coming strictly from a basic technical standpoint w/o indicators
Obviously we are in a DT, and I see a support level that was established back around 6/17 which seem to have held up last night, therefore forming a decending triangle. now since we are in a larger down trend from the Daily, I would say the anticipation would be for a breakdown, but that doesn't mean it won't breakup as it is really in a sideways trend right now. Anyway, I know I have written a lot. If it breaks to the upside, then set the Fib and that's where I will be looking to take my profits.
(btw, I need to rant on all those who went long this morning... coming from what I see, I don't know why anyone went long when we are clearly in a down trend and it never broke to TL ?!?! You all basically broke a cardinal rule and went against the trend)
Don't know if that was useful, but hoped it helped a few people out. It easy for everyone to yell out numbers and this and that, but I find it more helpful as Moe said earlier to post more pics, so here's mine
Cheers everyone!
http://i119.photobucket.com/albums/o...GBPUSD7808.jpg
- #75,107
- Jul 8, 2008 6:54pm Jul 8, 2008 6:54pm
- | Membership Revoked | Joined Aug 2006 | 11,977 Posts
Drattts, if i'd of left my Long on the table I coulda got out with a small profit, rather than -£100 area 
Digging in and averaging down really does work 99% of the time, sadly due to the time my trade took the SMA and the BB Range I use for range prediction had dropped alot hence the more downside, the little blip lower before reversal is what hit my £400 left stop
I should of took profit, when the 3hour SMA failed to keep the price up, it became a sell at that point system wise which would of kicked some butt.
But still a works in progress trading 500% better than i was 6months back, so I'm nearly there.
It really is 99% mental isn't it, trading would be so easy without that!!
I got in too soon aswell
Here is a chart of my system and my entrys and when my system screamed EXIT, the error was not with my system, it was me failing to use my system
Can't win them all, confidence in my system is up, as well my system called my death perfectly.
Digging in and averaging down really does work 99% of the time, sadly due to the time my trade took the SMA and the BB Range I use for range prediction had dropped alot hence the more downside, the little blip lower before reversal is what hit my £400 left stop
I should of took profit, when the 3hour SMA failed to keep the price up, it became a sell at that point system wise which would of kicked some butt.
But still a works in progress trading 500% better than i was 6months back, so I'm nearly there.
It really is 99% mental isn't it, trading would be so easy without that!!
I got in too soon aswell
Here is a chart of my system and my entrys and when my system screamed EXIT, the error was not with my system, it was me failing to use my system
Can't win them all, confidence in my system is up, as well my system called my death perfectly.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
- #75,108
- Jul 8, 2008 8:05pm Jul 8, 2008 8:05pm
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
Money & Pain
Respect the market, protect your capital, be patient
- #75,111
- Jul 8, 2008 8:25pm Jul 8, 2008 8:25pm
- Joined Apr 2008 | Status: Trader | 7,674 Posts
Yeah, if you go the weekly chart the cable is in an uptrend...
Here's weekly, how see up trend? Do you mean monthly? P.S. I do think it will go up, and am long EU, but like I said it could go either way.
Attachment
I see this breaking to the upside too, however the next push to the 2's might be the last for a bit as GB is facing a reccession like ours. The market concensus is a possible push down to the 80's after that
- #75,113
- Jul 8, 2008 8:33pm Jul 8, 2008 8:33pm
- Joined Apr 2008 | Status: Trader | 7,674 Posts
If you zoom out a bit on you chart, Cable has been up since 2001, but I was just confirming what toyboy said since it sounded like he was contradicting my earlier post.
I see this breaking to the upside too, however the next push to the 2's might be the last for a bit as GB is facing a reccession like ours. The market concensus is a possible push down to the 80's after that
- #75,115
- Jul 8, 2008 8:50pm Jul 8, 2008 8:50pm
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
If you zoom out a bit on you chart, Cable has been up since 2001, but I was just confirming what toyboy said since it sounded like he was contradicting my earlier post.
I see this breaking to the upside too, however the next push to the 2's might be the last for a bit as GB is facing a reccession like ours. The market concensus is a possible push down to the 80's after that
Money & Pain
Respect the market, protect your capital, be patient
- #75,116
- Jul 8, 2008 8:52pm Jul 8, 2008 8:52pm
- Joined Apr 2008 | Status: Trader | 7,674 Posts
Not a contradiction, just we were having a look at the big picture earlier. I know what it's like when you're a newbie and someone posts their trend analysis and you go to a lower timeframe an yep, its trending like they said, you put your trend lines where they put theirs, and then bam higher TF trend knocks you into the red...we've all been there.
- #75,117
- Edited 9:08pm Jul 8, 2008 8:56pm | Edited 9:08pm
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
Money & Pain
Respect the market, protect your capital, be patient
- #75,120
- Jul 9, 2008 12:17am Jul 9, 2008 12:17am
- | Membership Revoked | Joined Mar 2005 | 4,703 Posts
If I Go Broke Trying Then I Will die happy.