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Daily Cable Analysis

  • #6,541
  • Feb 20, 2007 10:16am Feb 20, 2007 10:16am
read everything you can man. Try to skip the indicatoritis stage, youll be happy if you can. My personal recommendations are read Steve nisons candlestick books. I say this because candlesticks have been the basis for my trading for a while now and its been going great. Good luck to you.
I dream, therefore I become.
  • #6,542
  • Feb 20, 2007 10:18am Feb 20, 2007 10:18am
Quoting bundubill
It's very intimidating to enter this forum as a newbie - and I mean an absolute know-nothing newbie. It all looks very technical and I don't know if I could learn this stuff before I die (I'm over 21 ) but I'd love to be able to. I can see from reading these columns that there are many different ways of trading forex but could anybody give me a tip as to what would be a good starting point to learn how to do it for a person of average ability.

Cheers
This is as easy as chewing bubble gum!

Just read, watch your charts, and play around with what you see others show. Before you know it, you will have a good handle on what now looks like mush.

It only takes maybe a year or so to get tbe basic concept of what is really happening, be patient, and don't just trade to give money away.

Enjoy the ride, and learn all you can from those who have proven their strategies.

Ken
  • #6,543
  • Edited 10:23am Feb 20, 2007 10:21am | Edited 10:23am
Quoting HonaForex
Hey i made chart for U all guys bcos i do my calculation on paper...........well I i have entered at 1.9480 long with stop loss at 1.9460 & take profit at 1.9630 bcos its wave 3 which will be bigger than wave 1 hopefully..............so who all with me .............


Happy trading.....................

Man what took you so long to enter the Long?

I had my entries waiting at 1.9440 and 1.9465 before we ever had the surprise news that made that 100 pip drop.

We are kicking in the pips now. 116 1st lot and 91 pips on the 2nd lot.

No sign of letting it go until around maybe 1.9735/49 area later this week.

I would not enter at this point for a long, I would let it rest and come down some for a better entry point, but, you know as soon as someone says that, the price takes off right there usually.
  • #6,544
  • Edited 10:29am Feb 20, 2007 10:24am | Edited 10:29am
Really needing to see the reaction when the price comes down to test the 200 EMA and also the 1.9540-43 area which has held price down most of the week as a resistance factor.

You gotta love those resistances that turn into supports, that is what we watch for to confirm staying in our positions.

So far it has come down to 1.9544, but has not reached 1.9543/41 yet.

I am actually expecting price to come down to test 1.9534 which was a key point on my fibo count.
  • #6,545
  • Feb 20, 2007 10:25am Feb 20, 2007 10:25am
HONAFOREX

I have placed a buy entry at 1.9480 but was not activated
I deal with FXSOL and their low today was 1,9477
am with you but did not enter from good position. I have an old wrong entry at 1.9511 and its in gain now by 46 pips

Can you put your chart we are all waiting for it.

MONARCH: pls keep it up. Nice forum under your leadership.
I wish USDGBP wont go below 9543
  • #6,546
  • Feb 20, 2007 10:30am Feb 20, 2007 10:30am
Greetings -

Alright don't shoot the messenger here, however, I am a firm believer in education...therefore, I would recommend an online training course along with lots of reading and a demo account. Don't make the mistake many of us traders did and go live too early (do I hear a amen from the audience?? ) Start with fundamental analysis, pick a currency (hopefully not a cross-pair), then followed by Trading Psychology and Money Mgmt BEFORE you try a demo account. If you don't have the fundamentals down, do not go live, no matter how tempting it may be. Don't get discouraged and lastly, don't just read these posts and trade the way these pros do (actually find out why they are doing what they are doing. It won't help you learn) .

I hope this helps, always believe you can do it and you will.
All hard work brings a profit, but mere talk leads only to poverty.
  • #6,547
  • Edited 10:34am Feb 20, 2007 10:33am | Edited 10:34am
Quoting Orbit
HONAFOREX

I have placed a buy entry at 1.9480 but was not activated
I deal with FXSOL and their low today was 1,9477
am with you but did not enter from good position. I have an old wrong entry at 1.9511 and its in gain now by 46 pips

Can you put your chart we are all waiting for it.

MONARCH: pls keep it up. Nice forum under your leadership.
I wish USDGBP wont go below 9543
This move down is a way of shaking off those who are not serious in their Longs. Expect it too come down to 1.9534, but it could come down more than that.

I entered a 3rd Lot at 1.9536, (my entry was rejected by broker - will wait for 1.9534 again)

I will see if this Support at 1.9543 reacts as good as I expect. It may take most of the day here to test this support, that is normal once there is nice movement.
  • #6,548
  • Feb 20, 2007 10:33am Feb 20, 2007 10:33am
Quoting bundubill
It's very intimidating to enter this forum as a newbie - and I mean an absolute know-nothing newbie. It all looks very technical and I don't know if I could learn this stuff before I die (I'm over 21 ) but I'd love to be able to. I can see from reading these columns that there are many different ways of trading forex but could anybody give me a tip as to what would be a good starting point to learn how to do it for a person of average ability.

Cheers
There is tons of tutorials here at FF...the best place to learn trading, and stuf that goes with it.

Do not worry about that. One thing you need to keep in mind is that loss is part of it. But you will get your loss back if you are consistent with the system you pick and you manage your money right).Do not leave your system just coz it gave you few loss. But by system i mean simple support and resistance and fibs.

Other systems are ify...stick with simple price action, SR (suppor resistanc), and fibs...becoz thats what most trades look at including big boys.

As far as whan MA to use, I have pleanty of MA's...it just depends which ones the big boys want to use. And to see that, use your observation to see which ones have been tested as SR..to confirm that that is the SR MA of the day or week or hr.

Consistancy means that even if you loose on the system (fibs, and TL, and SR) stick with it.
But to do that, you need to know that the system has been traded on mini account and has yielded some profit before, and this time it did not...but that does not mean its a failed system forever.

The bottom line is , when you are wrong, make sure you only loose somthing you can afford. Because you will be wrong lots of times, but when you are right, let your winning run..

Never mix your greed with money managmentAlways trade with fibs, and trend lines drawn manaualy.

Piping aint easy



May the pips be with you
Pipology 101 student
  • #6,549
  • Feb 20, 2007 10:34am Feb 20, 2007 10:34am
I second that Ken, great job - this is a wonderful forum and kudos to all who contribute. And we do appreciate your input and help on a daily basis.
All hard work brings a profit, but mere talk leads only to poverty.
  • #6,550
  • Feb 20, 2007 10:36am Feb 20, 2007 10:36am
Quoting Sami7
Greetings -

Alright don't shoot the messenger here, however, I am a firm believer in education...therefore, I would recommend an online training course along with lots of reading and a demo account. Don't make the mistake many of us traders did and go live too early (do I hear a amen from the audience?? ) Start with fundamental analysis, pick a currency (hopefully not a cross-pair), then followed by Trading Psychology and Money Mgmt BEFORE you try a demo account. If you don't have the fundamentals down, do not go live, no matter how tempting it may be. Don't get discouraged and lastly, don't just read these posts and trade the way these pros do (actually find out why they are doing what they are doing. It won't help you learn) .

I hope this helps, always believe you can do it and you will.
You have my vote of confidence.
  • #6,551
  • Feb 20, 2007 10:36am Feb 20, 2007 10:36am
yeah Monarch,

i wish TOO

more pips through 38.2 % at 9505
I Deeply Love My Virtual Life In Virtual World , RLC
  • #6,552
  • Feb 20, 2007 10:37am Feb 20, 2007 10:37am
Bundubill,

Yes, read all ou can. I really started learning about 3 months ago in this forum listening to Monarch. 3 months ago I didnt know what a Fibonacci level, bearish or bullish was or meant. Ever since then I have worked hard at it from morning to night and dedicated a good amount of my life to this because I one day know I will make a great living from this.

Study, study, study and study more. We are all learning everyday. Just don't ever give up!
trading on demo is not trading
  • #6,553
  • Feb 20, 2007 10:40am Feb 20, 2007 10:40am
3rd Lot was accepted at 1.9542, I really wanted that 1.9536-39 point, but this is just more ways to test the support with real cash on the line at he exact point of where I am watching.

1.9543
  • #6,554
  • Feb 20, 2007 10:44am Feb 20, 2007 10:44am
monarch, enzo ,sami7 I would like to take this moment to thank you all for maintaining such a educational,insightful thread. Novices like me learn a lot from your wisdom.
Thank you very much. Thanking all others I didn't mention.
Banda
BANDA333
  • #6,555
  • Feb 20, 2007 10:45am Feb 20, 2007 10:45am
Well 9575 I think will be the high for today
trading on demo is not trading
  • #6,556
  • Feb 20, 2007 10:47am Feb 20, 2007 10:47am
What do you think about the 200 EMA supporting here at 1.9541/43?
  • #6,557
  • Feb 20, 2007 10:47am Feb 20, 2007 10:47am
Folks its obvious we are and have been in a ranging market.

So unless you have the guts to fade, stay away from the beast

stop speculating in a ranging market.

May the pips be with you
Pipology 101 student
  • #6,558
  • Feb 20, 2007 10:50am Feb 20, 2007 10:50am
Quoting BANDA
monarch, enzo ,sami7 I would like to take this moment to thank you all for maintaining such a educational,insightful thread. Novices like me learn a lot from your wisdom.
Thank you very much. Thanking all others I didn't mention.
Banda
Thanks for the nice words.

It is traders like Sami7 and Enzo that have kept me on the Forum.

We all know that several weeks ago there was turbulence, and I was on the verge of letting the thread go, but with encouragement from many PM's, I have decided too stay and assist those newbies, and help them learn a little more.

Thanks everyone for being a part, and maintaing a great thread!
  • #6,559
  • Feb 20, 2007 10:51am Feb 20, 2007 10:51am
I plan to do the same
I will enter in a new buy position in USDGBP around 1.9535
on the Hourly chart:
EMA 200 = 1.9542
EMA 100 = 1.9523
EMA 50 = 1.9517

on the 15 min chart:
EMA 50 = 9523
EMA 100 = 9517
EMA 200 = 9517

The lowest low for this hour is 9537 and so far the support is being strong. Hope it will stay strong
  • #6,560
  • Feb 20, 2007 10:54am Feb 20, 2007 10:54am
Quoting Orbit
I plan to do the same
I will enter in a new buy position in USDGBP around 1.9535
on the Hourly chart:
EMA 200 = 1.9542
EMA 100 = 1.9523
EMA 50 = 1.9517

on the 15 min chart:
EMA 50 = 9523
EMA 100 = 9517
EMA 200 = 9517

The lowest low for this hour is 9537 and so far the support is being strong. Hope it will stay strong
USDGBP ????
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