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Cable Update (GBPUSD)

  • #98,401
  • Nov 14, 2008 10:11am Nov 14, 2008 10:11am
I just made back my lost pips plus some...
went long from 4800 closed 4850....
Attached Image (click to enlarge)
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Patience + Discipline - Greed = Success
  • #98,402
  • Nov 14, 2008 10:12am Nov 14, 2008 10:12am
maybe up to 64 and retrace a little
When life gives you lemons, make lemonade
  • #98,403
  • Nov 14, 2008 10:12am Nov 14, 2008 10:12am
Quoting eohater
Nice chart and input! I was closed out for my 30 pip loss. No worries. There's other trades.


She did test the first wick on the highside. Notice that she had respected that 80 area where eohater took his short several times. Eventually she is going to break the glass and go higher.

People dont like it when i say it but you gotta get rid of your indicators. Read the charts read the candlestick patterns. Its all about patterns.

Now she bounced of the higher white line i drew. Charts folks charts not indicators.

Eohater is good though he knows what he is doing. I just didnt understand that entry.
Attached Image (click to enlarge)
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  • #98,404
  • Nov 14, 2008 10:15am Nov 14, 2008 10:15am
Quoting steelhead
She did test the first wick on the highside. Notice that she had respected that 80 area where eohater took his short several times. Eventually she is going to break the glass and go higher.

People dont like it when i say it but you gotta get rid of your indicators. Read the charts read the candlestick patterns. Its all about patterns.

Now she bounced of the higher white line i drew. Charts folks charts not indicators.

Eohater is good though he knows what he is doing. I just didnt understand that entry.
Steelhead,

Believe me, indicators plus candlesticks/price action makes me plenty money. If you understand how to use them and use good risk management, you won't regret it...

ps.. A perfect example was the retest of the m15 50ema where I just went long and the trendline which was my profit target...
Patience + Discipline - Greed = Success
  • #98,405
  • Nov 14, 2008 10:16am Nov 14, 2008 10:16am
next target 85, resistance at 65
When life gives you lemons, make lemonade
  • #98,406
  • Nov 14, 2008 10:17am Nov 14, 2008 10:17am
Quoting Qu|cksilver
Hi,
Does anyone agree cable may go up to 1.9050 area? or will continue bearish when the market open on monday?

It's along way back to 1.9050.....the UK economy is very weak......King is making known that rate cuts are coming in the near term....

A minor retrace toward resistance toward the October low of 1.5268 is possible...I believe the primary downtrend, which began last November, remains intact and the next downside target is 1.4258....and possibly the 2001 turning point and low at 1.3680.
  • #98,407
  • Nov 14, 2008 10:18am Nov 14, 2008 10:18am
Quoting steelhead
I wouldnt consider shorts till above those two white lines. She most likely will test lower one if not the higher as well. Long wicks usually get tested.
T Boone Pickens said something similar about oil prices yesterday. Now they have been to $150 they wont stay at $60. That's why I am heavy with BP shares 8% yield

Anyway it's Friday night and I am hoping my long wick gets tested after a few merlots

OK - hope to get euro to 1.2560 as its been there before and the DOW is plunging again. The impetus for yesterday's rise in euro/cable was the stock market revival. That should work in reverse
  • #98,408
  • Nov 14, 2008 10:19am Nov 14, 2008 10:19am
Quoting dlw1999
It's along way back to 1.9050.....the UK economy is very weak......King is making known that rate cuts are coming in the near term....

A minor retrace toward resistance toward the October low of 1.5268 is possible...I believe the primary downtrend, which began last November, remains intact and the next downside target is 1.4258....and possibly the 2001 turning point and low at 1.3680.
Bro... were you in hibernation?
You registered Sept 2006 and this is your first post...
and your first post is to respond to a question that was asked 2 years ago...
WTF????? =====>
Patience + Discipline - Greed = Success
  • #98,409
  • Nov 14, 2008 10:20am Nov 14, 2008 10:20am
Quoting Infinity
Steelhead,

Believe me, indicators plus candlesticks/price action makes me plenty money. If you understand how to use them and use good risk management, you won't regret it...

ps.. A perfect example was the retest of the m15 50ema where I just went long and the trendline which was my profit target...

heys guys, hows it going? missed today after being in London to hear Jim Rogers speak, hope u all made pips,

some good moves in cable by looks of things,

infin - the more strings in the bow the better prepared iguess.......
Trading is 80% Emotional, 20% Technical
  • #98,410
  • Nov 14, 2008 10:21am Nov 14, 2008 10:21am
Quoting Infinity
Bro... were you in hibernation?
You registered Sept 2006 and this is your first post...
and your first post is to respond to a question that was asked 2 years ago...
WTF????? =====>
Just digging in the trenches like everyone else!
  • #98,411
  • Nov 14, 2008 10:21am Nov 14, 2008 10:21am
there is an ugly 4h candle on my charts
When life gives you lemons, make lemonade
  • #98,412
  • Nov 14, 2008 10:22am Nov 14, 2008 10:22am
Quoting Infinity
Bro... were you in hibernation?
You registered Sept 2006 and this is your first post...
and your first post is to respond to a question that was asked 2 years ago...
WTF????? =====>
lol he is a bearrrrrrrr and its winter
When life gives you lemons, make lemonade
  • #98,413
  • Nov 14, 2008 10:23am Nov 14, 2008 10:23am
Quoting fx local
heys guys, hows it going? missed today after being in London to hear Jim Rogers speak, hope u all made pips,

some good moves in cable by looks of things,

infin - the more strings in the bow the better prepared iguess.......
Hey Bro,
It's been a good day and a good week. I may be done trading now unless I see something really special. I trust you had a good day and week yourself..
Patience + Discipline - Greed = Success
  • #98,414
  • Nov 14, 2008 10:24am Nov 14, 2008 10:24am
Quoting micho
lol he is a bearrrrrrrr and its winter
I see....
Patience + Discipline - Greed = Success
  • #98,415
  • Nov 14, 2008 10:25am Nov 14, 2008 10:25am
No indicators on that screen all you need is your head and your charts. Wicks and tails are very powerful tools. Even if you know how to use indicators correctly they told to different stories this morning.

Indicators told eohater to short at 1.4780

Indicators told you to long at 1.4800

so what one do you believe?

believe the patterns.
Attached Image (click to enlarge)
Click to Enlarge Name: cable mama.jpg Size: 85 KB
  • #98,416
  • Nov 14, 2008 10:25am Nov 14, 2008 10:25am
Quoting Infinity
Bro... were you in hibernation?
You registered Sept 2006 and this is your first post...
and your first post is to respond to a question that was asked 2 years ago...
WTF????? =====>
LOL!!!!.......
  • #98,417
  • Nov 14, 2008 10:28am Nov 14, 2008 10:28am
Quoting Infinity
Hey Bro,
It's been a good day and a good week. I may be done trading now unless I see something really special. I trust you had a good day and week yourself..
good thanks bro, finally found my feet after a few turbulant swings in my account, was overtrading size wise, cut back and have seen improvement in my performance, oh welll u live and learn day by day.... fridays are notorious!!


happy trading
Trading is 80% Emotional, 20% Technical
  • #98,418
  • Nov 14, 2008 10:32am Nov 14, 2008 10:32am
Quoting steelhead
No indicators on that screen all you need is your head and your charts. Wicks and tails are very powerful tools. Even if you know how to use indicators correctly they told to different stories this morning.

Indicators told eohater to short at 1.4780

Indicators told you to long at 1.4800

so what one do you believe?

believe the patterns.
More often than not these MA's act as solid support/resistance. In that case we both shorted at the ma but it was broken, thus we were stopped out. Normally when the ma is broken, it is retested. That is why I went long there.

It takes time and experience to trust your system, whatever that sytem may consist of. Me and Eohater trade very very similarly and we make very good pips... but as I said long ago, any system you use must match your personality. Thus everyone has their own system. If you have a system that is net profitable, why change it?
Patience + Discipline - Greed = Success
  • #98,419
  • Nov 14, 2008 10:33am Nov 14, 2008 10:33am
hope for down now to 07
When life gives you lemons, make lemonade
  • #98,420
  • Nov 14, 2008 10:34am Nov 14, 2008 10:34am
Don't mean to laugh but

Quoting Infinity
Bro... were you in hibernation?
You registered Sept 2006 and this is your first post...
and your first post is to respond to a question that was asked 2 years ago...
WTF????? =====>
Ride the Bulls bearback!
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