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Cable Update (GBPUSD)

  • #99,061
  • Nov 18, 2008 3:22am Nov 18, 2008 3:22am
nice reference for candle pattern signals is at

http://www.hamfon.com/daytrade/candlestick.htm

set it in your favorite web pages and get more familiar with the patterns if you are not already
When life gives you lemons, make lemonade
  • #99,062
  • Nov 18, 2008 3:33am Nov 18, 2008 3:33am
to consider a trend on any chart, you have to chose one with full bear or bull candles
When life gives you lemons, make lemonade
  • #99,063
  • Nov 18, 2008 3:33am Nov 18, 2008 3:33am
Deep man! It seems forex is good for you if it leads to such deep philosophical analysis. Dude, It seems you are not just a technical analyst... What is your philosophical TP??

Quoting micho
forex is an art gentlemen

it lets you deal with the following gaps in your moral:
deception
greed
fear
discipline
trust
self esteem

lol im nice being a philosoph
Ride the Bulls bearback!
  • #99,064
  • Nov 18, 2008 3:35am Nov 18, 2008 3:35am
And you forgot Patience Patience Patience!
Ride the Bulls bearback!
  • #99,065
  • Nov 18, 2008 3:37am Nov 18, 2008 3:37am
Quoting alcando
Deep man! It seems forex is good for you if it leads to such deep philosophical analysis. Dude, It seems you are not just a technical analyst... What is your philosophical TP??
shit yeah patience where are you looooool
When life gives you lemons, make lemonade
  • #99,066
  • Nov 18, 2008 3:40am Nov 18, 2008 3:40am
guys few things for a trader to know:

1- Candle patterns for entry/exit signals
2- Fibonacci levels (retracements and extensions)
3- RSI
4- Divergence
5- Spotting all the last major trends on all charts and play with the trend

micho over and out

im not a philosopher actually, i like to act like one... isn't it cool to talk some serious stuff
When life gives you lemons, make lemonade
  • #99,067
  • Nov 18, 2008 3:44am Nov 18, 2008 3:44am
hey guys, if it carries on at this rate it wont reach the trend line until late tomorrow
  • #99,068
  • Nov 18, 2008 3:47am Nov 18, 2008 3:47am
Quoting PipLand
hey guys, if it carries on at this rate it wont reach the trend line until late tomorrow
Yeah, but you know what happens when you look away...
  • #99,069
  • Nov 18, 2008 3:49am Nov 18, 2008 3:49am
Quoting micho
guys few things for a trader to know:

1- Candle patterns for entry/exit signals
2- Fibonacci levels (retracements and extensions)
3- RSI
4- Divergence
5- Spotting all the last major trends on all charts and play with the trend

micho over and out

im not a philosopher actually, i like to act like one... isn't it cool to talk some serious stuff
yes i found this trading people sometime underestimate the importance of deveoping ones self....and this is actualy what the battle is all about.
end goal is huge money pot!!! if there was no money pot would we still try seek this development.i think not....

greeed is the biggest obstacle in this aligator pit!
  • #99,070
  • Nov 18, 2008 3:52am Nov 18, 2008 3:52am
Quoting Vourvoul
Yeah, but you know what happens when you look away...
I know I know as soon as I turn my back there be a run on the pound!
  • #99,071
  • Nov 18, 2008 3:54am Nov 18, 2008 3:54am
Yep greed is a killer, i've been forexing for 3 years now, and in the first year blew 2 account's, then changed my tactic's and for the last two years my target has been 20 pips per day, very difficult requires alot of self discipline, you alway get the urge to try for more pips, but if you stick to a daily target of 20 pips (100 pips per week) over two years if you compound your winnings it's hell of alot of profit, i still stick to my 20 pips per day, then stop,
  • #99,072
  • Nov 18, 2008 3:59am Nov 18, 2008 3:59am
Quoting nAVIN2007
yes i found this trading people sometime underestimate the importance of deveoping ones self....and this is actualy what the battle is all about.
end goal is huge money pot!!! if there was no money pot would we still try seek this development.i think not....

greeed is the biggest obstacle in this aligator pit!
lol i'd say fear is my obstacle not greed
When life gives you lemons, make lemonade
  • #99,073
  • Nov 18, 2008 4:04am Nov 18, 2008 4:04am
Quoting robertdbutts
Yep greed is a killer, i've been forexing for 3 years now, and in the first year blew 2 account's, then changed my tactic's and for the last two years my target has been 20 pips per day, very difficult requires alot of self discipline, you alway get the urge to try for more pips, but if you stick to a daily target of 20 pips (100 pips per week) over two years if you compound your winnings it's hell of alot of profit, i still stick to my 20 pips per day, then stop,
you cant say that, we all do like you but this is wrong

forex has stop loss and take profit level... you should not close the trade manually

you could however set it as BE when it goes with you for nice pips just in case it came back
When life gives you lemons, make lemonade
  • #99,074
  • Nov 18, 2008 4:07am Nov 18, 2008 4:07am
Quoting micho
you cant say that, we all do like you but this is wrong

forex has stop loss and take profit level... you should not close the trade manually

you could however set it as BE when it goes with you for nice pips just in case it came back
I know some people use sl and tp levels, but i manually set TP for 20pips ..

aim for 100 pips per week thats what i've been doing for last 2years, works great for me
  • #99,075
  • Nov 18, 2008 4:09am Nov 18, 2008 4:09am
Its been some time i posted here so heres a simple bar chart on 4hr. Price respecting this descending pitchfork alot. Price moveing towards resistance at the upper ML thats been holding steady in the past. Im watching close to see the reaction at that zone. Will sell on decline or buy the breakout.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp_h4.jpg Size: 76 KB
  • #99,076
  • Nov 18, 2008 4:17am Nov 18, 2008 4:17am
Quoting robertdbutts
I know some people use sl and tp levels, but i manually set TP for 20pips ..

aim for 100 pips per week thats what i've been doing for last 2years, works great for me
tell us bout ur mm,lot size,etc..
  • #99,077
  • Nov 18, 2008 4:26am Nov 18, 2008 4:26am
Quoting dRunKen aRmy
tell us bout ur mm,lot size,etc..
Dont trade big news days (no control over order)
Trade 10% of equity (i know it's alot)
I only trade during London session
Trade supp resistance levels eg today bought off 1.4949(53) took my 20 pips
Just compound everything
Manually close if price breaks through level ...
Never take more than my 20, if you let it run it can go against you
  • #99,078
  • Nov 18, 2008 4:34am Nov 18, 2008 4:34am
Quoting robertdbutts
Dont trade big news days (no control over order)
Trade 10% of equity (i know it's alot)
I only trade during London session
Trade supp resistance levels eg today bought off 1.4949(53) took my 20 pips
Just compound everything
Manually close if price breaks through level ...
Never take more than my 20, if you let it run it can go against you
But once you have your 20 does that mean you stop trading for the day? what if theres another great set up round the corner?
  • #99,079
  • Nov 18, 2008 4:34am Nov 18, 2008 4:34am
Quoting robertdbutts
Dont trade big news days (no control over order)
Trade 10% of equity (i know it's alot)
I only trade during London session
Trade supp resistance levels eg today bought off 1.4949(53) took my 20 pips
Just compound everything
Manually close if price breaks through level ...
Never take more than my 20, if you let it run it can go against you
That's a good system, I've used similar one's in the past, but can I ask on occasoion when it's clearly going to run a long way, would it not make sense to let it get to +40 pips, and then place a stoploss at +20, then you are without risk but with the chance of making 200+ pips- or 10 days worth of trading for you?
  • #99,080
  • Nov 18, 2008 4:38am Nov 18, 2008 4:38am
Quoting robertdbutts
Dont trade big news days (no control over order)
Trade 10% of equity (i know it's alot)
I only trade during London session
Trade supp resistance levels eg today bought off 1.4949(53) took my 20 pips
Just compound everything
Manually close if price breaks through level ...
Never take more than my 20, if you let it run it can go against you
maybe dats d different between u n alot of us here..10% vs maybe 1%-3% of equity..hunting for big pips or small pips,all depends on how much a person dare to lose to gain something..
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