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Cable Update (GBPUSD)

  • #104,461
  • Dec 4, 2008 1:17pm Dec 4, 2008 1:17pm
Quoting eohater
.....hmmmm....all the trades I've taken in the past day have had no more of a draw down of 15 pips on them and I've made over 580 pips today on only 4 trades....so I will excuse myself from the most.

But, to address your breakout on the 5m chart. I agree that it all depends on the # of pips your looking for. If your making your pips, then good! Keep up the hard work!
I love eo style of trading. This is something that I can call NO MORE STRESSED TRADING. Imagine +580 in just 4 trades. I'm trying to understand more of your MA's system. Don't worry I'm a fast learner.



so far so good +200 today. Nav you should join us.

P.S:- I'm starting to forget the disastrous last tuesday I had. (-120).
  • #104,462
  • Dec 4, 2008 1:18pm Dec 4, 2008 1:18pm
Quoting steelhead
Interesting that no one picked up on my praiseing my mentor. The real guru of the forex market i owe all i know to him.

Thanks my friend your guidence was heaven sent. Have never looked back since.
I picked up on it!
Just digging in the trenches like everyone else!
  • #104,463
  • Dec 4, 2008 1:22pm Dec 4, 2008 1:22pm
Quoting eohater
No offense taken bro! I do understand what your saying about people just throwing out calls that don't have a substance. Thus why you need to treat this thread as an outlet and not an indicator of your trades. Trade what you see.

I use more than just simple s/r. I use a combination of MA's, candle patterns and fibs (higher time frames), and channels. I combine all of them together. I enter most of my trades off the 15m chart, but I do enter off the 1h as well and confluence with the 4h chart. I'm having mental issues with the 4h chart lately....

EO.. is your stragety g/u specific? or can it work on other pairs? say gj, she's a wild one.
  • #104,464
  • Dec 4, 2008 1:25pm Dec 4, 2008 1:25pm
Quoting steelhead
Interesting that no one picked up on my praiseing my mentor. The real guru of the forex market i owe all i know to him.

Thanks my friend your guidence was heaven sent. Have never looked back since.
what style does he have?? if he have a thread give me the link. I want to know all trading system that exist.
  • #104,465
  • Dec 4, 2008 1:25pm Dec 4, 2008 1:25pm
Quoting eohater
I picked up on it!


Thats cause you are a smart smart man.


Maybe its time for a little history behind steelhead. Maybe the wrong thread i apologize if it is.

A few years back i started trading based of a 15 minute candle with macd and stochs. Everytime I would get an oversold or overbought stochs on 15 minute with macd on one hour and four hour pointing in the direction i wanted to trade i was in. Looking back at that now I cannot believe that is how i traded. I didnt even look at s/r levels needless to say It was a bad experience.

Thats when master yoda pulled my aside and told me to pull my head out of my arsh and learn how to trade. I was tought a completely different way to trade this market and I learned how to read the charts for myself. That is what I have tried maybe not successfully to bring to this thread and different view point.

It changed my trading in no time, and I have never looked back since. One losing month in over three years. Thats trading my friends its all about consistancy not about how many pips you get. You get consistant the money will come.
  • #104,466
  • Dec 4, 2008 1:27pm Dec 4, 2008 1:27pm
Quoting moewenger
what style does he have?? if he have a thread give me the link. I want to know all trading system that exist.

he doesnt have a thread and rarely posts on here that should tell you something.
  • #104,467
  • Dec 4, 2008 1:27pm Dec 4, 2008 1:27pm
Quoting moewenger
I love eo style of trading. This is something that I can call NO MORE STRESSED TRADING. Imagine +580 in just 4 trades. I'm trying to understand more of your MA's system. Don't worry I'm a fast learner.



so far so good +200 today. Nav you should join us.

P.S:- I'm starting to forget the disastrous last tuesday I had. (-120).
BTW my +200 in just 2 trades. First one +140 short and second +65 another short from 61.8 fib. Thanks EO and all the systems that exist.
  • #104,468
  • Dec 4, 2008 1:27pm Dec 4, 2008 1:27pm
Quoting moewenger
I love eo style of trading. This is something that I can call NO MORE STRESSED TRADING. Imagine +580 in just 4 trades. I'm trying to understand more of your MA's system. Don't worry I'm a fast learner.



so far so good +200 today. Nav you should join us.

P.S:- I'm starting to forget the disastrous last tuesday I had. (-120).
I wouldn't call it stress free trading. I made bad trades just like anyone else, but when the signals and setups are there, it's a beautiful thing. I will say, if you don't try and force the trade and let the setup happen, you will see these type of results. You don't need to trade everyday, you just need to trade the right setups.

Feel free to post questions and insights on my journal.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #104,469
  • Dec 4, 2008 1:28pm Dec 4, 2008 1:28pm
Quoting lexazver
it qould be quite the opposite i hope pound rallies like crazy because its not fun having your own currency at such low leels especially if going abroad.
I know mate hence the drooling smiley...

It's not my currency but it's been good to me

Anyway you'll be switching to EUR as soon as parity is reached...
  • #104,470
  • Dec 4, 2008 1:30pm Dec 4, 2008 1:30pm
Quoting rdtsa09
EO.. is your stragety g/u specific? or can it work on other pairs? say gj, she's a wild one.
I only trade g/u. So, I don't know how the other pairs react. G/U pays me enough that I don't need to worry about the other pairs.
Just digging in the trenches like everyone else!
  • #104,471
  • Dec 4, 2008 1:30pm Dec 4, 2008 1:30pm
Would people buy again if the price re-traces to 1.4720? Seems to still be a major resistance....
  • #104,472
  • Dec 4, 2008 1:33pm Dec 4, 2008 1:33pm
Quoting moewenger
BTW my +200 in just 2 trades. First one +140 short and second +65 another short from 61.8 fib. Thanks EO and all the systems that exist.
Good job!
Just digging in the trenches like everyone else!
  • #104,473
  • Dec 4, 2008 1:38pm Dec 4, 2008 1:38pm
Quoting steelhead
Interesting that no one picked up on my praiseing my mentor. The real guru of the forex market i owe all i know to him.

Thanks my friend your guidence was heaven sent. Have never looked back since.
I picked up on your comment, but being a newbie myself, I try not to pay much attention to folks with very little posts.. lesson learned though, low posts dont mean inexperienced trader.

since he has no thread, or rarely posts, does he have a website where he shares his knowledge perhaps?

I'm just like all the newbies in here, the beast has tamed me this week, I was doing great for a while, but just about wiped out my account a few days ago, and ready to learn this the right way.
  • #104,474
  • Dec 4, 2008 1:40pm Dec 4, 2008 1:40pm
Was what happened last Tuesday. Bad trading day. Last month I made about 200% of my margin. This month so far 100%. If not because of Tuesday I would be the same results as last month in just this first week.

Tragedy happens when:-

1. Not using SL at all
2. Over-confidence
3. Bad entries

Hope I will improved more as quickly as VOLATILITY.

Cheers!!
  • #104,475
  • Dec 4, 2008 1:44pm Dec 4, 2008 1:44pm
Quoting eohater
It is possible bro! You can do this. Do me a favor though and go back over your trades and figure out where you f*cked up at. It's almost like you need to do the opposite of what your thinking. If you think it's going farther long, maybe you need to go short and vice versa. I don't know bro, but I want to see you succeed.

its all mental i think ...when i lose money i concentrate make it, then i become relax and stop thinking, start over trading and risk management goes out of window....i think im almost there if only i can just stop being stupid...i will never EVER hedge again....

thanks bro for the support
  • #104,476
  • Dec 4, 2008 1:48pm Dec 4, 2008 1:48pm
Quoting nAVIN2007
its all mental i think ...when i lose money i concentrate make it, then i become relax and stop thinking, start over trading and risk management goes out of window....i think im almost there if only i can just stop being stupid...i will never EVER hedge again....

thanks bro for the support
Nav, it took me from June-October to get the trading rythem. Until that I found TRUST that I've been at this level. Try look for something that you can believe in. I dont think HEDGE is something you can TRUST.

Just my 2 cents.

  • #104,477
  • Dec 4, 2008 1:49pm Dec 4, 2008 1:49pm
Quoting rdtsa09
I picked up on your comment, but being a newbie myself, I try not to pay much attention to folks with very little posts.. lesson learned though, low posts dont mean inexperienced trader.

since he has no thread, or rarely posts, does he have a website where he shares his knowledge perhaps?

I'm just like all the newbies in here, the beast has tamed me this week, I was doing great for a while, but just about wiped out my account a few days ago, and ready to learn this the right way.


Im glad you learned your lesson. it goes back to what we were talking about yesterday when i told everyone i dont want anyone else giving me vouches. The reason was it means nothing its a buddy thing that folks do to make them feel important. I appreciate those who did it for me and dont mean do trash those who have alot.

Senior member is the same thing dont believe what anyone says cause they have titles. titles are garbage.

You are right low posts dont mean they dont knw what they are talking about in fact low posts most the time means they have more important things to do than post on here. perhaps making a huge amount of pips by staying focused on trading and not on a forum witch most times is a huge distraction too your trading.

it is fun to come on here and chat with fellow traders but when im in trading mode you dont see me on here much, because i am concentrating on my trading.

Again low posts on this forum might actually be a sign that they dont spend time cause they are successful. Others who are successful might post alot just for the companionship of fellow traders who knows.


Glad you spotted it though good work
  • #104,478
  • Dec 4, 2008 1:51pm Dec 4, 2008 1:51pm
Hi all: After big time heare i am again.I was so busy at my work with trading and some other things

I am testing some new system.Well it is kind of old one but with some modification.

i think down for cable.This is why.

White line on chart is ypors 62 ema.On last indicator red line is 62 ema too.Notice on chart price is below ema and on indicator that gray line is way above red ema.momentum is above 0(white line on first indicator) and RSi is arround 50 not that much above .Second indicator is green and above purple line.If this up move is good all of this would be above 62 ema on chart,RSi would be above 50.So i am thinking this could hold a little in range chanel until indicators gets below 0 level or 50 and then down.Hope that will be toomorow.Dont know how much down but down.

Macd is making new high but price looks like will not so that is divergance and sign that bulls lost power a little.Stoch has same situation.

On 4 hr we are below gann line and that is still good for shorts from that line

in short something is wrong with this up move and i think what.today we had GBP rate cut.Every country deffend her money because of price stability and many other things.Some one heare said someone is buying GBP.Well BOE does that.If she dont do that this will be 3000 level buy.They need to
make intervention.Every country does that form time to time.

This was my thinking.Will see what will happened.See ya soon
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable 1 hr.gif Size: 42 KB
Click to Enlarge Name: cable 4 hr.gif Size: 40 KB
  • #104,479
  • Dec 4, 2008 1:57pm Dec 4, 2008 1:57pm
Quoting moewenger
Nav, it took me from June-October to get the trading rythem. Until that I found TRUST that I've been at this level. Try look for something that you can believe in. I dont think HEDGE is something you can TRUST.

Just my 2 cents.

no doubt...
what finished me off is the damn rate cut...i only saw down i didnt even think up.i actually dismissed the 4hr for once and this chart is the most important to me.
its like EO say....."trade what u see not what u think" ...this is the reason i got it today...i was blind i only saw down..overly confident and the market sat on my face...finishing me off!!! .but its all good..i learned a hell of a lot for £23
  • #104,480
  • Dec 4, 2008 2:07pm Dec 4, 2008 2:07pm
Quoting Beeps
ha..ha..ha ...is that at the front, or at the back ?
I should be so choosy !
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