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Cable Update (GBPUSD)

  • #111,421
  • Jan 14, 2009 5:46am Jan 14, 2009 5:46am

OK

down honey

  • #111,422
  • Jan 14, 2009 5:49am Jan 14, 2009 5:49am
Dear Nezar

What is your openion now,,,will we go to 1.4370 ?

I am mohamed from egypt man
  • #111,423
  • Jan 14, 2009 5:53am Jan 14, 2009 5:53am
Quoting uut

OK

down honey

US coming online soon... this should add to the downward momentum...
  • #111,424
  • Jan 14, 2009 6:00am Jan 14, 2009 6:00am
Quoting mohfaid
Dear Nezar

What is your openion now,,,will we go to 1.4370 ?

I am mohamed from egypt man
I am also a man, from England. I hope you do well.

I am going to say that if you can't do your own analysis to determine the direction of the trade etc, then you shouldn't be trading in a live account: I hope those who do need this advice trade in a demo.
Probability Professor
  • #111,425
  • Jan 14, 2009 6:09am Jan 14, 2009 6:09am
Dear Galation

I am using live account and it is not a shame to ask some one openion if you feel that he have much experience.

I trade GBP/USD and Euro/USD,,,,,,and I put a short on 1.4700 and close it on 1.4550 and after this last retrace I also short from 1.4580 and just a little bet worried now if we will continue down or not,,but itis obvious to me that 1.4370 is the next down target.

What is your openion man
  • #111,426
  • Jan 14, 2009 6:10am Jan 14, 2009 6:10am
Quoting Galation
I am also a man, from England. I hope you do well.

I am going to say that if you can't do your own analysis to determine the direction of the trade etc, then you shouldn't be trading in a live account: I hope those who do need this advice trade in a demo.
We are all men (or women, sorry, ladies), but everybody has doubts, very deep inside. It does not matter, how good you are in your predictions - when you clicked the trade the first thought will be “What I’ve done wrong?” It’s human nature.
  • #111,427
  • Jan 14, 2009 6:14am Jan 14, 2009 6:14am
Quoting mohfaid
Dear Galation

I am using live account and it is not a shame to ask some one openion if you feel that he have much experience.

I trade GBP/USD and Euro/USD,,,,,,and I put a short on 1.4700 and close it on 1.4550 and after this last retrace I also short from 1.4580 and just a little bet worried now if we will continue down or not,,but itis obvious to me that 1.4370 is the next down target.

What is your openion man
You're right, asking other people's opinions on here is what the site is for: to exchange knowledge. As iron sharpens iron, good traders can sharpen other traders.

The principle was, I hope people aren't basing their trades on what a random person on a forum is saying. Yes, you can take their opinions into concideration, but don't base ones trading decision upon this. Every trading decision has to come from ones own analysis and conviction - that is the foundation for growth and long term success.
Probability Professor
  • #111,428
  • Jan 14, 2009 6:18am Jan 14, 2009 6:18am
Just noticed... e/u and g/u both have full outside bars on h4.. I don't trade h4 especially in these volatile times... but anyone trading on that or h4?
DireXiv Make it happen, no one else is going to do it for you...
  • #111,429
  • Jan 14, 2009 6:20am Jan 14, 2009 6:20am
Ok Man

Thanks for the advice

Let's wait for US data and the next 4H close



Quoting Galation
You're right, asking other people's opinions on here is what the site is for: to exchange knowledge. As iron sharpens iron, good traders can sharpen other traders.

The principle was, I hope people aren't basing their trades on what a random person on a forum is saying. Yes, you can take their opinions into concideration, but don't base ones trading decision upon this. Every trading decision has to come from ones own analysis and conviction - that is the foundation for growth and long term success.
  • #111,430
  • Jan 14, 2009 6:31am Jan 14, 2009 6:31am
Quoting mohfaid
Dear Nezar

What is your openion now,,,will we go to 1.4370 ?

I am mohamed from egypt man
Welcome to the forum mohfaid.
  • #111,431
  • Jan 14, 2009 6:32am Jan 14, 2009 6:32am
Quoting mohfaid
Ok Man

Thanks for the advice

Let's wait for US data and the next 4H close
Sorry if it came across condescending, I didn't intend it to be aimed at any one person. It was meant as constructive advice, nothing more, nothing less.

I hope you do really well in your trading, I do.
Probability Professor
  • #111,432
  • Jan 14, 2009 6:38am Jan 14, 2009 6:38am
Harping on again about the Fib levels... Again today cable seems to be showing the utmost respect for the fibs. I am flat on all positions as I am hoping for another little run up before the US data sends cable to the dogs. Fib extensions on this mornings moves are certainly pointing to a likely re-visit of the support level at 14375 coinciding with the 161 fib extension. It just seems too coincidental for me too ignore it so I am pre-meditating a sell at a better level and will walk away at 14380. Probably, hopefully, maybe... we'll see...

Can't post a chart for some reason...
Ride the Bulls bearback!
  • #111,433
  • Jan 14, 2009 6:38am Jan 14, 2009 6:38am
Thanks man

I see the market is a little be quite now,,may be we wait for US data after 50 Mints

Hope it will helo GBP to go more down


Quoting trader2160
Welcome to the forum mohfaid.
  • #111,434
  • Jan 14, 2009 6:39am Jan 14, 2009 6:39am
Condescending... not you, Smithers...

Quoting Galation
Sorry if it came across condescending, I didn't intend it to be aimed at any one person. It was meant as constructive advice, nothing more, nothing less.

I hope you do really well in your trading, I do.
Ride the Bulls bearback!
  • #111,435
  • Jan 14, 2009 6:41am Jan 14, 2009 6:41am
Quoting Galation
Sorry if it came across condescending, I didn't intend it to be aimed at any one person. It was meant as constructive advice, nothing more, nothing less.

I hope you do really well in your trading, I do.

so, what is your trading system? are you mind to share it to all of us?
  • #111,436
  • Jan 14, 2009 6:46am Jan 14, 2009 6:46am
Quoting mohfaid
Thanks man

I see the market is a little be quite now,,may be we wait for US data after 50 Mints

Hope it will helo GBP to go more down
nice move cashing in on the drop from 1.47.
  • #111,437
  • Jan 14, 2009 6:56am Jan 14, 2009 6:56am
Quoting dashboard
so, what is your trading system? are you mind to share it to all of us?
I simply trade price action. What I used to do is open up the strategy tester in Meta Trader 4. I would open up a currency pair, and then select my time frame, either 4 hour, 1 day, or sometimes 1hour. I would start the chart going and then speed it up a little bit. I would then just look at it for hours, looking at the price action, how it behaved, the candlestick patterns, and all other patterns and support lines.

I trade on price action - that is my strategy.

Money management - Maximum of 2% loss on any one trade I place, no matter how much leverage I use. If all the positions I have open in my account hit the stop losses, my rule is that no more than 20% of my account could be effected. That would be 10 trades of 2%, or 20 trades of 1% etc.

I also have a few spreading and hedging strategies I use.

I like breakout strategies a lot.

I don't like most indicators.
Probability Professor
  • #111,438
  • Jan 14, 2009 7:06am Jan 14, 2009 7:06am
Any thoughts on cable rushing to close the opening gap?
Attached Image
bull in a china shop
  • #111,439
  • Jan 14, 2009 7:10am Jan 14, 2009 7:10am
For me,,,,my huge problem is money management, I hope to control my self and take right decisions and close with losses,,,I don't love to loose,,,and becuase all the time I used large time frame in trading ( Weekly,,daily,,some times 4 hour ) ,,,I wait till the daily close for example to confirm on what shall I do next and this make me loose, but all in all trading on large time scales and using long term trading is much better in this forex market

Quoting Galation
I simply trade price action. What I used to do is open up the strategy tester in Meta Trader 4. I would open up a currency pair, and then select my time frame, either 4 hour, 1 day, or sometimes 1hour. I would start the chart going and then speed it up a little bit. I would then just look at it for hours, looking at the price action, how it behaved, the candlestick patterns, and all other patterns and support lines.

I trade on price action - that is my strategy.

Money management - Maximum of 2% loss on any one trade I place, no matter how...
  • #111,440
  • Jan 14, 2009 7:17am Jan 14, 2009 7:17am
Quoting mohfaid
For me,,,,my huge problem is money management, I hope to control my self and take right decisions and close with losses,,,I don't love to loose,,,and becuase all the time I used large time frame in trading ( Weekly,,daily,,some times 4 hour ) ,,,I wait till the daily close for example to confirm on what shall I do next and this make me loose, but all in all trading on large time scales and using long term trading is much better in this forex market
If you start with $5000 in your account, and have sensible money management, and consistently doubled your account every year. You would take that $5000 to $1.28 million in 8 years. (if compounding profits, which I recommend you take out)... Principle is, Forex is not get rich quick, but if you have the mindset of being in it for the long run, and not amassing riches overnight, then you could do well.

The GU is back at about 1.45 now. Just watch the price action around this area, whether it bounces hard, or hovers.
Probability Professor
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