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Cable Update (GBPUSD)

  • #112,101
  • Jan 16, 2009 7:13am Jan 16, 2009 7:13am
Quoting trader2160
Well you are a very reliable eMa.we have to listen to you lol.

Welcome to the forum.

Thanks. I've been around for a while, just quiet. I don't tend to post on any forum all that much.

We'll have to see where this ride takes us today.

Cheers.
  • #112,102
  • Jan 16, 2009 7:14am Jan 16, 2009 7:14am
Quoting Professor4x
Daily is catalyst for weekly and since the current differential on daily market price from moving avgerage price is greater than 15 it will not issue reversal yet because their is too much disparity between the two. But it's close and should happen no later than tuesday
I can wait until then
  • #112,103
  • Jan 16, 2009 7:15am Jan 16, 2009 7:15am
Quoting trader2160
Well you are a very reliable eMa.we have to listen to you lol.

Welcome to the forum.
Thanks for the welcome. I've been around for a while, but I just don't tend to post on any forum much.

Well... Let's sit back and see where this ride takes us.

Cheers.
  • #112,104
  • Jan 16, 2009 7:18am Jan 16, 2009 7:18am
Quoting ezodisy
I can wait until then
was a pioneer in spot fx on wall st in 1999 and traded with the only spot fx house at the time. Know everyone in business and get tell you all about the growth of firms that my associates formed all coming from same source. Bottom line is i am a dinosaur and wish to help other but also knowing i am a free spirit and can come and go as i please.
  • #112,105
  • Jan 16, 2009 7:25am Jan 16, 2009 7:25am
Spot FX is traded everyday by the banks they control the market. Two things you newbie's need to know is. They hold their position 3-4 days on average and they never leverage. It is much easier to hit this market with trend trading than day or swing trading. Must have a plan every entry and stick to it. Keep your gear low to tolerate trading range and minimize drawdown and equity swings. This is key to longevity
  • #112,106
  • Jan 16, 2009 7:28am Jan 16, 2009 7:28am
As a newbie to techs, I have a question about the stair-stepping PA on the 30 and the 1 hour. Starting from 18:00CT (Chicago) yesterday, we are seeing a run up, then a stall... run up then stall... So how do we know that we aren't ready for another run up? (I understand we can't KNOW... just wondering).

My only answer is that we also are encountering major Resistance at 1.50?

I really enjoy following the posts on here and I'm learning a lot from all of you. Keep up the great trading!

Josh
  • #112,107
  • Jan 16, 2009 7:28am Jan 16, 2009 7:28am
LEVERAGE - [FONT='times new roman', times, serif]Understand the difference between Retail Leverage and TRUE Leverage. Retail leverage is what you are sold, if a forex broker tells you that they offer 200:1 leverage. What they are referring to is the Mini platform that uses $50 per lot to trade $10,000. Thus $50 x 200 = $10,000. First and foremost, NOBODY in the world can trade with such high leverage in reality. For our trading plan we use 4:1 leverage, this means that we trade 4 lots against a $10,000 account. So the TRUE leverage is 4 lots x $10,000 = $40,000 or only 4 times our equity. Using the demo $50,000 platform means your only trading $200k or 2 lots against your equity balance. This is 4:1 leverage because your only trading 4 times the value of your account. $50,000 (demo) x 4 = $200,000. This is know as true leverage.[/font]
Caution: Leverage used correctly is your greatest investment tool, but used incorrectly it becomes a weapon of destruction and WILL blow you up.
  • #112,108
  • Jan 16, 2009 7:41am Jan 16, 2009 7:41am
Quoting Professor4x
[b][size=4][color=#003399][size=3][color=#000000]LEVERAGE - [FONT='times new roman', times, serif][font=arial, verdana, sans-serif]Understand the difference between Retail Leverage and TRUE Leverage. Retail leverage is what you are sold, if a forex broker tells you that they offer 200:1 leverage. What they are referring to is the Mini platform that uses $50 per lot to trade $10,000. Thus $50 x 200 = $10,000. First and foremost, NOBODY in the world can...
1000000000000000000000000000000% agree
  • #112,109
  • Jan 16, 2009 7:42am Jan 16, 2009 7:42am
Watch your macd for trend direction. Below the zero line is bear trend above is bull trend. The further appart with extension the greater the directional move. ONLY a cross over of two lines is a trade signal if not crossed direction remains the same.
  • #112,110
  • Jan 16, 2009 7:46am Jan 16, 2009 7:46am
whoaoaaa the news make insane . . it's a fortune that i havent short . .
  • #112,111
  • Jan 16, 2009 7:50am Jan 16, 2009 7:50am
Quoting Professor4x
Watch your macd for trend direction. Below the zero line is bear trend above is bull trend. The further appart with extension the greater the directional move. ONLY a cross over of two lines is a trade signal if not crossed direction remains the same.

Would you suggest a 1hr MACD(12,26,9)? That is the default on my FXaccucharts. Familiar with MACD but haven't used it much.

Josh
  • #112,112
  • Jan 16, 2009 7:51am Jan 16, 2009 7:51am
Trading Forex is all about risk/reward. ON that trade alert posted earlier on gbp. Entry 4930 stop 5015 Target 1.48
It means that i am risk 85 pips to make 130 this is a 1:1.53 risk/reward ratio. Risking $1 to Make $1.53. This is a low ration but when hitting 75% of my trades the culmaltive gains are much greater because it means cutting losses quicker and smaller and riding profits.
Right now on market with 2:1 leverage so my equity risk is: downside 1.7% and upside 2.6%
This is the way you need to design a plan because than you dont have to worry about the unexpected because risk is defined and its a comfortable way to trade.
  • #112,113
  • Jan 16, 2009 7:51am Jan 16, 2009 7:51am
Hi Josh
Have you learnt about Price Action. It beats any indicator/system ,it has no lag whatsoever.
Have a looky over on on the James 16 thread


Quoting Jduester
As a newbie to techs, I have a question about the stair-stepping PA on the 30 and the 1 hour. Starting from 18:00CT (Chicago) yesterday, we are seeing a run up, then a stall... run up then stall... So how do we know that we aren't ready for another run up? (I understand we can't KNOW... just wondering).

My only answer is that we also are encountering major Resistance at 1.50?

I really enjoy following the posts on here and I'm learning a lot from all of you. Keep up the great trading!

Josh
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,114
  • Jan 16, 2009 7:53am Jan 16, 2009 7:53am
textbook double top and failed to break so next 20 hours pressue to downside. Very comfortable
  • #112,115
  • Jan 16, 2009 7:53am Jan 16, 2009 7:53am
Quoting Bones
Hi Josh
Have you learnt about Price Action. It beats any indicator/system ,it has no lag whatsoever.
Have a looky over on on the James 16 thread
Nice to see you Bones
  • #112,116
  • Jan 16, 2009 7:57am Jan 16, 2009 7:57am
buy on rumor sell on news. That cpi was priced in and expected by market that is why has no continuation. right now support is 4930 on break starts me heading to target. next support 4910 resistance is 4980 is breaks that have good chance of getting stopped out.
  • #112,117
  • Jan 16, 2009 8:00am Jan 16, 2009 8:00am
still looking for direction
  • #112,118
  • Jan 16, 2009 8:00am Jan 16, 2009 8:00am
Hi ya Abuawad,
Its good to see you back in the thread my friend!
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,119
  • Jan 16, 2009 8:03am Jan 16, 2009 8:03am
LEVERAGE - Understand the difference between Retail Leverage and TRUE Leverage. Retail leverage is what you are sold, if a forex broker tells you that they offer 200:1 leverage. What they are referring to is the Mini platform that uses $50 per lot to trade $10,000. Thus $50 x 200 = $10,000. First and foremost, NOBODY in the world can trade with such high leverage in reality. For our trading plan we use 4:1 leverage, this means that we trade 4 lots against a $10,000 account. So the TRUE leverage is 4 lots x $10,000 = $40,000 or only 4 times our equity. Using the demo $50,000 platform means your only trading $200k or 2 lots against your equity balance. This is 4:1 leverage because your only trading 4 times the value of your account. $50,000 (demo) x 4 = $200,000. This is know as true leverage.
Caution: Leverage used correctly is your greatest investment tool, but used incorrectly it becomes a weapon of destruction and WILL blow you up.

Quote
its fell look good
  • #112,120
  • Jan 16, 2009 8:05am Jan 16, 2009 8:05am
with the 10 min and 15 min moving avgerages crossed and no continutaion this is known as divergence. Whenever you see price action and techs divergre it's always a good sign your on right side. Need only about 10 more miniutes for 15 min to be in position to issure trade siganl south and than this house of cards fall. Divergence is very good here for short sellers and the further from 4980 resistance or day high the better for downside pressure without break
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