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Cable Update (GBPUSD)

  • #112,121
  • Jan 16, 2009 8:05am Jan 16, 2009 8:05am
Quoting Bones
Hi ya Abuawad,
Its good to see you back in the thread my friend!
Thanks Bones, i hope your trading is OK
  • #112,122
  • Jan 16, 2009 8:09am Jan 16, 2009 8:09am
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

I haven't looked at that thread but I will now. When people use the term 'price action', do they generally mean chart patterns and candlestick patterns?

learning lots today... thanks guys and gals!

Josh
  • #112,123
  • Jan 16, 2009 8:10am Jan 16, 2009 8:10am
the reason i am commenting is for you newbie's to follow charts at you watch price action this is how you learn. It's doing exactly what it should be right now and only my entry could have been better but still in trade so have a long way to go.
  • #112,124
  • Jan 16, 2009 8:13am Jan 16, 2009 8:13am
Quoting Professor4x
the reason i am commenting is for you newbie's to follow charts at you watch price action this is how you learn. It's doing exactly what it should be right now and only my entry could have been better but still in trade so have a long way to go.
I think we will drop as well
Attached Image (click to enlarge)
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  • #112,125
  • Jan 16, 2009 8:14am Jan 16, 2009 8:14am
Quoting Jduester
I haven't looked at that thread but I will now. When people use the term 'price action', do they generally mean chart patterns and candlestick patterns?

learning lots today... thanks guys and gals!

Josh
Price action is when your watching the actual movement of the price of pair. Always know your support and resistance lines so you understand the price action or why the move of pair is doing what it's doing and makes sense.
  • #112,126
  • Jan 16, 2009 8:16am Jan 16, 2009 8:16am
Trading for excitement, not profit (lack of patience): Some traders do not trade for money; they just like the action. Think about it: Must you have a trade a day or just an opportunity to make money, regardless of the time frame? The market will dictate NOT you. If your excited when trading it's more of a gamble than a trade.
  • #112,127
  • Jan 16, 2009 8:18am Jan 16, 2009 8:18am
market has run out of steam and now it's time that profit takers enter and knock it down
  • #112,128
  • Jan 16, 2009 8:19am Jan 16, 2009 8:19am
Quoting Professor4x
Trading for excitement, not profit (lack of patience): Some traders do not trade for money; they just like the action. Think about it: Must you have a trade a day or just an opportunity to make money, regardless of the time frame? The market will dictate NOT you. If your excited when trading it's more of a gamble than a trade.
Precisely, for that go to the casino.
  • #112,129
  • Jan 16, 2009 8:20am Jan 16, 2009 8:20am
hopefully you understand what is happening and watch the accelerated move down if she breaks 4930. A clear break it at least 5 pips below anything less is a fool's break
  • #112,130
  • Jan 16, 2009 8:25am Jan 16, 2009 8:25am
Quoting Abuawad
watch these lines...
Cable can't even retch the top line, let's see...
  • #112,131
  • Jan 16, 2009 8:25am Jan 16, 2009 8:25am
Quoting Professor4x
the reason i am commenting is for you newbie's to follow charts at you watch price action this is how you learn. It's doing exactly what it should be right now and only my entry could have been better but still in trade so have a long way to go.

Good stuff.

Keep sharing. The more the better. Keeps some from
floundering. Speeds the learning curve.

Dr. D.
  • #112,132
  • Jan 16, 2009 8:26am Jan 16, 2009 8:26am
she has fans but is close. Rather be down here banging support if short than knocking resistance
Anybody else out there to make comments didnt come here for play by play annoucing
  • #112,133
  • Jan 16, 2009 8:26am Jan 16, 2009 8:26am
Quoting Professor4x
Trading for excitement, not profit (lack of patience): Some traders do not trade for money; they just like the action. Think about it: Must you have a trade a day or just an opportunity to make money, regardless of the time frame? The market will dictate NOT you. If your excited when trading it's more of a gamble than a trade.

That happens to me very often.
What should I do?
  • #112,134
  • Jan 16, 2009 8:27am Jan 16, 2009 8:27am
Quoting Professor4x
the reason i am commenting is for you newbie's to follow charts at you watch price action this is how you learn. It's doing exactly what it should be right now and only my entry could have been better but still in trade so have a long way to go.

Perhaps you could post your chart and then all of us newbies could see your short position as it unfolds.
If there is ever any doubt then there is no doubt.
  • #112,135
  • Jan 16, 2009 8:28am Jan 16, 2009 8:28am
Lesson 1: Lack of money management: Trading Forex is a question of what the odds are of being right. This is known as risk/reward ratio. Good money management means you know your profit objective and the odds of being right or wrong and know how to control your risks with stops.
  • #112,136
  • Jan 16, 2009 8:28am Jan 16, 2009 8:28am
Good morning everyone! We've had one hell of a run. Let's see where she goes. I'm currently flat and might remain that way for the rest of the day.
Just digging in the trenches like everyone else!
  • #112,137
  • Jan 16, 2009 8:29am Jan 16, 2009 8:29am
Quoting profitmaker
That happen to me very often.
What should I do?
Try and trade what you see on the chart and limit emotions to a minimum. Also use proper MM (Money Management).
  • #112,138
  • Jan 16, 2009 8:29am Jan 16, 2009 8:29am
Quoting profitmaker
That happen to me very often.
What should I do?
Have two accounts, a micro for gambling and mini for trading and realize the difference when trading. Discipline my dear watson.
  • #112,139
  • Jan 16, 2009 8:30am Jan 16, 2009 8:30am
Quoting Kristo
Perhaps you could post your chart and then all of us newbies could see your short position as it unfolds.
That would probably help a lot of newer traders so they can visually see what you are talking about.
  • #112,140
  • Jan 16, 2009 8:31am Jan 16, 2009 8:31am
Quoting Professor4x
she has fans but is close. Rather be down here banging support if short than knocking resistance
Anybody else out there to make comments didnt come here for play by play annoucing
What is your first language Proff ?
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