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Cable Update (GBPUSD)

  • #112,141
  • Jan 16, 2009 8:32am Jan 16, 2009 8:32am
Quoting Kristo
Perhaps you could post your chart and then all of us newbies could see your short position as it unfolds.
may have missed it this morning but i am short right now at 4930 stop 5015 target 1.48 Once i have plan never change it that trade is over and looking for next.
  • #112,142
  • Jan 16, 2009 8:32am Jan 16, 2009 8:32am
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
short from 4951. appreciate the commmentary mate! keep it coming. im following your breakdown, very informative.

muchas gracias
  • #112,143
  • Jan 16, 2009 8:32am Jan 16, 2009 8:32am
Dow open whit a spike up.
  • #112,144
  • Jan 16, 2009 8:33am Jan 16, 2009 8:33am
Quoting Professor4x
may have missed it this morning but i am short right now at 4930 stop 5015 target 1.48 Once i have plan never change it that trade is over and looking for next.
Discipline that's what that is called.
  • #112,145
  • Jan 16, 2009 8:33am Jan 16, 2009 8:33am
Quoting allserene
What is your first language Proff ?
type to fast for english
  • #112,146
  • Jan 16, 2009 8:35am Jan 16, 2009 8:35am
Quoting eohater
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.
Morning bro.......Once we broke 4708 it was all over....
Patience + Discipline - Greed = Success
  • #112,147
  • Jan 16, 2009 8:35am Jan 16, 2009 8:35am
Quoting zimdonks
short from 4951. appreciate the commmentary mate! keep it coming. im following your breakdown, very informative.

muchas gracias
When you make entry and 90% of time your market price is at or below in short case it's always a good sign you made good entry. Your at the market and the closer your entry is to market the greater the chance of profitability becasue it has to break either way. Good entry win lose or draw you gave it a good shot
  • #112,148
  • Jan 16, 2009 8:37am Jan 16, 2009 8:37am
Quoting Professor4x
market has run out of steam and now it's time that profit takers enter and knock it down
cable still looks like it has long legs !

wouldnt the expected negative news in 30 mins push cable up some more to 1.50xx ??
  • #112,149
  • Jan 16, 2009 8:37am Jan 16, 2009 8:37am
had enough time to go higher but failed we need a strong down test here.
  • #112,150
  • Jan 16, 2009 8:37am Jan 16, 2009 8:37am
Quoting Liquid
Try and trade what you see on the chart and limit emotions to a minimum. Also use proper MM (Money Management).
I use MM. I must say I need more knowledge.
The problem is that I get too excited when I see something good and I forget to check all the scenarios.
What do you do to avoid that?
  • #112,151
  • Jan 16, 2009 8:38am Jan 16, 2009 8:38am
You have to find what’s right for you my friend.
James 16 is known at FF for what he calls the Pin Bar. The bars that have an arrow over.
There’s so much more also.
You would do yourself a favour having a read there really are some great traders there that will help with the methods without anything in return .
However you choose to trade you must learn PA IMHO



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
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd , weekly,16th jan09.gif Size: 13 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,152
  • Jan 16, 2009 8:38am Jan 16, 2009 8:38am
Quoting blurrcow
cable still looks like it has long legs !

wouldnt the expected negative news in 30 mins push cable up some more to 1.50xx ??

S&R either holds or it doesn't. News has been negative for it since 9am.
  • #112,153
  • Jan 16, 2009 8:40am Jan 16, 2009 8:40am
Quoting profitmaker
I use MM. I must say I need more knowledge.
The problem is that I get too excited when I see something good and I forget to check all the scenarios.
What do you do to avoid that?
Be thorough. Check all the time frames before you enter a trade - make sure you get the entire picture. Plan out your trade before you enter it (write down your plan if need be), then stick to that plan you have developed.
  • #112,154
  • Jan 16, 2009 8:41am Jan 16, 2009 8:41am
Quoting profitmaker
I use MM. I must say I need more knowledge.
The problem is that I get too excited when I see something good and I forget to check all the scenarios.
What do you do to avoid that?
a small one to gamble and a large one for investment. When i blow up my small one which happens often i take alittle from my investment. My small one only has 1000 in it and its my casino.
  • #112,155
  • Jan 16, 2009 8:43am Jan 16, 2009 8:43am
Understand now why price moves the way it does? That is why you must chart all support and resistance horizontal trendlines everyday for pair your trading and know them. I have them memorized becasue been trading this pair for 8 years and the more touches with trendline the stronger the support and resistance becomes
  • #112,156
  • Jan 16, 2009 8:44am Jan 16, 2009 8:44am
Quoting Bones
You have to find what’s right for you my friend.
James 16 is known at FF for what he calls the Pin Bar. The bars that have an arrow over.
There’s so much more also.
You would do yourself a favour having a read there really are some great traders there that will help with the methods without anything in return .
However you choose to trade you must learn PA IMHO
Agree with Bones on this one, there are some great threads on Forex Factory, where some very gifted traders (inc Bones himself) offer some excellent advice and support over a long period of time, without ever trying to sell products or services to new traders, or attempting to charge them for help given.
  • #112,157
  • Jan 16, 2009 8:45am Jan 16, 2009 8:45am
Quoting gammase1
Agree with Bones on this one, there are some great threads on Forex Factory, where some very gifted traders (inc Bones himself) offer some excellent advice and support over a long period of time, without ever trying to sell products or services to new traders, or attempting to charge them for help given.
You just explained why forex factory works
  • #112,158
  • Jan 16, 2009 8:46am Jan 16, 2009 8:46am
Quoting Bones
You have to find what’s right for you my friend.
James 16 is known at FF for what he calls the Pin Bar. The bars that have an arrow over.
There’s so much more also.
You would do yourself a favour having a read there really are some great traders there that will help with the methods without anything in return .
However you choose to trade you must learn PA IMHO
Nice entry you got down there..
Patience + Discipline - Greed = Success
  • #112,159
  • Jan 16, 2009 8:46am Jan 16, 2009 8:46am
Quoting Professor4x
You just explained why forex factory works
Let's hope it stays that way, Prof
  • #112,160
  • Jan 16, 2009 8:48am Jan 16, 2009 8:48am
Quoting Professor4x
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.

Thanks for giving back...........

Very helpful information!

HOLLA
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