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Cable Update (GBPUSD)

  • #120,041
  • Feb 12, 2009 6:26am Feb 12, 2009 6:26am
Quoting Marj
I am always amazed by peoples saying they get in a trend reversal trade at or near the low for that day when there is no apparent reason or none quoted. We would all love to know the thinking behind it then we can be equally as clever...........
I did call this read the tread
  • #120,042
  • Feb 12, 2009 6:27am Feb 12, 2009 6:27am
Quoting sofia101
Hello everybody I can see a little bounce at1.4163 will see,good morning to you all.
It was 3hours ago
  • #120,043
  • Feb 12, 2009 6:28am Feb 12, 2009 6:28am
man i hate when this happens...
its teasing me
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  • #120,044
  • Feb 12, 2009 6:28am Feb 12, 2009 6:28am
Quoting pmn100
That seems a really confident move in the face of such selling pressure. Can I ask what made you confident enough to make that trade? I'm assuming it was some form support you've got on a higher time frame chart as I know you trade 1 hour/4hour charts.

Thanks.
I'm also long from 1.4140. I see lots of support - the longterm wedge TL, a long term Fib level, plus the area provided strong R/S for much of late January.
  • #120,045
  • Feb 12, 2009 6:32am Feb 12, 2009 6:32am
Quoting Komissar
Yes, I would like to know how that kind of trades were trigerred.
For example, Sofia mentioned 4150 long. I assumed it was executed about 2 hours ago. At that time it was pure down trend. Any details to share?
Thanks in advance.
Just like I said above learn to read naked charts
  • #120,046
  • Feb 12, 2009 6:34am Feb 12, 2009 6:34am
Quoting linleysound
I'm also long from 1.4140. I see lots of support - the longterm wedge TL, a long term Fib level, plus the area provided strong R/S for much of late January.
Thanks.
  • #120,047
  • Feb 12, 2009 6:36am Feb 12, 2009 6:36am
Quoting sofia101
Just like I said above learn to read naked charts
I am clueless! Can you help, please?
I attached naked chart 1H. You took long in marked zone. That candle opened below previous and moved down.
WHY did you deside to go long?
Really, cristal ball would help.
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  • #120,048
  • Feb 12, 2009 6:38am Feb 12, 2009 6:38am
Sofia is using strategy similar to Steelheads one !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #120,049
  • Feb 12, 2009 6:40am Feb 12, 2009 6:40am
Hi, do think the market will continue to go long,cos my MA's show a cross over for long,but the price is still fidling, i almost entered at 1.41 but i just decided to hold on.
  • #120,050
  • Feb 12, 2009 6:41am Feb 12, 2009 6:41am
Quoting Komissar
I am clueless! Can you help, please?
I attached naked chart 1H. You took long in marked zone. That candle opened below previous and moved down.
WHY did you deside to go long?
Really, cristal ball would help.
I don't look at candles that much compress your chart and look at support and resistance draw line and see
  • #120,051
  • Feb 12, 2009 6:42am Feb 12, 2009 6:42am
delete
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #120,052
  • Feb 12, 2009 6:42am Feb 12, 2009 6:42am
Quoting Komissar
I am clueless! Can you help, please?
I attached naked chart 1H. You took long in marked zone. That candle opened below previous and moved down.
WHY did you deside to go long?
Really, cristal ball would help.
Go to the 4H chart, and you'll see you're able to draw a trendline downwards, which the last 4 hour candle bounced off.

It's also at a pivot line for me.

On the 5 minute timeframe, there was divergence on MACD.
  • #120,053
  • Feb 12, 2009 6:43am Feb 12, 2009 6:43am
Quoting sofia101
I don't look at candles that much compress your chart and look at support and resistance draw line and see
Now look at feb2 and feb3 do you see resistance?
  • #120,054
  • Feb 12, 2009 6:53am Feb 12, 2009 6:53am
Quoting sofia101
Now look at feb2 and feb3 do you see resistance?
That's help a lot! Thanks.



But second opinion from crystal ball will help too.\
I am going to get one too.
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  • #120,055
  • Feb 12, 2009 7:04am Feb 12, 2009 7:04am
Quoting Komissar
That's help a lot! Thanks.



But second opinion from crystal ball will help too.Oh that's so funny
I am going to get one too.
LOL
  • #120,056
  • Feb 12, 2009 7:11am Feb 12, 2009 7:11am
Quoting Komissar
I am clueless! Can you help, please?
I attached naked chart 1H. You took long in marked zone. That candle opened below previous and moved down.
WHY did you deside to go long?
Really, cristal ball would help.
I am too dumb to predict the future... but smart enough not to try.
It takes me 1.5 bars on the M1 chart to eat a pancake.
  • #120,057
  • Feb 12, 2009 7:13am Feb 12, 2009 7:13am
Quoting dgr8truth
day trading the forex market i think is the worse thing that will happen to a forex trader. because so many forces will walk against him/her and as time foes he/she will continue to lose focus. the best profile for a trader is to position his trade. why? because he trade less and win more and secondly his risk to reward will be something like this 1:5 at the minimum. to consolidate this is the more important factor money management which so many traders look to be less important. as for the present gbp/usd market i'm still looking for further...
I agree with you, especially the highlighted part. That part practically was the very reason i decided to scrap scalping/day trading. It just didn't work for me. More often than so, after a bad trade, I end up gambling my $ away. Maybe I just didn't have the desired focus to daytrade or scalp. And like you, position trading is my bread & butter now.
Atm, I'm up 600+ pips myself from 2 entries since Tuesday, one @ 4637 & the other from 4400 with both sl locked in safely @ 4375. Race you down?
Good luck guys.
Thank You
  • #120,058
  • Feb 12, 2009 7:13am Feb 12, 2009 7:13am
Quoting JimmyPants
I am too dumb to predict the future... but smart enough not to try.
i love this saying!!
  • #120,059
  • Feb 12, 2009 7:30am Feb 12, 2009 7:30am
Quoting wormboy
I agree with you, especially the highlighted part. That part practically was the very reason i decided to scrap scalping/day trading. It just didn't work for me. More often than so, after a bad trade, I end up gambling my $ away. Maybe I just didn't have the desired focus to daytrade or scalp. And like you, position trading is my bread & butter now.
Atm, I'm up 600+ pips myself from 2 entries since Tuesday, one @ 4637 & the other from 4400 with both sl locked in safely @ 4375. Race you down?
Good luck guys.
with day trading/scalping...you get stuck in the messy shortterm news...and it affects the moment.

I look forward to trading long term entries..and adding to the long term trade. Scalping is during slow and poor moving periods.

I know traders that never look at anything less then 1 hr candles
  • #120,060
  • Feb 12, 2009 7:31am Feb 12, 2009 7:31am
Quoting dashboard
nice sofi...
1. the trend direction is down
2. we may see the 1.4xx then maybe rebound (retracement) or it can be closed bellow the 1.4xx n then rebound
3. of course should make lower low the 1.34
why i can say that : techically n fundamentally (bad data in UK - UK in recession)

nothing is sure in forex, everything can change so keep beware
loss is sure, win is great. nothing is impossible in forex
Seems to me that the whole world is in recession but the UK wants to scream it out from the roof tops to the rest of the world. Thats a funny thing about the UK we are always the first in line to knock ourselves down and beat ourselves up. I am sure that all the other UK traders on this site will agree. It doesnt matter what field we are playing in be it political, financial, sporting or otherwise. we could be on top of the world at something, but at the slightest excuse there is, we are in there, beating ourselves up again for the rest of the world to witness. Merv the muppet.
Rant over!
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