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Cable Update (GBPUSD)

  • #120,061
  • Feb 12, 2009 7:37am Feb 12, 2009 7:37am
Quoting Chris_35
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...
Spot on Chris.
  • #120,062
  • Feb 12, 2009 7:38am Feb 12, 2009 7:38am
Quoting JammerJams
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
I know what you mean mate. Use to trade off 5m charts. It was too crazy for me!
Thank You
  • #120,063
  • Feb 12, 2009 7:41am Feb 12, 2009 7:41am
Hello there nAVIN
I have a pdf file that may be of use to you after your +120pips disclosure, or to any other trader in here who likes to study price action.

Attached File(s)
File Type: pdf prediciting price action 2004.pdf   642 KB | 2,037 downloads
  • #120,064
  • Feb 12, 2009 7:44am Feb 12, 2009 7:44am
Quoting wormboy
I know what you mean mate. Use to trade off 5m charts. It was too crazy for me!
I get myself stuck in poor old habbits..and need to keep myself inline...

1. trade consistenty same period
2. trade longer periods
3. entries only in big runs..is best..and lock in entry
4. Short term trades should not be considered trend directions

I still kick myself for not remembering this...your faults remind me of mine.
lets learn..and change for the better.

Problem is scalping..
1. News and movements make you change your long term game...
2. same as #1
3. same as #1
4. same...etc..
  • #120,065
  • Feb 12, 2009 7:46am Feb 12, 2009 7:46am
why is everyone long? as long as we are below 1.43, we should be bearish....anyone agrees with me?
  • #120,066
  • Feb 12, 2009 7:46am Feb 12, 2009 7:46am
If u draw a lower TL off the 11/14/08 low and the low of today on the 4h u will see that it does not take a crystall ball to tell that trying a long around the 4150 area might of been a good idea!

  • #120,067
  • Feb 12, 2009 7:48am Feb 12, 2009 7:48am
Quoting Shilva
If u draw a lower TL off the 11/14/08 low and the low of today on the 4h u will see that it does not take a crystall ball to tell that trying a long around the 4150 area might of been a good idea!

  • #120,068
  • Feb 12, 2009 7:52am Feb 12, 2009 7:52am
Quoting Shilva
If u draw a lower TL off the 11/14/08 low and the low of today on the 4h u will see that it does not take a crystall ball to tell that trying a long around the 4150 area might of been a good idea!

Exactly - 'the wedge'
  • #120,069
  • Feb 12, 2009 7:56am Feb 12, 2009 7:56am
Quoting Chris_35
Hello there nAVIN
I have a pdf file that may be of use to you after your +120pips disclosure, or to any other trader in here who likes to study price action.

Attachment
Thanks! This looks to be very interesting.
  • #120,070
  • Feb 12, 2009 7:59am Feb 12, 2009 7:59am
Quoting sofia101
do you see it rising as high as 45+ levels
  • #120,071
  • Feb 12, 2009 8:00am Feb 12, 2009 8:00am
today's close could be very important for downtrend. we are movin in the 50% fibo for the 1.35-1.4987... if close below 423x we can see more down... if not, a lot of probabilities to a rally to the 1.50 again...

anyone agree?
  • #120,072
  • Feb 12, 2009 8:03am Feb 12, 2009 8:03am
Quoting JammerJams
do you see it rising as high as 45+ levels
First we need to pass 1.4320 then 1.4425 and then will see
  • #120,073
  • Feb 12, 2009 8:06am Feb 12, 2009 8:06am
Quoting Infinity
I am considering the 4250-4320 area based on the day chart... I will look at price action in this area for a good long if it holds...
We are now at the critical area.. If we close significantly below this old line, we are likely to see continuation of the downtrend, if not, the possibilities are great..
Attached Image (click to enlarge)
Click to Enlarge Name: day.gif Size: 21 KB
Patience + Discipline - Greed = Success
  • #120,074
  • Feb 12, 2009 8:06am Feb 12, 2009 8:06am
Quoting JammerJams
I get myself stuck in poor old habbits..and need to keep myself inline...

1. trade consistenty same period
2. trade longer periods
3. entries only in big runs..is best..and lock in entry
4. Short term trades should not be considered trend directions

I still kick myself for not remembering this...your faults remind me of mine.
lets learn..and change for the better.

Problem is scalping..
1. News and movements make you change your long term game...
2. same as #1
3. same as #1
4. same...etc..
I think you just drove the points home. I think most people consider the 1HR chart as their lowest time frame.
  • #120,075
  • Feb 12, 2009 8:09am Feb 12, 2009 8:09am
Quoting MarkyBoy
According to your method, am I right in thinking we are not in for the second run down until a retrace to 1.4275?
Quoting Abuawad
i don't know why to run fast and enter the trade, we have already collect nice pips, and there are news now. also still the market at the first two hours,
no need to jump then hang with position for long time and missing the good entry.
wait thats all, keep an eye on the large time frame, 30M 1H&4H didn't close yet and there are a good support on 1.4207.
lets see
MarkyBoy, i think i'm going to issue a certificate for you,
the 2nd sell order now active, but not from the same entry point, we have 1H 30M 15M candle closed below 1.4290
lets see where we can go with that...
  • #120,076
  • Feb 12, 2009 8:09am Feb 12, 2009 8:09am
Quoting JammerJams
I get myself stuck in poor old habbits..and need to keep myself inline...

1. trade consistenty same period
2. trade longer periods
3. entries only in big runs..is best..and lock in entry
4. Short term trades should not be considered trend directions

I still kick myself for not remembering this...your faults remind me of mine.
lets learn..and change for the better.

Problem is scalping..
1. News and movements make you change your long term game...
2. same as #1
3. same as #1
4. same...etc..
great, i'm all for learning mate
Though I must say, I don't have much to offer compared to some seniors here. And my chart? There's only 2 sma there & nothing else. But I'll be happy to share everything I know if required
Thank You
  • #120,077
  • Feb 12, 2009 8:10am Feb 12, 2009 8:10am
Quoting thejerry
Thanks! This looks to be very interesting.
Your welcome
  • #120,078
  • Feb 12, 2009 8:17am Feb 12, 2009 8:17am
Because we are at a drop-dead support level. 4200 area.

Quoting MrCampbell
why is everyone long? as long as we are below 1.43, we should be bearish....anyone agrees with me?
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 24 KB
Disclaimer: Take all trades at your own risk. Trade Demo account only.
  • #120,079
  • Feb 12, 2009 8:24am Feb 12, 2009 8:24am
Quoting Abuawad
MarkyBoy, i think i'm going to issue a certificate for you,
the 2nd sell order now active, but not from the same entry point, we have 1H 30M 15M candle closed below 1.4290
lets see where we can go with that...
Next stop 1.4170 and let make it 1.4160 because we enter this @1.4260
  • #120,080
  • Feb 12, 2009 8:33am Feb 12, 2009 8:33am
Quoting Abuawad
Next stop 1.4170 and let make it 1.4160 because we enter this @1.4260
we have been here already Abuawad...

so..why not have taken the close at that time...

Abuawad...are you still shooting to enter at 1.4150 level for a short?
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