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Cable Update (GBPUSD)

  • #123,481
  • Feb 25, 2009 11:40am Feb 25, 2009 11:40am
Quoting dingo_bingo
hi...
I think you are doing the right thing. Learn as much as you can. Try these threads also.

http://www.forexfactory.com/showthread.php?t=50767
http://www.forexfactory.com/showthread.php?t=2331
Economists have forecast 9 out of the last 5 recessions
  • #123,482
  • Feb 25, 2009 11:41am Feb 25, 2009 11:41am
Quoting dingo_bingo
hi i am trading since from 2months, started with $5000 went up to 9800, then one bad trade gone back to minus 200, then i started looking for some knowledge , came here someone refered me to babypips.com , went there seems i have to learn a lot about charts all the stuff , till know i was just gambling, yesterday i was looking at this forum ,someone saying it will go to 14200 , i just thought to gamble again yesterday , took a position at 14570 28 lots, decided that either way it goes i am not going to trade until i learn knowledge , did not put...
Congratulations and this is the best place to learn.
  • #123,483
  • Feb 25, 2009 12:03pm Feb 25, 2009 12:03pm
Anyone thinking for 1.4300 now?
  • #123,484
  • Feb 25, 2009 12:09pm Feb 25, 2009 12:09pm
Quoting dstryr
hmm my mt4 shows close in 200 minutes.....weird...
Different broker has different time.
  • #123,485
  • Feb 25, 2009 12:10pm Feb 25, 2009 12:10pm
Quoting dstryr
hmm my mt4 shows close in 200 minutes.....weird...
can I have the script so that I can place it on my chart as well?, much much thanks.
  • #123,486
  • Feb 25, 2009 12:18pm Feb 25, 2009 12:18pm
gone back to trendlines..
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  • #123,487
  • Feb 25, 2009 12:24pm Feb 25, 2009 12:24pm
Quoting nAVIN2007
gone back to trendlines..

LOL......thats why I don't like trendlines.
  • #123,488
  • Feb 25, 2009 12:31pm Feb 25, 2009 12:31pm
Quoting AmeriTrini
LOL......thats why I don't like trendlines.
i know what u mean
  • #123,489
  • Feb 25, 2009 12:42pm Feb 25, 2009 12:42pm
Quoting dingo_bingo
hi...
Did I read that correctly, 28 lots?
Hi, my name is Barry and you can keep your doctor...
  • #123,490
  • Feb 25, 2009 12:45pm Feb 25, 2009 12:45pm
Quoting eohater
4203 myself!
Nice
Hi, my name is Barry and you can keep your doctor...
  • #123,491
  • Feb 25, 2009 12:49pm Feb 25, 2009 12:49pm
I close long GU with profit and I want now to open new order with low
but be damned eurgbp (always hated this pair) - that's thing just do not want to fall and I'm tired like devil to wait!
ROBOT FOREX
  • #123,492
  • Feb 25, 2009 12:59pm Feb 25, 2009 12:59pm
If you don't know how to use trendlines, you won't like them... but if you do....
I took a short at the retest of the broken tl... took partial profit at 4208... rest at +2..
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Patience + Discipline - Greed = Success
  • #123,493
  • Feb 25, 2009 1:04pm Feb 25, 2009 1:04pm
Quoting cisco
Did I read that correctly, 28 lots?
Cisco...in reading his thread...28 Lots!!! I do that with $2 million block trades...max...28! you get closed out on a breeze...

Please tell him to strongly consider risk mitigation books...

even 28 Lots is too big for me on a 2mil account.

but 28 lots on a 5k account..WOW! like the movie..gone in 60 seconds
  • #123,494
  • Feb 25, 2009 1:05pm Feb 25, 2009 1:05pm
Looks like we are at the middle of the down channel on the daily...

So it could bounce back a bit before dropping to bottom of channel at 1.3950 ish ?

Would that be too easy ?
  • #123,495
  • Feb 25, 2009 1:11pm Feb 25, 2009 1:11pm
Quoting Infinity
If you don't know how to use trendlines, you won't like them... but if you do....
I took a short at the retest of the broken tl... took partial profit at 4208... rest at +2..
damn, i miss my entry for just 2 pips!!! when i could see it, it was moving down slowly, so i enter anyway at 1.4216.

Casually, the daily trendline was almost in the same place as the 50 fibo of the last daily uptrend move, hard to cross frontier

but, today was a very bad day to me... so, i will wait patiently to recover my looses
  • #123,496
  • Feb 25, 2009 1:15pm Feb 25, 2009 1:15pm
Quoting Forbes55
I close long GU with profit and I want now to open new order with low
but be damned eurgbp (always hated this pair) - that's thing just do not want to fall and I'm tired like devil to wait!
I tried to trade it once upon a time as well...but it doesn't really play nicely. Now I use it as a strength/weakness indicator for other trades. Works a little something like this....

When EUR is gaining on GBP, shorts will sell harder on GBP and longs harder for EUR.

When EUR is failing in the trend, GBP longs will run up faster, EUR shorts will sell harder.

This is the premise I use for soft hedge trading.

GBP always moves harder against EUR, so using the EUR/GBP as my indicator, a prime example of this trade was lastnight. I seen the bull flag forming, and a better specimen you simply could not find.

My trades were
Sell GBP/USD x1
Sell GBP/JPY x1
Buy EUR/USD x1
Buy EUR/JPY x1

Check your charts and do the math. I had a couple of other plays involved but took over 300 overnight....

When EUR is on the gain, for a quick trip, I will buy EUR/JPY and hedge against GBP/USD, can usually take on both sides of the trade like this. I never play the sells on this cycle, bad experience once and shit scared of it now....heh...

As a newb, the soft hedges keep me from wetting my pants if the charts spike against me. If playing with the direction of the EUR/GBP trend, I can typically sit back and just wait for 100 pips, close out all trades to keep me from being greedy and will check the charts to see if anything looks ripe...

Not telling you how to play...just a nice little play I use, when true direction on the pairs isn't evident to me, but direction of EUR/GBP is.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #123,497
  • Feb 25, 2009 1:18pm Feb 25, 2009 1:18pm
What are the best time to trade this pair, I assume London start to US end? I am in uk and can only really trade last 2 hours of US, is there much action after?
Economists have forecast 9 out of the last 5 recessions
  • #123,498
  • Feb 25, 2009 1:20pm Feb 25, 2009 1:20pm
Quoting JammerJams

but 28 lots on a 5k account..WOW! like the movie..gone in 60 seconds
Back in the 80's I played on a blackjack team and I learned immediately that money management is imperative.
Hi, my name is Barry and you can keep your doctor...
  • #123,499
  • Feb 25, 2009 1:28pm Feb 25, 2009 1:28pm
Quoting Infinity
If you don't know how to use trendlines, you won't like them... but if you do....
I took a short at the retest of the broken tl... took partial profit at 4208... rest at +2..
i think the thing with trendlines at least with me, is u got a lot happenning on the chart and u have to have faith in them...i just made 50 pips using them and they never come easier...i shall practice more with them especially now
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  • #123,500
  • Feb 25, 2009 1:37pm Feb 25, 2009 1:37pm
Quoting cisco
Back in the 80's I played on a blackjack team and I learned immediately that money management is imperative.
The more religious participants need to believe this is 'trading' and not 'gambling', as that is forbidden along with a lot of other stuff

I believe that self deception is an essential part of happiness so let em is what I say

an informed gambler will be quite good at forex i reckon
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