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Cable Update (GBPUSD)

  • #131,501
  • May 7, 2009 11:21am May 7, 2009 11:21am
I am going to give you guys a nice heads up on a potential long trade for USD/CAD.

See the chart. It has retraced 50% of its upsurge to the 1.30's and into a zone that clearly has zome significance (This is a weekly chart).

I am waiting for the weekly candle to close before deciding what to do. I am favoring to take a long of this as the reward could be hefty .. I would actually like to see 1.30 again!
Attached Image (click to enlarge)
Click to Enlarge Name: cad.gif Size: 21 KB
  • #131,502
  • May 7, 2009 11:23am May 7, 2009 11:23am
Quoting dimlat
Cheers, i am 3 weeks into this game, holding onto my capital, learning all the time from guys like you, for which i am grateful
I'm 3 years and still learning... hehe.

I suggest you to pratice ALOT before going live!!!
If you haven't make a plan like:

I will take my profit at x pips
I will cut position at X pips lost
I will enter on this kinf of setup
I will.... etc

Emotion will take place if not... and you will loose all your bullets.
Learn pratice, learn, pratice, and when you'll get a ratio of around 6/10- 7/10 goood trade vs bad.... then live trade is to consider..

Have a look at this PDF, preatty nice stuff t o clear mind.

Just my 2 cents for you buddy!
Attached File(s)
File Type: pdf T2W_Trading_Plan_Template_2005.pdf   160 KB | 450 downloads
  • #131,503
  • May 7, 2009 11:25am May 7, 2009 11:25am
inspite of all the analysis, i trade what i see on my chart. And for the past 5hours or so, the trend is been bearish....and am scooping my pips..

All the same, i appreciate all the analysis and positive contributions made by everyone on this thread... kudos guys!
  • #131,504
  • May 7, 2009 11:26am May 7, 2009 11:26am
the main reason we are here is to learn from each other
our TP is tons of $$$$ but atm i am still at losing side
  • #131,505
  • May 7, 2009 11:35am May 7, 2009 11:35am
Quoting Inzider
I'm 3 years and still learning... hehe.

I suggest you to pratice ALOT before going live!!!
If you haven't make a plan like:

I will take my profit at x pips
I will cut position at X pips lost
I will enter on this kinf of setup
I will.... etc

Emotion will take place if not... and you will loose all your bullets.
Learn pratice, learn, pratice, and when you'll get a ratio of around 6/10- 7/10 goood trade vs bad.... then live trade is to consider..

Have a look at this PDF, preatty nice stuff t o clear mind.

Just my 2 cents...
Nice words.

I personally like to settle with 50 pips a day. If one can manage this, thats:

125 pips a week (mon-fri)
500 pips a month
6000 pips a year (assuming no holidays of course) ..

a standard account = 60,000 for the year
a mini account = 6,000 for the year
a micro accout (1ks) = 600 for the year

Its fun trying to go for the big 500 pip swing, but id rather guarentee that I am getting 50 pips a day off quality setups.
  • #131,506
  • May 7, 2009 11:35am May 7, 2009 11:35am
Quoting Inzider
I'm 3 years and still learning... hehe.

I suggest you to pratice ALOT before going live!!!
If you haven't make a plan like:

I will take my profit at x pips
I will cut position at X pips lost
I will enter on this kinf of setup
I will.... etc

Emotion will take place if not... and you will loose all your bullets.
Learn pratice, learn, pratice, and when you'll get a ratio of around 6/10- 7/10 goood trade vs bad.... then live trade is to consider..

Have a look at this PDF, preatty nice stuff t o clear mind.

Just my 2 cents...
thank you so much for all of this, loads to digest, of course i went live immediately!! but am trading micro, so nothing more than 0.2 at the moment, learning to be disciplined, setting SL, etc, not chasing my losses, respecting the trend, i am 3 weeks in, started with £1700, made £1000 very quickly (total fluke!) and now down about £200!! learning to understand cable, not trading news, ignoring EA's as too risky, learnt a lot from this thread, hope to be able to put something back when i have learnt a bit more, in the meantime, i will continue to lurk and learn!!
  • #131,507
  • May 7, 2009 11:46am May 7, 2009 11:46am
Quoting jack.canadia
Nice words.

I personally like to settle with 50 pips a day. If one can manage this, thats:

125 pips a week (mon-fri)
500 pips a month
6000 pips a year (assuming no holidays of course) ..

a standard account = 60,000 for the year
a mini account = 6,000 for the year
a micro accout (1ks) = 600 for the year

Its fun trying to go for the big 500 pip swing, but id rather guarentee that I am getting 50 pips a day off quality setups.
Most of my TP are 7 to 15 pips... sometimes i ll let a 1/3 position run whit a BE...

The funniest thing is that i can get more then 150 of those on a very good day by only taking 7 to 15 pips... So i agree whit you 100%, running for little is good way to secure pips day after day. Compound whit that.... my dear friends!!!!

The key point is to get consistency... dicipline.

Cross fingers, it works me more until now...
Look like your doing well also!
  • #131,508
  • May 7, 2009 12:11pm May 7, 2009 12:11pm
Will be back later around 5:00pm EST.

See yous then.
  • #131,509
  • May 7, 2009 12:12pm May 7, 2009 12:12pm
From Stojsic: Looking to sell if prices rally to 1.5244 risking 1.5378 targeting 1.501, 1.4619.

Notice chart below.
{Promotion Removed}
  • #131,510
  • May 7, 2009 12:13pm May 7, 2009 12:13pm
im on long to 151
i have floating on 15045
- Always pray on your trading - God know the best for everyone
  • #131,511
  • May 7, 2009 12:57pm May 7, 2009 12:57pm
My view on GU

http://www.forexfactory.com/showpost...&postcount=112
  • #131,512
  • May 7, 2009 1:12pm May 7, 2009 1:12pm
I'm short now. Hourly candle broke and closed below 1.5. Set a short off the low of that at 1.4962 and that is now on its way. It might go up and test 1.5 again. Big momentum south. Looking forward to moving part of my trade to break even.
Gone to a better place
  • #131,513
  • May 7, 2009 1:17pm May 7, 2009 1:17pm
Quoting smikester
I'm short now. Hourly candle broke and closed below 1.5. Set a short off the low of that at 1.4962 and that is now on its way. It might go up and test 1.5 again. Big momentum south. Looking forward to moving part of my trade to break even.
Wow just saw the rate on tv! .. Have to comment.. My short calls from 5150 are doing nicely, almost +200 for anyone who took them. I was stopped out during the news. Sigh
  • #131,514
  • May 7, 2009 1:24pm May 7, 2009 1:24pm
Jack will trend go up ?
  • #131,515
  • May 7, 2009 1:28pm May 7, 2009 1:28pm
its like heart attack for me...
but game is still on.
- Always pray on your trading - God know the best for everyone
  • #131,516
  • May 7, 2009 1:34pm May 7, 2009 1:34pm
Went long again at 1.4945... got 25 back on my -30....
Will go long again on next 45 attempt if PA is good...

--------------

edit.... close at 1.5000 = + 23 overall....
  • #131,517
  • May 7, 2009 1:36pm May 7, 2009 1:36pm
Quoting Faryad
Jack will trend go up ?

I expect a bounce now. We hit some support that I did not clue into earlier. There are also some weekly and monthly mid-level piovt points in the hight 4930's, so combined with this support we might see a bounce now.

I would like to see 5070/5100 but who knows so I can consider shorting. She may keep going down. Time will tell.

I am currently long 4947, target 4997 with stop +3 now .. took the position about 10 pips above the pivot levels i was talking about .. not willing to risk anything on the position now.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 38 KB
  • #131,518
  • May 7, 2009 1:36pm May 7, 2009 1:36pm
Wow, I was away for 2 hours. Came back and two positions closed with profit shorted from 1.5095. Another one still in play. What's been happening???

If it stays below 1.4980, then I think bears are in play again. Let's see how it closes tonight.
  • #131,519
  • May 7, 2009 1:38pm May 7, 2009 1:38pm
Quoting jack.canadia
I expect a bounce now. We hit some support that I did not clue into earlier. There are also some weekly and monthly mid-level piovt points in the hight 4930's, so combined with this support we might see a bounce now.

I would like to see 5070/5100 but who knows so I can consider shorting. She may keep going down. Time will tell.

I am currently long 4947, target 4997 with stop +3 now .. took the position about 10 pips above the pivot levels i was talking about .. not willing to risk anything on the position now.
Target hit! 50 pips in 17 minutes!
  • #131,520
  • May 7, 2009 1:43pm May 7, 2009 1:43pm
well Jack what u think it goes upto 1.51 ?
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