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Cable Update (GBPUSD)

  • #139,781
  • Jun 24, 2009 9:21am Jun 24, 2009 9:21am
  •  gbm
  • | Joined Jun 2009 | Status: A student of FX | 6 Posts
Quoting malcolmb14
In reality I have found most indicators to be useless .. the only thing for me is volume and price action . It is key and tells you a story.

Attachment
Hi everyone, just want to introduce myself here.

Malcolm, I'm a newbie here and to forex. Could you explain a bit about what volume tells you?

I'm trying quite hard at the moment trying to get a better feel of price action in this time of volatility!

Thanks
  • #139,782
  • Jun 24, 2009 9:21am Jun 24, 2009 9:21am
Quoting Geppyg
Have we seen the top looks like bears are back...Confused....I wish I shorted ..at the right time...agghhh another opp gone..

lets see

100 pip range at old resistance .... clearly 5 min shows buyers at 1.6500 (just hit another long)

the 100 pip up and down designed to confuse. If day trading enjoy the range.

I am only buying dips as i see impending breakout

my es long mentioned in earlier post is working out well ... better than expected

Attached Image (click to enlarge)
Click to Enlarge Name: gu 30min.jpg Size: 154 KB
Blogging daily now at www.volume.zone
  • #139,783
  • Jun 24, 2009 9:24am Jun 24, 2009 9:24am
Quoting MoeFx
oh no, i see the bull heading my way
  • #139,784
  • Jun 24, 2009 9:24am Jun 24, 2009 9:24am
This thing is wicked today.. 100 pips movement in one direction one moment and another 100 pips in the opposite direction the next.. Seems like it's a gangbang by the bulls and the bears, both struggling to get a piece of her.

  • #139,785
  • Jun 24, 2009 9:26am Jun 24, 2009 9:26am
Quoting malcolmb14
lets see

100 pip range at old resistance .... clearly 5 min shows buyers at 1.6500 (just hit another long)

the 100 pip up and down designed to confuse. If day trading enjoy the range.

I am only buying dips as i see impending breakout

my es long mentioned in earlier post is working out well ... better than expected

Attachment
wow, how many longs you have on the table
  • #139,786
  • Jun 24, 2009 9:27am Jun 24, 2009 9:27am
short since 503

THE CREATOR AND OWNER OF S.N.M "Serve no Master" Trading Stystem
  • #139,787
  • Jun 24, 2009 9:27am Jun 24, 2009 9:27am
Quoting gbm
Hi everyone, just want to introduce myself here.

Malcolm, I'm a newbie here and to forex. Could you explain a bit about what volume tells you?

I'm trying quite hard at the moment trying to get a better feel of price action in this time of volatility!

Thanks

right now she is ranging 1.6500 to 1.65100 zone. seems buyers at 1.6500 more than sellers at 1.65100

this could mean impending breakouts or

often ranges like this at old resistance are designed to dry up demand .. ie each push down to 1.6500 gets new buyers , eventually all the buyers will be in the market and when price drops the move down will be accelerated.

fomc is one of the most volatile days to trade , alwasy has been

I took ne 70 pip trade , then another long 35 pip , pushing my luck so am out for today

for vsa go the vsa thread I am a member of...lotsof info there. It take months to learn it .. but once learnt your trades should be 90% accurate as you will oly be taking the best set ups and will be trading along side the pros without even knowing it ( volume tells you what buyers and sellers are doing )

alot of pros also sit this day out hence we are seeing this up and down range as market freely moves around.
Blogging daily now at www.volume.zone
  • #139,788
  • Jun 24, 2009 9:28am Jun 24, 2009 9:28am
Quoting grashid
seems am alone for my bear...but its ok since both in +ve atm
M15 both seem strong bull atm...
1.6560 see what happen...
HMM.looks like som1 is smoking castro-pips again....HOLLA
CAPTAIN Sycho..
Imanuel Parsifal
  • #139,789
  • Jun 24, 2009 9:28am Jun 24, 2009 9:28am
Quoting MoeFx
didn't somebody say bear R.I.P.
sir the bulls would like to know what R.I.P. means ? is it Rape in Peace ?
  • #139,790
  • Jun 24, 2009 9:28am Jun 24, 2009 9:28am
Quoting MoeFx
wow, how many longs you have on the table
I scalp a 5 min chart 5 lots
Blogging daily now at www.volume.zone
  • #139,791
  • Jun 24, 2009 9:28am Jun 24, 2009 9:28am
Good Morning All,

I am personally not holding any long(as in time) positions today. Looks tricky trapped between major support and resistance. Just going for my daily target anything else is bonus
Hero Traders Live to see their Accounts Die!
  • #139,792
  • Jun 24, 2009 9:30am Jun 24, 2009 9:30am
Quoting simoneg
Good Morning All,

I am personally not holding any long positions today. Looks tricky trapped between major support and resistance. Just going for my daily target anything else is bonus

wtf ... 149 pips and 11% ... nice money management there.... NOT . One wrong trade of 50 pip and 4% of account gone. 50 pip is nothing in this market

I have done 490 pips this week ,, 10% of account. 1% risk per trade . Not blown an account up for 2 weeks ....lol
Blogging daily now at www.volume.zone
  • #139,793
  • Jun 24, 2009 9:31am Jun 24, 2009 9:31am
Quoting sycho
HMM.looks like som1 is smoking castro-pips again....HOLLA
CAPTAIN Sycho..
...mate where r u missing mate..missed u so so much
  • #139,794
  • Jun 24, 2009 9:33am Jun 24, 2009 9:33am
Quoting forexlion
sir the bulls would like to know what R.I.P. means ? is it Rape in Peace ?
am start to loughing...you r really joker...and make my day more cheerfull
  • #139,795
  • Jun 24, 2009 9:33am Jun 24, 2009 9:33am
Quoting forexlion
sir the bulls would like to know what R.I.P. means ? is it Rape in Peace ?
your joking wright.
  • #139,796
  • Jun 24, 2009 9:34am Jun 24, 2009 9:34am
Quoting malcolmb14
I scalp a 5 min chart 5 lots
ok
  • #139,797
  • Jun 24, 2009 9:35am Jun 24, 2009 9:35am
Quoting malcolmb14
right now she is ranging 1.6500 to 1.65100 zone. seems buyers at 1.6500 more than sellers at 1.65100

this could mean impending breakouts or

often ranges like this at old resistance are designed to dry up demand .. ie each push down to 1.6500 gets new buyers , eventually all the buyers will be in the market and when price drops the move down will be accelerated.

fomc is one of the most volatile days to trade , alwasy has been

I took ne 70 pip trade , then another long 35 pip , pushing my luck so am out for today

for vsa go the vsa thread I...
Can you please post the link to this vsa thread.

Thanks
  • #139,798
  • Jun 24, 2009 9:37am Jun 24, 2009 9:37am
Quoting malcolmb14
wtf ... 149 pips and 11% ... nice money management there.... NOT . One wrong trade of 50 pip and 4% of account gone. 50 pip is nothing in this market

I have done 490 pips this week ,, 10% of account. 1% risk per trade . Not blown an account up for 2 weeks ....lol
Well, actually I risk a max of 2% of my account on each trade, and never risk more than 25 pips per trade. I have a long term plan, I have done 450 pips in one day before and it went just as fast. Slow and steady is better.
Hero Traders Live to see their Accounts Die!
  • #139,799
  • Jun 24, 2009 9:38am Jun 24, 2009 9:38am
Quoting Ferick
"downplays improvement in PMI"- Do they want weak currency? The other day they said weak pound has helped economy. Need to break 1.6485 to accelerate decline towards 1.6430.

This is really strange. I closed my Short for +70 pips. This is too crazy for me. Like to short higher again around 1.66.
  • #139,800
  • Jun 24, 2009 9:39am Jun 24, 2009 9:39am
Quoting malcolmb14
wtf ... 149 pips and 11% ... nice money management there.... NOT . One wrong trade of 50 pip and 4% of account gone. 50 pip is nothing in this market

I have done 490 pips this week ,, 10% of account. 1% risk per trade . Not blown an account up for 2 weeks ....lol
most people,that make so much noise on how well they are good in trading and doubling account,are those that are donating very well to the house..better still,they are just marketer's looking for client to give signal's n manage fund's..hmm..mmmaaaaaaaaaaalllcccccc..HOLLA
CAPTAIN Sycho..
Imanuel Parsifal
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