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Cable Update (GBPUSD)

  • #140,561
  • Jun 26, 2009 9:31am Jun 26, 2009 9:31am
Quoting Ipips
Okay, i think i shall call it a day too. It's been a good trading week for me and I hope many others too. Thanks to everyone here for their contribution and insight.

Would like to enter some positions but I've been recalled to the army for training for the whole of next week, so I guess it won't be wise to leave open positions.

Going to sleep now~
Hey, you will be missed on this forum, pls dont stay away for too long...good luck in ur training.
  • #140,562
  • Jun 26, 2009 9:33am Jun 26, 2009 9:33am
Quoting fxgrnwise
Malcomb,

So the 1/8 mm isn't really a weak place to reverse because thats the text on mine and GY has done a reverse twice there lately. Maybe I need to change the settings to the 15 on the 5min.

great for scalping

red lines left to right

1) hit the 8/8 lines with sellers hititng the candle ( vsa sell set up , high volume up thrust) ,

2) 3 octave drop to 4/8 mml where we found buyers , 2 octave bounce (40pip) then seller hit it off 6/8 mml (not the volume on the candle before 6/8 was touched up candle low volume = no demand) , 4 octave drop this time. Not at the 2/8 mml on the low..look at the volume this candle , very high. This is buying off 156.6 gave 80 pip upmove to 3)

3) this is reversal after effort to rise or trap up move , note volume on this move , was fairly low if really buyers that volume would have been higher , sell off 157.44.

it would have been a great day for scalping , but I try to stay out of the market Fridays. I am often tired ....or markets can act odd

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  • #140,563
  • Jun 26, 2009 9:33am Jun 26, 2009 9:33am
Yes I agree..

I think this is murray maths

I think the majority of the market is looking at murray maths hence the current trend.

LOL

If the market was traded by robots then it would adhere to a mathemtaical equation... Doesn't that sound incorrect?

It's human emotions... not some lagging indicator on your chart or an EA derived from algorithm.

Those patterns are art... and they say... trading is an art... maybe it's only understandable by the few that actually make money... 5% of the elite participants make 90% of the money... is that a mistake? Most people chatting in these forums are on Demo... is that a mistake? How many can actually handle a large stake? Which can contribute to a wealthy, healthy steak?

Don't listen to me though... listen to your awareness.
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  • #140,564
  • Jun 26, 2009 9:36am Jun 26, 2009 9:36am
Quoting mjay
Hey, you will be missed on this forum, pls dont stay away for too long...good luck in ur training.
Thanks very much for your well wishes, mjay.

Your nick sounds like MJ, (Michael Jackson). I'm absolutely gutted by the legend's death and today has been a really sad day for me.

Long live The King of Pop. May you rest in peace.
  • #140,565
  • Jun 26, 2009 9:41am Jun 26, 2009 9:41am
Quoting Ipips
Thanks very much for your well wishes, mjay.

Your nick sounds like MJ, (Michael Jackson). I'm absolutely gutted by the legend's death and today has been a really sad day for me.

Long live The King of Pop. May you rest in peace.
Ipips, have a great weekend, and good luck with your army training.

Yeah, I know what you mean about Michael Jackson, it's just sinking in that he's really gone. I grew up listening to him. Is truly sad.
  • #140,566
  • Jun 26, 2009 9:44am Jun 26, 2009 9:44am
There's a good forum you guys should see... A guy nammed "Greg Wilson" he's a true trader. If you can hold $50,000 trades on the wildest pair GPB/JPY then you're a legend.

Here's the link to his thread:
http://www.forexfactory.com/showthread.php?t=88949

Analyze that...

Don't listen to the demo participants.
  • #140,567
  • Jun 26, 2009 9:44am Jun 26, 2009 9:44am
Thanks Malcomb,
That was the problem when it hit the 2/8 the way you have it set, mine read 1/8 .Thanks for the explanation. I sold too low and got caught when it pushed up the 80 pips,thought it might go higher so I took the loss. Maybe I shouldn't trade Fri. either.
  • #140,568
  • Jun 26, 2009 9:52am Jun 26, 2009 9:52am
anyone going short around 6550/60???


Ub
  • #140,569
  • Jun 26, 2009 9:52am Jun 26, 2009 9:52am
Looking good now, NASDAQ just broke intraday range. But watch out for Bernanke in about 1 hour, possibly dollar bullish...
  • #140,570
  • Jun 26, 2009 9:52am Jun 26, 2009 9:52am
Always manipulate the market where possible... e.g. the swiss intervention.
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  • #140,571
  • Jun 26, 2009 9:57am Jun 26, 2009 9:57am
Quoting ganymedes
Looking good now, NASDAQ just broke intraday range. But watch out for Bernanke in about 1 hour, possibly dollar bullish...
Lol not any more....am out of al trades...all ma f****n short closedat be
Let Price determine your future!
  • #140,572
  • Jun 26, 2009 9:57am Jun 26, 2009 9:57am
Shorts should wait for respect of 1.66+ resistance
Clean breakout not very likely, but...
  • #140,573
  • Jun 26, 2009 9:58am Jun 26, 2009 9:58am
Are you guys also watching the next liquid GPB market?

Is it breakout material or silent? Maybe a dormant volcano?
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  • #140,574
  • Jun 26, 2009 10:00am Jun 26, 2009 10:00am
Quoting dvdsurplus
Yes I agree..

I think this is murray maths

I think the majority of the market is looking at murray maths hence the current trend.

LOL

If the market was traded by robots then it would adhere to a mathemtaical equation... Doesn't that sound incorrect?

It's human emotions... not some lagging indicator on your chart or an EA derived from algorithm.

Those patterns are art... and they say... trading is an art... maybe it's only understandable by the few that actually make money... 5% of the elite participants make 90% of the...
what was this post all about.? what use was it to anyone other than you ? I use vsa with mml or a daily volume histogram to trade. All mml really are , are points of reference s/r.

I only aspire to trade a real account with more than 1 mini micro lot per day and trade $50,000 like you do.

Now is that 50 standard with 50 k risk or 5 standard with 5 k risk .
Blogging daily now at www.volume.zone
  • #140,575
  • Jun 26, 2009 10:02am Jun 26, 2009 10:02am
just another illustration 4/8 pivot to 6/8 major reversal ... stopped dead
on 6/8 . I guess they do work after all .

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  • #140,576
  • Jun 26, 2009 10:02am Jun 26, 2009 10:02am
I gave you the link to Greg Wilson's page... it's more inspiration then anything. I keep hearing about people "losing all their money and now not being greedy"

This market is all about greed.
  • #140,577
  • Jun 26, 2009 10:05am Jun 26, 2009 10:05am
Many people shorted at 1.6515 on the first sign of weakness several hours ago, saying it won't reach 1.6530-50.

However, I didn't like shorting at that price and I said I was bullish till it reached 1.6530-50.

Now that it just hit this price, shorting here offers a better risk/reward potential and gives you more room for your stop loss. I would prefer to short it a little higher still.
Having said that, you need to be cautious in case this breaks out to the upside next week so exercise some risk management.

PS: I am not long or short and won't be opening any positions till the following week.
  • #140,578
  • Jun 26, 2009 10:05am Jun 26, 2009 10:05am
Quoting malcolmb14
just another illustration 4/8 pivot to 6/8 major reversal ... stopped dead
on 6/8 . I guess they do work after all .

Attachment

r u shorting there?
Better safe than sorry
  • #140,579
  • Jun 26, 2009 10:06am Jun 26, 2009 10:06am
1.6530 short..im sick of these BULLS !!!
  • #140,580
  • Jun 26, 2009 10:07am Jun 26, 2009 10:07am
Quoting cdforex
r u shorting there?
no having coffee break , thought I would see what was cooking on ff

not trading today

In my trading history Friday have always been my losing days. So I decided trade Monday to Thursday only.
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