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Cable Update (GBPUSD)

  • #146,321
  • Jul 15, 2009 2:07am Jul 15, 2009 2:07am
Quoting wormboy
lol .. after you bro!
No money just lovely green pips
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #146,322
  • Jul 15, 2009 2:09am Jul 15, 2009 2:09am
Quoting albchr
Hey Buddy!!...

Just in case you missed my reply to you last night.....

http://www.forexfactory.com/showpost...stcount=146177
Nice nice!
Lucky lines played out beautifully again bro. Last spike down stopped dead at the ltl again did you catch it?

Your wait to short yesterday didn't end in vain
Thank You
  • #146,323
  • Jul 15, 2009 2:17am Jul 15, 2009 2:17am
Quoting wormboy
Nice nice!
Lucky lines played out beautifully again bro. Last spike down stopped dead at the ltl again did you catch it?

Your wait to short yesterday didn't end in vain

Bottom line is though, I was looking on the wrong side. That worries me a little. I didn't see this rise like you and BB did.

I entered that last night simply because my "thinking" had been wrong all day waiting to short. I got lucky but that's NOT a good way to trade...

I took 2 lots and just dropped one at 6380, SL on the second one is just below 6320 now so it's working out. But the old saying..."The end doesn't justify the means" is never more true than in Forex.
Ghost Rider - WWTBMD?
  • #146,324
  • Jul 15, 2009 2:31am Jul 15, 2009 2:31am
Quoting wormboy
Last spike down stopped dead at the ltl again did you catch it?
Actually on the 1H, I redrew a TL to the low with the arrow. It did stop dead on that one. Also, I see some bearish divergence on the 1H

Think we may be getting to turn around here?
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Ghost Rider - WWTBMD?
  • #146,325
  • Jul 15, 2009 2:35am Jul 15, 2009 2:35am
Al Try using the 4H for trend. In my opinion anything lower than that is noise
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #146,326
  • Jul 15, 2009 2:40am Jul 15, 2009 2:40am
Quoting albchr
Bottom line is though, I was looking on the wrong side.
It happens when one tries to pick top/bottom bro. Once we have identified the s/r level it's recommended that we wait to see the reaction at that level instead of jumping in too early. Not many people like the idea of this because when waiting to confirm a reversal it usually would cost us some pips. This is why many people gets fixiated on a certain level and decide to pull the trigger without prior confirmation. If you're familiar with the stuff written regarding trading psychology, this is a glaring example of greed & fear setting in.
Don't worry about it though, it happens to most of us including the hardened traders, yours truly included.
We learn everyday. I hope I didn't offend you bro
Thank You
  • #146,327
  • Jul 15, 2009 2:40am Jul 15, 2009 2:40am
Quoting Bull_Bear
EUR long target is 1.4100...
Or 1.4120 for those that are a little more aggressive
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #146,328
  • Jul 15, 2009 2:41am Jul 15, 2009 2:41am
Quoting Bull_Bear
Al Try using the 4H for trend. In my opinion anything lower than that is noise

Thanks BB. I trade from the 1 & 4. I've never used TL's before (just side to side PPZ's and PA) and as of yesterday, WB is giving me a little crash course on them...LOL

I will try it....
Ghost Rider - WWTBMD?
  • #146,329
  • Jul 15, 2009 2:43am Jul 15, 2009 2:43am
Quoting albchr
Think we may be getting to turn around here?
It's a possibility. But if you're going to use lucky lines to pull off your trades, I'd recommend you to wait for the price to close below the ltl as a confirmation bro.
Stay long till proven wrong
Thank You
  • #146,330
  • Jul 15, 2009 2:45am Jul 15, 2009 2:45am
Quoting wormboy
It happens when one tries to pick top/bottom bro. Once we have identified the s/r level it's recommended that we wait to see the reaction at that level instead of jumping in too early. Not many people like the idea of this because when waiting to confirm a reversal it usually would cost us some pips. This is why many people gets fixiated on a certain level and decide to pull the trigger without prior confirmation. If you're familiar with the stuff written regarding trading psychology, this is a glaring example of greed & fear setting in.
Don't...
I'm with you there Wormie, I did 10K US within the first 2 months of my trading as a beginner. We all live and learn.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #146,331
  • Jul 15, 2009 2:46am Jul 15, 2009 2:46am
Quoting wormboy
It's a possibility. But if you're going to use lucky lines to pull off your trades, I'd recommend you to wait for the price to close below the ltl as a confirmation bro.
Stay long till proven wrong
Good to see you still dispensing such quality advice, Azim.

How are you doing, my friend?
  • #146,332
  • Jul 15, 2009 2:47am Jul 15, 2009 2:47am
Quoting wormboy
It happens when one tries to pick top/bottom bro. Once we have identified the s/r level it's recommended that we wait to see the reaction at that level instead of jumping in too early. Not many people like the idea of this because when waiting to confirm a reversal it usually would cost us some pips. This is why many people gets fixiated on a certain level and decide to pull the trigger without prior confirmation. If you're familiar with the stuff written regarding trading psychology, this is a glaring example of greed & fear setting in.
Don't...
Offend me?.........you ARE kidding right?.....LOL

I'm here to learn to learn brother and you're teaching me. Nothing offensive about that.....

I do wait for PA around the PPZ's I have drawn. I get the strong ones from weekly/daily charts and weaker ones from the 4 & 1 hour. Perhaps my mistake is getting ANY from the 1 hour. The 4H ones seem well respected as mid point PPZ's but I may be adding too much noise with the 1H ones and thus fooling myself into watching those levels.

What-cha think?
Ghost Rider - WWTBMD?
  • #146,333
  • Jul 15, 2009 2:48am Jul 15, 2009 2:48am
Quoting albchr
Thanks BB. I trade from the 1 & 4. I've never used TL's before (just side to side PPZ's and PA) and as of yesterday, WB is giving me a little crash course on them...LOL

I will try it....
At least you'll be getting quality advise
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #146,334
  • Jul 15, 2009 2:51am Jul 15, 2009 2:51am
Quoting wormboy
It happens when one tries to pick top/bottom bro. Once we have identified the s/r level it's recommended that we wait to see the reaction at that level instead of jumping in too early. Not many people like the idea of this because when waiting to confirm a reversal it usually would cost us some pips. This is why many people gets fixiated on a certain level and decide to pull the trigger without prior confirmation. If you're familiar with the stuff written regarding trading psychology, this is a glaring example of greed & fear setting in.
Don't...
That's so true wb. My 1st short got stopped out at BE - should have tp earlier . 2nd short hit sl at 6380 . Then I shorted at 6345 without confirmation . Now I'm sticking to confirmation even if it's going to lose me some pips. Do u think it's best to use 1h or 4h tf for confirmation?
  • #146,335
  • Jul 15, 2009 2:56am Jul 15, 2009 2:56am
Quoting gammase1
Good to see you still dispensing such quality advice, Azim.

How are you doing, my friend?
Paul!!

Paying my dues bro
I'm doing okay thanks. Haven't seen you in a while, missing the good stuff from you. How's trading treating you?
Thank You
  • #146,336
  • Jul 15, 2009 2:57am Jul 15, 2009 2:57am
Quoting wormboy
It's a possibility. But if you're going to use lucky lines to pull off your trades, I'd recommend you to wait for the price to close below the ltl as a confirmation bro.
Stay long till proven wrong
Ok WB & BB, so as I'm a new student of "lucky lines"...lol

Did I draw this one on the 4H correctly in your views?

I know there are more to draw from yesterdays class but....LOL...one step at a time for this old carpenter...
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Ghost Rider - WWTBMD?
  • #146,337
  • Jul 15, 2009 2:57am Jul 15, 2009 2:57am
Still Holding short @1.6392 TP:1.6290 SL:1.6500
Lets see how bear can GBP goes tonite
  • #146,338
  • Jul 15, 2009 3:03am Jul 15, 2009 3:03am
Strong short signal.. I may be wrong though..
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~Bhavik
  • #146,339
  • Jul 15, 2009 3:05am Jul 15, 2009 3:05am
Quoting Bull_Bear
I'm with you there Wormie, I did 10K US within the first 2 months of my trading as a beginner. We all live and learn.
Likewise, I was trying to pull a kajillion pips in a month during my infant. Foolish
Thank You
  • #146,340
  • Jul 15, 2009 3:07am Jul 15, 2009 3:07am
Quoting Gainmoney
Still Holding short @1.6392 TP:1.6290 SL:1.6500
Lets see how bear can GBP goes tonite
Good luck to you and to all of us too.
Great Bodies are Engineered not Born
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