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Cable Update (GBPUSD)

  • #146,481
  • Jul 15, 2009 9:35am Jul 15, 2009 9:35am
Quoting cdforex
Watching 1.6461/67 for the time being then I might consider 1.6600 next.
ok cd.
Hero Traders Live to see their Accounts Die!
  • #146,482
  • Jul 15, 2009 9:36am Jul 15, 2009 9:36am
Quoting albchr
IMHO, if we break & hold above 6480 then 6550 is my next target.
Yes albchr, thats the flow i have in mind.
Hero Traders Live to see their Accounts Die!
  • #146,483
  • Jul 15, 2009 9:41am Jul 15, 2009 9:41am
Quoting rastapips
Good Day ....
Thank You
  • #146,484
  • Jul 15, 2009 9:42am Jul 15, 2009 9:42am
Quoting albchr
Hi Welsh Boy & Welcome,

From my own experience (I'm a new trader too), one of the biggest mistakes we make when starting out is to work from the lower time frames and then load them up with "indicators" we don't really understand and thus confuse ourselves when they tell us slightly different things.

IMHO, keeping the charts clean and working from higher time frames...i.e. Weekly/Daily while learning (ON DEMO) to identify strong PPZ's (Price Pivot Zones) and PA (Price Action) is the best/easiest way to become a good, consistent trader.

I...
Hey Chris,

Earlier today you recommended reading and learning from the J16 thread.

Do you mind if I ask - do you use his teachings for your entries?

Just curious.
  • #146,485
  • Jul 15, 2009 9:43am Jul 15, 2009 9:43am
Quoting nihon.john
agree.
Hi John. Good to have you with us. Welcome
Thank You
  • #146,486
  • Jul 15, 2009 9:45am Jul 15, 2009 9:45am
Quoting simoneg
Yes albchr, thats the flow i have in mind.

It is starting to look a bit weak though......

6450 might just be the pivot for the day. I'll be patient and wait though. Might just be setting up another good long entry.

Based solely on the PPZ's I've learned, I'd probably have gone short already. But with what WB is teaching me about TL's, I want to see how this plays out.
Ghost Rider - WWTBMD?
  • #146,487
  • Jul 15, 2009 9:50am Jul 15, 2009 9:50am
Possible evening star on h1. Just a heads up for you guys still long like me. Nothing alarming on the h4 atm, so I'll be looking to buy the dip later. Guess we'll know after 3 oclock if this long position still has potential or not.

Trade safe everyone.
Thank You
  • #146,488
  • Jul 15, 2009 9:51am Jul 15, 2009 9:51am
There is Bearish Divergence on the 4 Hr Guys. Careful with the longs. I will be shorting soon.
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  • #146,489
  • Jul 15, 2009 9:54am Jul 15, 2009 9:54am
Quoting stewrigh
Hey Chris,

Earlier today you recommended reading and learning from the J16 thread.

Do you mind if I ask - do you use his teachings for your entries?

Just curious.

Absolutely! I'm pretty new to trading and I've found Jim's method to be a sound and accurate way to trade both entry and exit. It's really all I know right now. I've spent the past almost 4 months, 18 hours a day, 7 days a week reading his thread and demo trading for practice. Had I not been forced into going live already, I'd still be practicing. I still demo trade as well now while learning new things.

All things considered, I honestly think learning to identify PPZ's and read PA is really all you need to be successful. But I believe it simply takes a lot time watching charts so it becomes second nature. Much like anything else in life. Until then.....

The master WB is showing me about trend lines now so that will be another tool in the box for me once I've learned it well enough.
Ghost Rider - WWTBMD?
  • #146,490
  • Jul 15, 2009 9:56am Jul 15, 2009 9:56am
I close my long position , do you see a reversal? or u still looking for 1.66 today ?
  • #146,491
  • Jul 15, 2009 9:57am Jul 15, 2009 9:57am
Quoting albchr
It is starting to look a bit weak though......

6450 might just be the pivot for the day. I'll be patient and wait though. Might just be setting up another good long entry.

Based solely on the PPZ's I've learned, I'd probably have gone short already. But with what WB is teaching me about TL's, I want to see how this plays out.
Ok, i am waiting on hourly close to see whats what.
Hero Traders Live to see their Accounts Die!
  • #146,492
  • Jul 15, 2009 9:57am Jul 15, 2009 9:57am
Hi Nene,

Which set up do you use on MACD to get the Divergence? It is opposite on my (My MACD is 5-20-30)

London Trader
Quoting Nene
There is Bearish Divergence on the 4 Hr Guys. Careful with the longs. I will be shorting soon.
Discomfort and profit often stand side by side
  • #146,493
  • Jul 15, 2009 10:03am Jul 15, 2009 10:03am
Gonna wait to see if this 4 hr pin forms a nicely as it started. Lots and Lots and LOTS of Dialy Resistance at this level. I am going out on a limb and say we may be heaing back to 1.6200. Should run back for a test and maybe DT here.

Jim
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  • #146,494
  • Jul 15, 2009 10:04am Jul 15, 2009 10:04am
I use the Trix indy and it works pretty well for me. Period 3

Jim

Quoting LondonTrader
Hi Nene,

Which set up do you use on MACD to get the Divergence? It is opposite on my (My MACD is 5-20-30)

London Trader
  • #146,495
  • Jul 15, 2009 10:08am Jul 15, 2009 10:08am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Break of 3rd res will confirm uptrend ...
However, Inside the channel still.....



ams
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  • #146,496
  • Jul 15, 2009 10:09am Jul 15, 2009 10:09am
Quoting Nene
I use the Trix indy and it works pretty well for me. Period 3

Jim
can i have ur setting plz....macd
  • #146,497
  • Jul 15, 2009 10:09am Jul 15, 2009 10:09am
Quoting forexlion
now i am shorting for 1.6406
alrighty

this tired lion is out till europe open

cya guys and guya's
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  • #146,498
  • Jul 15, 2009 10:10am Jul 15, 2009 10:10am
Quoting Nene
Gonna wait to see if this 4 hr pin forms a nicely as it started. Lots and Lots and LOTS of Dialy Resistance at this level. I am going out on a limb and say we may be heaing back to 1.6200. Should run back for a test and maybe DT here.

Jim

Ha! You gave it away this time bro! I have kept it to myself! lol
Thank You
  • #146,499
  • Jul 15, 2009 10:10am Jul 15, 2009 10:10am
Quoting albchr
Absolutely! I'm pretty new to trading and I've found Jim's method to be a sound and accurate way to trade both entry and exit. It's really all I know right now. I've spent the past almost 4 months, 18 hours a day, 7 days a week reading his thread and demo trading for practice. Had I not been forced into going live already, I'd still be practicing. I still demo trade as well now while learning new things.

All things considered, I honestly think learning to identify PPZ's and read PA is really all you need to be successful. But I believe it simply...

haven't read it 3 times tho - maybe I should
  • #146,500
  • Jul 15, 2009 10:11am Jul 15, 2009 10:11am
Hey lion, look it's Jim! Bugger I looked like a fool calling him that name not too long ago
Thank You
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