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Cable Update (GBPUSD)

  • #146,941
  • Jul 16, 2009 10:06am Jul 16, 2009 10:06am
i think it will reach smth around 6460 from there i will short, last two hourly candles doesn't look that promising for a brake lower
  • #146,942
  • Jul 16, 2009 10:10am Jul 16, 2009 10:10am
Quoting mktjong
I've learned thing in Forex, you have to set a profit limit at some point to make money. If your acct is big enough, do not need to set a SL As the price will oscillate and more often hit your profit at some point. If you have SL then the opportunity to gain flies away ..
Thanks for the advice
Great Bodies are Engineered not Born
  • #146,943
  • Jul 16, 2009 10:12am Jul 16, 2009 10:12am
I won't go long until 1.6470. This may not be until we have some momentum from the markets. Brilliant! huh
  • #146,944
  • Jul 16, 2009 10:13am Jul 16, 2009 10:13am
Like cable fall 1.632 area
  • #146,945
  • Jul 16, 2009 10:15am Jul 16, 2009 10:15am
Quoting mktjong
I've learned thing in Forex, you have to set a profit limit at some point to make money. If your acct is big enough, do not need to set a SL As the price will oscillate and more often hit your profit at some point. If you have SL then the opportunity to gain flies away ..

LOL..yeah. But in this market right now, unless your target is no more than 25 - 30 pips away, you have little chance of hitting it.

I always have several targets in mind. This wishy washy stuff just never even gets close.
Ghost Rider - WWTBMD?
  • #146,946
  • Jul 16, 2009 10:17am Jul 16, 2009 10:17am
Im enter short now! [email protected]
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #146,947
  • Jul 16, 2009 10:23am Jul 16, 2009 10:23am
Quoting Yngwie
Im enter short now! [email protected]
Me too, I put one std in south direction at 16420, if touch 16440 I will put onther one. Stop 16450, looking to 16380.
  • #146,948
  • Jul 16, 2009 10:27am Jul 16, 2009 10:27am
Quoting Fede
Me too, I put one std in south direction at 16420, if touch 16440 I will put onther one. Stop 16450, looking to 16380.
If usd/jpy break 93.5 we will see our target soon, let see !!!!
  • #146,949
  • Jul 16, 2009 10:29am Jul 16, 2009 10:29am
Quoting Fede
Me too, I put one std in south direction at 16420, if touch 16440 I will put onther one. Stop 16450, looking to 16380.

May God bless us!
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #146,950
  • Jul 16, 2009 10:29am Jul 16, 2009 10:29am
HI Jacob,

Could you teach me the dragon or give a tip where can I find it, please?

Thank you
London Trader
Quoting jacob
I am still inside ride this dragon, hope it go south quite far
Discomfort and profit often stand side by side
  • #146,951
  • Jul 16, 2009 10:33am Jul 16, 2009 10:33am
Like I said earlier, not worth trading this bottleneck.
Guess the direction before the hand is shown & you will get crushed.
It never fail to amaze me how some people who said they're here to learn how to trade end up behaving like dumb gamblers.

Btw, I'm not directing this to those who are scalping.
Thank You
  • #146,952
  • Jul 16, 2009 10:34am Jul 16, 2009 10:34am
Quoting Yngwie
May God bless us!
NYSE Comp. A/D Sentiment Indicator
/D Vol Ratio: 0.37A/D Iss Ratio: 0.87
  • #146,953
  • Jul 16, 2009 10:35am Jul 16, 2009 10:35am
Quoting LondonTrader
HI Jacob,

Could you teach me the dragon or give a tip where can I find it, please?

Thank you
London Trader
LT,
The dragon is the gbp jpy. Some call it the beast.
Thank You
  • #146,954
  • Jul 16, 2009 10:36am Jul 16, 2009 10:36am
Hello folks,

I have been reading the post and to much surprise see a lot confusion, which is were I was over 2 years ago when consolidation happen. Like I stated in a post earlier I sold at 450. I thought it would hit the channel and come back down, well it did but I did close my trade when it bounce off the 350 and closed at 385. As a trader we most learn how to trade all conditions especially when we are in consolidation patterns more then breakouts. When the price dropped to 350 and bounced minor wave (a), the new high which it did not close at a new high ( good indication ) this is corrective ( minor wave (b). Now for the continuation pattern back up, a retracement of the (b) wave of 50 to 76% and then back up to complete this move up. I am thinking 6500 to 6535. This move would be invalid if 6350 is broken. Question have we reached a top of this move. Chances are no, why cuz usually when a move is complete the first reaction is a nice move that is were price action comes into place. The down move here was slow ( Correction ), go back and look at some tops and bottoms, the price is not up and down it is a straigth shot. Not saying this can not tank. But from what it is saying it looks corrective to this up move at this time. We do also have a double top. A reversal pattern, maybe. So what do u do in these conditions. go to the lower time frames 5min , 15min and draw ur high and lows and buy and sell with a tight stop, u can trade either direction or trade with the trend ur choice. The scalpers understand what I am talking about here. Hope this kind of helps. But to be a excellent trader u need to learn all the ave. of trading ( scapling, intraday, med and long term ). Just some input I am not recommending how or what u trade.
  • #146,955
  • Jul 16, 2009 10:37am Jul 16, 2009 10:37am
Thank you. I was looking for some magic...You put me on right place
London Trader

Quoting wormboy
LT,
The dragon is the gbp jpy. Some call it the beast.
Discomfort and profit often stand side by side
  • #146,956
  • Jul 16, 2009 10:38am Jul 16, 2009 10:38am
Quoting wormboy
Like I said earlier, not worth trading this bottleneck.
Guess the direction before the hand is shown & you will get crushed.
It never fail to amaze me how some people who said they're here to learn how to trade end up behaving like dumb gamblers.

Btw, I'm not directing this to those who are scalping.
hello bro,

what do you say isn't it looking that it is making a way to go up till 66xx??as it is doing correction since yesterday so i think tomorrow we will test 66xx what do you say??because if it has to fall so it could be tonight if it not happen so tomorrow we can see 66xx?what do you say????i was in dragon trade and was entered at154.50 and out with 150

Ub
  • #146,957
  • Edited 10:49am Jul 16, 2009 10:38am | Edited 10:49am
Quoting Endrju
i think it will reach smth around 6460 from there i will short, last two hourly candles doesn't look that promising for a brake lower
When the market's swinging this much follow the candle bodies, not the wicks, and ignore opposing hiramis that are part of a trend. The 1H 15:00 candle was a bearish engulfing and the current candle is bearish as well. If we solidly break 6395 then a short might make sense. but it looks like we'll range for a while longer.

Off to cook some food. Rich Lady made me hungry for chicken rice!

(I'm sure it will break when I'm at the supermarket.... it always does. )
  • #146,958
  • Jul 16, 2009 10:39am Jul 16, 2009 10:39am
Quoting Fede
NYSE Comp. A/D Sentiment Indicator
/D Vol Ratio: 0.37A/D Iss Ratio: 0.87

So far so good. UJ already touch 93.5
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #146,959
  • Jul 16, 2009 10:40am Jul 16, 2009 10:40am
Quoting albchr
LOL..yeah. But in this market right now, unless your target is no more than 25 - 30 pips away, you have little chance of hitting it.

I always have several targets in mind. This wishy washy stuff just never even gets close.
Certainly, don't ask for too much if you are day trading. 30-40 pips per day is reasonable, if consistent, can keep your employer away
More or less trading Forex is just like business 101 - buy cheap, sell high and vice versa. I've noticed that at the time European market opens (around 11 AM GMT, just these 2 pairs GBP/USD & EUR/USD), if u see price touches hourly Bollinger band upper or lower band, then go with the opposite trend. Set for 30-40 pips and no stoploss. You would likely win (it's not 100% guaranteed but it's close if u don't have stoploss).
  • #146,960
  • Jul 16, 2009 10:43am Jul 16, 2009 10:43am
Quoting wormboy
Like I said earlier, not worth trading this bottleneck.
Guess the direction before the hand is shown & you will get crushed.
It never fail to amaze me how some people who said they're here to learn how to trade end up behaving like dumb gamblers.

Btw, I'm not directing this to those who are scalping.

What, you mean all this wicked action showing clear direction over the past 28 hours ain't worth trading??.....
Ghost Rider - WWTBMD?
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