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Cable Update (GBPUSD)

  • #162,841
  • Sep 2, 2009 10:48am Sep 2, 2009 10:48am
Quoting Turveyd
What does that make you in cash terms then ?? £4 or something ??

You've got to trade at a level which makes it real and profits worth taking and the losses painful or whats the point, your just wasting time playing a game.
Know what you mean - I lost £7k in the first month in 2004 when I was just trying a few things out and I blushed with shame right down to my toes

A few hundred quid gain gives me satisfaction now but I would like a real stonker of a move where I just ignore the gains and retraces and just ride it up or down - but a thousand pip jobby when I eventually close
Wouldnt we all

That was nothing in 2007 with the long steady rise of cable - if all the traders had just whacked a long on and left it, they could have become George Soreasses in no time
  • #162,842
  • Sep 2, 2009 10:50am Sep 2, 2009 10:50am
Quoting UncleSam123
BUY GBP/USD @ 1.6140 Stop Loss 1.6100 Target 1.6190
BUY GBP/JPY @ 149.60 Stop Loss 149.15 Target 150.50
Happy Trading!
Alright we got GBP/USD + 50 pips
GBP/JPY +90 PIPS
  • #162,843
  • Sep 2, 2009 10:51am Sep 2, 2009 10:51am
hi all

after the 15+ pages of nosense m1 vs d1 trading i`d like to lay out my thoughts as well
first off if this trendline gets broken - bad news for bears
second...very low volume today maybe markets are waiting for 2pm fomc minutes but from what I see so far volume wise price was marked up to the 61fib of the last down swing and this might be the top for today. price has been climbing on low volume all day and this is kinda like red flag for any bulls out there only in the recent 15 minutes i saw volume pickup as price approached the 61fib and seems the last thrust up was sold into

oh and please cut the m1 crap... i`ll tell u someting I trade on m1 to pick entries but i trade the h4, d1 and weekly. m1 is not noise at all but please...dont want to hear this "h4 does not make money" crap because its simply coming from a person who CLEARLY cant trade h4, d1 profitably.

here are the charts
Attached Image(s) (click to enlarge)
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Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #162,844
  • Sep 2, 2009 10:53am Sep 2, 2009 10:53am
Quoting allserene
Know what you mean - I lost £7k in the first month in 2004 when I was just trying a few things out and I blushed with shame right down to my toes

A few hundred quid gain gives me satisfaction now but I would like a real stonker of a move where I just ignore the gains and retraces and just ride it up or down - but a thousand pip jobby when I eventually close
Wouldnt we all

That was nothing in 2007 with the long steady rise of cable - if all the traders had just whacked a long on and left it, they could have become George Soreasses in no time

I was trading Options in the really really bad bear, all puts ( short ), I was always 2/3rd down 1/3rd up just incase, this time I got gambly went full down just as the market bounced off it's low's, cost me 6K before the market had even opened If I'd of gone 100% up ( Calls ) I'd of literally turned 6K into 100K inside of a week

GU's still holding it's up trend, been in and out twice +30 +55
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #162,845
  • Sep 2, 2009 11:01am Sep 2, 2009 11:01am
Hello Everyone!

I am just beginning to learn but what I noticed so far..
When I look at the daily chart it seems pound is falling in similar patterns:
1. From the very top of 7031 to 6275. Then the red candle of 17th august was followed by a much bigger green candle, however the upmove failed to hold and the pound continued declining;

2. Now from 17th aug it came down to 6113 on 1 sept. And today there is an upmove again. I am thinking there is every chance it will continue downhill tomorrow.
And for the longs weekly chart does not look promising. I would be more assured if gbp would have retraced to 50s to comfortably shoot up to 70s and above. There was just not enough retracement to be bullish biased for the mid term.
Sorry if it sounds too subjective.
  • #162,846
  • Sep 2, 2009 11:04am Sep 2, 2009 11:04am
chris,
still out there dude? still holding? i'm beginning not to like the scene......
  • #162,847
  • Edited 11:07am Sep 2, 2009 11:05am | Edited 11:07am
Good day to you,

I had to abandon ship this morning. My plan was a decent decline. Price found strong support @ 1.6112. SL was taken out when price bounced off this level. Took my loss.

Where we are now, I have entered into a short position @ 1.6270, based on the resistance encountered in this area. I marked these as (1) on the chart - confluence here of:

The monthly open price of 1.6287, Monday's close of 1.6285, Friday's close of 1.6273 and the weekly opening price of 1.6268. These numbers have offered temporary resistance. Marked (2) on my chart, we have this month's 50% range line @ 1.6243. This number initially offered some resistance before price moved through, so it may now offer support. Lower down (3) we have 1.6205 - this number has offered immense support earlier - price just could not get back through here ( could also be the confluence of the 1.6200 round number working together).

I am keeping a close eye on this short and will bail as soon as price starts moving through 1.6285 to 1.6287 level.

She just does not want to let up at this stage.

Be safe..
Attached Image (click to enlarge)
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  • #162,848
  • Sep 2, 2009 11:07am Sep 2, 2009 11:07am
Quoting albchr
Where did you get out buddy? I have to admit my 6214 short isn't feeling real good right now. If we break and hold above 85 (likely I think), I'll have to cut it loose. Right now the 15m is showing signs of turning but who knows how strong it will be.
actually i made a total mess of things i enter a sell twice and it brokeout...i have to be honest ...i think this is heading up now..

if it break the high of yesterday which i find crazy cause it was a bearishout bar..meant to be high probability...i got out at 1.62633 made hardly anything but still its profit...

if it stays like this all nigt this becomes a piercing formation bull momentum will be seen....dragon also has bullish diverence on dailly...and a pin is forming..looking very dangerous
Attached Image (click to enlarge)
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  • #162,849
  • Sep 2, 2009 11:12am Sep 2, 2009 11:12am
Quoting urutu
chris,
still out there dude? still holding? i'm beginning not to like the scene......
Yep still here. Yep still holding for now but as I said here....

http://www.forexfactory.com/showpost...stcount=162840

We'll see....lol
Ghost Rider - WWTBMD?
  • #162,850
  • Sep 2, 2009 11:14am Sep 2, 2009 11:14am
Cable hold that range than it will blast
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  • #162,851
  • Sep 2, 2009 11:20am Sep 2, 2009 11:20am
High time to take 30p short with tp 6220
  • #162,852
  • Sep 2, 2009 11:20am Sep 2, 2009 11:20am
juz came back from my uncle's hs and closed my long position at 1.6260 and i bought the currency for 1.6125...135 pips profit..
  • #162,853
  • Sep 2, 2009 11:40am Sep 2, 2009 11:40am
all dollar longs beware...beware
this usdx and look where it bounced off yesterday ...to the freaking pip
untill these ranging conditions are still playing on usdx i would not call any long term dollar longs
Attached Image (click to enlarge)
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Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #162,854
  • Sep 2, 2009 11:48am Sep 2, 2009 11:48am
Quoting navhin
juz came back from my uncle's hs and closed my long position at 1.6260 and i bought the currency for 1.6125...135 pips profit..

Wow good work there mate!

I made a lousy 2 pips, went on a sell right at 6.130 and then it bounced and I decided to pull the money off the table after the bounce, glad I did, got my 2 pips, although I had 18 pips at one stage, oh well still not a loss!

£2 a point as usual, so not big money, but I will just grow the account slowly and surely until I get to the point where I can put more down per point...may venture all the way up to £3!lol!
  • #162,855
  • Sep 2, 2009 11:52am Sep 2, 2009 11:52am
Quoting antic81
Wow good work there mate!

I made a lousy 2 pips, went on a sell right at 6.130 and then it bounced and I decided to pull the money off the table after the bounce, glad I did, got my 2 pips, although I had 18 pips at one stage, oh well still not a loss!

£2 a point as usual, so not big money, but I will just grow the account slowly and surely until I get to the point where I can put more down per point...may venture all the way up to £3!lol!

u are going down a path where u will win 50 times and the one time u make a mistake..all your profit will go...work on remaining in the trade..for your own sake
  • #162,856
  • Sep 2, 2009 11:54am Sep 2, 2009 11:54am
What was that? I went in and nothing from that...Jesus

Edit: I'd love if anybody would explain me, when he will enter, when some resistance is broken. How many pips over that resistance is good enough to tell, that it was really broken? Cause I'm losing money just because somebody puts here graphs, I see resistance, it is broken, I buy and what I see is, the price is falling down...
-- There's no winner without lose --
  • #162,857
  • Sep 2, 2009 12:03pm Sep 2, 2009 12:03pm
I know this is not applicable to this thread, but I want to setup a four monitor trading computer.

I currently have a desktop. Should I upgrade it to be able to run four monitors or should i buy one of these systems from a company like multi-monitors?

If I upgrade what I have what do I need to do?

I would appreciate any advice.
  • #162,858
  • Sep 2, 2009 12:05pm Sep 2, 2009 12:05pm
Quoting nAVIN2007
u are going down a path where u will win 50 times and the one time u make a mistake..all your profit will go...work on remaining in the trade..for your own sake

You are 100%, this was the first time I've ever pulled out early, my normal plan is 20 pip sl with a 40 pip tp, seems to work ok, but definately agree with you, having a higher risk than reward ratio with stops is an uphill battle!With a high potential for failure!

Carry on like this and you will be buying a yacht by this time next year!
  • #162,859
  • Sep 2, 2009 12:07pm Sep 2, 2009 12:07pm
Quoting direct-trade
Laters BB

Ok, this is where I see PA right now:
DT great ur chart always convincing…huh it kept telling me 6000 is impossible. Finally done & I was on board.
  • #162,860
  • Sep 2, 2009 12:09pm Sep 2, 2009 12:09pm
Quoting alex1976
I know this is not applicable to this thread, but I want to setup a four monitor trading computer.

I currently have a desktop. Should I upgrade it to be able to run four monitors or should i buy one of these systems from a company like multi-monitors?

If I upgrade what I have what do I need to do?

I would appreciate any advice.

Matrox do the G450 x 4 which supports 4 monitors no good for games though which leaves me stuck

I run 2 monitors have done for years.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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