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Cable Update (GBPUSD)

  • #165,421
  • Sep 14, 2009 12:33pm Sep 14, 2009 12:33pm
petrifying harami

http://books.google.co.uk/books?id=l...harami&f=false
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #165,422
  • Sep 14, 2009 12:36pm Sep 14, 2009 12:36pm
The suspense is killing me.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #165,423
  • Sep 14, 2009 12:44pm Sep 14, 2009 12:44pm
Quoting Bones
no really thats what it is,

I see the potential for usdchf double bottom but right now im thinking lower
i thought u where kidding, i can see why it is called that... oh man that one was great..thank u tony, u cheered me up!

only time will tell.....good lucky buddy

steve nisson is a character.....he is funny as well, i seen his videos
  • #165,424
  • Sep 14, 2009 12:55pm Sep 14, 2009 12:55pm
Quoting nAVIN2007


What is ur suggestion, we watch and wait for the next trading day?? cant understand why you were down and later ur long, u know wome ppl left out on that.
  • #165,425
  • Sep 14, 2009 1:10pm Sep 14, 2009 1:10pm
Hi everybody,

how was your trading today? I'm +30, so my mission is completed But it was really weird day and I didn't see any signals for a long time...
-- There's no winner without lose --
  • #165,426
  • Sep 14, 2009 1:22pm Sep 14, 2009 1:22pm
Quoting JamesCZ
Hi everybody,

how was your trading today? I'm +30, so my mission is completed But it was really weird day and I didn't see any signals for a long time...
Good day to you,

Glad you had success!

See tomorrow
  • #165,427
  • Sep 14, 2009 1:31pm Sep 14, 2009 1:31pm
Quoting nAVIN2007
i thought u where kidding, i can see why it is called that... oh man that one was great..thank u tony, u cheered me up!

only time will tell.....good lucky buddy

steve nisson is a character.....he is funny as well, i seen his videos


Hi can I get steve nisson candle stick, would be glad to, lost mine over the computer after been formated
  • #165,428
  • Sep 14, 2009 1:36pm Sep 14, 2009 1:36pm
Why not to take a steady job with 100% probability instead of 5%. I had a reguler working day today and made 0.5% tonight in forex as a fun.
  • #165,429
  • Sep 14, 2009 1:37pm Sep 14, 2009 1:37pm
Quoting meromar
Why not to take a steady job with 100% probability instead of 5%. I had a reguler working day today and made 0.5% tonight in forex as a fun.

  • #165,430
  • Sep 14, 2009 1:43pm Sep 14, 2009 1:43pm
  •  L.j.
  • | Joined Aug 2009 | Status: B positive, its in my blood | 13 Posts
Quoting meromar
Why not to take a steady job with 100% probability instead of 5%. I had a reguler working day today and made 0.5% tonight in forex as a fun.

I really need to learn how to do that.
  • #165,431
  • Sep 14, 2009 2:43pm Sep 14, 2009 2:43pm
Quoting pakitrader
Do u all guys agree that doing scalping is much safe if we need much pips then we can increase the size of lots rather going in swing trades and watin for direction.
It depends what suits to you...somebody need longer trades, somebody need scalping to be profitable. So as long as you make profits, do what you want
-- There's no winner without lose --
  • #165,432
  • Sep 14, 2009 2:46pm Sep 14, 2009 2:46pm
Quoting jamescz
it depends what suits to you...somebody need longer trades, somebody need scalping to be profitable. So as long as you make profits, do what you want
100 percent agree with u

it depends which styles suits u.

And for newbies i suggest they must first trade in demo.
To adopt the suitable style.
  • #165,433
  • Sep 14, 2009 3:04pm Sep 14, 2009 3:04pm
Quoting pakitrader
Guys i want your opinion regarding swing trade, scalping and long term trade.

In my opinion for newbies and those who got small account i think best is scalping with a tight stop loss.

I got a small account when ever i try to to fix target above 100 i liquidate position on break even. Even i saw profit of 50 pips or more. I am also in favour of long term trades its a matter of right entry and then u leave it. But doing swing trades are extremely risky we have data stops hunts news etc which in my opnion makes swing trades risky and after 40 or...
I disagree.

It works the other way around for me. Personally, I do not think anyone who has experience of at least 5 years in this business can scalp succesfully.
2 reasons, experience & account size. There probably are a selected few who can do it without enough experience and account size, but majority will lose, whether they admit it or not.
It is psychologically more taxing to scalp than it is to position for a trade.
Newbies who can't even wait to gain a small amount of profit over a lengthy period, will not have the mettle to last in the faster paced nature of scalping. That is a fact.
I will give you another example. today when london opened, we saw many short term traders went long while cable inched lower. Does not matter how tight the stops be, wouldn't it be safer to wait for the direction?
Of course this is just my personal view because I have managed consistent gains with little blips trading this way.
Thank You
  • #165,434
  • Sep 14, 2009 3:08pm Sep 14, 2009 3:08pm
by the way, new traders.
This is the link to Wayne Jackson's thread:
http://www.forexfactory.com/showthread.php?t=27286

He is the real deal.
Thank You
  • #165,435
  • Sep 14, 2009 3:44pm Sep 14, 2009 3:44pm
Quoting wormboy
I disagree.

It works the other way around for me. Personally, I do not think anyone who has experience of at least 5 years in this business can scalp succesfully.
2 reasons, experience & account size. There probably are a selected few who can do it without enough experience and account size, but majority will lose, whether they admit it or not.
It is psychologically more taxing to scalp than it is to position for a trade.
Newbies who can't even wait to gain a small amount of profit over a lengthy period, will not have the mettle to last in the...
I think that newbies could scalp .. however alot of scalping comes from a ' feel ' for the markets and price action and also reading background of say 2 hour ago.

The other issue with newbies is money management. Scalping takes a great deal of using stops and not moving them and managing risk .The amount of posts i have seen saying ' i made 40 % on my account today ' then I look at pair and it only move 40 pips ..lol.. so a 60 pip move against them they would have stayed in the trade praying that it was going to turn around. I have not seen that many newbies with good money management skills

I am a day trader .. took gu up to 1.6620(missed bulk of up move but got last 40 pip once i realized upper target) and down off that (been using EW and vsa together) so i am the voice of experience
scalping takes.
1) patience .... you do not have to be in the market all the time
2) never risk more than 1% of account on scalp trade as mostly scalpers do not make full potential of trade , so thge losers often equal the winners and they get no where fast
3) wait for the right trade set .. .again there is not alwasy a good set up
4) always adhere to stops do not move them
5) reliable data source , back up power , back up computer and back up internet ( imagine doing a counter trend scalp with 10 standard , with mental stop loss and your computer blows up)
6) NEver scalp against the main trend unless there is a reason to ..I have often seen scalpers saying 'oh 50 pip scalp counter trend scalp' and then it does not work they do not get out and take small loss and end up -100 and cry they lost money for the day. In fact, i hate to say this, counter trend trading long on a 5 min chart when 60 min trend is down they deserve to lose money over and over till they learn the lesson . You will often seei n my posts ' today is sell rallies , or today is buy dips .. or as long as price staysu nder 151.50 it is sell rallies' I am trading with the trend

now lets look at gu today ....15 min before US got ripping showed the change in direction with a treble bottom on 15 min chart . my reatrcement target was 16620....so longs into 1.6620 were ok , then we saw a change in trend signal with the double top at 1.6620 , and the dojis... showing that now time to sell

I often use the 15 min charts to determine scalping direction for 5 min charts. If I do not like the 15 min charts I will move on to another pair

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  • #165,436
  • Sep 14, 2009 3:56pm Sep 14, 2009 3:56pm
Quoting malcolmb14
I think that newbies could scalp .. however alot of scalping comes from a ' feel ' for the markets and price action and also reading background of say 2 hour ago.

The other issue with newbies is money management. Scalping takes a great deal of using stops and not moving them and managing risk .The amount of posts i have seen saying '...
welp, that's what I said, I don't believe newbies can scalp successfully without enough experience. Like you said, money management ie sticking to with those stops without moving them. Inexperienced newbies WILL ALWAYS move those stops lol. ( I use to do that in the past too as I'm sure many of us have so there ain't getting by us ) Even with "feeling" the market I suppose you'd have to trade long enough to know.
I agree with the rest of your post tho
Thank You
  • #165,437
  • Sep 14, 2009 4:06pm Sep 14, 2009 4:06pm
Quoting wormboy
I disagree.

It works the other way around for me. Personally, I do not think anyone who has experience of at least 5 years in this business can scalp succesfully.
2 reasons, experience & account size. There probably are a selected few who can do it without enough experience and account size, but majority will lose, whether they admit it or not.
It is psychologically more taxing to scalp than it is to position for a trade.
Newbies who can't even wait to gain a small amount of profit over a lengthy period, will not have the mettle to last in the...
agreed good points raised brother
  • #165,438
  • Sep 14, 2009 4:45pm Sep 14, 2009 4:45pm
Quoting wormboy
welp, that's what I said, I don't believe newbies can scalp successfully without enough experience. Like you said, money management ie sticking to with those stops without moving them. Inexperienced newbies WILL ALWAYS move those stops lol. ( I use to do that in the past too as I'm sure many of us have so there ain't getting by us ) Even with "feeling" the market I suppose you'd have to trade long enough to know.
I agree with the rest of your post tho

"the only time i lose less is when i trade less"

scalper = killed!!!!!! unless u know what yur doing and i think i have a good idea and i still get killed!!!!!!

bro gbpflx is falling and cabe aint moved....the piece of crap!!
looks like we holding again...
  • #165,439
  • Sep 14, 2009 4:47pm Sep 14, 2009 4:47pm
True scalping cannot be performed in FX markets much less through a retail broker. 5,10, 20, 30 even 40 pips irrespective of TF cannot be considered scalping; this is still position trading albeit with short time horizon.

Now anybody interested in scalping should seek to trade in electronic futures markets, have access to order book and be able to read and apply that.
Even so, one needs to bear in mind that you're trading up against huge players (i.e. market makers) who make a living doing this often with huge amounts of investment, access to order flow and often times most of these trading is done computerized.

In case anybody decides to go that route, be prepared to invest 3-5 times of what you're investing when "position trading", be prepared to face off professionals who are just waiting for you to "scalp" and make their day...


In a nutshell, learn the basics of price movements and find an edge in some kind of swing trading....

Trade Smartly!
Hear the music before the song is over ...
  • #165,440
  • Sep 14, 2009 4:49pm Sep 14, 2009 4:49pm
Morning guys,

Shorts activated at 1.6600 last night.

Active trade @ 1.6600... SL 1.6760... TP 1.6350

See you guys London session
Veni, Vidi, Vici (We came, we saw, we conquered)
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