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Cable Update (GBPUSD)

  • #166,981
  • Sep 18, 2009 5:22am Sep 18, 2009 5:22am
Quoting nAVIN2007
seem easy in dream world....reality different story!
In time, I think most of us can start to properly get to grips with the fear, and other unhelpful emotional responses, experienced when trading. Either e do, or we ultimately will fail.

Have you read Trading in the Zone, Navin? If not, you definitely should. It's an inspiring book.
  • #166,982
  • Sep 18, 2009 5:24am Sep 18, 2009 5:24am
The question to ask your self before you enter the market is Why you think there will be bids/offers at the level you are entereing sufficient to move the market in your direction and as indicated by a price action trigger. '...cause it might/looks as though it would/thought the market might..' etc is all BS, the market doesn't give a rats ass what we think...If you cannot answer the question with conviction...don't enter, it's that simple!!

In this repect this could be at potential support/resistance with a reversal candle indicating bids/offers there or a thrust candle in a trend or out of a range/channel/supp-res indicating momentum.

G/L
ex member
  • #166,983
  • Sep 18, 2009 5:30am Sep 18, 2009 5:30am
Quoting bbmac
The question to ask your self before you enter the market is Why you think there will be bids/offers at the level you are entereing sufficient to move the market in your direction and as indicated by a price action trigger. '...cause it might/looks as though it would/thought the market might..' etc is all BS, the market doesn't give a rats ass what we think...If you cannot answer the question with conviction...don't enter, it's that simple!!

In this repect this could be at potential support/resistance with a reversal candle indicating bids/offers...

ya...bb/2...you can ask questions all you want but when you get surprise news dumped on you....you still gonna get screwed...and all the technicals mean sh"§
wth do you think orders that move markets watch H1,H2,H4 support resistance?...lol

C'mon bro...get real...you're seeing trails from the past....like star light from light years ago...
Hear the music before the song is over ...
  • #166,984
  • Edited Apr 23, 2018 8:23pm Sep 18, 2009 5:30am | Edited Apr 23, 2018 8:23pm
Quoting gammase1
Have you read Trading in the Zone, Navin? If not, you definitely should. It's an inspiring book.
Speaking of which:

The 5 Fundamental Truths of Trading:
1. Anything can happen.

2. You don’t need to know what is going to happen next to make money.

3. There is a random distribution between wins and losses for any given set of variables that define an edge.

4. An edge is nothing more than an indication of a higher probability of one thing happening over another.

5. Every moment in the market is unique.
The 7 Principles of Consistency:
1. I objectively identify my edges.

2. I predefine the risk of every trade.

3. I completely accept the risk or I am willing to let go of the trade.

4. I act on my edges without reservation or hesitation.

5. I pay myself as the market makes money available to me.

6. I continually monitor my susceptibility for making errors.

7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.

{ copyrighted attachment deleted by staff }
ex member
  • #166,985
  • Sep 18, 2009 5:34am Sep 18, 2009 5:34am
Quoting gammase1
In time, I think most of us can start to properly get to grips with the fear, and other unhelpful emotional responses, experienced when trading. Either e do, or we ultimately will fail.

Have you read Trading in the Zone, Navin? If not, you definitely should. It's an inspiring book.

im gonna read it this weekend.....i will need to i have 2 long which i plan to hold which i think are going to be very profitable...i think 90% sure we are looking at continued upward movement from today...

i will give my input for contribution to ff as i have gained a lot from people, u being one of them paul....but i do need to cut down and well.....no more 10 post in 5 minutes..
  • #166,986
  • Sep 18, 2009 5:35am Sep 18, 2009 5:35am
Quoting GlobalMacro
Thanks WB, but I have to respectfully disagree.
We are in a consolidation zone atm.
Last 2 weeks were quite bullish and at 1.6760 nothing and I mean nothing indicated a downtrend.

Having said that, I have nothing against countertrend trading,in fact it can be extremely lucrative.

As a matter of fact, if you remember, I myself bought @ 1.6100 against the trend after 4 weeks of falling prices when all you guys were screaming sell to 1.5300 and it went up to 1.6700.

But I never said we were in an uptrend when I did so then.

You also...
Hey no issue bro, we all see things differently & since you & I both trade on our own chart and call/place order as we see fit it does not matter who thinks what no?
You're right in regards when you bought @6100 I was still shorting tho. I had my eyes lower & let the rejection @6165 level get by me & I admitted the slipup in this post:
http://www.forexfactory.com/showpost...postcount=2979
Btw, I was eyeing 5950, not 5300 as you mentioned
Thank You
  • #166,987
  • Sep 18, 2009 5:35am Sep 18, 2009 5:35am
Quoting GlobalMacro
ya...bb/2...you can ask questions all you want but when you get surprise news dumped on you....you still gonna get screwed...and all the technicals mean sh"§
wth do you think orders that move markets watch H1,H2,H4 support resistance?

C'mon bro...get real...you're seeing trails from the past....like star light from light years ago...

Rubbish! unless there is a surprise event (which none of us can legislate for other than having a stop) most news/data releases including speeches by central bankers etc are known to us in advance, whati s not known is the actual numbers/effects of such until they happen and they we can make a judgemnet on how to play them based on our altered or confirmed analysis as a result of the data/news/words of central banker for eg etc...

All we know is where the potential support/resistance is and how price reacts around it...that is what gives us a trading edge, but our biggest tradingg edge is that we don't have to be in the market until high probability circumstances arise (ie confluence)
ex member
  • #166,988
  • Sep 18, 2009 5:37am Sep 18, 2009 5:37am
Quoting Faryad
hello to allz
EId mubarak WOrmie
Hey bro eid mubarak & happy holidays to you
Thank You
  • #166,989
  • Sep 18, 2009 5:37am Sep 18, 2009 5:37am
....and by the way, any calculated pivot in an non-exchange market like the otc interbank are at best minor potential supp/res factors. The 3 most widely used potential support/resistance factors are previous price pivots [previous price swing hi/lo's] fibs and trend lines.
ex member
  • #166,990
  • Sep 18, 2009 5:39am Sep 18, 2009 5:39am
Hi everyone,

This is the first time ive posted...but I just want to say what a great place this is! Great posts and very hopefull.

Ive been trading for 5 years now and like alot of other people who have tried forex...blown account after account!! (but those profits in between kept me motivated! just needed to learn to cut loses, and not get emotional!) This time round been back at it for 2 half months and so far so good!

Wish i'd found this place earlier...could of saved alot of pain!!
  • #166,991
  • Sep 18, 2009 5:44am Sep 18, 2009 5:44am
Quoting GlobalMacro
Rubbish????????

so you claim to know all the freaking events in advance in your little shabby charts?

WB, forget Guru Nanak, Here we have Guru BBMAC

Of course I don't know all the events in advance, but other than the 'surprise/un-expected' events I know when potentially market moving events/data are going to occur..this info is freely available in the public domain. I also know which data has historically moved the market and why and that any deviation from the previous # or forecast or indeed revisions to previous #'s can also move the market...again this is freely available info.

As for those surprise/unexpected events,...no-one kniows when they will occur suffice to say that they will again at some point, and our protexction is a stoploss or indeed we could get lucky and price go wildly in our favour if in a position when they become known and market reacts.

They do say that the charts know/it's all in the charts and I am constantly surprised at the set-ups that develop just prior to data/news releases.

I do not pretend to be a guru, lol...just to speak sense.
ex member
  • #166,992
  • Sep 18, 2009 5:44am Sep 18, 2009 5:44am
Got a Fib question:

If there is a 0-100 range, in this case: 1.6395 HI to 1.6295 LO

If Price action bounces from 100 back through 38.2% and 50%, if it breaks 61.8% what is people's experiences of it going back to 0%? More often than not/never? Don't use it this way?

Does it stagnate at 76.4% or 88.2%?

Thanks guys
Attached Image (click to enlarge)
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A pip is only worth it if you know how much you risked to earn it
  • #166,993
  • Sep 18, 2009 5:45am Sep 18, 2009 5:45am
Quoting wormboy
Hey no issue bro, we all see things differently & since you & I both trade on our own chart and call/place order as we see fit it does not matter who thinks what no?
You're right in regards when you bought @6100 I was still shorting tho. I had my eyes lower & let the rejection @6165 level get by me & I admitted the slipup in this post:
http://www.forexfactory.com/showpost...postcount=2979
Btw, I was eyeing 5950, not 5300 as you mentioned
carefull on the shorts bro...if today closes bullish we are heading right the way back up..u gotta love it the way it all fits together..
  • #166,994
  • Sep 18, 2009 5:45am Sep 18, 2009 5:45am
Quoting bbmac
The question to ask your self before you enter the market is Why you think there will be bids/offers at the level you are entereing sufficient to move the market in your direction and as indicated by a price action trigger. '...cause it might/looks as though it would/thought the market might..' etc is all BS, the market doesn't give a rats ass what we think...If you cannot answer the question with conviction...don't enter, it's that simple!!

In this repect this could be at potential support/resistance with a reversal candle indicating bids/offers...
Thanks bbmac. This is good advice. Also a big thank you to all those here who share there knowledge with newbies like me.

I have had a very small account which I added to last year...but still it's very small. Needless to say over the year I am down close to 80%...damn it's so depressing writing that down

But the advice/info/support that the experienced guys give here has been invaluable.

It took me a while to figure out my trading style...having tried different timeframes and yes I was using to much leverage and chasing every pip...to the detrement of my account...80% detrement lol...yes I can laugh at my stupidity now.

The problems I have...which I'm sure most newbies have...are letting winners run and cutting losses quickly. I know this makes sense but am finding it hard to put this into practice and often do the opposite...justifying it as giving the trade room even long after I know deep inside I should have been out...and that's when unrealistic hope, prayers, begging the market, anger and depression all kick in

Discipline is something that I am working on
I work off the lower timeframes and use guerilla trading tactics...quickly in and quickly out. I'm working on using a strict stop for my trades and trying to incorporate a letting profits run but to be honest I still pull the trigger to quickly...probably has something to do with seeing so many green trades turn red for losses.

And I have lowered my leverage and generally only risk max 1-2% of my account...most of the time even less than this

Sorry for taking so much room

Bobby
  • #166,995
  • Sep 18, 2009 5:47am Sep 18, 2009 5:47am
Quoting nAVIN2007
from now on my taking a back seat in this forum.....im keeping it zipped

which u will be all pleased to know
Oh no you're not. I won't want to be the sole clown around here. Like it or not, you're laurel & I'm hardy.
Thank You
  • #166,996
  • Sep 18, 2009 5:48am Sep 18, 2009 5:48am
Quoting GlobalMacro
ya...bb/2...you can ask questions all you want but when you get surprise news dumped on you....you still gonna get screwed...and all the technicals mean sh"§
wth do you think orders that move markets watch H1,H2,H4 support resistance?...lol

C'mon bro...get real...you're seeing trails from the past....like star light from light years ago...
Well said.....very professional.....even traders @ NYSE trading floor get caught up by surprise news....and mostly know better than we do.
  • #166,997
  • Sep 18, 2009 5:49am Sep 18, 2009 5:49am
Quoting bbmac
Of course I don't know all the events in advance, but other than the 'surprise/un-expected' events I know when potentially market moving events/data are going to occur..this info is freely available in the public domain. I also know which data has historically moved the market and why and that any deviation from the previous # or forecast or indeed revisions to previous #'s can also move the market...again this is freely available info.

As for those surprise/unexpected events,...no-one kniows when they will occur suffice to say that they will...
There you go...so even you don't know all the events...

I got news for you....even the freaking BOE or FOMC does not know where the heck their currency gonna be or what effect their policy making will have...

a little humility and restraint would do good here...

unless you were screaming about stress test news yesterday all day long and all of us here managed to somehow not hear you?
Hear the music before the song is over ...
  • #166,998
  • Sep 18, 2009 5:50am Sep 18, 2009 5:50am
Wormie lazy boring movements
  • #166,999
  • Sep 18, 2009 5:56am Sep 18, 2009 5:56am
Quoting wormboy
Oh no you're not. I won't want to be the sole clown around here. Like it or not, you're laurel & I'm hardy.


im surprised nobody asking me why i think this mofo is heading up..
  • #167,000
  • Sep 18, 2009 5:59am Sep 18, 2009 5:59am
Quoting Breeze
Well said.....very professional.....even traders @ NYSE trading floor get caught up by surprise news....and mostly know better than we do.
yup...anybody claiming any different is either fooling himself or has a different agenda...
Hear the music before the song is over ...
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