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Cable Update (GBPUSD)

  • #178,301
  • Oct 22, 2009 4:14am Oct 22, 2009 4:14am
nice 30 minutes PA. that daily fibs hold them well..
  • #178,302
  • Oct 22, 2009 4:18am Oct 22, 2009 4:18am
Quoting Stocky Monk
Try and keep things simple and not worry too much about your indicators. Remember most of them are lagging and the information they provide is there on your charts anyway. Looking at the supp/res levels we are at a important level in the cable being towards the upper reaches of a 5 month range on the daily. We are either going to breach the 6598 level and head toward 6744 or reverse back lower. Personally I dont think the pound deserves to be at this price and im holding a bearish sentiment. If your not sure wait on the sideline and let your 4hr/daily...
Gee .. nice first post !

Careful - u dont wanna class up this thread !
  • #178,303
  • Oct 22, 2009 4:20am Oct 22, 2009 4:20am
Market talk that UK GDP may come out at 0.4% vs. Exp. 0.2%
Trading is 80% Emotional, 20% Technical
  • #178,304
  • Oct 22, 2009 4:30am Oct 22, 2009 4:30am
Interesting 30M. 61.8% (6531) like a magnet now....lol

Love to see a break of 6487....
Attached Image (click to enlarge)
Click to Enlarge Name: gu_30m_envelope_channel_sr.gif Size: 29 KB
Ghost Rider - WWTBMD?
  • #178,305
  • Oct 22, 2009 4:39am Oct 22, 2009 4:39am
Quoting mloistianto
nice 30 minutes PA. that daily fibs hold them well..
Quoting albchr
Interesting 30M. 61.8% (6531) like a magnet now....lol

Love to see a break of 6487....
yeah. its pulling this girl down..waiting for a breakout..
  • #178,306
  • Oct 22, 2009 4:45am Oct 22, 2009 4:45am
Quoting mloistianto
yeah. its pulling this girl down..waiting for a breakout..
I'm beginning to wonder here myself now. Just looked at daily and 4H

http://www.forexfactory.com/showpost...&postcount=187
Ghost Rider - WWTBMD?
  • #178,307
  • Oct 22, 2009 4:49am Oct 22, 2009 4:49am
Quoting albchr
Interesting 30M. 61.8% (6531) like a magnet now....lol

Love to see a break of 6487....
yes, would prefer to see test of 16665 resistance, failure there could see it drop through 6487
Trading is 80% Emotional, 20% Technical
  • #178,308
  • Oct 22, 2009 4:50am Oct 22, 2009 4:50am
Quoting wim00
This pullback in GBP has saved my account. I was £3/point short at 1.6508 from yesterday and at the worst point I was about 450 points down. I managed to get out at 1.6491 for +49 points!

I shouldnt be trading more than a pound a point with only £900 in the account (now 950 :-))

I must think more about why I am placing the trade and the overall trend. I must use stop losses. I should not increase my position further compounding losing positions.

I think I will get my books back out.... here endeth my lesson :-)
repeat it again and again. tell your friends, tell your brothers, tell your momma that u're not gonna do the same mistake again. trading can be extremely seductive and u might repeat the same mistake again. over leverage.
  • #178,309
  • Oct 22, 2009 4:54am Oct 22, 2009 4:54am
Quoting fx local
yes, would prefer to see test of 16665 resistance, failure there could see it drop through 6487
Yeah, 6575 was it for me and it just did that. Can't wait to see what US has in store...lol

6665 would be above my entry...LOL
Ghost Rider - WWTBMD?
  • #178,310
  • Oct 22, 2009 5:00am Oct 22, 2009 5:00am
Quoting wim00
This pullback in GBP has saved my account. I was £3/point short at 1.6508 from yesterday and at the worst point I was about 450 points down. I managed to get out at 1.6491 for +49 points!

I shouldnt be trading more than a pound a point with only £900 in the account (now 950 :-))

I must think more about why I am placing the trade and the overall trend. I must use stop losses. I should not increase my position further compounding losing positions.

I think I will get my books back out.... here endeth my lesson :-)
Hello I'm new to this thread and I just read your post. In fact I think you are taking care of your account well from a MM point of view. Proper MM says %1-%5 risk for every position. If you are putting one pound per pip and the position gets stopped out you will lose small amount of your account, but provided that your set SL not more than 47 pips (+3 spread) max for a ~1000 pound account.

Cable is a nice pair to trade. I wish green pips for you all the time.
Discipline + Patience - Fear - Greed = Success
  • #178,311
  • Oct 22, 2009 5:08am Oct 22, 2009 5:08am
Quoting hdc
im confused as to what i should do. indicators are contradicting eachother..
many say that indicators will conflict as they do lag. the thing i learned a year ago was to find ONE indicator that u may like, LEARN it well, and as you begin to understand it, trade it and trust it.

too many indicators will definately mess up things. they will never all agree and to trade by multiple indictors will make YOU confused and mess thing up. Learn one... trade one...

there are many here on this forum that i constantly look to for analysis, such as azim, navin, alb, and a couple others. But when it comes right down to it, only you can trade for you. you need to develop a style.

I look to these gentlemen for great analysis and honesty in trading, but in the end, will make my own determination as to take a trade or not.

understand also you will lose occasionally. forex is a beast and has a mind of its own. u just need to learn to outwit it for more gains than losses.

too much input will overload circuits...

now, back to lurking....
  • #178,312
  • Oct 22, 2009 5:15am Oct 22, 2009 5:15am
This is what I see right now.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-10-22 15 37 57.gif Size: 18 KB
Discipline + Patience - Fear - Greed = Success
  • #178,313
  • Oct 22, 2009 5:25am Oct 22, 2009 5:25am
Quoting albchr
Interesting 30M. 61.8% (6531) like a magnet now....lol

Love to see a break of 6487....
hi albchr,

do you mind telling me what are the green and blue swing high, swing low line indicator on your chart?
  • #178,314
  • Oct 22, 2009 5:44am Oct 22, 2009 5:44am
Quoting bidalufias
hi albchr,

do you mind telling me what are the green and blue swing high, swing low line indicator on your chart?
hi bro

u are talking about this indi
Attached File(s)
File Type: mq4 Support and Resistance (Barry).mq4   1 KB | 292 downloads
File Type: ex4 Support and Resistance (Barry).ex4   2 KB | 255 downloads
  • #178,315
  • Oct 22, 2009 5:44am Oct 22, 2009 5:44am
2009.10.22 13:39:39 MARKET TALK: Fall In Continuing Claims May Reflect Benefit Exhaustion


... scaaaryyy
  • #178,316
  • Oct 22, 2009 5:50am Oct 22, 2009 5:50am
its all about earnings the dow is up each time we have earnings good the cable gos up with dow and comes back down where it was under the fib line
  • #178,317
  • Oct 22, 2009 5:50am Oct 22, 2009 5:50am
A nice retrace up to the support now resistance area around 6575 - also the top of the fibonacci decision zone - took the sell, banked 25 pips and stop to BE +1 on the remainder.....
Attached Image (click to enlarge)
Click to Enlarge Name: oct 22 cable 15m 1245 gmt.gif Size: 15 KB
Trading Levels with WRBs
  • #178,318
  • Oct 22, 2009 6:12am Oct 22, 2009 6:12am
sitiing n waiting to see how tucker will drop G(keep shorts gu gj)
remember king's "we need weak pound"
so theese guys will do it i think
  • #178,319
  • Oct 22, 2009 6:28am Oct 22, 2009 6:28am
WOW!!!! Nicely done!

I am still half in long on cable. Going to wait and see if we can breach 6600
again. Time will tell.



Quoting GlobalMacro
Good Morning,

I'm Exiting My Entire Long Position @ 1.6580

+868 pips from 1.5712
+759 pips from 1.5821
+240 pips from 1.6340

Total Booked Profit: +1867 pips

My Position Is Now F L A T !
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #178,320
  • Oct 22, 2009 6:36am Oct 22, 2009 6:36am
Hi guys,

I was double checking my IBfx H4 chart with other broker's (Alpari, ODL, FxPro, Broco, SigTrader, and FXcm) and noticed that the IBfx 4 & 5 Digit charts had a different H4 bar closing (see highlighted candle) than the other brokers. I guess they're going for, let's be different (by around 30 pips). Just by the look of that bar I got out of my short order with profit and ran (a blessing in disguise perhaps). LOL!...

Note:
I'm using various servers from different brokers and displaying them within the same FXcm MT4 platform. This is why the charts below say FXCM but it's really from IBfx (you can double check this).

Chart order:
1) ibfx live account gbpusd h4 10-22-2009
2) ibfx demo account gbpusd h4 10-22-2009
3) fxcm demo account gbpusd h4 10-22-2009
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ibfx live account gbpusd h4 10-22-2009.gif Size: 34 KB
Click to Enlarge Name: ibfx demo account gbpusd h4 10-22-2009.gif Size: 34 KB
Click to Enlarge Name: fxcm demo account gbpusd h4 10-22-2009.gif Size: 33 KB
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