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Cable Update (GBPUSD)

  • #178,861
  • Oct 26, 2009 6:04am Oct 26, 2009 6:04am
Quoting forexlion
hi Tau
Good day to you, Forexlion

Are you well?

Regards
  • #178,862
  • Oct 26, 2009 6:08am Oct 26, 2009 6:08am
My Short SL has been hit, I'm on the Northbound train now

Long @ 1.6331
SL @ 1.6282 and moved every hour based on ATR 14
TP > Open

Happy pip'n All
  • #178,863
  • Oct 26, 2009 6:16am Oct 26, 2009 6:16am
Good morning, I hope everyone had a great weekend!

Current Price 16327....I have a Long order at 16335 waiting to be triggered.

Chart and targets here:

http://www.forexfactory.com/showpost...&postcount=223

Happy trades
  • #178,864
  • Oct 26, 2009 6:19am Oct 26, 2009 6:19am
Quoting TauTrader
Good day to you,

All indicators will work under certain conditions. All will fail under certain conditions. There is not one single indicator that will always work. Period. If this was the case, trading would be simple.

Everybody uses them.... if they trade with a technical approach.

Regards
Hi,

I began my trading with only such indicators and realised that trading in a mechanical sense is far more of a lottery than trading in the technical sense of the word.
Now I enjoy drawing up my own battle lines of support and resistance and forming channels ready for breakthroughs, comparing it with Fib Retracements SMA and EMA's I also receive a fantasic buzz when my predictions prove correct and fall in line with other's analysis the day after.

Using itelligence has become my way of thinking it's better than relying on Robots as humans run Forex not automans!



Chum
  • #178,865
  • Oct 26, 2009 6:25am Oct 26, 2009 6:25am
Quoting direct-trade
Good morning, I hope everyone had a great weekend!

Current Price 16327....I have a Long order at 16335 waiting to be triggered.

Chart and targets here:

http://www.forexfactory.com/showpost...&postcount=223

Happy trades
Nice chart d-t...
  • #178,866
  • Oct 26, 2009 6:31am Oct 26, 2009 6:31am
Good MAE Everyone...
Ghost Rider - WWTBMD?
  • #178,867
  • Oct 26, 2009 6:31am Oct 26, 2009 6:31am
Quoting brighty3k
thanks kill...what is your experience so far on forex trading? i happen to lose money as soon as i make it...hope you havea different case


bro the best is to have a stop loss and be with trned down or up
  • #178,868
  • Oct 26, 2009 6:36am Oct 26, 2009 6:36am
Quoting albchr
Good MAE Everyone...
G'd Morning Chris
  • #178,869
  • Oct 26, 2009 6:37am Oct 26, 2009 6:37am
Quoting brighty3k
i dont seem to understand you very well...does that mean there is no reliable indicator or i dont need one to actually succeed in this business?
The big boys/girls don't use indicators to trade
  • #178,870
  • Oct 26, 2009 6:39am Oct 26, 2009 6:39am
thank you all...
  • #178,871
  • Oct 26, 2009 6:46am Oct 26, 2009 6:46am
Quoting albchr
Good MAE Everyone...
Good day to you, Chris
  • #178,872
  • Oct 26, 2009 7:21am Oct 26, 2009 7:21am
down? untill 6305... I think.... lets seeeeee
  • #178,873
  • Oct 26, 2009 7:27am Oct 26, 2009 7:27am
Short Position has been closed at 1.6315 after fairly strong reversal signals on the hourly and 4hr. Looks like GU is going to retrace now as traders bank some of their profit from the short positions initiated at the end of last week following bad GDP data.

Strategy: 1. Exit and bank current profit at 252pips.
2. Look for Short re-entry at 38.2 and 50% fib area. both these areas have decent supp/res levels also which should act as good resistance for the cable on its retrace.

38.2 fib area has a strong resistance level from 19/10 to 21/10 at 1.6425
50% fib area has strong res level from 22/10,21/10,20/10 at 1.6485/89

3. Depeneding on entry choice stop to be place above 1.6575 level. Target profit area 1.6103 area.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: mt chart1.jpg Size: 142 KB
Click to Enlarge Name: mt2.jpg Size: 198 KB
Click to Enlarge Name: mt3.jpg Size: 196 KB
  • #178,874
  • Edited 7:31am Oct 26, 2009 7:28am | Edited 7:31am
Great bounce. I am adding shorts as it goes higher. Now 5 open Short positions. SL 6368.

I know every1 is on northbound now, but my charts keep giving short till 6368 taken out signal. May be wrong as I usually am with this pair.

I am looking to hold the positions throughout the week if SL doesn't hit. Might close them if in profit before event risk situations.

Neo
  • #178,875
  • Oct 26, 2009 7:31am Oct 26, 2009 7:31am
Quoting LetsTrade
The big boys/girls don't use condoms
ok
  • #178,876
  • Oct 26, 2009 7:56am Oct 26, 2009 7:56am
Quoting neo1599
Great bounce. I am adding shorts as it goes higher. Now 5 open Short positions. SL 6368.

I know every1 is on northbound now, but my charts keep giving short till 6368 taken out signal. May be wrong as I usually am with this pair.

I am looking to hold the positions throughout the week if SL doesn't hit. Might close them if in profit before event risk situations.

Neo
yes good. but sl 6368 not good ideA. I think sl should go upper 6415
  • #178,877
  • Oct 26, 2009 7:56am Oct 26, 2009 7:56am
Quoting brighty3k
has anyone come across the trendlinex software here? how efficient is it?
i know it's for sale but can anyone help me here on how to get it free or else any other software that can do the same work with this software? thanks
Is this what your looking for -

Like someone else already said, You can't beat drawing your own trend line tho .
Attached File(s)
File Type: ex4 TrendLineX(TM).ex4   16 KB | 549 downloads
  • #178,878
  • Oct 26, 2009 7:57am Oct 26, 2009 7:57am
Here comes the 1.6354 resistance.

Neo
  • #178,879
  • Edited 8:24am Oct 26, 2009 8:00am | Edited 8:24am
Quoting Wincent
yes good. but sl 6368 not good ideA. I think sl should go upper 6415
Hmmm....Going to take a look again.

Thanks for pointing it out.

Hmm..I just took a look I have a Fib extension line(161.8) at 1.6354. If it breaks that then I dont think I want to be holding the Short positions anymore. I am keeping the SL at 6368.

However I agree with you that a better SL would be 1.6415 or there abouts.

Neo
  • #178,880
  • Oct 26, 2009 8:12am Oct 26, 2009 8:12am
A significant trend line on the daily.

Dr. D.
Attached Images
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