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Cable Update (GBPUSD)

  • #190,181
  • Dec 30, 2009 12:50pm Dec 30, 2009 12:50pm
Quoting meromar
Bulls seem to be fed for today. A possibility for bears to get 5990
It is a possibility but probably unlikely to remain down. May close there but should continue up a bit. Fibonacci numbers are perfect for the bulls as seen by the attached charts. The theory states that when trending, the price will reach the 138.2, 161.8, or in rare circumstances the 261.8 fib lines. Once it does it retraces back to the 61.8, 50, or 38.2 fib, unless it is a trend reversal, then it will go to the 138.2, 161.8 or 261.8 in the other direction. Attached is the daily chart with the monthly fib in there. Notice how it reached the 161.8 fib and bounced back. In addition, the 4 hour chart is attached with the weekly fib. Notice how that reached the 138.2 fib last night. This bull situation was the perfect setup and very easy to play.
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  • #190,182
  • Dec 30, 2009 1:03pm Dec 30, 2009 1:03pm
Only me see duoble top ?
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  • #190,183
  • Dec 30, 2009 1:03pm Dec 30, 2009 1:03pm
may i ask you guys.. how long does it take to become a sussesful trader, a trader who can read charts and know what to do? i would really appreciate answers from you many times vouched traders.. i would love to read your trading live story..
Pation is the Holy Grail
  • #190,184
  • Dec 30, 2009 1:04pm Dec 30, 2009 1:04pm
Quoting Ctic
It is a possibility but probably unlikely to remain down. May close there but should continue up a bit. Fibonacci numbers are perfect for the bulls as seen by the attached charts. The theory states that when trending, the price will reach the 138.2, 161.8, or in rare circumstances the 261.8 fib lines. Once it does it retraces back to the 61.8, 50, or 38.2 fib, unless it is a trend reversal, then it will go to the 138.2, 161.8 or 261.8 in the other direction. Attached is the daily chart with the monthly fib in there. Notice how it reached the 161.8...
the point is to be smart before the move not after it.
  • #190,185
  • Dec 30, 2009 1:14pm Dec 30, 2009 1:14pm
Selling from 6080 with SL 6120
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #190,186
  • Dec 30, 2009 1:16pm Dec 30, 2009 1:16pm
1.6205
1.6165
1.612
1.6075 last price
1.6025
1.599
1.5935

http://www.tradingcentral.com/chart/...1230191232.gif
  • #190,187
  • Dec 30, 2009 1:18pm Dec 30, 2009 1:18pm
Quoting CzechTrade
may i ask you guys.. how long does it take to become a sussesful trader, a trader who can read charts and know what to do? i would really appreciate answers from you many times vouched traders.. i would love to read your trading live story..
It took me over 2 years to stop losing consistently. And like malcolm said earlier, it's the mindset that makes the difference. The day I stopped looking too much into the charts, ie different tf, indicators etc etc was the day I started my progress.

I don't make millions like some hotshot posters here lol. But I don't get beaten by the market easily anymore. I consider myself succesful just by managing to do that for 4 years now.
Thank You
  • #190,188
  • Dec 30, 2009 1:18pm Dec 30, 2009 1:18pm
The Process To Be Completed...


( Except 4th Chart That is a Short Chance )
Attached Image(s) (click to enlarge)
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* Never Trust To Any Indicator *
  • #190,189
  • Dec 30, 2009 1:20pm Dec 30, 2009 1:20pm
Quoting wormboy
It took me over 2 years to stop losing consistently. And like malcolm said earlier, it's the mindset that makes the difference. The day I stopped looking too much into the charts, ie different tf, indicators etc etc was the day I started my progress.

I don't make millions like some hotshot posters here lol. But I don't get beaten by the market easily anymore. I consider myself succesful just by managing to do that for 4 years now.
thank you for your reply.. wish you good luck and happy new year
Pation is the Holy Grail
  • #190,190
  • Dec 30, 2009 1:21pm Dec 30, 2009 1:21pm
Quoting Shad
The Process To Be Completed...


( Except 4th Chart That is a Short Chance )
hey.. arent you hasna?
Pation is the Holy Grail
  • #190,191
  • Dec 30, 2009 1:22pm Dec 30, 2009 1:22pm
Malcomb14 I like your way of writing .

Quoting malcolmb14
you are a complete arse

and btw 22% for the year is pathetic

THE S&P OUT PERFORMED YOU ...absolutely pathetic.

only an idiot would place their fund with you. Better if they ask me to look after their account , at least I can get them 10% per month
  • #190,192
  • Dec 30, 2009 1:23pm Dec 30, 2009 1:23pm
Quoting Shad
The Process To Be Completed...


( Except 4th Chart That is a Short Chance )
Hey hasnaa how's it going

Hey GM, Nav, chris .. your girlfriend's back
Thank You
  • #190,193
  • Dec 30, 2009 1:24pm Dec 30, 2009 1:24pm
Quoting CzechTrade
thank you for your reply.. wish you good luck and happy new year
you're welcome.
good luck & happy new year to you too
Thank You
  • #190,194
  • Dec 30, 2009 1:25pm Dec 30, 2009 1:25pm
Quoting wormboy
Hey hasnaa how's it going

Hey GM, Nav, chris .. your girlfriend's back
  • #190,195
  • Dec 30, 2009 1:26pm Dec 30, 2009 1:26pm
Quoting mosheber
the point is to be smart before the move not after it.
Exactly, I put my long trades in last night and closed when I got up.
  • #190,196
  • Dec 30, 2009 1:36pm Dec 30, 2009 1:36pm
Quoting CzechTrade
may i ask you guys.. how long does it take to become a sussesful trader, a trader who can read charts and know what to do? i would really appreciate answers from you many times vouched traders.. i would love to read your trading live story..
Czech,

I have been trading for about 5 to 6 years now and I would say the first couple years I lost my ass. A few things that are critical to trading is finding a system that works and stay with that system. In this forum, you will run across many people with may different styles of trading. I am not saying one is better than another, but if it works for them great.

Myself personally, I trade using fibonacci numbers and moving averages. This method has worked for me and has returned me nice profits over the past 3 to 4 years. I made up the massive losses I took the first couple years and then some. Now I do this full time. Is this the only method, of course not.

The second important thing to remember is use proper money management. Many newbies blow out their account because they put trades in that are way to big for their account to handle. The trade has to to not only fit the size of the account but also the timeframe being played. Someone playing a daily chart has to account for much bigger bounces than someone playing the 15M chart. Also different country pairs have different size moves. You can not play with proper money management on lets say the cable and then move to the beast and expect the same moves. The charts move the same, just bigger spreads between the bounces.

There is much more to trading but this I have found is a few of the key points. Remember:

Find a system that works
Stick to that system and do not deviate from it
Use proper money management
  • #190,197
  • Dec 30, 2009 1:47pm Dec 30, 2009 1:47pm
Quoting wormboy
It took me over 2 years to stop losing consistently. And like malcolm said earlier, it's the mindset that makes the difference. The day I stopped looking too much into the charts, ie different tf, indicators etc etc was the day I started my progress.

I don't make millions like some hotshot posters here lol. But I don't get beaten by the market easily anymore. I consider myself succesful just by managing to do that for 4 years now.

yes i agree..i personally think yur a great trader, main thing i think trading is about is having the ability to understand that every method isnt a full proof technique to beat the market, its probability 100%..and u will get it wrong..which is testing
so long as u can lose and not change a thing mentally and keep a definate edge consistant, coupled with patience..i think is the formular for success in this

i wish every1 of u in here success, good heath coupled with love for 2010

make it counts..

  • #190,198
  • Dec 30, 2009 1:47pm Dec 30, 2009 1:47pm
Quoting Ctic
Czech,

I have been trading for about 5 to 6 years now and I would say the first couple years I lost my ass. A few things that are critical to trading is finding a system that works and stay with that system. In this forum, you will run across many people with may different styles of trading. I am not saying one is better than another, but if it works for them great.

Myself personally, I trade using fibonacci numbers and moving averages. This method has worked for me and has returned me nice profits over the past 3 to 4 years. I made up the...
also thank you for your reply
Pation is the Holy Grail
  • #190,199
  • Dec 30, 2009 1:48pm Dec 30, 2009 1:48pm
GBP/USD intraday: Carefully.

Our point of turn is level 1.612.

Our view: SELL below 1.612 with goals 1.6025 and 1.599.

alternative scenatio: breakdown up higher level 1.612 pave the way to 1.6165 and 1.6205.

Analize : Even excluding of attention grown opportunity, it should be noted that its continuation will be insignificant.
  • #190,200
  • Dec 30, 2009 1:55pm Dec 30, 2009 1:55pm
Hello every body I'm back.
I'd like to tell you something.
first of all we are very lucky to have a forum like this and also have very great traders like Malcolmb,Wormboy,Global Macro,Direct-Trade,Bull-Bear,Geppyg,EGY-KID,Magix and so on...
Second, when I started read posts on this forum I started lose day after day. each post affected my thinking and my view.
I started trading 6 months ago exactly at 1st july 2009. My first 3 trades were wining trades in the first day of trading.
second day I lost about 50% of my equity.
I don't need to tell you about my feelings in that day.
Slowly when I started to recover from my shock.
I joind technical analysis classes provided by my broker and started to read some great books in the topic and apply the tools I learned on cable charts.
so I started to detect right setups and made amazing entries but I don't know about the enemy inside me. (Greed & Fear).
Our great traders here helped me to overcome this big enemy inside me, I read every post from them carefully and tried to think the way they think.

after all, I admit that this is the first week since starting trading all my expectaions and calls were met with 100%. so I shocked again.
is it by Luck?????
I will know next year.


Happy new year everybody.
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