Cable Update (GBPUSD)

I hear you man , my brain must be a little fuzzy today lol, thinking to much ha ha , I quit thinking and watch the charts things are fine

“The right man is the one who seizes the moment.” Johann Wolfgang von Goethe.

Today it was down, up and down. Tomorrow may reverse the order. So, be on gurard. The moves are so small, does P&F fill the bill ?

Cheers !

waiting for an entry @ eur/yen right now, cable is a bit too far right now... but i have small boxsizes to make an intraday trading possible. i'm just going for 20-40 pips, maybe more if i see a good chance

edit -> nice quote

this is for me befor u like to read them all the time waiting for my ride i'll be out soon

10 RULES OF TRADING MY WEEKLY SIGNAL

1. Try not to trade when the pair is in the middle and not near any support or resistance.
.
2. When the price comes near the support or resistance, be extra watchful. The time for entry has now come.

3. Watch carefully how the prices behave near the S or R. It can do only 2 things at this time:

(a) It will pierce the support or resistance conclusively.
Action: Don’t enter the trade for breakout trading now. Wait for price to touch BACK the S or R line. Once it gets rejected from the line the breakout is confirmed. Now enter with 35/40 pips SL.
(b) It will bounce from the S or R line. Now this is a difficult situation. One can not be sure whether this is a bounce or it will pierce the line in second or third attempt.
Action: At this moment take the help of indicators. If the long term indicator 4H or daily are pointing upwards then most probably the bounce from the support is real. If the indicators are pointing downwards then the support will be broken in subsequent attempt.
Also the candle pattern on 15 min upward chart may help by forming doji, piercing or engulfing pattern, hammer to give additional input that the bounce from support or rejection from Resistance is real.
A divergence will give strong signal that what we are seeing is a real bounce or rejection.

4. Once the trade direction is ascertained look for 5 min or 15 min chart to get the best possible entry.
5. Place your trades, once you have found a trade that meets your risk/reward ratio and limit order (if applicable) and then walk away !!!

Not watching the market is often one of best ways to trade because it eliminates all emotions of fear, hope & greed. At least walk away from the real platform. Open a demo platform and try to chat in the room. Be relaxed. Maximum u r going to loose is your risk amount if stopped out. No trader can take away your life if u loose this trade.

6. Moving Your Stop and Limits:

Don’t be in a hurry to move SL to entry or in profit. U will get stopped out for peanuts or 0 profit. Never move your SL below the entry in buy trade or above the entry in sell trade. This is a certain way of losing less but surely loosing money. Once u are in profit equal to risk pips (SL amount) and 10 pips more, move SL to +10. From there for every 15 pips profit (closed price) move SL by 5 pips.
7. Exiting a trade.
Exiting decision is equally more important. Do the same exercise like that for entry when the prices touch the next support or resistance. If further breakout occurs, continue the trade. If no breakout then follow the step (b) of entry to exit.
8.If in doubt ???
Don’t enter the trade if in doubt
Don’t leave the trade open if in doubt, exit immediately.
Don’t trail the SL by above rules, if in doubt. Trail it closely.
9. Never be in doubt.
Follow a sound money management, and never listen to market noise about option expiry, a big trader from Japan buying this, Dow, Gold or Oil prices etc etc.

10.Study the charts after each trade and keep a log.
Take notes recording whatever you are doing right and wrong with your trading, as well as any observations you have made of the markets That alone will help you in developing you as a better trader by learning from the past mistakes and not repeating. The more you will be able to identify and will not take the wrong trades, more you will get the right trades and be on the path to build a fortune for yourself.

and this

Some very sound advice and much appreciated for us newbies

third time i cancel my short order...,

Since my fledging trading career began 2 years ago,one of the greatest Trader and Teacher I have come to know and respect is Forexlion.He has the head and tool to nail the market nicely.I know for a fact!!!


Charles.

And we all need sound advise here,,,, just keep it simple

I got my short in at 15118, locked in a 50 pip profit and letting it ride out further south How far do people think it will go? Will it break 15000? IMO the retrace has completed and it is now going back on a bear run...

Im exactly in the same situation, wondering the same thing. Looks like 1.50 will be tested and next target is 1.4985

Anyone else think the retrace back to 61.8% has been completed, or are we going to see a bounce back up beyond today's high?

I've been short since 1.5108 and I think the target area is the 1.5900 - 1.5850 area. I stated earlier today that I feel the medium term market direction has changed to bullish and the move back up from the 1.5850-1.5900 area is going to be in the 700-1000 pip range. Just my thoughts

It seems there was some support around 15008 and bounced back a little, but I am sure that the bears will come knocking again.

Don't you mean the 1.4850-1.4900 area!?

I'm no Elliot Wave expert (if U R please comment) but this might have some merrit.

Food for thought.





JD

Yep, thats my count as well.

Yes, sorry about that.

No worries. Time to go home although I did bugger all work today. Don't care, because this January was 1st year in the 7 that I have worked here, when I did NOT receive my bonus, even though I worked my socks off! They can sit and swivel.

Forex is so much more fun than boring Billing and CRM systems

Is there someone with a long position targeting 1.53 or more? what is your SL ? thx for sharing
any reasonable comments that it is a stupid idea are welcome as well

I am long still. I have my sl placed just under yesterday's swing low. My target is between 1.54 and 1.56.

C.