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Cable Update (GBPUSD)

  • #204,281
  • Mar 8, 2010 12:35pm Mar 8, 2010 12:35pm
Back at the bottom wall of this flag IMO, will we bounce or will we break.
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  • #204,282
  • Mar 8, 2010 12:36pm Mar 8, 2010 12:36pm
Quoting wormboy
Hey nav
Valid arguments bro, but there's a reason why I am only taking one day at a time currently with cable.
Here's the monthly gbplfx, although pulling back, it did make a new low which had surpassed the lowest point set back in 08 during the crash.
Plus the weekly dx is still very much undecided, hovering between key fib levels. If anything, the cable weekly pinbar could be the laid trap to sucker buyers in. Who knows. I just think till the larger tf shows confirmation, taking day trades off smaller tf is much safer if not more profitable.
Ever...
Wormie,

Who do you use for your DX charts?
  • #204,283
  • Mar 8, 2010 12:39pm Mar 8, 2010 12:39pm
Quoting Ctic
Wormie,

Who do you use for your DX charts?
Hi C.
From forex ltd
Thank You
  • #204,284
  • Mar 8, 2010 12:40pm Mar 8, 2010 12:40pm
Quoting Ctic
Back at the bottom wall of this flag IMO, will we bounce or will we break.
I got my short, I got my short
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  • #204,285
  • Mar 8, 2010 12:40pm Mar 8, 2010 12:40pm
Quoting forexlion
I am loving this

Plan Your Trade the Trade Your Plan

My target 5075 was met and trade closed , will decide new short later.

I hope Malcolm loves going against me and the visible trend
Hey bro,

I closed those trades and only got stuck with one on this drop. Overall I got real good profit.
  • #204,286
  • Edited 12:47pm Mar 8, 2010 12:42pm | Edited 12:47pm
Quoting forexlion
I got my short, I got my short
I will wait until we break and close that wall.

http://www.forexfactory.com/showpost...&postcount=156

History of longs for the week (past week). Did well overall.
  • #204,287
  • Mar 8, 2010 12:43pm Mar 8, 2010 12:43pm
Quoting wormboy
Hi C.
From forex ltd
Thanks Azim.
  • #204,288
  • Mar 8, 2010 12:45pm Mar 8, 2010 12:45pm
Quoting wormboy
Hey nav
Valid arguments bro, but there's a reason why I am only taking one day at a time currently with cable.
Here's the monthly gbplfx, although pulling back, it did make a new low which had surpassed the lowest point set back in 08 during the crash.
Plus the weekly dx is still very much undecided, hovering between key fib levels. If anything, the cable weekly pinbar could be the laid trap to sucker buyers in. Who knows. I just think till the larger tf shows confirmation, taking day trades off smaller tf is much safer if not more profitable.
Ever...

Good breakdown. Due to the lack of follow through pressure to the bull side after last weeks action could be a bull trap or we could see a stop hunt this week to go get the lows from last week. Most times the big money likes to buy at 50% or 61% retraces on a move. We haven't had a significant retrace further back then 38% level since this up move started. That's very strange. I'm torn, when we get down there will the bulls jump all in or will it just drop right through that area? Hard to tell. I expected it to go down to that 1.4850-1.4900 area last week to bring in all the bulls and then follow through this week with strong upward pressure but that didn't happen so I'm trading both directions too with my bias still to the long side but depending on where we close today, my bias may change.
  • #204,289
  • Mar 8, 2010 12:51pm Mar 8, 2010 12:51pm
from 77
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  • #204,290
  • Mar 8, 2010 12:55pm Mar 8, 2010 12:55pm
Quote
Good breakdown. Due to the lack of follow through pressure to the bull side after last weeks action could be a bull trap or we could see a stop hunt this week to go get the lows from last week. Most times the big money likes to buy at 50% or 61% retraces on a move. We haven't had a significant retrace further back then 38% level since this up move started. That's very strange. I'm torn, when we get down there will the bulls jump all in or will it just drop right through that area? Hard to tell. I expected it to go down to that 1.4850-1.4900 area...


It is in downturn..so rallies should be shorted.

But i am only worried about retracement to 1.55.

If i short it here with a Take profit of 1.40, thats good. But if retraces back to 1.55, then that means 400 pips DD.
  • #204,291
  • Mar 8, 2010 12:56pm Mar 8, 2010 12:56pm
still talking about the past get over it room trade what see and dump the load enjoy the crack
  • #204,292
  • Mar 8, 2010 1:00pm Mar 8, 2010 1:00pm
Looks to me downtrend.

Today high of 1.5195 is 52% retracement from 1.5575- 1.4785.

We will drop to 1.40 in next 4 weeks.
  • #204,293
  • Mar 8, 2010 1:10pm Mar 8, 2010 1:10pm
Quoting kill56
still talking about the past get over it room trade what see and dump the load enjoy the crack
Definitely trade what you see but alot of us are looking at different time frames. A person looking at a weekly chart seeing a hammer at a 61% retracement may only be looking for a long while a guy looking at a 1 hr chart sees all todays bearish action is looking for a rally to sell in to.

One doesn't have to be wrong and one right. They can both be right if they do it at the right times. Timing is key. Personally as far as market direction, I don't know. I don't have any open positions. I bought today at 1.5124 and closed it at 1.5156 and turned and sold @ 1.5159. I escaped with good returns but as far as confidence in a direction if I had to pick a side, I guess I'd say I'm still bullish but I'm not backing that up with an open position. More to be figured out.
  • #204,294
  • Mar 8, 2010 1:14pm Mar 8, 2010 1:14pm
Quoting JRoyal
Definitely trade what you see but alot of us are looking at different time frames....
it all comes down to what price u want to pay to find out if yur right..the way i see it..i risk 500 pips to make possibly thousands of pips..all depends on yur perpective..

some sold at 2.0 and are holding to now..risking 100 pips to cash all this..is all trade pyscology, if not strong in the head then no point
  • #204,295
  • Mar 8, 2010 1:15pm Mar 8, 2010 1:15pm
Quoting Ctic
I will wait until we break and close that wall.

http://www.forexfactory.com/showpost...&postcount=156

History of longs for the week (past week). Did well overall.
This 1 hour chart was the reason for my short

its the world famous ping pong indicator

look , even before nfp news on Friday it had given the long !!!
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  • #204,296
  • Mar 8, 2010 1:22pm Mar 8, 2010 1:22pm
Quoting nAVIN2007
it all comes down to what price u want to pay to find out if yur right..the way i see it..i risk 500 pips to make possibly thousands of pips..all depends on yur perpective..

some sold at 2.0 and are holding to now..risking 100 pips to cash all this..is all trade pyscology, if not strong in the head then no point
Sigh....

Again with this?

Really?

Throw a play into market and hope to succeed?

This is gambling. This isn't based on any of the fantastic charts, tools, opinions, indicators and even ideas that are based on these.

How is it, that if you miss a play by 500 pips, can you assume 1000 gains?

Under a basic realization that you have no concept of bottom, you will have no concept of top. Following a heard into slaughter.

Really, isn't this exactly what Direct-Trades last tirade was about...His longs positioned starting to build at 1.5840? Didn't those run a 1000 pips past?

This isn't trading, and I cannot see how you people will continually pat yourself on the back when after days, to weeks to months of holding red you finally come green, most of you coming back spouting the "I told you so"'s...

It is days like this when I am ready to throw in the towel, when people that know better still spout ignorance and poor market trading coupled with even poorer money management.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #204,297
  • Mar 8, 2010 1:29pm Mar 8, 2010 1:29pm
Quote
Sigh....

Again with this?

Really?

Throw a play into market and hope to succeed?

This is gambling. This isn't based on any of the fantastic charts, tools, opinions, indicators and even ideas that are based on these.

How is it, that if you miss a play by 500 pips, can you assume 1000 gains?

Under a basic realization that you have no concept of bottom, you will have no concept of top. Following a heard into slaughter.

Really, isn't this exactly what Direct-Trades last tirade was about...His longs positioned starting to build at 1.5840? Didn't...


Great Post from a wise trader

Your post remind me that i should finish my studies soon and get a proper career oriented job.

It is too risky to depend on gambling as a sole source of income to pay bills and do savings for future.

It is indeed 'unstructured gambling'. The tools which we use show us some pattern and structure but at the end of day, it is a gambling.
  • #204,298
  • Mar 8, 2010 1:31pm Mar 8, 2010 1:31pm
Quoting Magix
Sigh....

Again with this?

Really?

Throw a play into market and hope to succeed?

This is gambling....

it is because u have no idea how to read a chart..honestly and also i think u have no idea what makes a trader good...its all about risk reward its all relative i agree with DT completely..

all i see u is complaining and attacking..why have emotion about something so stupid..who cares

Quoting kingfisher
Great Post from a wise trader

Your post remind me that i should finish my studies soon and get a proper career oriented job.

It is too risky to depend on gambling as a sole source of income to pay bills and do savings for future.

It is indeed 'unstructured gambling'. The tools which we use show us some pattern and structure but at the end of day, it is a gambling.

trading is gambling..fullstop
this is why u need to approach it with mathematics
  • #204,299
  • Mar 8, 2010 1:33pm Mar 8, 2010 1:33pm
Quoting kingfisher
Great Post from a wise trader

Your post remind me that i should finish my studies soon and get a proper career oriented job.

It is too risky to depend on gambling as a sole source of income to pay bills and do savings for future.

It is indeed 'unstructured gambling'. The tools which we use show us some pattern and structure but at the end of day, it is a gambling.
I am teaching my kids the markets now King, but at the same time, am encouraging them to continue on with their educations.

We can't all be sports stars and super heroes, so, it is nice to have something you can depend on to be sure.

I am a part-time trader, still consider myself a hobbiest, but have full intents on walking into the shoes of a FT trader this year.

Right now King, I do what I have to do, until I get to do what I want to do.

Why give up the cow, even if the milk comes for free?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #204,300
  • Mar 8, 2010 1:40pm Mar 8, 2010 1:40pm
Quoting nAVIN2007
it is because u have no idea how to read a chart..honestly and also i think u have no idea what makes a trader good...its all about risk reward its all relative i agree with DT completely..

all i see u is complaining and attacking..why have emotion about something so stupid..who cares




trading is gambling..fullstop
this is why u need to approach it with mathematics
Really Nav...

Haven't we been down this road?
It is because you chased and lost, and traded with scared money that you were unable to take your demo days and turn them into real money profit...

All the while spewing bullshit.

Ask others, shit even ask DT how he feels about taking his long at 1.5840...following that adding to the shame and loss by adding more positions.

Really, anybody new to market should say, this isn't the way to trade. When price goes down, we sell, as price comes up we buy.

You still have a chip on your shoulder as well, because I asked you to stop preaching bullshit and start talking about money management and risk assessment.

The problem is, you have the ability to chart, but are playing like someday you will be one of the big dogs walking in the tall grass. Compare yourself to Soros because you can hold loss....

This is market ignorance. This is not trading. Yes, the way you are trading is gambling....

Don't talk bullshit so you can bring all the rest of the "Magix is Bad", crew in here to root you on. Stop talking, start listening, one day you will be a trader.

Until that time, your lessons are as remiss as your trading.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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