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Cable Update (GBPUSD)

  • #204,681
  • Mar 9, 2010 6:13pm Mar 9, 2010 6:13pm
Free Money in the morning, (or a trap ), don't care, just trade.
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I will be the number one Manager.
  • #204,682
  • Mar 9, 2010 6:14pm Mar 9, 2010 6:14pm
i have been long since 4958 was only looking for around 20 pips on a 5 min setup. however the trade has developed and so to has my plan. 50 pips up moved stop loss to break even, and hoping for strong asian and London. As citc said although there isnt much buyer sentiment there also seems to be a lack of seller follow through where as previously the bears were blowing the bulls out of the water with every wave. The weekly pin and the slightly more firm cable i think call for a surge upward before any downward continuation.
  • #204,683
  • Mar 9, 2010 6:51pm Mar 9, 2010 6:51pm
move without touch my level..., now it's become danger to short higher..,

i will not give a chart again.., all my chart from last week are false...,
I will be the number one Manager.
  • #204,684
  • Mar 9, 2010 8:32pm Mar 9, 2010 8:32pm
Quoting Sakk
Hi JRoyal,
Thankyou for that explanation, a very simple and consistant method of framing levels on charts.

Do you also drill down to the lower timeframes i.e 1 hour and 15 minute and do the same?

Also once price hits the area you're looking at taking a position, do you place limit orders at these areas or do you watch price action to confirm and enter at market?

Thanks again, will be implementing that method on my charts.

Cheers
I'm going to explain this in great detail later today or early tomorrow. I'm beat right now and late Asian/early London is right around the corner. Need to get some sleep but I will give you a set up that has about a 85% success rate if traded properly. I gave this setup to a friend of mine who uses a 2% risk tolerance and he probably does about 20% month only trading this one set up and nothing else so I think you'll like it. (disclaimer, results are varied and past performance does not guarantee future results. forex poses a major risk and you could lose all if not more that your original investment). Just covering my back on that one. Anyway......

I really want to get into my methodology and explain some things in detail but everytime I try to think of what I can type it's just too much so I end up with typing a portion of what I'm trying to say. Really just incomplete thoughts but I promise I'll address the base framework of my trading tomorrow. That chart posted was a simplified version of the foundation of my trading style.

We'll talk
  • #204,685
  • Mar 9, 2010 8:45pm Mar 9, 2010 8:45pm
The train is leaving, get in quick
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  • #204,686
  • Mar 9, 2010 8:53pm Mar 9, 2010 8:53pm
Quoting forexlion
The train is leaving, get in quick
what if ?

what if that trendline breaks ?

bets close in 24 hours, the person with the most logical bet wins a banana.

http://i682.photobucket.com/albums/v...ing_banana.gif
  • #204,687
  • Mar 9, 2010 10:15pm Mar 9, 2010 10:15pm
Quoting forexlion
The train is leaving, get in quick
going north?
  • #204,688
  • Mar 9, 2010 10:28pm Mar 9, 2010 10:28pm
D-4 ~ BULLS 3 : 4 BEARS
D-3 ~ BULLS 2 : 5 BEARS
D-2~ BULLS 3 : 4 BEARS
D-1 ~ BULLS 2 : 5 BEARS
Today ~ BULLS 1 : 6 BEARS

Attached Image

pending sell 1.5018 ; SL = 1.5100...
Patience + Discipline =
  • #204,689
  • Mar 9, 2010 10:30pm Mar 9, 2010 10:30pm
Quoting forexlion
The train is leaving, get in quick

I worry about those who rely on your expertise as a
'respected' (?) senior member and one who seems
to carry a misguided level of FF authority to censor
others who might mislead new traders or distract
from the purpose of this forum. Shouldn't you attach
a disclaimer or cautionary warning with your post?

As you sleep you are currently in a loss... your chart
shows multiple sell positions. Regardless of outcome
just because we approach a trendline (100's of pips
away) what kind of analysis or confirmation is that.

Don't bother to reply...I wrote this for others to read.
Again, you can just throw this in your dust bin.

Dr. D.
  • #204,690
  • Mar 9, 2010 10:31pm Mar 9, 2010 10:31pm
Not to go against the trend but I wonder if we are reaching a temporary bottom. Maybe she doesn't want to finish going down just yet. Just tryingto think outside the bun.

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  • #204,691
  • Mar 9, 2010 10:45pm Mar 9, 2010 10:45pm
Quoting fourxtrader
I worry about those who rely on your expertise as a
'respected' (?) senior member and one who seems
to carry a misguided level of FF authority to censor
others who might mislead new traders or distract
from [i][color=blue]the...
Haha
  • #204,692
  • Mar 9, 2010 10:56pm Mar 9, 2010 10:56pm
Quoting fourxtrader
I worry about those who rely on your expertise as a
'respected' (?) senior member and one who seems
to carry a misguided level of FF authority to censor
others who might mislead new traders or distract
from [i][color=blue]the...
If anyone takes a trade based on a forum post then that someone is the biggest goof not me, we are here on a forum to share ideas, it is left entirely on the intelligence of the people reading the posts on how they understand it. if someone takes it as a signal then its his intelligence level, not his being a newbie or expert.

dun show your intelligence level, just comment on whether the trade idea was good or bad if bad then what am i missing and where i could improve, that brings out the intelligence of a person not sarcasm
  • #204,693
  • Mar 9, 2010 11:01pm Mar 9, 2010 11:01pm
Taken from dailyfx

http://img689.imageshack.us/img689/1...05toftitle.gif
  • #204,694
  • Mar 9, 2010 11:02pm Mar 9, 2010 11:02pm
+1, forexlion. good words.

*I think we will see 1.4780
But it's only my opinion, not a signal at all )
  • #204,695
  • Mar 9, 2010 11:04pm Mar 9, 2010 11:04pm
Quoting JRoyal
To share my view on a fractal....
Makes plenty sense.placing the trendlines is the hard thing.How many pips did you manage with this system yesterday?
  • #204,696
  • Mar 9, 2010 11:07pm Mar 9, 2010 11:07pm
Please do not upset the lion he is one of the good guys and I want him to keep posting.

I have been making a good few pips off all his calls this week ... just trade the opposite of what he says ..seems to work well every time. lol


Quoting fourxtrader
I worry about those who rely on your expertise as a
'respected' (?) senior member and one who seems
to carry a misguided level of FF authority to censor
others who might mislead new traders or distract
from [i][color=blue]the...
Blogging daily now at www.volume.zone
  • #204,697
  • Mar 9, 2010 11:11pm Mar 9, 2010 11:11pm
Taken from Dailyfx

GBP/USD

Strategy: Short at 1.5765, Targeting 1.4781
Weekly Profit / Loss: +232 pips
Total Profit / Loss: +727 pips

We initially sold GBPUSD at 1.5765. Prices seemed to have taken out our revised target at 1.50 after breaking through the bottom of a falling channel established from the swing high in mid-November, but sellers ran out of momentum and the pair has corrected higher. We will remain short, seeing any move higher from here as corrective in the context of a larger down trend. We will also revise our objective to 1.4781, the 03/01 wick low, and trail our stop-loss down to be activated on a daily close above 1.5533.

Read more: Candlestick Summary | Forex Technical Analysis http://www.dailyfx.com/technical_ana...#ixzz0hkPHyzep


http://img52.imageshack.us/img52/4334/03042010gbp.png
  • #204,698
  • Mar 9, 2010 11:15pm Mar 9, 2010 11:15pm
Quoting malcolmb14
Please do not upset the lion he is one of the good guys and I want him to keep posting.

I have been making a good few pips off all his calls this week ... just trade the opposite of what he says ..seems to work well every time. lol
I know, you were the guy who whemently opposed my shorts from 5176 and went long instead, i wonder what happened to those longs you never posted an update.
  • #204,699
  • Mar 9, 2010 11:18pm Mar 9, 2010 11:18pm
Quoting alex1976
I just went short at 4987 with a tight stop at about 5019.

going for 90 pips.
yeah wave 4 of 1 hour closed @ 1.50 i guess, wave 5 is 4780, on the chart i posted here earlier on
  • #204,700
  • Mar 9, 2010 11:20pm Mar 9, 2010 11:20pm
Quoting forexlion
yeah wave 4 of 1 hour closed @ 1.50 i guess, wave 5 is 4780, on the chart i posted here earlier on
but at the same time we have that monthly trendline coming from down below, that could cause a major bounce to the upside if it does not pierce through
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