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Cable Update (GBPUSD)

  • #212,501
  • Apr 2, 2010 1:35am Apr 2, 2010 1:35am
Quoting Ctic
So it will either go up or down.
of course ! every time!
  • #212,502
  • Apr 2, 2010 1:35am Apr 2, 2010 1:35am
Quoting Privet
thank you.


it's Forex (shark) and me
second request before action

kindly keep the thread to forex only.
  • #212,503
  • Apr 2, 2010 1:40am Apr 2, 2010 1:40am
Taken from Actionforex

Intraday bias in GBP/USD remains on the upside for the moment. Rise from 1.4798 is treated as the third leg of consolidation pattern that started at 1.4783 and is possibly targeting 1.5381 resistance. Nevertheless, upside should be limited by 38.2% retracement of 1.6456 to 1.4783 at 1.5422 to conclude the consolidation and bring down trend resumption. On the downside, below 1.5118 minor support will flip intraday bias back to the downside. Decisive break of 1.4783 low will confirm that whole decline from 1.6456 has resumed and should target 200% projection of 1.6875 to 1.5829 from 1.6456 at 1.4364.

So eventually this does mean 4364 is the ultimate target, be very careful with the longs.

http://img213.imageshack.us/img213/2...d20100401b.gif
  • #212,504
  • Apr 2, 2010 1:48am Apr 2, 2010 1:48am
Taken from Dailyfx

GBP/USD: The market looks to be in the process of a bearish consolidation, with an eventual break below 1.4780 to confirm and open the next major downside extension. Key short-term resistance comes in by 1.5375, with a break back above this level required to take the immediate pressure off of the downside. Ultimately however, only back above 1.5375 would force a shift in the structure and give reason for pause. As such, we look for a near-term topside failure and break back below short-term support at 1.5170 to put the pressure back on the downside and re-open a test of critical support by 1.4780.


Read more: http://www.dailyfx.com/forex/technic...cal_04_02.html

  • #212,505
  • Apr 2, 2010 1:52am Apr 2, 2010 1:52am
Diagnosis:

Napoleon Syndrome

Dr. D.
  • #212,506
  • Apr 2, 2010 1:55am Apr 2, 2010 1:55am
Quoting bbakker
As a novice myself, I am not really in a position to guide you, so all I can say is what I am doing and why I focus on certain basics first -

Support / Resistance: You need to have a fundamental understanding of this basic requirement first. Without it you will miss on entries, exits, where to set your SL and ultimately profits.

Trends: They say trend is your friend, others might not agree, but the saying has stuck for a reason. Learn the trends on different timescales because each timescale tells you a different story.

Timescales: As a novice,...
Thanks this was really a good advice may be I was trying to over complicate things.

Sure I will follow this

Thanks once again..
  • #212,507
  • Apr 2, 2010 2:00am Apr 2, 2010 2:00am
Quoting phenix1
I was once in your position. I use to take a position with no logic behind it sit indian style on the floor and pray that it goes 5 pips in my favor. 95% of the time it didn't.lol I traded hundreds of systems and I was so f***ing confused. I just found one system that was easy for me to understand and now I'm working on mastering it. I use pivots fibs and s/r and that's it. Thanks to Acumen he help me see a clear picture of what the hell is going on....
You stated my condition exactly.

I have been troubling Goddess Lakshami a lot lately. Sometimes she listens and some times she just gets irritated.

Thanks
  • #212,508
  • Apr 2, 2010 2:02am Apr 2, 2010 2:02am
Quoting rasc00
Thats all good advice bbaker.
Above all Money Management is crucial to know.

Find a good book on Technical Analysis which explains the terms clearly and doesn't overface you - www.investopedia.com is also a very good reference resource for most things in trading.
Money Management is one thing that gets me always still trying to get a hold of it. I guess a lot of fear and Greed in my head.
  • #212,509
  • Apr 2, 2010 2:04am Apr 2, 2010 2:04am
Quoting forexlion
Taken from Dailyfx

GBP/USD: The market looks to be in the process of a...
You're convinced that it will reach 5375 for a test bearish?
  • #212,510
  • Apr 2, 2010 2:16am Apr 2, 2010 2:16am
Quoting rsmind
Ok, will do.

So, I trade mainly with:

-Support and Resistance (Scalp lines are much more effective for the day trader than Long Term Support and Resistance (lets just call it LTSR))
-Trend Lines (Trend confirmation and Break)
-Moving Averages (Trend confirmation and resistance/support zones)
-Chart Patterns
-Candle Analysis (Perfect Entries)
-Momentum (not the indicator)
-Volatility Bands (To tell me when to stay out)

If you look at any of my charts which I post, you will see that there are no indicators involved. At times, I may use the MACD...
Thanks Bro.

I actually do the somewhat this but I guess that my experience is not enough.

Can you please elaborate on a few things for me like.

1. Scalp Lines. I understand support and resistance usually set them up with a good bearish engulfing patten, Hanging man, shooting star etc after the right trend in 5 min, 15 min and 4h some times see 1h also. I also create fibo on 4h and check the levels. Basically I trade 5 min candles and look at 1 min for entry and exit.

2. What moving averages you use?

3. What do you consider as perfect entries for candle analysis?

4. Do you see the candle bodies and check the momentum?

5. What is your preferred time frame?

6. What are volatility bands?

I know these are a lot of questions. But please bear with me I am new to this with lot of questions.

Thanks!!!
  • #212,511
  • Apr 2, 2010 2:32am Apr 2, 2010 2:32am
Quoting extraneo
You're convinced that it will reach 5375 for a test bearish?
Nope

I just read and then do my own chart analysis and trade my own charts

Actionforex and dailyfx are just reference material they are not writing on the wall
  • #212,512
  • Apr 2, 2010 2:45am Apr 2, 2010 2:45am
Quoting £Check
no one here cares to answer a jr member?

i am short @ 1.52500 guys, need suggestions and help as i am new...
Hi,

Just get out of the market at break even,
Today we have Non Farm Payroll and this can move the market quite considerably in both directions( upto a 100 pips)

If you still want to stay in the market put your stops above 380 and ensure that your risk value is only 1-3% on your account if this exceeds that then you should exit the trade and re-enter the market once NFP is over .

Have a good day
GeppyG
Let Price determine your future!
  • #212,513
  • Apr 2, 2010 2:48am Apr 2, 2010 2:48am
Quoting £Check
no one here cares to answer a jr member?

i am short @ 1.52500 guys, need suggestions and help as i am new...
Hold you horses! Patience in this game is a virtue and you don't seem to exhibit this quality.

It is NFP day today and usually that generates a lot of whip-saw action on the price, although it is a public holiday in most countries, so it might not be as volatile. As a junior member and I assume a junior trader MY suggestion would be NOT to trade during NFP which will take place in about 5 hours and wait for about 1-2 hours after the news is released before entering the market again.

When it hit 1.52500 at 04:58 (BST) it bounced back up again and could well do the same.

You haven't given us your SL, TP, or strategy plan, so there really is much to go on, hence the lack of response.

Have a great day and I wish you success.
  • #212,514
  • Apr 2, 2010 2:50am Apr 2, 2010 2:50am
Quoting Geppyg
Hi,

Just get out of the market at break even,
Today we have Non Farm Payroll and this can move the market quite considerably in both directions( upto a 100 pips)

If you still want to stay in the market put your stops above 380 and ensure that your risk value is only 1-3% on your account if this exceeds that then you should exit the trade and re-enter the market once NFP is over .

Have a good day
GeppyG
U r the Boss any wayz long time where u lost Geppy ?
  • #212,515
  • Apr 2, 2010 2:53am Apr 2, 2010 2:53am
Quoting fourxtrader
Diagnosis:

Napoleon Syndrome

Dr. D.
"The pot calling the kettle black" comes to mind.
  • #212,516
  • Apr 2, 2010 2:55am Apr 2, 2010 2:55am
Quoting blooblac
Thanks Bro.

I actually do the somewhat this but I guess that my experience is not enough.

Can you please elaborate on a few things for me like.

1. Scalp Lines. I understand support and resistance usually set them up with a good bearish engulfing patten, Hanging man, shooting star etc after the right trend in 5 min, 15 min and 4h some times see 1h also. I also create fibo on 4h and check the levels. Basically I trade 5 min candles and look at 1 min for entry and exit....
Not a problem at all.

5 min candles? and 1 min entries? That is too fast for me, I stick with 15 min for monitoring my trades, and my entry is usually based on 1hour and 4hour TF; then confirmation with the trend of the daily/weekly to just be extra safe so I am trading with the trend. I just find 5 min too fast for me, but if it works for you, good for you.

Scalp lines are lines were the price has found resistance during the week. I find that they are working really well these days.

My MA consists of Simple7, Simple9, Simple18. All of these help in judging the latest trend. Especially the 9, and 18, as a crossover and the residual between the line and the actual price shows clear trend direction for shorter time frames.

There are no perfect entries for candlestick analysis...as there can be many many conditions that would satisfy a entry.

I check the candle bodies for momentum, but what I was referring to in the post was momentum of crossing a Support or Resistance or Trendline, or scalp lines.

Volatility bands are BollingerBands. They are only good for letting me stay out of the market. Usually though, in this trading world, they are used as support and resistance(ie you sell at the top of the band and buy at the bottom) which in my honest opinion is pretty wrong, empirically.

Hope it helps.
  • #212,517
  • Apr 2, 2010 2:55am Apr 2, 2010 2:55am
Quoting bbakker
"The pot calling the kettle black" comes to mind.
Hey guys!

Is there a inter market relationship between Gold/usd and cable that you guys are aware of?

Thanks...
  • #212,518
  • Apr 2, 2010 2:59am Apr 2, 2010 2:59am
Quoting rsmind
Not a problem at all.

5 min candles? and 1 min entries? That is too fast for me, I stick with 15 min for monitoring my trades, and my entry is usually based on 1hour and 4hour TF; then confirmation with the trend of the daily/weekly to just be extra safe so I am trading with the trend. I just find 5 min too fast for me, but if it works for you, good for you.

Scalp lines are lines were the price has found resistance during the week. I find that they are working really well these days.

My MA consists of Simple7, Simple9, Simple18. All of these...
Yes it helped a lot.

Thanks for the input.
  • #212,519
  • Apr 2, 2010 3:01am Apr 2, 2010 3:01am
Quoting forexlion
Nope

I just read and then do my own chart analysis and trade my own charts

Actionforex and dailyfx are just reference material they are not writing on the wall
continues to remain stationary on 15260 ...
  • #212,520
  • Apr 2, 2010 3:06am Apr 2, 2010 3:06am
Quoting Faryad
U r the Boss any wayz long time where u lost Geppy ?
Hello matey,

Been posting on my own thread and shahb8b and DT's Thread....as there was too much noise here ..

But pop in from time to time..See Forex Lion is the headmaster of the thread...wellI guess someone needs to keep the kids in line......

Hope all your trading is going well, pop bye on my thread someday matey
Have a very succesful Trading day..

Geppyg
Let Price determine your future!
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