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Cable Update (GBPUSD)

  • #219,181
  • Apr 19, 2010 6:24am Apr 19, 2010 6:24am
Quoting Bull_Bear
Very Simple use SL and find confluence (fibs, TL, OLD Resistence)....

Firstly, I do not use the 15 or 30 min chart.

I define trend with a min of 4H and above.

I define signifigant levels of S/R with min 4H and above

I use fibs and trend lines.

Thats it.... KIS
alright, thanks, I also use h4 but watch m15 and 30 for confirmation...
Attached Image (click to enlarge)
Click to Enlarge Name: 4h.png Size: 69 KB
@pawpaw1000 on Twitter
  • #219,182
  • Apr 19, 2010 6:25am Apr 19, 2010 6:25am
Quoting Bull_Bear
I'm talking probability of pattern formations. The probability of a bearish flag formation will come to fruitition (if it does) before the HS formation (if it does).

I was giving you a heads up.
Fair play! I wasn't really thinking. Juggling work while speed reading this thread is not always conducive to an intelligent response
  • #219,183
  • Apr 19, 2010 6:25am Apr 19, 2010 6:25am
i might be wrong
Attached Image (click to enlarge)
Click to Enlarge Name: h4 cable.gif Size: 33 KB
  • #219,184
  • Apr 19, 2010 6:33am Apr 19, 2010 6:33am
Quoting kill56
i might be wrong
why do you count the candles kill? they give some kind of indication as to when price will turn?
@pawpaw1000 on Twitter
  • #219,185
  • Apr 19, 2010 6:36am Apr 19, 2010 6:36am
Quoting pawpaw1000
why do you count the candles kill? they give some kind of indication as to when price will turn?

sure they do but its not the only thing r/s is important
  • #219,186
  • Apr 19, 2010 6:43am Apr 19, 2010 6:43am
Quoting Nene
If it makes you feel any better, I have been buying and 5520 is not that much of a reach. But on the other hand, the Daily still hasnt tested the backside of the DTL yet and that is around 4900. So I will be buying all the way if need be. My original stop is 4750.
hope your acc big enough to hold that floating...
and will you mad if after touch your SL she start the retracement??
I will be the number one Manager.
  • #219,187
  • Apr 19, 2010 6:59am Apr 19, 2010 6:59am
Quoting malcolmb14
1 ) trend is your friend... why would anyone not wait for a retrace and sell into that

2) Those who try and pick bottoms end up with stinky finger and no money

voodoo boodoo
  • #219,188
  • Apr 19, 2010 6:59am Apr 19, 2010 6:59am
Quoting javapips
hope your acc big enough to hold that floating...
and will you mad if after touch your SL she start the retracement??
Good point.
  • #219,189
  • Apr 19, 2010 7:03am Apr 19, 2010 7:03am
Quoting kill56
sure they do but its not the only thing r/s is important

paw

this will count for u
Attached File(s)
File Type: ex4 TD_Sequential_v2.ex4   11 KB | 201 downloads
File Type: mq4 TD_Sequential_v2.mq4   6 KB | 254 downloads
  • #219,190
  • Apr 19, 2010 7:06am Apr 19, 2010 7:06am
Sorry ole pal, but I been doing this for 7 years in Forex and going on 20 years flat out trading. Im cool, and I am not always right, but My theory is, and it has never failed me, is if you keep buying into a drop eventually it will compound you out of trouble. Just got to have enough cash in there. There are just too many long signals, especially on the larger charts, and as FXL said I believe this is directly related to the volcano. Dont worry about me, just try to keep yourself in this business for more than 20 years.

Jim

Quoting javapips
hope your acc big enough to hold that floating...
and will you mad if after touch your SL she start the retracement??
  • #219,191
  • Apr 19, 2010 7:10am Apr 19, 2010 7:10am
I know someone who has been 10years in the biz and might be saying goodbye as his account is almost over for doing just as you have said...

Quoting Nene
Sorry ole pal, but I been doing this for 7 years in Forex and going on 20 years flat out trading. Im cool, and I am not always right, but My theory is, and it has never failed me, is if you keep buying into a drop eventually it will compound you out of trouble. Just got to have enough cash in there. There are just too many long signals, especially on the larger charts, and as FXL said I believe this is directly related to the volcano. Dont worry about me, just try to keep yourself in this business for more than 20 years.

Jim
  • #219,192
  • Apr 19, 2010 7:10am Apr 19, 2010 7:10am
As this is written, the powers of scaling in have catupalted me back into profit on the 5242 tick. Just goes to show, you got to have money to make money. I feel sorry for all those new traders out there trying to trade cable with accounts of less than $10,000. All I can say is keep it coming.

Jim

Quoting Nene
Sorry ole pal, but I been doing this for 7 years in Forex and going on 20 years flat out trading. Im cool, and I am not always right, but My theory is, and it has never failed me, is if you keep buying into a drop eventually it will compound you out of trouble. Just got to have enough cash in there. There are just too many long signals, especially on the larger charts, and as FXL said I believe this is directly related to the volcano. Dont worry about me, just try to keep yourself in this business for more than 20 years.

Jim
  • #219,193
  • Apr 19, 2010 7:12am Apr 19, 2010 7:12am
I am thinking we are going to around 5300 here where the DTL is, if we break that then the gap from Sunday will be filled.

Jim
  • #219,194
  • Apr 19, 2010 7:14am Apr 19, 2010 7:14am
Quoting Nene
Sorry ole pal, but I been doing this for 7 years in Forex and going on 20 years flat out trading. Im cool, and I am not always right, but My theory is, and it has never failed me, is if you keep buying into a drop eventually it will compound you out of trouble. Just got to have enough cash in there. There are just too many long signals, especially on the larger charts, and as FXL said I believe this is directly related to the volcano. Dont worry about me, just try to keep yourself in this business for more than 20 years.

Jim
Nene, out of curiosity mate - coming from someone who has just started to trade full time - how have you done over a 20 year period? Nicely profitable I take it? Are you glad you pursued it?
  • #219,195
  • Apr 19, 2010 7:15am Apr 19, 2010 7:15am
Quoting Nene
Sorry ole pal, but I been doing this for 7 years in Forex and going on 20 years flat out trading. Im cool, and I am not always right, but My theory is, and it has never failed me, is if you keep buying into a drop eventually it will compound you out of trouble. Just got to have enough cash in there. There are just too many long signals, especially on the larger charts, and as FXL said I believe this is directly related to the volcano. Dont worry about me, just try to keep yourself in this business for more than 20 years.

Jim
no offence Sir....so sorry than...
the best for you...

and i hope i'm not as long as that to be rich
I will be the number one Manager.
  • #219,196
  • Apr 19, 2010 7:17am Apr 19, 2010 7:17am
Quoting kill56
sure they do but its not the only thing r/s is important
I haven't figured out how you count the candles .. the numbers do not make sense to me.
******************* I'd rather make money than be right.
  • #219,197
  • Apr 19, 2010 7:21am Apr 19, 2010 7:21am
Quoting The Magician
Nene, out of curiosity mate - coming from someone who has just started to trade full time - how have you done over a 20 year period? Nicely profitable I take it? Are you glad you pursued it?
Yeah nene, i'm also crazy curious to know how profitable the pros are! if you dont mind enlightening the newbies...
@pawpaw1000 on Twitter
  • #219,198
  • Apr 19, 2010 7:24am Apr 19, 2010 7:24am
Well, it was tougher working for Fidelity back in the 90's trading for them and only getting a percentage, but that is where I got my big hunk of money to start Forex. I thought it was time to go into business for myself. So I slapped around $250,000 in 3 different accounts and started. It wasn't quite the same but it was close enough. I lost about $75,000 before my mentor told me what I was doing wrong and it changed overnight. LOL, I have had 4 different names here at FF and they have all been retired, Hard1head1, was my last one if you want to check. But one thing my mentor told me was to stay away from 3 pairs for 3 years and you will be fine. Those 3 are G/U, G/J and E/J. He was right on.

Jim




Quoting The Magician
Nene, out of curiosity mate - coming from someone who has just started to trade full time - how have you done over a 20 year period? Nicely profitable I take it? Are you glad you pursued it?
  • #219,199
  • Apr 19, 2010 7:24am Apr 19, 2010 7:24am
Quoting kill56
paw

this will count for u
Cool .. so there is the candle counter .. now, what do the numbers mean??
******************* I'd rather make money than be right.
  • #219,200
  • Apr 19, 2010 7:25am Apr 19, 2010 7:25am
Quoting Nene
...
But one thing my mentor told me was to stay away from 3 pairs for 3 years and you will be fine. Those 3 are G/U, G/J and E/J. He was right on.

Jim
I take it the 3 years are up since you are now trading GU? Which 3 year period was that?
******************* I'd rather make money than be right.
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