Cable Update (GBPUSD)

Why so? What's next friday...sry for being so ignorant, I'm probably missing something obvious..

Just due to monthly candles/bars or some fundamental event?

Thanks for any clarification and I hope all are having a good weekend,

Donnie

edit: Nice post Magix

In my view
Weekly , Monthly Close , IMF Result And important news http://www.forexfactory.com/calendar.php
(US >> CB Consumer Confidence , FOMC Statement ,Unemployment Claims ,Advance GDP q/q)
Technical: Turning point and consolidation Expecting breakout e/u and g/u

Thanks EG. I've got my eye on those weekly/monthlys too.. I just didn't realize that the news would be anymore important this time...didn't see any GBP news only euro so I thought I'd ask.

Take care and thanks again,

Donnie

The really odd part about this for me is that I am an elliottician, and elliottwave says that we are in wave five down now which will probably end in several weeks. Now I, being of at least a little common sense know that the euro should go down for at least six more months. But wave 2 on a fairly large scale is coming after this wave 5 and this means the euro should make a pretty large climb up. I can't justify this in my mind but I have learned through the years to trust elliott wave and I will be very cautious to short the euro past the 1.21 level until I have seen a substantial pullback.

I think the euro union will come up with a gimmick and the world will buy it for several months and then see through it as a fraud...

CABLE still in Volatile Market in This Week

Maybe I'm Wrong but Hopely be Right.
And Time will Tell...

I always find your comments practical, pertinent and most often
provoking. Now, in the grander scheme of things... did you know
that your quote made page 1 of a google search? lol

So ARE.... 'all things being equal' (?)...

In a similar google search, an equally interesting discussion and
commentary is made on this subject relating to market forces.

The Fallacy of Ceteris Paribus.... (Malcolmb should like this)
http://ronsen.blogspot.com/2010/01/f...s-paribus.html

((The latin phrase for 'Ceteris Paribus' meaning....
"with other things the same".))

Dr. D.
voodooboodoodoc

Sunday, January 24, 2010
The Fallacy of Ceteris Paribus



Realistically, forces affecting price (and psychology) constantly evolve, under a variety of influences. What has changed during the information age, however, is the transmission velocity. Therefore, volatility can theoretically increase (or decrease) in response to information. Much of what passes for news or commentary has the design to alter opinion or 'spin' facts.

Technicians/chartists try to assess the global information flow via price, using a variety of price parameters, including support and resistance, trendlines, moving averages, and other data derivatives. At the same time, we must recognize the 'artificial' reality of all of these, and the potential for 'violation' under herding.

http://4.bp.blogspot.com/_0jshcRmzyK...8/s640/spx.png

In the chart above (the Wilshire Total Market Index), we can see a lot of distribution (higher volume, lower price), trendline break, moving average violation, and MACD break of zero. Even the most bullish observer would have to acknowledge 'something' reflected 'all things were not equal."

Our brains are wired to find 'cause and effect'. The market falls and therefore, Chinese credit contraction, turmoil over the Bernanke confirmation, sunspots or something ethereal assumes responsibility. If the market were to rally this week, did concerns evaporate, fear 'wash out' or did the market merely behave the way markets often do?

Looking at the chart above, you can see the severely oversold Commodity Channel Indicator, previously marking reversals. Which comes first the chicken or the egg?

Good trading and great risk management to all.

Educational use only. Never intended as investment advice.

Posted by Ron Sen, MD, FCCP at 12:27 PM http://img1.blogblog.com/img/icon18_email.gifhttp://img2.blogblog.com/img/icon18_edit_allbkg.gif

Cable Next Week

http://img535.imageshack.us/img535/6905/waves1.jpg

Newbie here; checked ur chart what do 1.5425 and 1.5379 prices mean? where is cable heading this week. thanks.

And maybe this
But the common thing between both some will sink and some will enjoy and some will be on border watching

try this


ebook for free


http://eastado.blogspot.com/2008_03_01_archive.html


http://rapiddigger.com/search/market...free-download/

read with me

save this darn thing on u screen and read it every day befor u start trading

10 GOLDEN TRADING RULES FOR SUCCESS IN FUTURES & FOREX TRADING


It is a well known fact that 90 percent of investors lose money in futures and forex trading, 5-7 percent break even and only 3-5 percent make money. Given the high casualty rate, it is all the more important for investors to approach futures and forex trading in the correct manner. Below are some of the rules that traders should consider following if he is to make money consistently in the futures and forex market:

RULE 1 : USE MONEY THAT YOU CAN AFFORD TO LOSE

Trade only with "extra" money, i.e, money that is not earmarked to pay bank loans, car installments, housing loans, telephone and electricity bills, etc. One of the major reasons for investing only with extra funds is that your trading judgment will remain objective.

RULE 2 : DON’T OVERTRADE

Inexperienced traders can easily become overconfident after a number of winning trades. This can lead to overtrading – which is dangerous. One can be right 7 times out of 10 but the three times that you are wrong can wipe you out if you had overgeared yourself because of overconfidence. Success comes from prudence in money management. Never overtrade.

RULE 3 : CUT YOUR LOSSES SHORT, LET YOUR PROFITS RUN

Learn to be very impatient with losing positions. Learn to resist the temptation of taking your profits too early. Success comes from holding on to profitable positions and riding with the trend for maximum gains while keeping losses small by getting out quickly when you are wrong. One way to protect you from suffering catastrophic losses is to place stop loss orders for every trade entered.

RULE 4 : IF YOU GET INTO A LOSING STREAK, TAKE A BREATHER

When things don’t work out right, when your best forecasts fail you – get away from the market and take a trading break. A period away from the market can be refreshing and will recharge you.

RULE 5 : BUILD A PYRAMID WHEN ADDING TO A PROFITABLE TRADE


As the market moves up and you are long much earlier, you must learn not to double up your positions. Instead, reduce your positions each time you add to a position. If at first you had 10 contracts, the second should not be more than 5-6 contracts and the third should be 50% of your second (i.e. 3 contracts). An upside down pyramid will be top heavy and could wipe out all your hard-earned profits should the market reverse.

RULE 6 : NEVER ADD TO A LOSING POSITION

Adding to a losing position by averaging is very dangerous. Remember you are investing with "margin" and did not pick up scrips. The contract is not yours; you merely paid a percentage of the total value. Averaging a losing position is equivalent to not admitting your mistakes, that you were wrong in the first place. Successful traders cut their losses short.

RULE 7 : DON’T RISK YOUR ENTIRE CAPITAL ON ONE TRADE

Divide your trading capital into 10 equal parts and never lose more than 10 percent on one trade. If you lost the first trade, you still have nine more opportunities to be right. Putting all your capital on one trade is suicidal.

RULE 8 : NEVER MEET MARGIN CALLS

When you are wrong about the market, get out. Once you start procrastinating, very often prices will go against your position, further triggering a margin call from your broker. A margin call simply means that you are wrong in the market and your position should be closed out. Margin calls are made because people do not want to admit being wrong and take a loss; they hope the market will eventually go in their direction. To avoid this mistake, you should never meet margin calls. Just cut your losses and "get the hell out".

RULE 9 : REMOVE PROFITS FROM YOUR ACCOUNT

Probably no more than 1% of traders have a rule to take profits out of their trading account. The few wise investors I know have bought a house, a car or simply put part of their winnings into a fixed deposit account, otherwise the chances are high that they may lose them all back.

RULE 10 : HAVE A GAME PLAN

Lack of a game plan is not knowing what to do when you are wrong – and not knowing what to do even when you are right.

Here are a few guidelines:

1. Know when and at what price you are going to enter the market.
2. Know how much money you are going to risk on each and every trade.
3. Know when and at what price you are going to get out when you are wrong.
4. Know when and at what price you are going to take your profits if you are right.
5. Know how much money you are going to make if you are right.
6. Have a safety stop in case the market does the unexpected.
7. Have an approximate idea of when the market should meet your objectives or when it should begin to make a move; and if it has not done so, get out.

SUMMARY:

You will note that none out of the ten rules of trading mentioned above are on money management. Only Rule 10 describes the importance of having a trading system to determine "when to enter and exit". This just goes to show that good money management is the key to your success in making money in the stocks, futures and currency markets. A good trading system comes second. Nick Leeson, the rogue trader for Barings in Singapore, got into trouble because he did not respect some of the 10 golden trading rules.

SUMMARY

You will note that none out of the ten rules of trading mentioned above are on money management. Only Rule 10 describes the importance of having a trading system to determine "when to enter and exit". This just goes to show that good money management is the key to your success in making money in the stocks, futures and currency markets. A good trading system comes second. Nick Leeson, the rogue trader for Barings in Singapore, got into trouble because he did not respect some of the 10 golden trading rules.

read with me 2

Forex Trading Rules - What you Need to Know

Knowing forex trading rules that govern how trades and investments are made is advisable before you begin trading in the Forex. Some of this rules and strategy tactics can be a bit overwhelming to a beginner trader. This article looks at some of the trading rules in the forex market.
Some of the forex trading rules can be learnt along the way, such as price limits but the most basic ones required of a new trader are outlined below. They should help you maneuver successfully in the Forex.

Don't Over Leverage Your Portfolio.

One good thing about leverage is that it can generate good profits for you even if you don’t invest as much as the "big boys". Keeping your leverage low is the way to go as it lowers potential losses. Over leveraging your portfolio is a risky move and may leave you with a lot of debt. Your leverage should always be within your portfolio, especially if you are a beginner trader.

Know when to quit

Probably the most important rule of them all. What many traders fail to do is recognize that bad trades are exactly that-bad trades. They hang on to them hoping for an upward turn and in the process incur even more losses. Knowing when to quit also means knowing when to hold on to your trades. Remember that even the most successful of traders also occasionally lose money off of the Forex. The trick is to minimize your losses, and maximize your winnings.

Knowing when to fold on a deal can be the difference between minimal loss or massive loss. Keep close watch on your trades so you can get out when you should. If you have researched the trade before, you will know what the breaking points likely are and be able to make this decision easily.

Research trades

As they say, knowledge is power. Knowing every thing about a trade prepares you for what might happen in the future. The whole process of researching a trade might seem very boring, but is worth the time.

Simply beginning to trade with no idea on the issues that influence a trade is asking for trouble. Such an approach guarantees that you will lose money. o, take the time to do a little research before you begin.

Place Stop Loss Orders

The stop loss order is something that should be placed right along with your entry order. This type of order protects you from a potential loss getting out of hand. If the market takes a dive, you will be protected with the stop loss order. You must figure out however, before placing the order, at what point you would want to cut your losses.

These basic rules should guide you if you intend to begin trading on the Forex market. Follow them to the letter to ensure that you profit off of the Market.

read with me 3

Making Money in FOREX





Whether you’re a stock broker, mortgage broker or loan officer, FOREX trading is an essential part of one’s portfolio. FOREX trading is an extremely lucrative, yet volatile and risky market. The facts state that 95% of FOREX traders lose money in there first year of trading. Why then must FOREX be considered a part of one’s portfolio? Simply because trading FOREX has the potential to make anyone who is willing to learn the FOREX market thousands of dollars per month.

It wasn’t until recently that average everyday people were able to trade in the FOREX market. Now it’s easy to obtain a mini account, fund it with $300 and off you go. However, if trading the FOREX market were this easy, then everybody would become millionaires and this just isn’t the case.

FOREX trading requires consistent analysis of the market. There are two ways that FOREX traders assess the market. The first is what is known as fundamentals. Fundamentals rely on news events such as, CPI, retail sales and home sales. FOREX traders will make a projection for upcoming data and place their trade based on their speculations of upcoming news events.

Another type of FOREX trader is what we call a technical trader. FOREX technical traders rely on chats and mathematical formulas to place their traders. The idea is that history repeats itself. Based on historical patterns FOREX traders can use this data to predict price movement in the future.

There is no proven method to trading. Some people claim to have found the Holy Grail to FOREX trading. However, through my experience it’s best to develop your own method of trading. Decide the best time to trade, develop good money management, and set goals. A lot of experienced FOREX traders trade the London and New York overlap between the hours of 9:30 am GMT and 2:00pm GMT. The reason for this being is that during this time the market moves a lot and becomes extremely volatile. Many FOREX traders are extremely good when it comes to managing their money.

The key to success in FOREX trading is to block out your emotions and anxiety. A true FOREX trader will discipline themselves to stick to their trading style regardless of what happens in the markets. Many people feel as though just after a few short months of trading successfully in a demo account they are ready for the real thing. Take your time and really learn how the FOREX market works.

I was looking at the chart this weekend and i saw the same thing ... Hopefully we go up.. I have 3 longs..

Hi onrac1,

Nice to meet you, Bro

About CHART PATTERN in my Post #221265

A. 1.5379 as Last Price at MARKET Closed in Last FRIDAY.
B. 1.5426 (Not 1.5425) in BLUE Box (= M3) as FIRST Resistance in Monthly.
C. BLUE Line in UPPER Candle as Resistance Diagonal Line & PINK Line in LOWER Candle as Support Diagonal Line.
D. My CHART use H4 Time Frime and my Prediction for THIS WEEK only...

If you will Learn more about BASIC Forex, Trade & Market , you can Study STEP by STEP :
1. http://www.babypips.com/school/
2. http://forexbeginners.net/
3. http://www.forexfactory.com/showthread.php?t=2331

DOWNLOAD e-book in Link Site :
1. http://www.ziddu.com/download/960363...l-eng.zip.html
2. http://www.ziddu.com/download/960914...ading.zip.html


Followed Advice kill56, in His Post #221271, #221272 and #221273 for Great RULES to make GREEN Pips for you...



MEMO : So Sorry for Delay UPLOAD e-book because I've got BAD Connection.

salam bro u are doing great keep it up

left a short open unintentionaly. looking for a gap down or no gap at all

Thanks! this is great, i'll take heed of ur advice. By the way I have only a mini account-compliant with ur rules an amount i can afford to loss if worst happens.