Cable Update (GBPUSD)

Dr. D

mine is H3 14414 we are close hope u had a great green day

Made some SWEEET pips this week!
Have a GREAT weekend everyone.

Nothing says class like Necrophilia.

Hope you got Ma back to the graveyard before dawn, I hear they have very strict curfews.

nice quit market closed any body still smoking the pipe

from an old post fro the weekend

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.[/quote]

Do you want to be Trader Successfully ??

Without PLANNING or DISCIPLINE, you throw money at the Market.

Technical Analysis (TA) teaches Traders to execute positions based on Numbers, Time and Volume.
MARKETS echo similar Patterns over and over again. Just choose the Good positions & avoid the Bad ones.

You face many crossroads during each Market day. This discipline forces Traders to distance themselves from reckless Gambling behavior.
Through detached execution and solid Risk Management, Short-term trading finally "works".


Follow this Rules :

20 GOLDEN RULES Trading Tactics for Traders
----------------------------------------------------------------

01. Forget the News, remember the Chart. You're not smart enough to know how News will affect price. The Chart already knows the News is coming.

02. Buy the first pullback from a new high. Sell the first pullback from a new low. There's always a crowd that missed the first boat.

03. Buy at support, Sell at resistance. Everyone sees the same thing and they're all just waiting to jump in the pool.

04. Short rallies not selloffs. When Markets drop, Shorts finally turn a profit and get ready to cover.

05. Don't buy up into a Major moving average or sell down into one. See #3.

06. Don't chase momentum if you can't find the exit. Assume the Market will reverse the minute you get in. If it's a long way to the door, you're in big trouble.

07. Exhaustion gaps get filled. Breakaway and continuation gaps don't. The old traders' wisdom is a lie. Trade in the direction of GAP support whenever you can.

08. Trends test the point of last support/resistance. Enter here even if it hurts.

09. Trade with the TICK not against it. Don't be a HERO. Go with the money flow.

10. If you have to look, it isn't there. Forget your college degree and Trust your Instincts.

11. Sell the second High, buy the second Low. After sharp pullbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try.

12. The trend is your friend in the last hour. As volume cranks up at 3:00pm don't expect anyone to change the channel.

13. Avoid the open. They see YOU coming sucker.

14. 1-2-3-Drop-Up. Look for downtrends to reverse after a top, two lower highs and a double bottom.

15. Bulls live above the 200 day, Bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it.

16. Price has memory. What did price do the last time it hit a certain level? Chances are it will do it again.

17. Big volume kills moves. Climax blow-offs take both buyers and sellers out of the market and lead to sideways action.

18. Trends never turn on a dime. Reversals build slowly. The first sharp dip always finds Buyers and the first sharp rise always finds Sellers.

19. Bottoms take longer to form than tops. Fear acts more quickly than greed and causes stocks to drop from their own weight.

20. Beat the crowd in and out the door. You have to take their money before they take yours, period.

EXCELLENT!!!!!

US Senate passes historic Wall Street overhaul

http://sg.yimg.com/i/sg/providers/af...FGSz6HOwSwuQ-- AFP - Saturday, May 22


WASHINGTON (AFP) - – In a major victory for President Barack Obama, the US Senate has passed the most sweeping overhaul of financial industry rules since the Great Depression of the 1930s.
By a 59-39 margin, lawmakers approved Thursday an ambitious effort to curb Wall Street excesses blamed for fueling the 2008 global economic meltdown, amid smoldering voter anger months before November mid-term elections.
"To Wall Street, it says: No longer can you recklessly gamble away other people's money," Democratic Senate Majority Leader Harry Reid. "It says to those who game the system: The game is over."
Senate Banking Committee chair Chris Dodd, a key author of the legislation, said it was "a major step toward creating a sound economic foundation for the American people we represent. This is their victory."
The legislation, Obama's top domestic goal, must still be merged with the House of Representatives' rival version into a compromise measure before the final package can go to the president to sign into law.
House Financial Services Committee chair Barney Frank, a Democrat, told CNBC television that he foresaw smooth sailing and that "the president, I am certain now, will have signed this bill well before the Fourth of July."
The measure aims to rein in big firms' use of high-risk practices blamed for the collapse of 2008, end taxpayer-funded bailout of financial titans previously deemed "too big to fail," and create an unprecedented consumer protection agency to shield Americans from industry abuses.
It also seeks to curb big banks' lucrative, largely unregulated business in complex securities called derivatives, essentially bets on the future cost of an asset, which many businesses use to control risk from volatile prices.
It includes several measures aimed at increasing the transparency at the US Federal Reserve and the central bank's accountability, as well as a measure aimed at blocking International Monetary Fund aid packages like the one for Greece without a guarantee that the money will be repaid.
A few hours before the vote, Obama pledged that the law would not smother the market.
"The reform I sign will not stifle the power of the free market -- it will simply bring predictable, responsible, sensible rules into the marketplace," he said in the Rose Garden of the White House.
"Our goal is not to punish the banks, but to protect the larger economy and the American people from the kind of upheavals that we've seen in the past few years," said the president.
Obama also took aim at the financial industry, accusing it of deploying "hordes of lobbyists and millions of dollars in ads" to kill the bill and trying to "water it down."
"Today, I think it's fair to say that these efforts have failed," he said.
Four Republicans joined all but two Democrats to approve the measure, drawing praise from Reid at the end of a month-long, sometimes bitter debate expected to stretch into the House-Senate "conference" to build a compromise.
US Treasury Secretary Tim Geithner said in a statement that he looked forward to working with lawmakers "to produce a sensible, prudent reform bill that strengthens the American financial system and preserves our ability to innovate and compete in a global economy."
The two chambers were to pick negotiating delegates on Monday.
Some of the remaining disputes include curbs on derivative trading and restrictions on investment activities by deposit-holding banks.
Senate Agriculture Committee chair Blanche Lincoln, a Democrat, authored a measure in the bill aimed at ending the largely unregulated derivatives business, a step forcefully opposed by big banks and their lobbyists trying to shape the legislation.
Dodd introduced and then pulled back from but did not withdraw a measure gutting Lincoln's proposal.
Democratic Senators Jeff Merkley and Carl Levin, authors of a measure to enact the so-called "Volcker rule" curbing deposit-holding banks' investment activities, expressed faint hopes the final bill would include it.
The measure, named for former US Federal Reserve chairman Paul Volcker, would stop banks from holding customers' deposits at the same time as making investments for their own gain -- so-called proprietary trading.
Curbs on "prop trading" went into effect after the Great Depression. In 1933, the Glass-Steagall Act prohibited commercial banks from underwriting corporate securities, or acting as brokerages, but it was undone in 1999.

Link : http://sg.news.yahoo.com/afp/2010052...e-972e412.html

Euro rescue package clears German parliament

http://sg.yimg.com/i/sg/providers/af...FGSz6HOwSwuQ-- AFP - Saturday, May 22


BERLIN (AFP) - – The German parliament approved the country's share of a trillion-dollar rescue package for debt-stricken eurozone countries Friday, after Chancellor Angela Merkel warned the euro was "in danger".
Merkel's centre-right majority in upper and lower houses handily assured passage of the bill to unblock up to about 150 billion euros (187 billion dollars) of the around 750 billion euros in loan guarantees.
The so-called "shock and awe" package, cobbled together by the European Union and International Monetary Fund, will now go to President Horst Koehler for his signature.
Finance Minister Wolfgang Schaeuble told the Bundestag lower house that approval of the package was crucial to market stability.
The bill must be passed "because markets trust it only once it has actually been implemented," he said. "It is a reality that markets look more at Germany than at Cyprus or Malta."
Germany approved the rescue package two weeks after a 110-billion-euro bail-out deal for debt-wracked Greece, which was hugely unpopular and contributed to a crushing setback for Merkel this month in a key state poll.
This week she tried to impress upon Germans the importance of the measures, saying that the euro was "in danger" and warned of "incalculable consequences" for the EU if the euro were to fail.
The doomsday language drew a sharp rebuke from French Economy Minister Christine Lagarde.
The crunch vote in Europe's top economy came as Merkel held her first talks with new British Prime Minister David Cameron, who took office last week.
It also coincided with the first meeting in Brussels of a new EU economic task force aimed at bolstering economic and budgetary oversight among member states to head off future debt turmoil.
The Brussels meeting of European finance ministers comes amid financial market doubts about Europe's unity in the face of the debt crisis.
The Berlin daily Tagesspiegel said Europe was not only at a fiscal crossroads, but also mired in deep political confusion.
"The main reason why the euro has been targeted is connected to European discord," the newspaper said. "The recognition that discord and negligent budgeting have weakened the euro ought to lead to an immediate change of tack."
Merkel has faced accusations of shaky leadership during the crisis from abroad and even within her own conservative bloc.
On Friday, Horst Seehofer, leader of the Christian Social Union, the Bavarian sister party of Merkel's Christian Democrats, skewered the chancellor over what he called a skittish approach that hurt German interests.
He fumed that Merkel and Finance Minister Wolfgang Schaeuble had waffled in presenting an international financial transaction tax. The two said they would be willing to implement the tax just in the eurozone even if Britain and the United States did not follow.
"It's not acceptable for us to signal publicly to our negotiating partners in London and Washington, from whom we want something, that they shouldn't get so nervous because while we may have decided something, we know that you won't agree anyway," he told the daily Sueddeutsche Zeitung.
Despite assertions that there is no alternative to the European rescue package, Merkel has also raised doubts, saying it only "buys time" until the mounting deficits of certain eurozone members are tamed.
Some analysts warned the package will be an enormous burden on Germany with little real pay-off.
Economist Hans-Werner Sinn, head of the influential Ifo institute, on Thursday called it "one of the gravest and most wrong decisions in the history of the federal republic."

Link : http://sg.news.yahoo.com/afp/2010052...y-509a08e.html

Will Wall Street reforms work?

09:20 UK time, Friday, 21 May 2010


The US Senate has approved a bill which will see the most sweeping overhaul of the country's financial regulations since the 1930's.
Will the measures work?

The bill creates a new watchdog agency and will seek to reform the complicated derivatives market. It will also increase restraints on larger banks and require proof from borrowers that they can pay back even the most basic of mortgages.

President Obama said the reforms mean that Americans would never again pay "for Wall Street's mistakes".

Will the proposals stabilise the US economy? Is it possible to fully regulate the activities of the financial markets?
Do you work in the financial services industry?


Link : http://www.bbc.co.uk/blogs/haveyoursay/2010/05/will_wall_street_reforms_work.htm

Thanks for the info

Thank's Bro

Your Welcome, Bro

Please, READ gatorinla's Post in #246629

For NOW... ALL Pairs NOT Follow GBP ( Cable ), because EUR got more IMPORTANT Issue

Nice pin for the weekly candle guys.... get your Bulls ready

yes it's a hammer but it was still a lower close! maybe bears not done yet... we'll see

1.3685 target. Conservatively though 1.4000.

I agree with you, but be careful with this level.

and due to that lower close, it might need a retest of the low
like we saw 10 - 11 weekly candles before, for the bears to run
out of steam. Took a couple weeks to do so.

Also, a hammer (or hang man) pattern after a long trend needs
an opposite following candle to confirm the reverse in trend.

Then again, when does the forex follow Japanese candlesticks?

Dr. D.
vOOdOObOOdOOcandlestickdOc

HAMMERS
http://www.candlestickforum.com/stor...ERS%20copy.jpg
Description
The Hammer is comprised of one candle. It is easily identified by the presence
of a small body with a shadow at least two times greater than the body. Found
at the bottom of a downtrend, this shows evidence that the bulls started to step in.
The color of the small body is not important but a white candle has slightly more
bullish implications than the black body.A positive day is required the following
day to confirm this signal.

yes you are right. We also had lower LOW's last week (1.4250.1.4237.1.4229 ) and lower HIGH's ( 1.4545, 1.4518, 1.4454) and lower close on top of it. so we ll see