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Cable Update (GBPUSD)

  • #233,521
  • Jun 24, 2010 3:10am Jun 24, 2010 3:10am
Quoting Forextrader4
Well the gbp/usd pair is still not clear to me as this point and that's why i didn't trade it and took a trade on gbp/jpy. By the way i just took another short on gbp/jpy and will be trailing it. I don't recommend trading gbp/usd right now but ofcourse it is your choice
The Euro pairs kicking some ass!

With ya on the Cable thang....

Pshhhhhhh.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #233,522
  • Jun 24, 2010 3:15am Jun 24, 2010 3:15am
Quoting Magix
The Euro pairs kicking some ass!

With ya on the Cable thang....

Pshhhhhhh.
Haha oh yea i'm loving it, enjoying a nice trade shorting eur/jpy and in gbp/jpy trade as well. Closing these and i am going to beeeedddd. It's 4:14am here and i am exhausted especially from looking at two hundred charts...ugh
  • #233,523
  • Jun 24, 2010 3:18am Jun 24, 2010 3:18am
Quoting Forextrader4
Haha oh yea i'm loving it, enjoying a nice trade shorting eur/jpy and in gbp/jpy trade as well. Closing these and i am going to beeeedddd. It's 4:14am here and i am exhausted especially from looking at two hundred charts...ugh
Actually i'm just going to go to sleep right now and set up my take profit targets on both trades. Good night everyone and as always be careful and trade smart TO MAKE MONEYYY
  • #233,524
  • Jun 24, 2010 3:19am Jun 24, 2010 3:19am
Quoting Forextrader4
Well the gbp/usd pair is still not clear to me as this point and that's why i didn't trade it and took a trade on gbp/jpy. By the way i just took another short on gbp/jpy and will be trailing it. I don't recommend trading gbp/usd right now but ofcourse it is your choice
I still do not have a valid second swing at the GJ Did not take EU pairs as I was them too late gone too far for me at this stage
BE THE BEST YOU CAN BE AND BE IT TODAY
  • #233,525
  • Jun 24, 2010 3:27am Jun 24, 2010 3:27am
Quoting USD-Bear
Long @ 1.4940
Moved SL to BE
Don't be a hero. Don't have an ego. Always question yourself
  • #233,526
  • Jun 24, 2010 3:29am Jun 24, 2010 3:29am
Wow. Shot up pretty quick just now.
Only expectation matters . . .
  • #233,527
  • Jun 24, 2010 3:29am Jun 24, 2010 3:29am
Quoting Forextrader4
Well i originally saw an entry on gbp/usd but it really wasn't clear since the trend was still up. Although i was right again and the trade was successful, i missed it but got into gbp/jpy trade instead since it was more clear to me and had a confirmation. Here are charts showing you how i planned this trade and how it turned out. On the second chart you can see how the price broke the trend line i drew. You can also see the support level line i drew and originally was going to use as my Take profit point where the price ended up anyways
By the way notice how my profit target was right on point as the price reverse right from that point, which as i stated before could be considered a good support level to set as your take profit.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbptoday1.gif Size: 21 KB
Click to Enlarge Name: gbptoday2.gif Size: 21 KB
Click to Enlarge Name: gbptodayprofit2.gif Size: 23 KB
  • #233,528
  • Jun 24, 2010 3:44am Jun 24, 2010 3:44am
Quoting Forextrader4
Haha oh yea i'm loving it, enjoying a nice trade shorting eur/jpy and in gbp/jpy trade as well. Closing these and i am going to beeeedddd. It's 4:14am here and i am exhausted especially from looking at two hundred charts...ugh
My EUR/JPY trade i was talking about. My gbp/jpy trade is still open
Attached Image (click to enlarge)
Click to Enlarge Name: gbprofit24.GIF Size: 26 KB
  • #233,529
  • Jun 24, 2010 3:45am Jun 24, 2010 3:45am
Another great example of a clean, simple common sense trade done without using a bunch of indicators. Thank you for the charts.
  • #233,530
  • Jun 24, 2010 3:47am Jun 24, 2010 3:47am
Quoting mdiz2
Another great example of a clean, simple common sense trade done without using a bunch of indicators. Thank you for the charts.
You welcome
  • #233,531
  • Jun 24, 2010 3:51am Jun 24, 2010 3:51am
Quoting Forextrader4
My EUR/JPY trade i was talking about. My gbp/jpy trade is still open

Nice profit. On the average you trade about 50 pips or less?
Never Stop Learning...
  • #233,532
  • Jun 24, 2010 3:56am Jun 24, 2010 3:56am
Quoting chonyc
Nice profit. On the average you trade about 50 pips or less?
Yea that's correct, my trades are anywhere from 25 pips to 50 pips. Sometimes i get out earlier than that when market conditions change as i am NOT a robot and i actually adapt to what happens to the price of the pair and its action. I reach my daily quota everyday only looking for 25-50 pips a trade and make tons of money every month without any stress.
  • #233,533
  • Jun 24, 2010 3:58am Jun 24, 2010 3:58am
You shooting for 100 pips a day or a dollar figure?
  • #233,534
  • Jun 24, 2010 3:59am Jun 24, 2010 3:59am
Quoting RebelRed
Wow. Shot up pretty quick just now.

Only lasted about 5-15 sec and to my delight FXCM gave me a
most generous closing position in executing at the very top of
that spike (1.49859). Forex.com would have lagged back 20 pips.
MBT would have frozen their platform to accomplish the same.

These are my experiences.

Dr. D.
  • #233,535
  • Jun 24, 2010 4:04am Jun 24, 2010 4:04am
Quoting Forextrader4
Yea that's correct, my trades are anywhere from 25 pips to 50 pips. Sometimes i get out earlier than that when market conditions change as i am NOT a robot and i actually adapt to what happens to the price of the pair and its action. I reach my daily quota everyday only looking for 25-50 pips a trade and make tons of money every month without any stress.
Your screen shots only display price action and a trend line is that all you base your trades on or do you use other indicators in the background?
BE THE BEST YOU CAN BE AND BE IT TODAY
  • #233,536
  • Jun 24, 2010 4:04am Jun 24, 2010 4:04am
Quoting mdiz2
You shooting for 100 pips a day or a dollar figure?
I shoot for a dollar figure which is 500 dollars a day. If i pass it than that's fine. If there is no trade available that day (which is usually never a problem) i just won't trade. The whole point is to make $2500 dollars a week but at the same time use proper money management and only trade what i consider a good setup based on my different strategies. If you look at my trades you will see that don't use more than 1 standard lot. Most of my trades i use 5 mini lots which makes me great income and most of the time i surpass my daily quota. The most important thing is to have a plan every trading day. It doesn't matter if you're looking for a dollars amount or a certain amount of pips, as long as you know what you're doing.
  • #233,537
  • Jun 24, 2010 4:05am Jun 24, 2010 4:05am
Short at 1.4957.. Let's see what this gives us..
  • #233,538
  • Jun 24, 2010 4:06am Jun 24, 2010 4:06am
Quoting Jns
Your screen shots only display price action and a trend line is that all you base your trades on or do you use other indicators in the background?
I use different strategies, whatever you see on the chart is what i am using for that particular trade that i am posting. If i take a trade using a different strategy, then the charts will be customized based on that particular strategy i'm using to take the trade i am posting.
  • #233,539
  • Jun 24, 2010 4:06am Jun 24, 2010 4:06am
Quoting Forextrader4
Yea that's correct, my trades are anywhere from 25 pips to 50 pips. Sometimes i get out earlier than that when market conditions change as i am NOT a robot and i actually adapt to what happens to the price of the pair and its action. I reach my daily quota everyday only looking for 25-50 pips a trade and make tons of money every month without any stress.

Thanks very much...I like your strategy your chart is simple but yet profitable...Happy trading you...
Never Stop Learning...
  • #233,540
  • Jun 24, 2010 4:11am Jun 24, 2010 4:11am
Quoting chonyc
Thanks very much...I like your strategy your chart is simple but yet profitable...Happy trading you...
You welcome, and yea the charts i posted are just an example of simple trades based on price action, support and resistance levels, Trend line, and proper money management.
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