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Cable Update (GBPUSD)

  • #247,661
  • Aug 20, 2010 10:34am Aug 20, 2010 10:34am
journey south!

In 4hr tf price went below ema200, second candle continuing.
  • #247,662
  • Aug 20, 2010 10:34am Aug 20, 2010 10:34am
Here is what i'm seeing on the weekly at the moment. Resistance becoming support area coinciding with the daily trendline and also the 61.8% retrace of the daily move. I'll post that chart also.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSD Weekly.png Size: 30 KB
Click to Enlarge Name: GBPUSD Daily w Fib.png Size: 30 KB
  • #247,663
  • Aug 20, 2010 10:35am Aug 20, 2010 10:35am
Quoting Delite
See where I went right and where I went wrong and how I can improve!

Last quick question - what is your success/fail ratio? Pretty high I would guess....
This month is black for me, i tried to play non systematic way, without my indicator - 6 loss 4 wins

†
  • #247,664
  • Aug 20, 2010 10:40am Aug 20, 2010 10:40am
Quoting bbakker
5m chart looks like a bear flag. However, chart patterns are only confirmed once the price moves in the direction to complete the pattern
Hey bb,

Sorry, i didn't mean i would go long off the 5 min trendline I meant a possible short on the break but i didn't trade either way, just watched from the sidelines.
  • #247,665
  • Aug 20, 2010 10:56am Aug 20, 2010 10:56am
Inserted Video
  • #247,666
  • Aug 20, 2010 10:57am Aug 20, 2010 10:57am
Price has yet to break the 200 ema on the 4 hour chart (or close at least). Just something to keep in mind...
  • #247,667
  • Aug 20, 2010 11:00am Aug 20, 2010 11:00am
Quoting LostMyShirt
Stopped out of this trade.. Lost $53 on that... Entered long again at 1.5497... Still think there is enough strength in this pair to move up from here..

Moderators are holding my posting?? because I am new, I guess
Out of this trade for +15 pips.. How did you guys do today??

I have been trading forex, demo and live, for the past 2 years..so far blew two 10k accounts.. Now i am back to try this one more time with a 10k account after practicing in a demo for 8-9 months.. So far its going fine.. If I don't give all the profit back to market next week, It will be my first profitable month...
  • #247,668
  • Aug 20, 2010 11:00am Aug 20, 2010 11:00am
Quoting Planxty
Hey bb,

Sorry, i didn't mean i would go long off the 5 min trendline I meant a possible short on the break but i didn't trade either way, just watched from the sidelines.
There are still some buyers left in the market and the sellers are determined that price does not cross 1.5530. It could go in either direction, although there does seem to be more downward pressure. We are still in an area of consolidation as we have been all week. DIX is consolidating too between the 50ma and 200ma on d1. DIX is very low on the weekly curve and we have the flight to safety syndrome from last week still hanging in the air. Still it could go up or down from here!!!

EU had the better drop today and malcolm nailed it perfectly.
  • #247,669
  • Aug 20, 2010 11:02am Aug 20, 2010 11:02am
Quoting forexlion
http://www.youtube.com/watch?v=iszpr9QxVOg
This is about 5 years old. Still good though!
  • #247,670
  • Aug 20, 2010 11:03am Aug 20, 2010 11:03am
Quoting puma1
This month is black for me, i tried to play non systematic way, without my indicator - 6 loss 4 wins

†
6 losses, 4 wins and still making money
  • #247,671
  • Aug 20, 2010 11:03am Aug 20, 2010 11:03am
Most here know what a big fan I am of Obamarama found this in the UK press even though it is a US poll:

New Statesman

Ultimate (American) source
  • #247,672
  • Aug 20, 2010 11:05am Aug 20, 2010 11:05am
Quoting LostMyShirt
Out of this trade for +15 pips.. How did you guys do today??

I have been trading forex, demo and live, for the past 2 years..so far blew two 10k accounts.. Now i am back to try this one more time with a 10k account after practicing in a demo for 8-9 months.. So far its going fine.. If I don't give all the profit back to market next week, It will be my first profitable month...
I hope you are following your plan and recording all your trades. Doing so has helped improve my trading enormously!

Right... I am out of here.

Have a great weekend all of you!
  • #247,673
  • Aug 20, 2010 11:05am Aug 20, 2010 11:05am
Bull flag formed. Observable 30 min tf down. One last hurray upwards before end of week?
Attached Image
  • #247,674
  • Aug 20, 2010 11:14am Aug 20, 2010 11:14am
Quoting trending
Bull flag formed. Observable 30 min tf down. One last hurray upwards before end of week?

That is not a flag, it is a pennant. Which is more often either bearish or a continuation, as it is formed at the bottom the odds favour a bearish continuation.
  • #247,675
  • Aug 20, 2010 11:19am Aug 20, 2010 11:19am
Quoting trending
Bull flag formed. Observable 30 min tf down. One last hurray upwards before end of week?
Just shark food left. London sharks have gone home for the weekend and NY sharks are cuter than to do anything else but eat shark food.

Unless you are a shark, be careful! Best to wait until Monday open!
  • #247,676
  • Aug 20, 2010 11:19am Aug 20, 2010 11:19am
Ya, it was a bit dodgy isn't it?
Attached Image
  • #247,677
  • Aug 20, 2010 11:20am Aug 20, 2010 11:20am
Quoting trending
Ya, it was a bit dodgy isn't it?

Yup it was. That's OK, we are here to help each other. If you zoom out a bit on the 15 it becomes very apparant and clear.
Attached Image (click to enlarge)
Click to Enlarge Name: today's play 57.gif Size: 24 KB
  • #247,678
  • Aug 20, 2010 11:30am Aug 20, 2010 11:30am
Quoting LostMyShirt
Out of this trade for +15 pips.. How did you guys do today??

I have been trading forex, demo and live, for the past 2 years..so far blew two 10k accounts.. Now i am back to try this one more time with a 10k account after practicing in a demo for 8-9 months.. So far its going fine.. If I don't give all the profit back to market next week, It will be my first profitable month...
With a 10k account, I have a suggestion .. trade as if it were a $1k account, i.e. never more than 2 mini lots open. Which means trading micro lots, 5 micros at a time, max 4 positions open. Do this until you double your "$1k" account, i.e. have made $1k. Then increase gradually .. 7 micros per trade, another $1k up, 1 mini per trade, and so on.
If you do this (and I wish I had known this when I started) you will protect your capital until you are sure you are on the right track with your trading methodology.
Although technically you can trade a full lot with $10k .. I would not recommend it to someone who has already blown 2 accounts.

The ONLY "HOLY GRAIL" of trading is RISK MANAGEMENT, PRESERVATION OF CAPITAL, MONEY MANAGEMENT.... call it what you wil but until this fact sinks in .. no matter how great your trading skills, you will not win in the long term.

IMHO
******************* I'd rather make money than be right.
  • #247,679
  • Edited 11:50am Aug 20, 2010 11:37am | Edited 11:50am
Quoting 4xStar
With a 10k account, I have a suggestion .. trade as if it were a $1k account, i.e. never more than 2 mini lots open....
after many losses my own record was +1600 % for 1,5 month
I can't say that I used MM
I certanly can say that it simple was disciplined trading

then... my emotions ... and i lost this 1600% and then one more and more depo was lost..
  • #247,680
  • Aug 20, 2010 11:41am Aug 20, 2010 11:41am
Quoting cloggie
Yup it was. That's OK, we are here to help each other. If you zoom out a bit on the 15 it becomes very apparant and clear.
She is just about to stay within the pennant.
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