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Cable Update (GBPUSD)

  • #248,381
  • Aug 24, 2010 2:16pm Aug 24, 2010 2:16pm
I closed my trade +35pips...looks like forming Short Buy Trade...I thinking to enter on Buy @ 1.5425 with 20pips stop and 70pips limit...
  • #248,382
  • Aug 24, 2010 2:25pm Aug 24, 2010 2:25pm
Quoting kill56
salam hi all its ramadan and was great

nice range last week and we still in it no bottom yet the ride was great hope all in green and doing well still busy with the family hope i will be back soon mal a great day foe es

lets see where the market close today best of luck
Kill man Miss you man!

Hope everything is OK with you buddy and you take care of your family. See you soon matey!
  • #248,383
  • Aug 24, 2010 2:25pm Aug 24, 2010 2:25pm
Quoting pawpaw1000
Hey Reflex!

Yeah, being young and learning forex is great as we have no responsibilities and normally some extra cash

I traded shares for 4 years from 16 to 20 with great success until we had this crash, closed down my trading and gave everyone their money back. Was kinda bummed and thought shares were just a farce as you could lose all your gains of 3 years in 3 months! Anyways, I then started a investment company which invested in Property developments and travelled the country looking for investors. Seeing as I was barely 21, not many...
HAHA I guess you have always been driven by money then?

I also started trading forex at christmas left school at 16 went out to work saved up some money then when I was 18 I opened a spread bet on stock called Minerva with a massive amount a point on it before I had a clue about what the market could do to you and got very very lucky there was no skill involed just luck.

I had enough money to quit work and decided I wasn't going to give that money back to the market so decided to learn forex I only risk about 0.20% of my acount per trade at the moment enough to make a living off and want my full account to still be there when I am consistent. Like you I won't go up to 1.5% risk untill I have had a good few months maybe even a year profitable.

Did you get mentored online or in person?

And yeah I think I am really lucky to be learning it young with nothing but a bit of rent to pay everymonth. Got to be alot harder to learn with kids to look after and a mortgage to pay so best to learn it now.

I have a friend who did play for england under 21s or still does havn't spoke to him in a while so im not sure.
Woulod it be under 21s he would be playing for?

cheers
  • #248,384
  • Aug 24, 2010 2:27pm Aug 24, 2010 2:27pm
Quoting CableStrike
I closed my trade +35pips...looks like forming Short Buy Trade...I thinking to enter on Buy @ 1.5425 with 20pips stop and 70pips limit...

watch that daily overhead resistance just 15pip above us
Blogging daily now at www.volume.zone
  • #248,385
  • Aug 24, 2010 2:27pm Aug 24, 2010 2:27pm
Quoting malcolmb14
i found fx at 41 made 10 mill in 2 years form just 5 k ... then the alarm clock went off and i had to wake up and get showered lol ....

Stocks are tough , but options on stocks are a ton easier (and a ton cheaper) and have limited risk. I have swtiched a bit form fx to options recently and only puts as markets drops 10 times faster than they go up .

for example dxd oct 26 calls were only 1,75 not to long ago , they are up almost 200% in 3 short weeks , if dxd hits 31 target the options trade would be have 400% profit. ...but risk was limited...
HAHAHA I thought the 1st bit was serious for a minute I thought I must be doing someting wrong Lol.
  • #248,386
  • Aug 24, 2010 2:27pm Aug 24, 2010 2:27pm
Quoting CableStrike
I closed my trade +35pips...looks like forming Short Buy Trade...I thinking to enter on Buy @ 1.5425 with 20pips stop and 70pips limit...
Heya, I'm up just over 20 as well but am holding on for 5400...

It's my observation that NY and Asia, once they have chosen a direction, usually stick to it?

Please let me know if I'm mistaken???

It does move alot slower with nice swings but moves slowly but surely in one direction... My observation
@pawpaw1000 on Twitter
  • #248,387
  • Aug 24, 2010 2:36pm Aug 24, 2010 2:36pm
Quoting malcolmb14
i found fx at 41 made 10 mill in 2 years form just 5 k ... then the alarm clock went off and i had to wake up and get showered lol ....

Stocks are tough , but options on stocks are a ton easier (and a ton cheaper) and have limited risk. I have swtiched a bit form fx to options recently and only puts as markets drops 10 times faster than they go up .

for example dxd oct 26 calls were only 1,75 not to long ago , they are up almost 200% in 3 short weeks , if dxd hits 31 target the options trade would be have 400% profit. ...but risk was limited...
Yeah but don't those puts have an expiry date? Makes them HIGH risk...

I had a little look at those options but have never found something like forex where it is possible to make a living from consistant trading! Hoping I will one day be one of the guys who do!

EDIT: SEE YOU ARE FUND MANAGER, EXPLAINS YOUR KNOWLEDGE OF FINANCIAL INSTRUMENTS!

PS this is moving quicker than I thought, extending my TP to below 5400, not sure where yet. Maybe just move my s/l... UP 30 now
@pawpaw1000 on Twitter
  • #248,388
  • Aug 24, 2010 2:37pm Aug 24, 2010 2:37pm
Quoting malcolmb14
watch that daily overhead resistance just 15pip above us
Trying to figure out what resistance you are talking about. When you get a minute could you please point me in the right direction where I can see it myself. Thanks in advance!
  • #248,389
  • Aug 24, 2010 2:40pm Aug 24, 2010 2:40pm
i think 1.5380 is holding out as a good resistance point for the time being, my earlier long from this area gave me 60 pips profit, then i went to sleep for some time

during europe session if it does not break this level then we might see some action, i can be wrong
  • #248,390
  • Aug 24, 2010 2:42pm Aug 24, 2010 2:42pm
but some how i still think the 38.2% retrace of the whoe move is still possible to target 5300 area
  • #248,391
  • Edited 3:22pm Aug 24, 2010 2:53pm | Edited 3:22pm
Quoting bbakker
That brought a smile to my face this morning!

If I were to go long, I would be looking at the following areas and these areas only based on the h4 chart -

1.5370-1.5345
1.5150-1.5123
1.4967-1.4947

But I am not looking to go long. My broker doesn't do hedging as I am already in short
Attached Image (click to enlarge)
Click to Enlarge Name: 100824_gu_h4.PNG Size: 39 KB


Here are my areas of interest on h4. I did not take the long as said, although it did spring up nicely when it made a double bottom. Once it breaks through areas mentioned in my previous post are areas of interest. A touch of the 200ma on h4 would be a sweet kiss down again Areas were tightened up on h1.

EDIT: Add the 200ma on d1 and we might bounce in here for a while...lol...who knows!
  • #248,392
  • Aug 24, 2010 2:54pm Aug 24, 2010 2:54pm
Attached Image (click to enlarge)
Click to Enlarge Name: profit.JPG Size: 132 KB
Trade what you see, Not what you think.
  • #248,393
  • Aug 24, 2010 3:04pm Aug 24, 2010 3:04pm
Quoting bbakker
Attachment

Here are my areas of interest on h4. I did not take the long as said, although it did spring up nicely when it made a double bottom. Once it breaks through areas mentioned in my previous post areas of interest. A touch of the 200ma on h4 would be a sweet kiss down again Areas were tightened up on h1.
I don't reckon we'll have any kissing tonight, looks like she is bolting for the exits! Stage, SOUTH! hoping to get out at todays low but very tempted to hold even longer!
@pawpaw1000 on Twitter
  • #248,394
  • Aug 24, 2010 3:08pm Aug 24, 2010 3:08pm
Quoting pawpaw1000
I don't reckon we'll have any kissing tonight, looks like she is bolting for the exits! Stage, SOUTH! hoping to get out at todays low but very tempted to hold even longer!
I am not saying it will be tonight. I am in no rush and it might not even happen, but I will stick a cheeky order in there. The risk/reward ratio is there for me
  • #248,395
  • Aug 24, 2010 3:13pm Aug 24, 2010 3:13pm
Quoting pawpaw1000
I don't reckon we'll have any kissing tonight, looks like she is bolting for the exits! Stage, SOUTH! hoping to get out at todays low but very tempted to hold even longer!
Price rejected at daily support...200EMA or well, a couple of pips below.

24SMA marks the resistance for the daily, so, fwiw, I am expecting this to be a consolidation area for the next couple days, perhaps into next week.

The current momo does favor the southside now, but until I see a Negative daily cross, I am not sold on much lower lows as of just yet.

All interm plays...Quick in dirty, continuations on the days will be my plan until I see a true Neg cross or until I see price cross back into positive territory.

August is typically a sell off month, but for how much more...that is the question.

Best of luck into the rest of the week Paw.
Attached Image (click to enlarge)
Click to Enlarge Name: consolidation.jpg Size: 84 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #248,396
  • Aug 24, 2010 3:17pm Aug 24, 2010 3:17pm
Quoting Magix
Price rejected at daily support...200EMA or well, a couple of pips below.

24SMA marks the resistance for the daily, so, fwiw, I am expecting this to be a consolidation area for the next couple days, perhaps into next week.

The current momo does favor the southside now, but until I see a Negative daily cross, I am not sold on much lower lows as of just yet.

All interm plays...Quick in dirty, continuations on the days will be my plan until I see a true Neg cross or until I see price cross back into positive territory.

August is typically a...
Thanks maix, have got +40 now and have put on a trailing stop and also put a t/p at todays lows...

Either way my risk is now zero and my possible gains are now +8% or +3%... so Let's see what happens.

MM baby, aaaaaaalllll theeeeee waaaaaay
@pawpaw1000 on Twitter
  • #248,397
  • Aug 24, 2010 3:17pm Aug 24, 2010 3:17pm
Quoting Magix
Price rejected at daily support...200EMA or well, a couple of pips below.

24SMA marks the resistance for the daily, so, fwiw, I am expecting this to be a consolidation area for the next couple days, perhaps into next week.

The current momo does favor the southside now, but until I see a Negative daily cross, I am not sold on much lower lows as of just yet.

All interm plays...Quick in dirty, continuations on the days will be my plan until I see a true Neg cross or until I see price cross back into positive territory.

August is typically a...
Love the MAgix mango!
  • #248,398
  • Aug 24, 2010 3:20pm Aug 24, 2010 3:20pm
Quoting bbakker
Love the MAgix mango!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #248,399
  • Aug 24, 2010 3:20pm Aug 24, 2010 3:20pm
Quoting pawpaw1000
Thanks maix, have got +40 now and have put on a trailing stop and also put a t/p at todays lows...

Either way my risk is now zero and my possible gains are now +8% or +3%... so Let's see what happens.

MM baby, aaaaaaalllll theeeeee waaaaaay
That's what we like to hear! MM rulez! I am sticking to my 1%
  • #248,400
  • Aug 24, 2010 3:33pm Aug 24, 2010 3:33pm
Quoting USD-Bear
Magix, this is my last message to you because it leads to nothing sense-full, after that you are in my ignore box.
Try to find where you asked me once about my ideas, you will not find it.
You are turning words, trying to impress somebody or to hide the stupidity in your attacks.
You are selective in your responses.
You are not impressing me with your closed mind, your 3 years of experience, your fixed trading-rules and the pity-full way of communicating.
Again the words you choose in personalizing me as someone with his head deep in...
One last thing here, especially on the ideas and ideals of target trading....
http://www.forexfactory.com/showpost...stcount=244616

When we last chatted, forcast targets based on my charts....the ???? are your targeted buy areas.
Again...Selling at support after 2 weeks of watching price fall...AT SUPPORT!

This is not my indication to buy, it is just my target to the south...from here...
**Shrugs Shoulders**

Who knows?

First chart, August 10th....
Second Chart, Current.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: doubles.jpg Size: 141 KB
Click to Enlarge Name: consolidation.jpg Size: 84 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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