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Cable Update (GBPUSD)

  • #250,661
  • Sep 2, 2010 9:56am Sep 2, 2010 9:56am
Quoting cloggie
Understanding and monitoring the bigger picture around you makes trading so much easier.
couldn't agree more.
  • #250,662
  • Sep 2, 2010 9:57am Sep 2, 2010 9:57am
u just trade an amount that wont make u have emotions or find a way not to have attachement to yur balance..my method is to simply get a minimum of 400 pips which sounds a lot but it nothing when trading large time frames..

good thing is minor fluctations have no bearing...

I admit this trade i am playing is very confident and this probably will be the trade that might set me back a bit..but everything i know about trading is telling me to buy here as this is a base to go up!

i believe i am trading without emotion and seeing the chart for what it is..long term postioning (time gonna tell)

Quoting cloggie
It is a major fault in your strategy that you need to address or else you will not make it in this business.

It is the small ones that kill you.
  • #250,663
  • Sep 2, 2010 9:57am Sep 2, 2010 9:57am
Quoting cloggie
It is a major fault in your strategy that you need to address or else you will not make it in this business.

It is the small ones that kill you.
cloggie, GU is heading north to what level?1.5400 or 1.5450?or even 1.5550??
yesterday was good, today is the best, tomorrow is amazing.....
  • #250,664
  • Sep 2, 2010 9:58am Sep 2, 2010 9:58am
Quoting danielabas
cloggie, GU is heading north to what level?1.5400 or 1.5450?or even 1.5550??

GU is not going anywhere while she is glued to the support here and with NFP tomorrow, only thing to trade right now are shorter TF scalps until H1/H4 has confirmed a direction. Expect it to sit in a tight range of roughly 50-80 pips for a few hours.
  • #250,665
  • Sep 2, 2010 10:02am Sep 2, 2010 10:02am
Quoting HowieTrader
I still see the bullish momentum here, even though the pair was stopped and forced to fallback after testing 200EMA in 4H TF... If we look down to 30m TF, the pair is still traded above 200EMA, suggesting, the news effect is not everlasting, thus it's just the matter of time for the pair to resume the upward movement...

That's just my 2 cents, again, I'm off the market now, no position taken, yet I have booked some money before this post...
hello and good day,

i am a noob and am hoping you can help explain to me how to know the trend for any given day when i turn on my computer and start my charts. that way i will know which direction to look for entries.
thanks in anticipation of your valued help

lechidi
  • #250,666
  • Sep 2, 2010 10:03am Sep 2, 2010 10:03am
projected target is 1.6 - then 1.64 (this is not a trade call but just for analysis purposes and learning)

not quite a dark cloud on monthly, weekly shaping up very well so far
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  • #250,667
  • Sep 2, 2010 10:04am Sep 2, 2010 10:04am
Quoting cloggie
You need to look at the bigger picture and don't get hung up on one number, China, AUS and the US reporting good numbers, yes ADP was down, however within the report the planned layoffs were also down, so in effect it was not all bad news. Right now you are still seeing oil and heating oil rising even though inventories have gone up, that also signals economic improvement, more manufacturing, more demand for oil and heating oil, price continues to rise, with all of that risk is moving from the dollar to equities so the dollar drops, cable and fibre...
dear Cloggie,
hello and good day,

i am a noob and am hoping you can help explain to me how to know the trend for any given day when i turn on my computer and start my charts. that way i will know which direction to look for entries.
thanks in anticipation of your valued help

lechidi http://cdn.forexfactory.com/images/misc/progress.gif http://cdn.forexfactory.com/images/buttons/edit.gif
  • #250,668
  • Sep 2, 2010 10:06am Sep 2, 2010 10:06am
Quoting nAVIN2007
projected target is 1.6 - then 1.64 (this is not a trade call but just for analysis purposes and learning)

not quite a dark cloud on monthly, weekly shaping up very well so far

Not meaning to upset the apple cart, but a dark cloud is a bearish pattern. And that bearish engulfing with tweezer tops on the weekly with the collapsing doji rejection is not doing you any favours either.
  • #250,669
  • Sep 2, 2010 10:08am Sep 2, 2010 10:08am
Quoting wormboy
it sure is

guy ritchie make good movies. Another one i enjoy is "lock stock & two smoking barrels".
Later Mag, take care
LOVE Lock Stock!
  • #250,670
  • Sep 2, 2010 10:09am Sep 2, 2010 10:09am
Quoting cloggie
GU is not going anywhere while she is glued to the support here and with NFP tomorrow, only thing to trade right now are shorter TF scalps until H1/H4 has confirmed a direction. Expect it to sit in a tight range of roughly 50-80 pips for a few hours.
yeah i agree with you,i don't dare opening position right now, the triangle really makes me sick......
Attached Image (click to enlarge)
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yesterday was good, today is the best, tomorrow is amazing.....
  • #250,671
  • Sep 2, 2010 10:09am Sep 2, 2010 10:09am
Quoting cloggie
Not meaning to upset the apple cart, but a dark cloud is a bearish pattern. And that bearish engulfing with tweezer tops on the weekly with the doji rejection is not doing you any favours either.
yeah i know dark cloud type formation isnt quite correct hence the up!..the close isnt to my education quite low enough on the monthly..the tweezer to me indicate a smaller range, shows indecision with downward direction..slowing up on support and if u look back on monthly..this area was so significant in the past that price bounced of it and saw all time highs..i call this a high probability trade imho..but anything is possible and when market proves me wrong i will gracefully accept
  • #250,672
  • Sep 2, 2010 10:10am Sep 2, 2010 10:10am
Quoting Bull_Bear

GM, yoga has been off my agenda for abt a month now gotta get back into it.
that's right bro...never neglect them...as they say true enlightenment
comes only with your tantra....errrr....I mean..."yoga" exercises...
Hear the music before the song is over ...
  • #250,673
  • Sep 2, 2010 10:14am Sep 2, 2010 10:14am
Quoting Astroman
Help me out here.

What is exactly is the bigger picture?

Thanks.

The fundies, the larger TF's, the correlated pairs, commodities, equities, T-bills, ETF's, indices, futures, M2/3 money supplies, and the list goes on.

Cable does not live in a vacuum, it can't, it reacts based on external influences and the more you are aware of the externals, the easier it is to trade.

Know why she moves, Sterling strength or Dollar weakness is a good start. Then find the correlation and the obvious SR's then just trade one side of the pair.

When I take a trade, I do so on either the weakness or strength of half the pair based on everything else out there, and I judge the interaction with the SR levels as they come.

On most days the dollar is the driver, today sterling was, at least for most of it.
  • #250,674
  • Sep 2, 2010 10:18am Sep 2, 2010 10:18am
Anyone else watching the build up of IB's on the GBP/JPY?
  • #250,675
  • Sep 2, 2010 10:20am Sep 2, 2010 10:20am
Quoting cloggie
NFP is going to be a big one tomorrow, it is an early indicator to see where the economy is going ...
No.

Employment is a lagging indicator in a recovery.
  • #250,676
  • Sep 2, 2010 10:21am Sep 2, 2010 10:21am
Quoting cloggie
The fundies, the larger TF's, the correlated pairs, commodities, equities, T-bills, ETF's, indices, futures, M2/3 money supplies, and the list goes on.

Cable does not live in a vacuum, it can't, it reacts based on external influences and the more you are aware of the externals, the easier it is to trade.

Know why she moves, Sterling strength or Dollar weakness is a good start. Then find the correlation and the obvious SR's then just trade one side of the pair.

When I take a trade, I do so on either the weakness or strength of half the pair...
Cloggstown University... ongoing continuing education classes held here daily.

Dr. D.
  • #250,677
  • Sep 2, 2010 10:21am Sep 2, 2010 10:21am
Quoting Astroman
No.

Employment is a lagging indicator in a recovery.

No, it is a leader when it comes to equities, think about it, less unemployed means more disposable income, so demand for domestic production would increase, so equity prices would rise, and as I am a trader and not an economist, I really don't care what happens to the economy, just what happens to prices of the things I can trade.

If inflation would go to 50% and half the population would be unemployed, I just look at how I can translate that to prices, not to the economy as a whole.

I would welcome a NFP stating that 10million more are now unemployed, imagine the money that one could make......

I would love to see 3 consecutive NFP of 10 mill+, a couple of GDP's of -10, do I care what it does to the economy? No, not really, just how it affects the price.

Trading is a cruel business, we make money on the misery of others. Especially so in FX as you always trade one of the other.

The greater the misery, the greater the profit potential. If all economies were in sync, and there was no inflation and no unemployment, most of us would have to get an honest job instead.
  • #250,678
  • Sep 2, 2010 10:25am Sep 2, 2010 10:25am
Quoting Astroman
No.

Employment is a lagging indicator in a recovery.
No entirely true.

Whilst lagging in one respect, employment data does provide distinct clues to the strength of the consumer, and their ability and willingness to spend in the months ahead. Don't forget, the consumer accounts for roughly 2/3 of the US economy.
  • #250,679
  • Sep 2, 2010 10:27am Sep 2, 2010 10:27am
good to see you still have trading classes open... i was out of trading for almost a month........ well back in action as of today no positions open ....range going on that good. tommorow clear direction


how about m5 chart please post one
We cannot direct the winds but we can adjust our sail.
  • #250,680
  • Sep 2, 2010 10:28am Sep 2, 2010 10:28am
Quoting gammase1
No entirely true.

Whilst lagging in one respect, employment data does provide distinct clues to the strength of the consumer, and their ability and willingness to spend in the months ahead. Don't forget, the consumer accounts for roughly 2/3 of the US economy.
hi paul from a fundy point of view..u think pound is going up or down?
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