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Cable Update (GBPUSD)

  • #255,921
  • Sep 24, 2010 12:15pm Sep 24, 2010 12:15pm
Quoting cloggie
It is not just a lack of patience that keeps most traders from becoming succesful, it is also a skewed view of expectation that keeps most traders from making it, instead of focusing on the 40+ pip moves and setups most retail traders here keep fighting for every pip.

I keep rehashing it, but not being in a trade actually is a trade and until the traders here get that, they won't survive this business.
Agree, sometimes I have to wait an entire day for my set up to come into play.
  • #255,922
  • Sep 24, 2010 12:15pm Sep 24, 2010 12:15pm
I have to go. Everyone have a great weekend.
  • #255,923
  • Sep 24, 2010 12:15pm Sep 24, 2010 12:15pm
Quoting cloggie
It is not just a lack of patience that keeps most traders from becoming succesful, it is also a skewed view of expectation that keeps most traders from making it, instead of focusing on the 40+ pip moves and setups most retail traders here keep fighting for every pip.

I keep rehashing it, but not being in a trade actually is a trade and until the traders here get that, they won't survive this business.
i cannot think of anything else that is more significant than a bearish candle spanning 5 pips in the 1m chart to look for reversal..
  • #255,924
  • Sep 24, 2010 12:17pm Sep 24, 2010 12:17pm
Break or retrace..
next week will be more interesting

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g.

Happy week end to all..
  • #255,925
  • Sep 24, 2010 12:17pm Sep 24, 2010 12:17pm
Quoting A-speculator
i cannot think of anything else that is more significant than a bearish candle spanning 5 pips in the 1m chart to look for reversal..

Nah, the doji is the key.
  • #255,926
  • Sep 24, 2010 12:18pm Sep 24, 2010 12:18pm
Quoting cloggie
It is not just a lack of patience that keeps most traders from becoming succesful, it is also a skewed view of expectation that keeps most traders from making it, instead of focusing on the 40+ pip moves and setups most retail traders here keep fighting for every pip.

I keep rehashing it, but not being in a trade actually is a trade and until the traders here get that, they won't survive this business.
Evening Cloggie,

where have you been all week? we've missed your wise words !!

Hope all is well.

I am nearing the end of my second month trading based on a system you gave me / us, I have been reasonable consistent and and successful with it and am considering moving to a micro account, do you think it's too early? should I trial it for longer?

Rob.
  • #255,927
  • Sep 24, 2010 12:20pm Sep 24, 2010 12:20pm
Quoting PipChick
Agree, sometimes I have to wait an entire day for my set up to come into play.

That is the advantage that full time traders like us have, we can afford to sit all day and wait for a setup, for a part time retail trader that can only trade a few hours a day, the pressure is high to trade any mediocre setup that comes along.

Most retail traders are hobby traders purely due to lack of time and patience.
  • #255,928
  • Sep 24, 2010 12:23pm Sep 24, 2010 12:23pm
Quoting Dayboy001
Evening Cloggie,

where have you been all week? we've missed your wise words !!

Hope all is well.

I am nearing the end of my second month trading based on a system you gave me / us, I have been reasonable consistent and and successful with it and am considering moving to a micro account, do you think it's too early? should I trial it for longer?

Rob.

I can't answer that question for you, it is entirely dependant on your personal circumstances.

When I work on a new setup to trial, I tend to demo it for 6 months then open a mini account for another 6 month trial live before I even contemplate adding it to my main account. Even after the 12 month trial period I sometimes discount it entirely and start working on another setup. I never consider a setup that has worked for 2 months on demo something I would put my money on.
  • #255,929
  • Sep 24, 2010 12:24pm Sep 24, 2010 12:24pm
Quoting PipChick
Yes, I adjust the fibs accd to the most recent swing lo to hi. See chart.
Thanks again and have a great weekend.
Today's zone = Tomorrow's opportunity!
  • #255,930
  • Sep 24, 2010 12:26pm Sep 24, 2010 12:26pm
This is take on gu,

clearly can be seen that gu has shown reversal signs in the weekly (several dojis right up to 38%fibo). I think we are in wave 3 which might end at about 1.7 area which is the extension of fibo 161%.

From the daily, we can clearly see the price was unable to break the support due to several days of consolidation period.

if it ever retrace, the price that interest me is at the breakout of the 4h triangle to place for long entry.

happy pippin'
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  • #255,931
  • Edited 5:17pm Sep 24, 2010 1:23pm | Edited 5:17pm
  •  samirb
  • | Joined Nov 2009 | Status: Investing is simple, but not easy. | 247 Posts
hello everyone

i hope everyone enjoyed the ride..
watch out for the last hour before close

An event that occurs when the contracts for stock index futures, stock index options and stock options all expire on the same day. Triple witching days happen four times a year on the third Friday of March, June, September and December.

This phenomenon is sometimes referred to as "freaky Friday".

The final trading hour for that Friday is the hour known as triple witching. The markets are quite volatile in this final hour, as traders quickly offset their option/futures orders before the closing bell. If you are a long-term investor, triple witching will have a minimal impact on you.

Good luck

Regards
  • #255,932
  • Sep 24, 2010 1:26pm Sep 24, 2010 1:26pm
Quoting samirb
hello everyone

i hope everyone...
Most traders here are out by a few pips or so, you are only out by a week, ah well carry on.
  • #255,933
  • Sep 24, 2010 1:29pm Sep 24, 2010 1:29pm
Have no Idea how my s/l got hit at 58433 but it did. As far as I can see price only reached 5842???

Pisses me off!
@pawpaw1000 on Twitter
  • #255,934
  • Sep 24, 2010 1:29pm Sep 24, 2010 1:29pm
Quoting cloggie
This is just a PR exercise, Congress wants to show the general populous that they are attacking what they see as the root evil of further economic growth, it has nothing to do with their own domestic policies or lack thereof of course...

China is not going to increase the value of their currency, that would be economic suicide at this point, the US is talking about QE and so is the ECB and BOJ, the last thing China wants to do is increase the value of their currency, it would mean that there is less capital available within China to grow their...
I have read over your post sometimes now, while reading other things aswell trying to understand this situation.
What do you mean by "Pegging to the dollar" ?
Thanks alot for your help
  • #255,935
  • Sep 24, 2010 1:30pm Sep 24, 2010 1:30pm
Quoting pawpaw1000
Have no Idea how my s/l got hit at 58433 but it did. As far as I can see price only reached 5842???

Pisses me off!
My broker was only at 1.5841 so I think you should contact them and get a refund.
  • #255,936
  • Sep 24, 2010 1:31pm Sep 24, 2010 1:31pm
Quoting cloggie
That is the advantage that full time traders like us have, we can afford to sit all day and wait for a setup, for a part time retail trader that can only trade a few hours a day, the pressure is high to trade any mediocre setup that comes along.

Most retail traders are hobby traders purely due to lack of time and patience.
Agreed... and thats where my problem comes in!

Good to hear ya again Cloggs...
@pawpaw1000 on Twitter
  • #255,937
  • Sep 24, 2010 1:32pm Sep 24, 2010 1:32pm
Quoting samirb
hello everyone

i hope everyone enjoyed the ride..
watch out for the last hour before close

An event that occurs when the contracts for stock index futures, stock index options and stock options all expire on the same day. Triple witching days happen four times a year on the third Friday of March, June, September and December.

This phenomenon is sometimes referred to as "freaky Friday".

The final trading hour for that Friday is the hour known as triple witching. The markets are quite volatile in this final hour, as traders quickly...
So what you are saying.. That it might be a selloff at this hour ?
  • #255,938
  • Sep 24, 2010 1:33pm Sep 24, 2010 1:33pm
Quoting Sunsi
So what you are saying.. That it might be a selloff at this hour ?

No.
  • #255,939
  • Sep 24, 2010 1:35pm Sep 24, 2010 1:35pm
Quoting cloggie
No.
Guess I didn`t quite get what he said then.
If you have time to explain it would be great!
  • #255,940
  • Sep 24, 2010 1:35pm Sep 24, 2010 1:35pm
Quoting Sunsi
I have read over your post sometimes now, while reading other things aswell trying to understand this situation.
What do you mean by "Pegging to the dollar" ?
Thanks alot for your help

The Renminbi is not free floating, it is pegged to the dollar.
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