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Cable Update (GBPUSD)

  • #257,861
  • Oct 1, 2010 8:06am Oct 1, 2010 8:06am
im not very good drawing a trenline..is this the correct way to draw it?

Bull Flag?
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  • #257,862
  • Oct 1, 2010 8:07am Oct 1, 2010 8:07am
This forum never cease to amuse me. Always seeing people opening position just before news. Some of you guys are either on drugs or demo accounts.
  • #257,863
  • Oct 1, 2010 8:10am Oct 1, 2010 8:10am
started to scale in to a long@15810-looking for 15780 to hold
  • #257,864
  • Oct 1, 2010 8:11am Oct 1, 2010 8:11am
Quoting cloggie
Personal Income news US.
its so damed strange! good US news,GBP rally! bad US news,GBP also rally!! so what else will US dollar rally then???
  • #257,865
  • Oct 1, 2010 8:12am Oct 1, 2010 8:12am
Quoting cloggie
You can't use a blanket stop loss for each and every trade, SL's are just as important as your entries and just slapping on a 30 pip stop without looking at the bigger picture is a bit silly.

Either use pivot's, SR's or fib levels to find your stops, alternatively use the intermediate swings on M5/15 if you are an intra day trader or M30/H1 if you hold trades over night, H4/daily if you are a position trader.

As a trader, don't just focus on your entries, that is only 5% of your trading, stops, TP's, TS's, scaling in and out, taking partials,...
Cloggie - Thank you - valid points!

I trade using M15 chart. Daytime. Never hold anything overnight.

30 Stop loss is maybe a bad habit. This is my first week where I made no profit (I did but it got wiped out).

I always read your advice that you post on here. I'm new but have been consistant with morning trading only.

Your very experienced - I'm new, so will make all the mistakes before I get better...lol. I read your posts, to help avoid bad trades.

Bad trades will always happen though!

I'll be more practicle with stop loss next and take a look at the bigger picture.

Thanks Cloggie - any advice always appreciated
  • #257,866
  • Oct 1, 2010 8:15am Oct 1, 2010 8:15am
Quoting trending
This forum never cease to amuse me. Always seeing people opening position just before news. Some of you guys are either on drugs or demo accounts.
My position was opened at 11:50. Should probably have taken 20 when I could before the news but if I had it would have dropped like a rock.

What is the recommended action in such a situation...always close out before news, widen stop or move to B/E like I did?

Cheers
  • #257,867
  • Oct 1, 2010 8:16am Oct 1, 2010 8:16am
?
Quoting priceaction
15 min chart.
Long Bearish OB, then IB.
15 min Keltners down
Look at the big picture too.
Good short op.
Attached Image
not euphoria follower
  • #257,868
  • Edited 8:24am Oct 1, 2010 8:22am | Edited 8:24am
bull flag on H1..
Cloggie .... your view?
...thanks
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... feel better day by day.
  • #257,869
  • Oct 1, 2010 8:25am Oct 1, 2010 8:25am
Quoting chazzle
started to scale in to a long@15810-looking for 15780 to hold
closing for 14-expecting price to come closer to 200 ema 15m before it goes back up
  • #257,870
  • Oct 1, 2010 8:29am Oct 1, 2010 8:29am
Quoting chazzle
closing for 14-expecting price to come closer to 200 ema 15m before it goes back up
Personaly I think it will have a hard time to break the trendlinecross and the 2 fib lines.
this 1h close will be a dood indicator. PA starting to look bullish on 30min - 1h Timeframe
I am long from 1.5810 myself.
  • #257,871
  • Oct 1, 2010 8:30am Oct 1, 2010 8:30am
Quoting fxking
its so damed strange! good US news,GBP rally! bad US news,GBP also rally!! so what else will US dollar rally then???
What is so strange about it ?
This is forex. They like to mess with ur mind!...
  • #257,872
  • Edited 8:36am Oct 1, 2010 8:35am | Edited 8:36am
I'm long biased
1 position 15 pips underwater atm.
TP 1.5910
SL 1.5839 - 6 pips under 38.2 today's upmove 5714-5871

... feel better day by day.
  • #257,873
  • Oct 1, 2010 8:43am Oct 1, 2010 8:43am
Quoting zoom
I'm long biased
1 position 15 pips underwater atm.
TP 1.5910
SL 1.5839 - 6 pips under 38.2 today's upmove 5714-5871

SL 15809?
  • #257,874
  • Oct 1, 2010 8:43am Oct 1, 2010 8:43am
We are still within the same levels I posted this morning, 5808 and 5838, both of which are key here for a further move. 5838 leads the way to 5868, however it has been protected for 3 hours and I am not going to anticipate that one. The more likely scenario to play out here is 5808 going for 5777 and the DP, I will trade them when they come along.
  • #257,875
  • Oct 1, 2010 8:44am Oct 1, 2010 8:44am
=====
Quoting zoom
I'm long biased
1 position 15 pips underwater atm.
TP 1.5910
SL 1.5839 - 6 pips under 38.2 today's upmove 5714-5871

Attached Image
not euphoria follower
  • #257,876
  • Oct 1, 2010 8:44am Oct 1, 2010 8:44am
Quoting chazzle
SL 15809?

5809 is a perfect choice for intra day scalps here, it was the key for the move up and will be the key for the move down, thereby invalidating his long.

That is what I call a properly researched SL. I may have moved it down a pip or 2, but his thinking is solid.

Now whether his strategy for a long is solid is another topic all together, see my earlier post.
  • #257,877
  • Oct 1, 2010 8:47am Oct 1, 2010 8:47am
Quoting chazzle
SL 15809?
58029 sorry

I need the worst US news possibble


17:00 USD
ISM Manufacturing PMI
http://cdn.forexfactory.com/images/m...etail_star.gif
54.656.3
http://cdn.forexfactory.com/images/misc/viewchart.gif

good luck!
... feel better day by day.
  • #257,878
  • Oct 1, 2010 8:48am Oct 1, 2010 8:48am
Quoting Sutts
My position was opened at 11:50. Should probably have taken 20 when I could before the news but if I had it would have dropped like a rock.

What is the recommended action in such a situation...always close out before news, widen stop or move to B/E like I did?

Cheers
The point is you need to know what you are doing. Your strategy must at the very least provide for scheduled news event.
  • #257,879
  • Oct 1, 2010 8:49am Oct 1, 2010 8:49am
Quoting cloggie
5809 is a perfect choice for intra day scalps here, it was the key for the move up and will be the key for the move down, thereby invalidating his long.

That is what I call a properly researched SL. I may have moved it down a pip or 2, but his thinking is solid.

Now whether his strategy for a long is solid is another topic all together, see my earlier post.
No,I'm not contesting that-I think he made a typo and put 15839,I was trying to guess what number he actually meant by putting 15809
  • #257,880
  • Oct 1, 2010 8:49am Oct 1, 2010 8:49am
Quoting cloggie
5809 is a perfect choice for intra day scalps here, it was the key for the move up and will be the key for the move down, thereby invalidating his long.

That is what I call a properly researched SL. I may have moved it down a pip or 2, but his thinking is solid.

Now whether his strategy for a long is solid is another topic all together, see my earlier post.
thank you, master!
SL 58029 ... wrong writting

... feel better day by day.
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