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Cable Update (GBPUSD)

  • #278,641
  • May 9, 2011 4:21am May 9, 2011 4:21am
Quoting PhAnTi'
alpari,oanda,dukascopy (!!!!),activtrades
agreed, Ive used all of them and reckon dukoscopy the best - pain in arse to join, but thats cus theyre swiss and very security conscience - by far worth the hassle!!
"Millionaires don't use astrology, billionaires do"
  • #278,642
  • May 9, 2011 4:35am May 9, 2011 4:35am
Seems to be quite rangey today. From your post it seems you are still a newbie. The markets are quite unpredictable, you have to know the performance of your strategy, when you make a trade, know what your risk is, know the market conditions to your left.

Have an understanding of all different styles out there, ie scalping, short term, medium and long term. Find a strategy on FF, from a reputable trader, look at the popular threads. demo the strategy, follow the rules to the letter and all will become clear.

It is your responsibility at the end of the the day, the market cares for no one (will quite happily wipe your account in a matter of minutes, seconds even). Take responsibilty and learn more about you. Review your trades, did you follow the rules.

Everyone has winning/losing trades, its how you manage these determines your performance. Monitor how you perform. Dont jump between different systems, invest in books, read.

Good trading
PS: Take advice with a pinch of salt, trading is all about learning.
Enter Signature
  • #278,643
  • May 9, 2011 4:42am May 9, 2011 4:42am
au amigos!

the trend for today is down
  • #278,644
  • May 9, 2011 4:50am May 9, 2011 4:50am
Quoting 0rPhioZ
Anyone mind sharing ? Is it just me or do you also think that today is quite different from last Monday during NFP week? The movements are quite obvious for analysis. I ask this because I'm still evaluating my trading style. It works fine last month but I totally bit the dust during last NFP week.
don't forget it was bank holiday in the UK last Monday
  • #278,645
  • May 9, 2011 5:26am May 9, 2011 5:26am
Good morning everybiddlyboddy. Cable is still trading within the Asian range. For me, that indicates indecision. I was surprised that the poor house price figures didn't push down further. I suppose the house price figures in the USA are even worse. This isn't my favourite pair to trade at the moment because of this retracement, now sitting on daily support levels.
Gone to a better place
  • #278,646
  • May 9, 2011 5:39am May 9, 2011 5:39am
Some indecision if this candle hangs around here much more.

Sorry cant post chart.. Bugs Bunnie's got into my system..

hah...at the last minute..just you wait rabbit
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX GBP_USD (DFB).png Size: 12 KB
All systems of divination, like music itself,work through patterns.
  • #278,647
  • May 9, 2011 5:40am May 9, 2011 5:40am
Quoting chazzle
don't forget it was bank holiday in the UK last Monday
Still is for the unemployed...
All systems of divination, like music itself,work through patterns.
  • #278,648
  • May 9, 2011 5:55am May 9, 2011 5:55am
Quoting kaspopsicle
Still is for the unemployed...
- Good work , if you can get it
  • #278,649
  • May 9, 2011 6:01am May 9, 2011 6:01am
Quoting smikester
Good morning everybiddlyboddy. Cable is still trading within the Asian range. For me, that indicates indecision. I was surprised that the poor house price figures didn't push down further. I suppose the house price figures in the USA are even worse. This isn't my favourite pair to trade at the moment because of this retracement, now sitting on daily support levels.
well in my opinion , Greece is having huge debt problem in Eurozone and UK is one of the lenders too. Greece can't payback their debts which is worse than US economy for the moment. this news is making more sense to me for Euro, Cable, Aussie ,Kiwi (Commodity prices are going down too) Just nice , these are bearish news to me
{Promotion Removed}
  • #278,650
  • May 9, 2011 6:04am May 9, 2011 6:04am
Quoting chazzle
don't forget it was bank holiday in the UK last Monday
Thank you for reminding me, I did use my system to trade during such days to get a better picture of it. Now, we won't go anywhere for the moment. I have time to evaluate my system until market moves again.
  • #278,651
  • May 9, 2011 6:22am May 9, 2011 6:22am
Quoting 0rPhioZ
Thank you for reminding me, I did use my system to trade during such days to get a better picture of it. Now, we won't go anywhere for the moment. I have time to evaluate my system until market moves again.
Would you mind explaining how it works - if it's not Top Secret
  • #278,652
  • May 9, 2011 6:24am May 9, 2011 6:24am
nice sunny weather here.just waiting for the price to move a bit one way or the other.

for EU not only Greece is the problem I'm afraid but the whole E Union

I've been living in Greece and they only tell when they really have to about the problems.3 more countries like Greece are facing the same problems in the EU.

So....I would not buy the news about Greece bailing out of EU or about the massive problems.
That country is so corrupted that the EU drop should have happened a long time ago.

in the meanwhile


Inserted Video
  • #278,653
  • May 9, 2011 6:39am May 9, 2011 6:39am
Quoting chazzle
Would you mind explaining how it works - if it's not Top Secret
I have no problem to share it, since I only use trend lines and analyzing bar charts from several time frames (from M5 to Daily) to plot the movements. When it's ranging (This to me, can be indication for pullback or reversal), I will wait till it is confirmed then open position. If the current price is very close to DH / DL, I won't open any position except when I have bar chart and trend line confirmation. My TP depends on pullback or reversal signal and I don't always obey my SL - I can close it before it reaches if I spot some uncertainties. I have tried volume indicator but sometimes the reading can be different from my chart analysis so I decide to drop that. This system can only trades what I see so it can't make any predictions.
  • #278,654
  • May 9, 2011 6:49am May 9, 2011 6:49am
ahh so boring today. can we expect some big moves or just within the range of few pips after NY open?

oil going up, US stock up meaning - dollar down?
  • #278,655
  • May 9, 2011 7:01am May 9, 2011 7:01am
hi again

a very simple strategy to work with when in doubt

it's called breakout strategy

simple
you draw a drendline on your favorite time frame

as soon as the price brakes the trendline you have half confirmation

after brake the price needs a pullback as it uses all the gas to do the brake
when the price pullsback it should stop on the newly broken line
if the price falls under that line it's a no go for the brake

if the price rests on the line it means that was a true brake and the price will move forward.

for an easy drawing of the lines please find attached and idie.
Attached File(s)
File Type: mq4 Trendlines.mq4   10 KB | 294 downloads
  • #278,656
  • May 9, 2011 7:08am May 9, 2011 7:08am
hi again

so please find attached one screenshot

if price closes under the red trendline we need a retest of the line in the circled area

if the TL holds then we go down .it the TL does not hold the price then we will still move around

we might as well miss the entry if the price does not come back to the TL to retest it but normally it does.

same thing happens to the blue line if broken

now we are in a triangle

as soon as we brake up or down we will move some pips
Attached Image (click to enlarge)
Click to Enlarge Name: trendline.JPG Size: 174 KB
  • #278,657
  • Edited 7:39am May 9, 2011 7:20am | Edited 7:39am
Quoting chazzle
- Good work , if you can get it
Gush, i'm trying.


base appears to be forming at 320...H2o anyone.?
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX GBP_USD (DFB).png Size: 8 KB
All systems of divination, like music itself,work through patterns.
  • #278,658
  • May 9, 2011 7:25am May 9, 2011 7:25am
free fallin' ?
  • #278,659
  • May 9, 2011 7:43am May 9, 2011 7:43am
we just broke H1 TL
if ww close this hour under 1.6350 then we will see 1.6290 today
  • #278,660
  • May 9, 2011 7:45am May 9, 2011 7:45am
Quoting redbeben
hi again

so please find attached one screenshot

if price closes under the red trendline we need a retest of the line in the circled area

if the TL holds then we go down .it the TL does not hold the price then we will still move around

we might as well miss the entry if the price does not come back to the TL to retest it but normally it does.

same thing happens to the blue line if broken

now we are in a triangle

as soon as we brake up or down we will move some pips
Thank you for the indicator
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