Cable Update (GBPUSD)

maybe one day i will start posting whole my trades...

I have a full-time job and I am lucky I can trade at work, but it has become a big issue for some of my colleagues, so I have been asked to go to a meeting room anytime I need to look at my charts. Hence, I do not post many charts either these days except when I am at home in the evening.

When I joined FF nearly 20 months ago, about the time I started to trade, I made this thread my home, met some great people on here and excellent traders too. I could not trade for shit when I first started out, but I learned a lot from many different traders on this thread.

However, I still decided to get myself some Forex education and I joined OTA where Sam Seiden is the director of education. That was back in June 2010 and since then I have also discovered other traders on FF that trade the same way, so I drifted away from this thread due to the different styles of trading and joined a group who all look at the same thing and trade the same way. If you can find people that trade the same way as you do and look at the same things, it is best to stick with this group as you will learn from each other.

The time is coming soon to focus on my trading and I will no longer partake in FF as I will be going part-time at work, so that I can focus on my trading. Consistency is the name of the game and this is something that I have acquired over the last 6 months with about 4000 hours of screen time to really understand and learn price action. I am still learning and the market is always evolving so I think I will continue to learn. Certainly I shall remain a student of the market forever!

I started in the GU thread, so I thought I would finish my time on FF in the GU thread and share some of my trading knowledge that I have acquired during my time on FF and with OTA through some of my trades on GU. I do tend to trade EU more than GU, but I still hold GU close to my heart as I live in the UK.

All good things eventually come to an end and so will my time on FF. I am not quite there yet, but I am not far off.

if anyone interested...
www.plus500.it gives 25€ free for new accounts
they sent me a mail today

Hey M! Talk about ears burning. Just discussing how I drifted away from this thread and joined a group of tossers who all look at the same thing and trade the same way and then the biggest tosser of them all turns up!

Emene is a great trader people. Read his posts and look at his attachments. You will learn a lot from this tosser!

Great guy, amazing trader, very funny and he has definitely lost the plot!

Comments welcome PUNTERS

I am here to learn and to be perfect

Hey BB!

Two lots of three words... practice and time / keep it simple!

Practice makes perfect. There is no substitute for screen time, you have to put the hours in and you will learn because price has a funny way of repeating itself.

These days, I see it, it meets my criteria, I take it. Trading is like driving a car. When you first start out, you have to think about everything... turning the wheel, changing gears, braking, etc, but after many hours of practice it becomes second nature, BUT if you have bad habits, like in driving where you fail to indicate or you take the eye of the road, you will have an accident, sooner or later. Trading or learning to trade is exactly the same.

Sometimes, I wait for confirmation, other times I just take it because of the price action I see and tell myself, I have seen this before, I am taking this without confirmation.

Don't get me wrong, as I still get it wrong sometimes, but then I cut my losses short or I firefight, a strategy I do not advocate. However, I do have rules in place and this strategy does require baby-sitting the trade 24x7 because you have to watch price action. It is all about getting out of the trade with a small loss, BE or even a small profit, but if it goes all Pete Tong, you have to pull the plug and this can really hurt your bottom line. Some people call it scaling in at specific points, but for me, I see it as fire-fighting, because you got the first entry wrong. It is also a strategy that can be psychologically damaging. Luckily I do not have to deploy the strategy very often these days and I always, always have a hard stop because if you don't, it will turn into an account buster. You must draw the line in the sand and protect your bottom line. I never let a trade go over triple digit (100+) pips against me, but that is just one of my rules. The market has clearly told me I got it wrong and I will accept the loss, however bad it is. If you keep having to deploy this strategy or a similar strategy there is something wrong and you need to look at the first entry again and why you keep getting it wrong. Money management is key here and never expose yourself too much that Mr Margin Call is only around the corner.

However, I must state it again, this strategy can damage your account and your psychology and hence I cannot advocate it. Tread very carefully if you decide to employ this or a similar strategy!

Make sure you are taught the right way (buy low (wholesale prices), sell high (retail prices), sell at resistance (supply), buy at support (demand), HH, HL, LH, LL, bullish engulfing, bearish engulfing and be wary of pin bars because are they rejection or consumption?) and then stick to it and don't take your eyes of the road! Trade with the immediate trend but always keep an eye on the higher timeframes because they are KING!

Focus on the good trades but also learn from the bad trades, why it was a bad trade and learn to avoid it in the future. Then focus on the good trades again and try to repeat them. Focusing on the good is also better for the psychology, but you must also learn from your mistakes.

I have also learned that the key to trading is not to focus on the money, but focus on the trading and get your trade safe or at least reduce the risk. Trading is risk management, nothing more, nothing less.

There are many different ways of trading as there are many different ways to skin a cat. Over time you will find the timeframes and the trading style based on price action that suits you.

Finally persistance... never give up! I know and you know that you are on the right path, but with anything in life, it takes time to learn. Successful trading does not happen overnight, but takes many hours, days, weeks, months, maybe even years before you trade in a consistent and profitable way!

Ermmm, I think that was more than two lots of three words, but hopefully these words will give you inspiration.

GBPUSD quite interesting on 1hr tf ,a bullish flag may be forming ,wud be valid if it breaks to the north

Perfection does not exist in the markets, there is no such thing!

Yes, I think we will visit this price level and probably higher. The question you need to ask is when the market will look to test this. Tomorrow, Thursday, Friday, next week?

I think 1.56 is a good level to attack this price level you have drawn on your chart, even though I don't like the demand area from this level, it was previous resistance and again it is a big round number.

Spacetec has posted a nice chart that shows how price will attack this level.

2x 4hr rejections? Will step aside till i see some direction.

sell @ 1.56326

wow!

beautiful short

time4h:
shooting+doji + HD
pollback

Here is my daily GU chart with my swing trade on it. (I have different trading accounts)



You could say I have hedged my trade, but it is a positive hedge because I have locked in profit. I have seen traders execute negative hedges where they have locked in a loss and I see no point in doing this at all. It basically shows that the trader is unsure of price direction whereas just reading the charts gives you all you need. The clues are there!

KennyZ is the master of positive hedges and his thread is an excellent read and study his charts people!

Daily shows we have just retraced back to the bearish engulfing formation and therefore the short was a no brainer. Picking the exact entry was not easy, but I can't deny that I nailed that one!

Now see the bullish engulfing formation on the daily...buyers are waiting there and this is a great place for a buy. It would also mean that price will make a higher low here, which would be a good bullish sign for price to get back to the 1.6x because there are not many good supply areas as one can see on the chart AND this is also weekly demand. Remember... weekly/monthly timeframes are KING!

Price could stay bullish and we might not even make it down back to this daily demand level, so constant analysis of ALL markets are important. For example, look a the S&P price movements today... steady climb and then in the last hour it dropped like a stone. S&P is in a big range, plenty of ticks to be made by playing the range!

That's it for me today. I wish you all success with your trading!

http://www.forexfactory.com/showthre...316631&page=17

very interesting way to trade ,learning supply and demand zones with using fibs to guide swing points ,found it useful if anyone is interested check it out

Please note that the bullish engulfing can be misleading because the bearish candle was created on Sunday and therefore not a whole trading day! Just be wary of those Sunday candles on your chart!

LOL... I just blew my own chart apart!

Anyway, time for bed as I am up in less than 6 hours ready for the Frankie session. I doubt Asia will take my short out, but never say never and at least it is at BE. See what Frankie and LO do before I make decisions on how to play out my trades. It has been a bullish start so far and it could well continue. I will be back tomorrow evening to see how the day's play went.

Wishing all success with their trading!

Great post.
Thank you for sharing and caring to the cable thread, its my home too.

Just curious, is that BB's pin on your avatar ?

Regards,

Very well written post.......enjoyed reading it. All the best as you continue on your path.

Cheers,

Faller

Posting my 3 charts from today.....showing how I described where price action will go............the fourth chart is current and showing the follow through. Go back to my earlier posts to see these charts as well.

Enjoy and comments are welcome.

Faller.

50 fib