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Cable Update (GBPUSD)

  • #299,721
  • Feb 2, 2012 5:00am Feb 2, 2012 5:00am
Quoting Raaz
Hello there. I am new to forex trading and would appreciate if somebody could guide me with my trades or atleast share useful info as to when one should place a trading because all these ups n downs are really confusing
i had this confusion 2 years when jump from indicators to another indicator .....

you must need anther income, don't try to become full time trader in starting time.
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  • #299,722
  • Feb 2, 2012 5:14am Feb 2, 2012 5:14am
Quoting Raaz
Hello there. I am new to forex trading and would appreciate if somebody could guide me with my trades or atleast share useful info as to when one should place a trading because all these ups n downs are really confusing
hello,
dont trade until next week!!
let market setup and show next direction!!
about gu we are in supply area, but not yet reversing down.
but also not going up!

be patient and trade clear things!

not because you are new! im trading since 3yrs (newbie also me...) and sincerely today i see no reasons to pick a trade. scalping always excluded

imo, today trade with a demo account
90% of traders use TA, indicators and prediction
  • #299,723
  • Feb 2, 2012 5:30am Feb 2, 2012 5:30am
Quoting Raaz
Hello there. I am new to forex trading and would appreciate if somebody could guide me with my trades or atleast share useful info as to when one should place a trading because all these ups n downs are really confusing
I would stay stick to the euro it has a smaller spread, and you will be able to get more trades where you can quickly get you stop to break even. Even after over 7yrs of looking at charts they remain confusing most of the time. You will learn high probability setups that make you money consistently and you'll learn the bad entries where you go into drawdown straight away and never get the chance to get out at breakeven. And once you have learnt those you will have blown up at least a couple of accounts. This game is rigged and unfortunately experience is the only way to learn to make risk/reward pay.

Unsurprisingly cable consolidating ahead of NFP. If it continues this way will meet the trendline for another burst North or reverse and head south. Seems like Friday going to be whippy, definitely not a day for newbies on a live account.
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  • #299,724
  • Feb 2, 2012 5:54am Feb 2, 2012 5:54am
Bernanke testifies 3 pm GMT could be a mover
  • #299,725
  • Feb 2, 2012 5:56am Feb 2, 2012 5:56am
Latest retail positioning over at oanda.
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  • #299,726
  • Feb 2, 2012 6:32am Feb 2, 2012 6:32am
Quoting Raaz
Hello there. I am new to forex trading and would appreciate if somebody could guide me with my trades or atleast share useful info as to when one should place a trading because all these ups n downs are really confusing
Hey Raaz,
I'm new here too. Been following these guys for a long time. A lot of very helpful knowledge here. I have been trading about 18 months now. Have blown 2 accounts in that time. Now working on set strategies on demo accounts. Only advise I can give is to trade demo and treat it as real money. Find a strategy you like and test it. When you think it works, test it some more.
  • #299,727
  • Feb 2, 2012 6:49am Feb 2, 2012 6:49am
Quoting Raaz
Hello there. I am new to forex trading and would appreciate if somebody could guide me with my trades or atleast share useful info as to when one should place a trading because all these ups n downs are really confusing
Hello there, It took me about 12 months of looking at charts everyday just to 'get it', I look at the weekly, daily, 12hr and 4hr, see which way the overall trend is going, see if its currently in a pullback, trade in that direction and use 5m, 15m and 30m for my entrys, I use fibs on all timeframes to give me a general idea when its gonna change direction or if its in a good solid move up or down. Trade with the trend, not against it.

Obviously theres many other factors to take into account aswell.

I've not traded this pair much this week, smashed the markets back doors in on the eur/usd and other pairs.
  • #299,728
  • Feb 2, 2012 7:25am Feb 2, 2012 7:25am
Quoting Raaz
Hello there. I am new to forex trading and would appreciate if somebody could guide me with my trades or atleast share useful info as to when one should place a trading because all these ups n downs are really confusing
If it goes up by 200 in a day trade sell, if it goes down 200 in a day buy.

Set your stop loss for 30 pips, set your take profit at +90 pips.

If it goes up or down by a further 100 (bear in mind your first trade would have been stopped out) set your stop for 50 pips and your take profit at 150 pips.

You won't lodge many trades, but you should end in profit over a period of time.
  • #299,729
  • Feb 2, 2012 7:33am Feb 2, 2012 7:33am
Quoting Pom-in-Oz
Hey Raaz,
I'm new here too. Been following these guys for a long time. A lot of very helpful knowledge here. I have been trading about 18 months now. Have blown 2 accounts in that time. Now working on set strategies on demo accounts. Only advise I can give is to trade demo and treat it as real money. Find a strategy you like and test it. When you think it works, test it some more.
World of difference between real and demo psychologically.

My advice:

Lodge a $1000 deposit in a micro account.

In your mind assume your start balance is $200 (the remainder is your "buffer"

Set an average daily profit of 0.6% (to run against your $200)

Start with trading 1 units.

Over 5 years you can calculate it up and you should have sufficient balance to cover any long runs of losses.

End of 5 years, you will have around $500k

As time goes on scale up your lot sizes

The system works based on earning about 20 pips per day (average)

Good Luck
  • #299,730
  • Feb 2, 2012 8:56am Feb 2, 2012 8:56am
Quoting FXConveyor
If it goes up by 200 in a day trade sell, if it goes down 200 in a day buy.

Set your stop loss for 30 pips, set your take profit at +90 pips.

If it goes up or down by a further 100 (bear in mind your first trade would have been stopped out) set your stop for 50 pips and your take profit at 150 pips.

You won't lodge many trades, but you should end in profit over a period of time.
sorry but i dont agree at this!
it is not the roulette where if red comes out 10 times you put money on green.
price can go down or up 200 pips x day for 20 years. and so every day you loose 50pips x day x 20 years.

if someone wants to start trade must learn what means trading a financial market. which involves to learn a lot of things, so before using money one must use a demo account and understand how fast you can burn money and how fast you can profits. the thing that divides trading from gambling is that in trading there is a reason of your loss or profit. if one understand that reason maybe one day will be a trader!
90% of traders use TA, indicators and prediction
  • #299,731
  • Feb 2, 2012 9:20am Feb 2, 2012 9:20am
say what you want,but it is gambling,some people use indicators to define their position others use news,economical factors,even horoscopes or any other crap that they can apply to trading,and only winners are brokers who make money for the spread or feed.The only thing you can control is your risk,because as you said none of the strategy is 100% guaranteed.
  • #299,732
  • Feb 2, 2012 10:20am Feb 2, 2012 10:20am
Quoting pinkiaiii
say what you want,but it is gambling,some people use indicators to define their position others use news,economical factors,even horoscopes or any other crap that they can apply to trading,and only winners are brokers who make money for the spread or feed.The only thing you can control is your risk,because as you said none of the strategy is 100% guaranteed.
I'm sorry, but I don't like when people call it gambling. If it was, I wouldn't be trading...
.
  • #299,733
  • Feb 2, 2012 10:57am Feb 2, 2012 10:57am
Come on now......call it what you want......but let's now have a fight here! Stick to TRADING - trading is trading......give it whatever other name you want.....be we trade here.
I don't trust any move - when you have profit...take it.
  • #299,734
  • Feb 2, 2012 10:59am Feb 2, 2012 10:59am
Quoting Faller
Come on now......call it what you want......but let's now have a fight here! Stick to TRADING - trading is trading......give it whatever other name you want.....be we trade here.
Exactly!
.
  • #299,735
  • Feb 2, 2012 11:02am Feb 2, 2012 11:02am
Three strikes and you're out. Time to start looking at retracement levels.
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  • #299,736
  • Edited 11:54am Feb 2, 2012 11:35am | Edited 11:54am
Taking this correction throughout the day & min 2 times bull faied take off . limit for bull 5787 still intact & if breaks then next level goes 5735 again .No? bull to take off 1 more time for both limit levels . sma 14 H4 tf testing now .
waiting see what happen soon .price breaking 5807+09 can think bull start , survive or not at last .Minute bo at 5798 ok so , next if 5804 then expect those levels also otherwise back to 5793 or down to start again .
success then 5815,22,35 care for failure if again , over 35 good success .
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #299,737
  • Feb 2, 2012 11:49am Feb 2, 2012 11:49am
just came back to charts.
imo this is a buy level.
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90% of traders use TA, indicators and prediction
  • #299,738
  • Feb 2, 2012 11:52am Feb 2, 2012 11:52am
Quoting _BBKing_
just came back to charts.
imo this is a buy level.
ok i mean technically!
sincerely i thought to find price near 1.59 now,.,,,.. what happened?

mmm
i think my week is done!
90% of traders use TA, indicators and prediction
  • #299,739
  • Feb 2, 2012 12:10pm Feb 2, 2012 12:10pm
Quoting _BBKing_
ok i mean technically!
sincerely i thought to find price near 1.59 now,.,,,.. what happened?

mmm
i think my week is done!
BB,
The three 1H exhaustion candles don't concern you? Will be interesting to see if your TL holds.
  • #299,740
  • Feb 2, 2012 12:23pm Feb 2, 2012 12:23pm
Quoting Hookem28
BB,
The three 1H exhaustion candles don't concern you? Will be interesting to see if your TL holds.
yes those 3 candles not good to see...
but the one on the left is when price touched upper ascending channel.
the other two are also followed by so many same things on the other side.
i mean same pin on the lower side of candle.

looks like price is going no-where soon.
maybe some moves 10-20 pip until daily closing.
90% of traders use TA, indicators and prediction
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