Cable Update (GBPUSD)

not always

Good afternoon fellow traders......

Well - as I posted last night I closed my short in cable for 17 pips profit and as promised I was flat during NFP today.....I did not trade the pound at all today - I traded Crude Oil and Natural Gas.....posting end of day results.

Wish everyone a great weekend.

Faller.

Just wanted to wish everyone a good weekend. Cable finishes the day evens and I think Euro might be 3 pips up. But the entertainment on this thread has been priceless! Have a good one...

Well done brother, no bullshit here

Faller,

That was a good call . What made you to say the above?

FYI, I do not trade that pair but knew that almost every trader was long on that pair for some time. All of a sudden it went up today. I did take a look last night but didn't spot anything unusual. Only interested in learning from you - if you are willing to share. Thanks.

Nice week end everyone. I had a good week and hope others experienced similar or better. .

Thanks bro....have a good weekend.

hello all,
busy day here!
as i see there was not so much in the thread...

i hope every one took opportunity to close shorts in that move near 5750!
im seriously doubting we will see again 5750 before a move to 1.5980.

eyes on 5790.
good luck

ops
forgot the h1 chart

We have closed above strong resistance and the DOW surges on the good numbers, so I am a bull next week. It appears the down move may have just been a shake out, anyhow...

Woke up and closed my short for 23 pips after being up 90 while sleeping.
Anyway, I opened a long in the last market hours looking for just a few pips after getting a buy signal. While watching for these pips, I forgot to watch the time then observed the market go stagnant, so am long over the weekend

These next 2 fib levels are my targets this week and looking to reach the above trendline.

I have the same channels BB

weird cause I got a sell signal near the end of NY lol but that is to a basket of currencies and not only GU.. looking at the GBP index I don't see any trend forming, just ranging for now. USD is probably going to fall until NY so there might be some upside but i'm not betting up unless Asia takes it up atleast 50 pips on sunday.

Yep we are flat on my demo, but looking for a bust out soonish. Have a great weekend

Morning , not waited market close yesterday, now see price closed in indecision as always do weekend . bull limit 5735 intact , smaller wave 5822 as bear limit broken but price at previous channel bo & pullback area , no clear top formation yet & overall next or last bull in action towards 5946 probable before correction.if this can do then why not 6078 & 6127. levels care if able breaks the top only 5914.46. 6017.

anyway till any decision bull still intact for immediate movement.bull set up at top .
fontu

read with me

i know its the weekend but i did remember those rules, its posted at the grave yard read and pic the ones u feel its will help u with u trading

save this darn thing on u screen and read it every day befor u start trading

10 GOLDEN TRADING RULES FOR SUCCESS IN FUTURES & FOREX TRADING


It is a well known fact that 90 percent of investors lose money in futures and forex trading, 5-7 percent break even and only 3-5 percent make money. Given the high casualty rate, it is all the more important for investors to approach futures and forex trading in the correct manner. Below are some of the rules that traders should consider following if he is to make money consistently in the futures and forex market:

RULE 1 : USE MONEY THAT YOU CAN AFFORD TO LOSE

Trade only with "extra" money, i.e, money that is not earmarked to pay bank loans, car installments, housing loans, telephone and electricity bills, etc. One of the major reasons for investing only with extra funds is that your trading judgment will remain objective.

RULE 2 : DON’T OVERTRADE

Inexperienced traders can easily become overconfident after a number of winning trades. This can lead to overtrading – which is dangerous. One can be right 7 times out of 10 but the three times that you are wrong can wipe you out if you had overgeared yourself because of overconfidence. Success comes from prudence in money management. Never overtrade.

RULE 3 : CUT YOUR LOSSES SHORT, LET YOUR PROFITS RUN

Learn to be very impatient with losing positions. Learn to resist the temptation of taking your profits too early. Success comes from holding on to profitable positions and riding with the trend for maximum gains while keeping losses small by getting out quickly when you are wrong. One way to protect you from suffering catastrophic losses is to place stop loss orders for every trade entered.

RULE 4 : IF YOU GET INTO A LOSING STREAK, TAKE A BREATHER

When things don’t work out right, when your best forecasts fail you – get away from the market and take a trading break. A period away from the market can be refreshing and will recharge you.

RULE 5 : BUILD A PYRAMID WHEN ADDING TO A PROFITABLE TRADE


As the market moves up and you are long much earlier, you must learn not to double up your positions. Instead, reduce your positions each time you add to a position. If at first you had 10 contracts, the second should not be more than 5-6 contracts and the third should be 50% of your second (i.e. 3 contracts). An upside down pyramid will be top heavy and could wipe out all your hard-earned profits should the market reverse.

RULE 6 : NEVER ADD TO A LOSING POSITION

Adding to a losing position by averaging is very dangerous. Remember you are investing with "margin" and did not pick up scrips. The contract is not yours; you merely paid a percentage of the total value. Averaging a losing position is equivalent to not admitting your mistakes, that you were wrong in the first place. Successful traders cut their losses short.

RULE 7 : DON’T RISK YOUR ENTIRE CAPITAL ON ONE TRADE

Divide your trading capital into 10 equal parts and never lose more than 10 percent on one trade. If you lost the first trade, you still have nine more opportunities to be right. Putting all your capital on one trade is suicidal.

RULE 8 : NEVER MEET MARGIN CALLS

When you are wrong about the market, get out. Once you start procrastinating, very often prices will go against your position, further triggering a margin call from your broker. A margin call simply means that you are wrong in the market and your position should be closed out. Margin calls are made because people do not want to admit being wrong and take a loss; they hope the market will eventually go in their direction. To avoid this mistake, you should never meet margin calls. Just cut your losses and "get the hell out".

RULE 9 : REMOVE PROFITS FROM YOUR ACCOUNT

Probably no more than 1% of traders have a rule to take profits out of their trading account. The few wise investors I know have bought a house, a car or simply put part of their winnings into a fixed deposit account, otherwise the chances are high that they may lose them all back.

RULE 10 : HAVE A GAME PLAN

Lack of a game plan is not knowing what to do when you are wrong – and not knowing what to do even when you are right.

Here are a few guidelines:

1. Know when and at what price you are going to enter the market.
2. Know how much money you are going to risk on each and every trade.
3. Know when and at what price you are going to get out when you are wrong.
4. Know when and at what price you are going to take your profits if you are right.
5. Know how much money you are going to make if you are right.
6. Have a safety stop in case the market does the unexpected.
7. Have an approximate idea of when the market should meet your objectives or when it should begin to make a move; and if it has not done so, get out.

SUMMARY:

You will note that none out of the ten rules of trading mentioned above are on money management. Only Rule 10 describes the importance of having a trading system to determine "when to enter and exit". This just goes to show that good money management is the key to your success in making money in the stocks, futures and currency markets. A good trading system comes second. Nick Leeson, the rogue trader for Barings in Singapore, got into trouble because he did not respect some of the 10 golden trading rules.

SUMMARY

You will note that none out of the ten rules of trading mentioned above are on money management. Only Rule 10 describes the importance of having a trading system to determine "when to enter and exit". This just goes to show that good money management is the key to your success in making money in the stocks, futures and currency markets. A good trading system comes second. Nick Leeson, the rogue trader for Barings in Singapore, got into trouble because he did not respect some of the 10 golden trading rules. __________________

hello,
your post should be everyone's 'holy bible' (or other religious similar) when trading.
in my trading experience (only some 3yrs) i learnt very well nearly whole those rules directly in my skin or if you prefer, directly in my a**.
Actually i think rules #3 n #5 are last steps to really be profitable in forex trading. looks like easiest things to do but imo, those are the core of trading. I found my self to learn the other rules in the past, have been very expensive in terms of character and also expensive in terms of money.
Only once a trader manage very well with psycological tension to hold a profitable trade and is really able to admit a mistake and get out of market immediatly and relax from charts 1-2 days... well only after this one can say to be a serious trader! until that moment, he/she is only one of million people trying to pick a profit from a move, which sometimes goes good and sometimes goes bad.
thank you for posting this! hope people will find helpful and will have a less expensive experience than mine!

Weekly
.

checking usdx present in the chart & probable relation to others .
fontu
http://www.forexfactory.com/showthre...40#post5355240

There are two countries in the world that have massive government debt. Japan and Great Britain. Both of these currencies are long-term sells. Just remember that.