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Cable Update (GBPUSD)

  • #324,681
  • Sep 21, 2012 2:28am Sep 21, 2012 2:28am
yep, have a great week end and enjoy the rugby. League is a great sport. More of a union man myself (Welsh boy) but league is a great spectacle.


Quoting Ill-b-back
I'm long from 5862 on a tiny $400 swing trade test account (used to be $500 but I dabbled with daytrading also), it's Friday arvo, I'm finished work, Rugby League finals are on and I'm onto my 2nd Boubon & Coke, so I don't really give a toss. I'm going to have a good time regardless of what happens next

Have fun everyone
  • #324,682
  • Sep 21, 2012 2:31am Sep 21, 2012 2:31am
Good day fellow traders......it's been a while.


quadruple witch today

enjoy the action - even if you trade micro lots....

should interesting.
I don't trust any move - when you have profit...take it.
  • #324,683
  • Sep 21, 2012 2:37am Sep 21, 2012 2:37am
now on GU first stop down is 1.6215 and if that one gives way we shall see 1.6187 and last one as good TP 1.6160 so lower low

anyway keep it tight as it is friday and news will come in 1 h anyway
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  • #324,684
  • Sep 21, 2012 2:42am Sep 21, 2012 2:42am
very strange trading week for a swing trader
  • #324,685
  • Sep 21, 2012 2:45am Sep 21, 2012 2:45am
Quoting PoundTrader
very strange trading week for a swing trader
better take 10-20 pips on each trade in this market.

this week I had over 40 trades opened and closed and opened again and closed and made million pips....I'm scared to swing now on high volume

how's your new currency doing ? feeling more confy with it ?
  • #324,686
  • Sep 21, 2012 2:46am Sep 21, 2012 2:46am
Quoting PoundTrader
very strange trading week for a swing trader

market is proper fruitcake
  • #324,687
  • Sep 21, 2012 2:49am Sep 21, 2012 2:49am
Quoting redbeben
now on GU first stop down is 1.6215 and if that one gives way we shall see 1.6187 and last one as good TP 1.6160 so lower low

anyway keep it tight as it is friday and news will come in 1 h anyway
as always great trading
  • #324,688
  • Sep 21, 2012 2:50am Sep 21, 2012 2:50am
Quoting nAVIN2007
as always great trading
not really

I blew 20 pips last night....bloody ninjas took it away from me
  • #324,689
  • Sep 21, 2012 2:52am Sep 21, 2012 2:52am
Quoting nAVIN2007
market is proper fruitcake
Theres a little state of flux. Still appears to be in an uptrend but everyone is nervous about this being the top.

Only time will tell, if it comes down to around 1.6204, it will test the line again and then we'll see
  • #324,690
  • Sep 21, 2012 2:52am Sep 21, 2012 2:52am
Quoting PoundTrader
enjoy
Thx PT, you too mate

You're having fun in the other thread I see

Aaarrgghh, I'm best suited to here and my own journal me thinks
Come with me if you want to live....
  • #324,691
  • Sep 21, 2012 2:59am Sep 21, 2012 2:59am
Quoting gavalar
yep, have a great week end and enjoy the rugby. League is a great sport. More of a union man myself (Welsh boy) but league is a great spectacle.
I'm a Union man also Gav. Don't really follow the league especially since my team got the wooden spoon this year

I love the Welsh, work very hard and lots of potential

I just wish our Wallabies weren't such a bunch of soft c#*ks

I'd rather be a Kiwi...

Anyway, I think GU is just taking a breather myself, she needs it this week, hence the indecision

Have fun, I'm out for the night and back to the drink and footy
Come with me if you want to live....
  • #324,692
  • Sep 21, 2012 3:00am Sep 21, 2012 3:00am
Quoting gavalar
Theres a little state of flux. Still appears to be in an uptrend but everyone is nervous about this being the top.

Only time will tell, if it comes down to around 1.6204, it will test the line again and then we'll see
Trends are great profit-making opportunities. They are directional, but usually include ranges that provide you a chance to hop on board at numerous stages.

If forex traders have the potential to make the most money trading with the trend, the opposite is true. That is, traders have the potential to lose the most money, and lose it fast, trading against the trend. As a result, it makes sense to trade with the trend.

Even though trends are directional, they tend to move in a step-like progression. Large trend moves are followed by smaller corrections within the trend. For retail forex traders in a position, those corrections can be both painful and confusing. Corrections can increase uncertainty; uncertainty increases anxiety; anxiety increases fear; fear is a trader’s worst enemy. It is hard to trade well with heightened fear.

During the corrections, many retail forex traders get themselves turned around. Instead of waiting the corrections out and buying a dip on an uptrend, or selling a rally on a downtrend, the temptation is to sell a corrective low or buy a corrective high. In doing so, traders can get out of sync with the trend and find themselves in a cycle of repeatedly trading against the trend.

Fibonacci retracements are a technical tool that can give traders a much-needed framework for trading forex trends. They specifically can help traders stay on the trend when the trend is strong, and exit the trend if the clues suggest the trend is over.

Makings of a trend

A trending market occurs when there is an imbalance. The imbalance is caused when the buyers are overwhelming the sellers in an uptrend, or the sellers are overwhelming the buyers in a downtrend. Typically, the imbalance originates from the forex market’s largest and most capitalized traders. They have the firepower to introduce imbalance to an otherwise balanced market.
  • #324,693
  • Sep 21, 2012 3:02am Sep 21, 2012 3:02am
shorted UCHF 0.9337 for 30 pips
  • #324,694
  • Sep 21, 2012 3:05am Sep 21, 2012 3:05am
Quoting gavalar
Theres a little state of flux. Still appears to be in an uptrend but everyone is nervous about this being the top.

Only time will tell, if it comes down to around 1.6204, it will test the line again and then we'll see
yes yur right..i did the same thing as red..i enter short and got the hell out at the top of the channel range..i posted yesterday

problem is:- its a damn bullish formation..hard to be a bull here cause it could be a top?
perhaps market is setup to test 1.63?..a pin there maybe an excellent sell

ideally we need something rejection the topside and nothing yet..just a test
  • #324,695
  • Sep 21, 2012 3:05am Sep 21, 2012 3:05am
Spot on PT

Quoting PoundTrader
Trends are great profit-making opportunities. They are directional, but usually include ranges that provide you a chance to hop on board at numerous stages.

If forex traders have the potential to make the most money trading with the trend, the opposite is true. That is, traders have the potential to lose the most money, and lose it fast, trading against the trend. As a result, it makes sense to trade with the trend.

Even though trends are directional, they tend to move in a step-like progression. Large trend moves are followed by smaller corrections...
  • #324,696
  • Sep 21, 2012 3:08am Sep 21, 2012 3:08am
Quoting redbeben
shorted UCHF 0.9337 for 30 pips
I'll lower it to 0.9294 and trail it lower to 9249 and 9187

done fro today

don't want to touch the market..maybe today I'll do what I say
  • #324,697
  • Sep 21, 2012 3:11am Sep 21, 2012 3:11am
Quoting PoundTrader
During the corrections, many retail forex traders get themselves turned around. Instead of waiting the corrections out and buying a dip on an uptrend, or selling a rally on a downtrend, the temptation is to sell a corrective low or buy a corrective high. In doing so, traders can get out of sync with the trend and find themselves in a cycle of repeatedly trading against the trend.
What I had to fight in myself, and fight it hard. One of the KEY elements to patience.

Great post and oh so true.
Ghost Rider - WWTBMD?
  • #324,698
  • Sep 21, 2012 3:18am Sep 21, 2012 3:18am
Quoting Ill-b-back
I'm a Union man also Gav. Don't really follow the league especially since my team got the wooden spoon this year

I love the Welsh, work very hard and lots of potential

I just wish our Wallabies weren't such a bunch of soft c#*ks

I'd rather be a Kiwi...

Anyway, I think GU is just taking a breather myself, she needs it this week, hence the indecision

Have fun, I'm out for the night and back to the drink and footy

u long term trader u
  • #324,699
  • Sep 21, 2012 3:24am Sep 21, 2012 3:24am
Quoting albchr
What I had to fight in myself, and fight it hard. One of the KEY elements to patience.

Great post and oh so true.

i think u are a great trader but u have a lot of pressure with your account..and it simply shows in yur trading occasionally..i dont think u accept the risk..

i personally think if u start doing this..nothing can stop u

(this is my honest advise id give to u which i reckon if u can find a way to counter..man ud see!!)

i hope u dont take it the wrong way

btw i think i am doing the same i thought it has changed but i wonder!!
  • #324,700
  • Sep 21, 2012 3:29am Sep 21, 2012 3:29am
i place small short, hopefully it will go down....
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