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Cable Update (GBPUSD)

  • #333,601
  • Jan 10, 2013 2:03pm Jan 10, 2013 2:03pm
Quoting alex1976
why wait a whole week to trade the weekly when you can look for same signs on daily, its the same principle, just different s and l.
If you're talking to me, I'm not waitig a whole week, I am waiting to see where we are likely to go tomorrow/next week as I posted.

I'll be trading off the 1 and 4 hr...
Come with me if you want to live....
  • #333,602
  • Jan 10, 2013 2:08pm Jan 10, 2013 2:08pm
I think if I had to pick one it would be daily.
  • #333,603
  • Jan 10, 2013 2:12pm Jan 10, 2013 2:12pm
im considering just trading daily naked, no lines, no averages, ntn, just a naked daily.

Call me crazy, call me mad, but I think it makes sense.
  • #333,604
  • Jan 10, 2013 2:21pm Jan 10, 2013 2:21pm
Quoting A-speculator
i think confirmation for bullish continuation is still convincing candle closed above 6300 and sustainable trading above 6300..

well, at least that's how i see it. why do you think 6200?
I'll share a chart so you see what i mean Gimme a moment
Numbers NEVER Lie
  • #333,605
  • Jan 10, 2013 2:26pm Jan 10, 2013 2:26pm
Quoting alex1976
im considering just trading daily naked, no lines, no averages, ntn, just a naked daily.

Call me crazy, call me mad, but I think it makes sense.
You're not crazy.

The only madness here mate is the market.

Each has their way.

Personally, I'm looking out for signs of a retest then a break north.

Take care
Attached Image(s) (click to enlarge)
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Come with me if you want to live....
  • #333,606
  • Jan 10, 2013 2:26pm Jan 10, 2013 2:26pm
Quoting alex1976
im considering just trading daily naked, no lines, no averages, ntn, just a naked daily.

Call me crazy, call me mad, but I think it makes sense.
It actually makes more sense then using all of the technical mumbo jumbo. People love to flood their charts with all these lagging tools. The sad thing is that it never dawns on traders that they should be learning about price action, when it comes to trading the forex market. It is believed this has to do with the fact, that many traders think its impossible to tell which direction the market is headed without having to use these generic indicators. They truly don't know which way the market is going.

The thing is when you are trading with indicators, its a lot like trading with other peoples signals. You are only hoping that the information they are giving you is right. The reason for this is because you don't actually understand the REAL reason why you are taking the trades that you are taking. All you hope is that the indicators formula is accurate.

When a trader has to make fewer decisions in regards to every trade, his life becomes livable and stress free. Contrary to what most so called experts say, it is very possible to trade with fewer inputs. Inputs would be areas like financial, economic news, world news etc etc. Another input might also include the number of indicators and charting tools that are used for discovering and managing trades.

In a nutshell, great forex traders, always go back to the very foundation of a price chart, (a raw blank candle or bar chart), and make decisions based on the truest information available.

Observe the price behavior. Without any indicators, a market can be seen as trending, hitting resistance or support, congesting sideways, etc etc. No computer or indicator, or news item will provide this information perfectly, except the human brain.
  • #333,607
  • Jan 10, 2013 2:39pm Jan 10, 2013 2:39pm
6215 on the radar
Come with me if you want to live....
  • #333,608
  • Jan 10, 2013 2:47pm Jan 10, 2013 2:47pm
Quoting 100PipsADay
It actually makes more sense then using all of the technical mumbo jumbo. People love to flood their charts with all these lagging tools. The sad thing is that it never dawns on traders that they should be learning about price action, when it comes to trading the forex market. It is believed this has to do with the fact, that many traders think its impossible to tell which direction the market is headed without having to use these generic indicators. They truly don't know which way the market is going.

The thing is when you are trading with indicators,...


Nicely said brother
  • #333,609
  • Jan 10, 2013 2:55pm Jan 10, 2013 2:55pm
Quoting 100PipsADay
It actually makes more sense then using all of the technical mumbo jumbo. People love to flood their charts with all these lagging tools. The sad thing is that it never dawns on traders that they should be learning about price action, when it comes to trading the forex market. It is believed this has to do with the fact, that many traders think its impossible to tell which direction the market is headed without having to use these generic indicators. They truly don't know which way the market is going.

The thing is when you are trading with indicators,...

Lol, based upon what you just said in your last paragraph, price is currently trending up, hitting resistance and now going sideways.
  • #333,610
  • Jan 10, 2013 3:21pm Jan 10, 2013 3:21pm
Quoting alex1976
Lol, based upon what you just said in your last paragraph, price is currently trending up, hitting resistance and now going sideways.
Haha, yes the Cable is being stubborn. Better to look for other opportunities with other currency pairs at the moment.
  • #333,611
  • Jan 10, 2013 3:50pm Jan 10, 2013 3:50pm
Quoting 100PipsADay
Haha, yes the Cable is being stubborn. Better to look for other opportunities with other currency pairs at the moment.

yes it is, Although daily is a nice green candle, were still inside of this big weekly, and were right at a big resistence right now.

Sometimes I just dont trust these big erratic moves. I think its better to wait for a more modest candle that aint overpromising.

It could tease us here hit this resistence and then boom, back south.
  • #333,612
  • Jan 10, 2013 4:05pm Jan 10, 2013 4:05pm
Quoting alex1976
yes it is, Although daily is a nice green candle, were still inside of this big weekly, and were right at a big resistence right now.

Sometimes I just dont trust these big erratic moves. I think its better to wait for a more modest candle that aint overpromising.

It could tease us here hit this resistence and then boom, back south.
Agreed! Better to be safe and sit on the hands then to jump the gun and be sorry...
  • #333,613
  • Jan 10, 2013 4:11pm Jan 10, 2013 4:11pm
Quoting 100PipsADay
Agreed! Better to be safe and sit on the hands then to jump the gun and be sorry...

yes true, cause this kind of candle can blow you in the ass, no pun inteded, lol

I have to day Ive made progress in my trading in 5 years as for the last 4 months I havent had to put no more money in my account.

However everytime I get one up this B***H knocks me back down and kicks my ass back into reality.

Yes dats right, shes in charge, and I not talking your wives, folks, lol

Ive been humbled by this game time and time again but I refuse to quit, especially after 5 years of this BS!!

I love it though, I guess I like a challenge, on the verge of greatness, maybe.
  • #333,614
  • Jan 10, 2013 4:20pm Jan 10, 2013 4:20pm
Hold onto your hats ladies and gentlemen, this is NOT a drill.

If we get a clear daily closed break of 6215-20 area,

My broker has a few dodgy weekly candles that don't actually exist, they can be spotted pretty easily.
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  • #333,615
  • Jan 10, 2013 4:28pm Jan 10, 2013 4:28pm
Quoting alex1976
F**K the weekly, Im sticking to daily, dats it!!
dont cry when risk off friday comes and hit all the bulls in the face....
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #333,616
  • Jan 10, 2013 4:28pm Jan 10, 2013 4:28pm
Quoting alex1976
yes true, cause this kind of candle can blow you in the ass, no pun inteded, lol

I have to day Ive made progress in my trading in 5 years as for the last 4 months I havent had to put no more money in my account.

However everytime I get one up this B***H knocks me back down and kicks my ass back into reality.

Yes dats right, shes in charge, and I not talking your wives, folks, lol

Ive been humbled by this game time and time again but I refuse to quit, especially after 5 years of this BS!!

I love it though, I guess I like a challenge,...

Yes the FOREX market is a beast no one can really ever conquer. Always something new to learn and every day is something new. Keep up the good work Alex, like with anything, the more time and energy you put into it the better you will become.
  • #333,617
  • Jan 10, 2013 4:30pm Jan 10, 2013 4:30pm
Quoting fxtyrant
dont cry when risk off friday comes and hit all the bulls in the face....
There should be some profit taking this Friday for EUR and GBP. Extremely large Daily candles! EUR went up about 220 pips today...

Anyways, I wouldn't be buying at these levels, no sir! However, I will say that price is still in an uptrend when looking at weekly TL which is still intact. I'm flat for the time being.

Opportunity in JPY cross pairs as well as EUR/AUD and GBP/AUD
  • #333,618
  • Jan 10, 2013 4:34pm Jan 10, 2013 4:34pm
bulls should be strong, a big jump upto 1.6300 area on friday
  • #333,619
  • Jan 10, 2013 4:37pm Jan 10, 2013 4:37pm
Quoting 100PipsADay
Yes the FOREX market is a beast no one can really ever conquer. Always something new to learn and every day is something new. Keep up the good work Alex, like with anything, the more time and energy you put into it the better you will become.

Tks for those encouraging words brother
  • #333,620
  • Jan 10, 2013 7:46pm Jan 10, 2013 7:46pm
Quoting A-speculator
shorting cable already? not yet i think, perhaps may short it at about 6160.

in the mean time, i think there's opportunity shorting the aussie where 0600 is the line in the sand for the pair.

just my 2 cents. 0580 is a good spot to short imo with 20pips risk.
Well done. You almost sold the top. Good evaluation. But looking at this daily bull candle, it's not half as bad the bear candle of Jan 3rd and completes for almost the 50% the down move last week.

Y'day I was a bull but for a very short while. I chickened out just before the GBP interest rate news. So much so, I had longed GBP/JPY after a series of couple losses in shorts but exited for a mere 25 pips. Today, it moved for over 300 pips. Wish I had hanged in there another day.

To me it seems like today's move was more in line with the US stocks because the move had not started until after US markets opened. If earnings keep coming in good and stocks keep going higher, we might find ourselves a bull in GU.
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