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Cable Update (GBPUSD)

  • #336,401
  • Feb 28, 2013 5:10am Feb 28, 2013 5:10am
Quoting chikanesoup
i agree with you,
some move up doesn't mean you should buy...

it is just a fact that it can go up

what you will do with this "up" it depends on your strategy... i'm scalping
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  • #336,402
  • Feb 28, 2013 5:22am Feb 28, 2013 5:22am
Clear Prediction return from Strong Level i said in the morning
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Don’t follow someone else’s trading advice blindly
  • #336,403
  • Feb 28, 2013 5:37am Feb 28, 2013 5:37am
Quoting kamifx
Forex Traders must follow of clear,definite and of course profitable methods, analysis not trying to use a lot of lines, wage, doubtful info. in the charts
Away of colorful charts which make you wander for having acceptable trades
Even when you lose be able to find out the reason of that and correct yourself right away
It's a good thread so i suggest may it gets better and more profitable
I don't think this correction is over.

To me it seems to be gathering steam to head further north.
Come with me if you want to live....
  • #336,404
  • Feb 28, 2013 5:46am Feb 28, 2013 5:46am
Quoting Ill-b-back
I don't think this correction is over.

To me it seems to be gathering steam to head further north.
Sure my friend, but for those traders who have opend on strong level 1.5216 it's not very safe for gonna North cause it's medium Resistance i also close 80% of my lot around those areas and as U said for going North, keep on with 20%
Have a nice day
Don’t follow someone else’s trading advice blindly
  • #336,405
  • Feb 28, 2013 5:48am Feb 28, 2013 5:48am
Quoting kamifx
Sure my friend, but for those traders who have opend on strong level 1.5216 it's not very safe for gonna North cause it's medium Resistance i also close 80% of my lot around those areas and as U said for going North, keep on with 20%
Have a nice day
Gotcha, understand.

you too
Come with me if you want to live....
  • #336,406
  • Feb 28, 2013 5:50am Feb 28, 2013 5:50am
thanks for the advice guys. do let us know when it's the right time to buy. i'm learning some MA method now, hopefully will help me earn some money from this pair as i just browse through, the cable is dropping very fast.
  • #336,407
  • Feb 28, 2013 5:52am Feb 28, 2013 5:52am
Quoting kamifx
Sure my friend, but for those traders who have opend on strong level 1.5216 it's not very safe for gonna North cause it's medium Resistance i also close 80% of my lot around those areas and as U said for going North, keep on with 20%
Have a nice day
I'm thinking 5260 area next
Come with me if you want to live....
  • #336,408
  • Feb 28, 2013 5:57am Feb 28, 2013 5:57am
Quoting Ill-b-back
I'm thinking 5260 area next
You know, if we don't face to important News in US market, it's ok to go ahead but for sure, so many traders get out and that makes a little !!!!!!
Till that time hope to get as U wish
Don’t follow someone else’s trading advice blindly
  • #336,409
  • Feb 28, 2013 6:19am Feb 28, 2013 6:19am
H4

Quoting Bones
usd is not my focus right now ,under 1.7200
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #336,410
  • Feb 28, 2013 6:30am Feb 28, 2013 6:30am
target gbpusd....


http://my.jetscreenshot.com/6252/m_2...-axtv-93kb.jpg
  • #336,411
  • Feb 28, 2013 6:43am Feb 28, 2013 6:43am
Quoting Bones
H4
Tony!

Very telling me thinks. Will be interesting to see the daily/weekly close.
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Ghost Rider - WWTBMD?
  • #336,412
  • Feb 28, 2013 6:51am Feb 28, 2013 6:51am
Hey Chris
my friend and fellow carpenter ,I see your doing very well
Im very glad about that


Quoting albchr
Tony!

Very telling me thinks. Will be interesting to see the daily/weekly close.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #336,413
  • Feb 28, 2013 6:54am Feb 28, 2013 6:54am
Quoting Bones
Hey Chris
my friend and fellow carpenter ,I see your doing very well
Im very glad about that
Learning everyday buddy. One day, it will be like driving nails
Ghost Rider - WWTBMD?
  • #336,414
  • Feb 28, 2013 6:56am Feb 28, 2013 6:56am
oh yes lets hope so ...
Im long gbp aud
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #336,415
  • Feb 28, 2013 7:02am Feb 28, 2013 7:02am
Quoting Bones
oh yes lets hope so ...
Im long gbp aud
Oh come now...it already is for you...

I've been riding the dragon this week and trying to keep from getting burned. Been a very good week but I coughed up a few yesterday morning...

Should get it back (and then some hopefully) I'm long GJ since last night.
Ghost Rider - WWTBMD?
  • #336,416
  • Feb 28, 2013 7:12am Feb 28, 2013 7:12am
Really Chris i F up all the time haha ,great stuff


Quoting albchr
Oh come now...it already is for you...

I've been riding the dragon this week and trying to keep from getting burned. Been a very good week but I coughed up a few yesterday morning...

Should get it back (and then some hopefully) I'm long GJ since last night.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #336,417
  • Feb 28, 2013 7:17am Feb 28, 2013 7:17am
Quoting Bones
Really Chris i F up all the time haha ,great stuff
Not one of us here that doesn't my friend. But I know you come out ahead in the end and that's what counts.
Ghost Rider - WWTBMD?
  • #336,418
  • Feb 28, 2013 7:24am Feb 28, 2013 7:24am
Quoting Bones
oh yes lets hope so ...
Im long gbp aud
Hmmm...catch the bottom? Gutsy bro!

(sorry folks, I know it's not GU)
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Ghost Rider - WWTBMD?
  • #336,419
  • Feb 28, 2013 7:35am Feb 28, 2013 7:35am
Double Top(m theory)The Double Top occurs when the forex tests a resistance level twice and is unable to break it, and eventually breaks downwards and a bearish move begins. We usually trade this pattern when price breaks the neckline and we join the trend at the pullback to the broken neckline. This chart pattern usually has 73% win rate which is very good and can provide consistent profits.
61 M.A weakly touch-back confirmation
The most accurate and predictive way to use the SMA is in the bounce method: we wait for trend to establish, but instead of randomly entering, we wait for price to retrace to the moving average and bounce off it. Once a reversal signal is given we enter a trade in the direction of the trend with stop loss right below the moving average, thus entering at a tactical point with small stop loss and huge reward.

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ELLIOT WAVE THIORY

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EE3.6 Fibonacci retracement and support and resistance confirmation

The first method is for trending periods, and it include waiting for price to retrace to the moving average (confirm that the moving average is sloped and not flat) and bounces off it. Once the bounce is confirmed and price proceeds to continue the previous trend - we join the trend at a tactical point and profit. This is a very powerful trading method that can get you in trends with little risk and very high reward, and it is very accurate. It doesn't require any other Forex trading system besides the MA.

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Triangle break.
The triangle is one of the most neat chart patterns, as it is very easy to identify and also has a remarkable win rate of 76%. It consists of a triangle that has one trend line and one horizontal level that price eventually breaks through. As with the Double Top, we enter such trades after price pulls back to the broken horizontal level, with tight stop loss and only if risk:reward is at least 1.5:1.
  • #336,420
  • Edited 8:03am Feb 28, 2013 7:51am | Edited 8:03am
Don't worry about my 2 sell trades, overall I am bearish on GBP/USD for fundamental reasons so am comfortable leaving them there, even if the risk reward ratio is starting to look a rather skewed now. Anyway 2 lines I drew a few hours ago, it looks right to me however I am a bit useless when it comes to drawing lines.

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Combined with these two candles on my 4hr chart, I know they are technically not bearish signalling candles.

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