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Cable Update (GBPUSD)

  • #352,561
  • Nov 9, 2013 3:56pm Nov 9, 2013 3:56pm
good week for short next week ,also all $ pairs imo ,apart from cad
,I will be busy with work im away and busy
hope all good for everyone
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #352,562
  • Nov 9, 2013 3:59pm Nov 9, 2013 3:59pm
Quoting shellsnail
{quote} Why do you think it needs to go up a little? Charts are showing it's on the edge of beginning down move, both GBP/USD and GBP/LFX show completed retracement patterns on Friday. Plenty of examples where price opens and heads straights down for the entire week! I'm just saying this is likely to be one of them. Believe me or not it is up to you!
I say it because the cci setup I use in 4h is oversold now, and I take my shorts when it shows overbought.Nobody has to believe nobody but I bet 100 bucks that it will go up a little around 20-40 pips
  • #352,563
  • Nov 9, 2013 4:00pm Nov 9, 2013 4:00pm
Quoting okanemici
{quote} I say it because the cci setup I use in 4h is oversold now, and I take my shorts when it shows overbought.Nobody has to believe nobody but I bet 100 bucks that it will go up a little around 20-40 pips
haha ok if you count 20 pips as going up then sure you might be right I wouldn't take that bet.
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  • #352,564
  • Nov 9, 2013 4:01pm Nov 9, 2013 4:01pm
Quoting Bones
good week for short next week ,also all $ pairs imo ,apart from cad ,I will be busy with work im away and busy hope all good for everyone
Have a good week
  • #352,565
  • Nov 9, 2013 4:02pm Nov 9, 2013 4:02pm
Quoting shellsnail
{quote} haha ok if you count 20 pips as going up then sure you might be right I wouldn't take that bet.
Ok 1,6040 is mine lower is yours
  • #352,566
  • Nov 9, 2013 4:03pm Nov 9, 2013 4:03pm
Quoting okanemici
{quote} Ok 1,6045 is mine lower is yours
lol let's see where we open first. What happens if we gap down/up 30 pips? LOL
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  • #352,567
  • Nov 9, 2013 4:54pm Nov 9, 2013 4:54pm
Quoting shellsnail
{quote} lol let's see where we open first. What happens if we gap down/up 30 pips? LOL
If gap down 30 pips then I'm gonna long it for 60-70 pips then short
  • #352,568
  • Nov 9, 2013 5:05pm Nov 9, 2013 5:05pm
Quoting okanemici
{quote} If gap down 30 pips then I'm gonna long it for 60-70 pips then short
LOL. ok i admire your bravery. may want to check the charts if I am not wrong week of 18th October, price closed the gap and reversed LOL.
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  • #352,569
  • Nov 9, 2013 10:41pm Nov 9, 2013 10:41pm
GBP/USD

Attached Image (click to enlarge)
Click to Enlarge Name: nov1013gud.png Size: 114 KB


Rgds
W.W
Howlin' at the Moon on the Roof
  • #352,570
  • Nov 10, 2013 12:16am Nov 10, 2013 12:16am
Welcoming PPI Input
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.daily.jpg Size: 149 KB
  • #352,571
  • Nov 10, 2013 1:42am Nov 10, 2013 1:42am
Quoting Makavell
{quote} Money management without a real edge is foolhardy, MM will only prolong the death
If money management leads to death, one should re-think his/her rules.
  • #352,572
  • Nov 10, 2013 2:34am Nov 10, 2013 2:34am
Inserted Video



knock knock knockin'......

==================================

Here is Yearly Based on Hi Low 2012 using my own



Quoting Bones
how about yearly ? {quote}
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-d1-fbs-inc-yearly-based.png Size: 51 KB
not euphoria follower
  • #352,573
  • Nov 10, 2013 2:52am Nov 10, 2013 2:52am
Quoting 1pipperhour
{quote} If money management leads to death, one should re-think his/her rules.
With an excellent money management system which also includes high RR trades (as it should), then even a coin toss every day will lead to profits.

1. Toss a coin in the morning. Heads you buy, tails you sell.
2. Using you favorite tools, wait for price to hit support (if you tossed a buy) or resistance (if you tossed a sell) where you would achieve a >1:1.5 RR
3. Choose your lot size to not exceed a 1:1 leverage (1 micro lot per $1,00 of equity)
4. Execute with stops in place.
5. When price hits next level of support/resistance in profit, take half off and set the rest at BE.
6. If you get stopped on a breach of the support/resistance you played against, Trade the opposite direction.

Yes you will probably have more losing trades than winning ones... or at best 50/50, but as long as the winners have higher pips than the losers, you will not die a slow death, but rather grow a slow fortune.

Problem is that most traders are not patient enough. A dripping faucet eventually fills a bucket.

Over time, you will start to recognize the winners and losers and be more selective with your trades, thus increasing your winning trades and reducing your losers.... and as such, the losers you do pick will be cut quickly and the winners will run till exhaustion. Once this is achieved, you can start increasing leverage. Say 2:1 or 3:1, but you should never go over 10:1 per trade.

Good trading is a journey and not a destination. You must always be looking for ways to improve, otherwise the market will catch up with you and wipe you out.

If there is only one thing I have learned from all my years trading Forex, the above would be it. It's not a solid plan, but it will get you started on your journey.
Those who say it cannot be done should not interrupt those who are doing it
  • #352,574
  • Nov 10, 2013 2:57am Nov 10, 2013 2:57am
Quoting 1pipperhour
{quote} If money management leads to death, one should re-think his/her rules.
Well then, just go to vegas with $1000 and then just blindly throw $1 at a time on a roulette table at random(at least thats excellent money management) and lets see how far youll last
  • #352,575
  • Nov 10, 2013 2:58am Nov 10, 2013 2:58am
Quoting PipTrapper
{quote} With an excellent money management system which also includes high RR trades (as it should), then even a coin toss every day will lead to profits. 1. Toss a coin in the morning. Heads you buy, tails you sell. 2. Using you favorite tools, wait for price to hit support (if you tossed a buy) or resistance (if you tossed a sell) where you would achieve a >1:1.5 RR 3. Choose your lot size to not exceed a 1:1 leverage (1 micro lot per $1,00 of equity) 4. Execute with stops in place. 5. When price hits next level of support/resistance in profit,...
Yes but I think if a method does not suit a trader's personality then for sure the trader will go broke trading it. Each must find his/her own style is what I believe. Eventually, after all the failures, one may arrive back at this simple method, but with a completely different mindset/understanding and that is when one is ready for success in forex. my 2 cents.
Build good relationships with others.
  • #352,576
  • Nov 10, 2013 2:59am Nov 10, 2013 2:59am
Quoting Makavell
{quote} Well then, just go to vegas with $1000 and then just blindly throw $1 at a time on a roulette table at random(at least thats excellent money management) and lets see how far youll last
I think in that case the best money management is to go all in on the first trade and then end it there regardless of the outcome lol.
Build good relationships with others.
  • #352,577
  • Nov 10, 2013 3:04am Nov 10, 2013 3:04am
Quoting shellsnail
{quote} Yes but I think if a method does not suit a trader's personality then for sure the trader will go broke trading it. Each must find his/her own style is what I believe. Eventually, after all the failures, one may arrive back at this simple method, but with a completely different mindset/understanding and that is when one is ready for success in forex. my 2 cents.
Yes absolutely. When you were a child and your parents told you to not touch the iron because it was hot, did you listen?
Those who say it cannot be done should not interrupt those who are doing it
  • #352,578
  • Nov 10, 2013 3:18am Nov 10, 2013 3:18am
Quoting PipTrapper
{quote} Okay but you may have to wait a bit for that as I've got a huge project in front of me right now. Please remind me next week.

just a reminder of how much i like you
  • #352,579
  • Nov 10, 2013 3:41am Nov 10, 2013 3:41am
not a yearly chart is it ,what's your view of this year candle ?

Quoting iqyu5an
https://www.youtube.com/watch?v=o_5-Kf2CrLc knock knock knockin'...... ================================== Here is Yearly Based on Hi Low 2012 using my own {quote} {image}
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-d1-fbs-inc-yearly-based.png Size: 37 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #352,580
  • Nov 10, 2013 3:42am Nov 10, 2013 3:42am
Quoting lumesh
{quote} just a reminder of how much i like you
No need to sweet talk me. I'll get it done, but not yet. Pls remind me on Wednesday
Those who say it cannot be done should not interrupt those who are doing it
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