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Cable Update (GBPUSD)

  • #388,501
  • Jul 23, 2014 11:33am Jul 23, 2014 11:33am
my feeling is its not a good time for cable short at this point
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #388,502
  • Jul 23, 2014 11:37am Jul 23, 2014 11:37am
Quoting navk
Position traders ; Pocket shall be deep and one shall be patient for weeks to see green pips. Intra day traders : One needs to have great discipline and identify entry exit points correctly + can not hold loosing positions for ever. Having a right system, profit potential is more compared to position traders. Some Intra day traders continue to hold loosing positions and turn out to be Position traders as they do not want to take losses. Every trader must know what kind of traders they are.
Excuse my ignorance, But wether you are a position trader or intra day, If you are trading FACTS, How can your trade go so much in RED
Just trying to understand,
As an intra day trader what i would like to know is what the next candle is going to be like
A good trader follows his rules, but great trader knows when to break them
  • #388,503
  • Jul 23, 2014 11:40am Jul 23, 2014 11:40am
Quoting Bones
my feeling is its not a good time for cable short at this point
But still, It will go DOWN to 1.6905
A good trader follows his rules, but great trader knows when to break them
  • #388,504
  • Jul 23, 2014 11:41am Jul 23, 2014 11:41am
Quoting ill_be_back
{quote} Excuse my ignorance, But wether you are a position trader or intra day, If you are trading FACTS, How can your trade go so much in RED Just trying to understand, As an intra day trader what i would like to know is what the next candle is going to be like


Yes, thats true....
  • #388,505
  • Jul 23, 2014 11:42am Jul 23, 2014 11:42am
yes lower id say

Quoting ill_be_back
{quote} But still, It will go DOWN to 1.6905
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #388,506
  • Jul 23, 2014 11:43am Jul 23, 2014 11:43am
Quoting cspip
{quote} May not get to 1.7064 or 1.7077............yet........ Taking a short from here 1.7042
to 1.7030

Quoting cspip
If it hangs around 1.7030 may take another long to try for 1.7065 ish again........
  • #388,507
  • Jul 23, 2014 11:45am Jul 23, 2014 11:45am
Quoting cspip
{quote} to 1.7030 {quote}
look 4 hrs candle i hope inverted hammer will give lil support for lil time..let see most significant prev week low 1.7036 (sup)became res now it is testing time either sup or res..bull or bear ..i am lil bulish
Say something meaningful or Silence!!
  • #388,508
  • Jul 23, 2014 11:47am Jul 23, 2014 11:47am
Quoting ill_be_back
{quote} Excuse my ignorance, But wether you are a position trader or intra day, If you are trading FACTS, How can your trade go so much in RED Just trying to understand, As an intra day trader what i would like to know is what the next candle is going to be like
An Intraday trader analyses trend in 4 hr, 1 hr decides to place trades based on 15 min TF entry. He must know what is his exit rule, may be if trend changes in 4 hr or 1 hr he can exit from trades taking stop loss. Or else he can take stop loss once important support or resistance is broken and going against his trade.

A position trader too must have stop loss limit, may be he can exit from trade once important levels are breached in daily or weekly chart.

There are few, their pocket is toooooo deep, they trade based on only monthly chart, decides entry on monthly chart. I am not sure if any retail trader is trading based on monthly chart entry.
Intraday only.
  • #388,509
  • Jul 23, 2014 11:48am Jul 23, 2014 11:48am
Quoting HDA
{quote} @Davit: HDA OUT
Thanks HDA- May look to sell the rallies
Green pips
Quoting zolo
{quote} Nice Davit. Enjoy. You deserve it. What about your NZD/USD shorts? Alive? {image}
Thanks Zolo.Closed most of them in profit but remaining is minor.I was consciously trying to get out before Today's IR decision.
Placed Shorts pending at 88/8840 2x each.We will see most likely 70% chance IR hike
Green pips
Quoting BogiFX
{quote} Awesome profit Davit .
Thank you Bogi green pips
Quoting albchr
{quote} Nicely done Davit!!
Thanks you Chris
Green pips
In trading, you have to be defensive and aggressive at the same time
  • #388,510
  • Jul 23, 2014 11:51am Jul 23, 2014 11:51am
Quoting cspip
{quote} to 1.7030 {quote}
I am an Intra day trader, I took positions in EURAUD, GBPAUD last evening ( Asia ) and made green pips.

In FF open I took short trades in GU and made good pips too in London.

But then the mistake..... I took another short position around 7038, added at 1.7045 for exit around 1.7000, but did not happen, I waited patiently and exited with very minor profit but most importantly I am flat now.

I can take short position later in FF ot London open tomorrow.
Intraday only.
  • #388,511
  • Jul 23, 2014 12:01pm Jul 23, 2014 12:01pm
Quoting ill_be_back
{quote} As an intra day trader what i would like to know is what the next candle is going to be like
Very difficult to answer... but we can predict how the trend is going to be after London open for GU, and Asia open for GA or EA based on charts in my opinion.
Intraday only.
  • #388,512
  • Jul 23, 2014 12:02pm Jul 23, 2014 12:02pm
Long towards 7065-75, then short towards 6970-7000, then long again. Have a good day everyone.
Everyone can see the chart, but only a few can actually read it.
  • #388,513
  • Jul 23, 2014 12:03pm Jul 23, 2014 12:03pm
How many of you are flat if you are day traders? Ask yourself this question.

An Intra day trader will have better entry in FF or London, right ?
Intraday only.
  • #388,514
  • Jul 23, 2014 12:05pm Jul 23, 2014 12:05pm
Sometimes I wonder what I am... Intraday or a Position trader. I trade the 4 hr charts. I don't go down to lower time frames, so I wouldn't call myself intraday... But at the same time, I'm usually hunting somewhere in the range of 20-50 pips per trade, so I'm not holding for gigantic moves either, so I wouldn't call myself a position trader in that regard.

Hmmmmm. What am I... Other than strange that is.
  • #388,515
  • Jul 23, 2014 12:06pm Jul 23, 2014 12:06pm
Quoting navk
How many of you are flat if you are day traders? Ask yourself this question. An Intra day trader will have better entry in FF or London, right ?
For me, the best entry hour is 1st or 2nd london hour. Unfortunately I can't stay up every night, waiting for it...
Everyone can see the chart, but only a few can actually read it.
  • #388,516
  • Jul 23, 2014 12:08pm Jul 23, 2014 12:08pm
Quoting Nate04
Sometimes I wonder what I am... Intraday or a Position trader. I trade the 4 hr charts. I don't go down to lower time frames, so I wouldn't call myself intraday... But at the same time, I'm usually hunting somewhere in the range of 20-50 pips per trade, so I'm not holding for gigantic moves either, so I wouldn't call myself a position trader in that regard. Hmmmmm. What am I... Other than strange that is.
I trade based on 4 hr and 1 hr chart.

But my entries are based 15 min, exit based on support/ resistance for the particular day.
Intraday only.
  • #388,517
  • Jul 23, 2014 12:10pm Jul 23, 2014 12:10pm
Quoting OnlineAddict
{quote} For me, the best entry hour is 1st or 2nd london hour. Unfortunately I can't stay up every night, waiting for it...
I too have same problem, for me london opens at 4 am EDT.

I changed my lifestyle to suit this.
Intraday only.
  • #388,518
  • Jul 23, 2014 12:12pm Jul 23, 2014 12:12pm
Quoting navk
{quote} I too have same problem, for me london opens at 4 am EDT. I changed my lifestyle to suit this.
I will have to do the same, I guess...go sleep early around 8pm and waking up 2am, then maybe a little nap after, because I have to wake up at 6am to my other responsibilities.
Everyone can see the chart, but only a few can actually read it.
  • #388,519
  • Jul 23, 2014 12:48pm Jul 23, 2014 12:48pm
Quoting navk
{quote} I too have same problem, for me london opens at 4 am EDT. I changed my lifestyle to suit this.
is that why there are less fx traders in US than other countries? (disregarding lower leverage and anti-hedging)
i'm in US and i tried to fit into fx market schedule but i couldn't.. very difficult.
  • #388,520
  • Jul 23, 2014 12:49pm Jul 23, 2014 12:49pm
in an ideal world cable push up ,then down down ,I'm struggling to put a timeframe on how that takes place ,

Quoting Bones
how this candle sits I would say it can not take upper res ,but the line does bother me for bear , focus on bullish failure id say {image}
Attached Image (click to enlarge)
Click to Enlarge Name: gbp USD d1 (DFB).png Size: 32 KB
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