Well said.

Cable Update (GBPUSD)

I wish I started this when I was 18. I didn't learn about this market until I was 24 and stared trading it at 26. And to think my Bachelor's is in Finance and Masters degree in Accounting. Worthless knowledge. I would rather have the $120,000 I ...

Cable Update (GBPUSD)

LOL...is that all you shoot for 1 million a day. I would think you should set the bar high, 10 million per day only LOL.

Cable Update (GBPUSD)

It is a retracement. Look at your monthly candle. This current candle reached the 161.8 fib on that. That is the S2. No matter what you trade; currency, stocks, bonds, options etc. it gets to a point where things retrace. We are at the end of the ...

Cable Update (GBPUSD)

Czech, I have been trading for about 5 to 6 years now and I would say the first couple years I lost my ass. A few things that are critical to trading is finding a system that works and stay with that system. In this forum, you will run across many ...

Cable Update (GBPUSD)

Exactly, I put my long trades in last night and closed when I got up.

Cable Update (GBPUSD)

It is a possibility but probably unlikely to remain down. May close there but should continue up a bit. Fibonacci numbers are perfect for the bulls as seen by the attached charts. The theory states that when trending, the price will reach the 138.2, ...

Cable Update (GBPUSD)

Malc, I am with you. I am a day trader as well. I have been trading for 5 years now. And your right, it is a very small channel but if I can make 20 up, 20 down etc, at the end of the week it wasn't too bad of a week. I placed a couple buy orders on ...

Cable Update (GBPUSD)

Without reading the whole history of this discussion, so true, why trade. However, this is a scalpers dream market, because short of something major happening in the world, no major supports or resistances will be broken here. Play the way down up ...

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It will just give it time.

Cable Update (GBPUSD)

I tend to agree with you because that point is the 138.2 fib line for the monthly fibs. Once it hits that point depending on the day it hits it, we may be in for a week of going up to end the monthly candle and begin the new monthly candle. Could go ...

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Good luck with that one.

Cable Update (GBPUSD)

Magix, It was good chatting with you. It's good to chat and compare notes with someone that reads and inteprets the charts the same way as me. Made my 139 pips for the day so I will call it good. Don't feel like sweating out the news tonight.

Cable Update (GBPUSD)

I would wait until you get confirmation. Still moving downwards. SMA's still down and has not hit the fib yet.

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Short is the way to go. I am in short from earlier 1.6210. I am looking good here.

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I use the moving averages as well. Like you said the big picture is a lot of little pictures in one.

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Agreed. I believe that you are right on with your analysis here. The main thing is if you are going to use them, you have to know how to use them.

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Mafix, now your talking! You and I are on the same page and that is the exact way I use the fibs. They work for me and I average about 100 pips a day. So if it isn't broken why fix it.

Cable Update (GBPUSD)

It's the same thing that is my point. The 1.6200 is derived from the measuring tool which are the fibs.

Cable Update (GBPUSD)

Just for kicks how do you suppose they come up with the 1.6200 number. Why not 1.6100 or 1.4800 or 1.0000? Is it just a magical number that comes from no where were the big boys put an imaginary brick wall on. Fib lines are what the big boys use to ...

Cable Update (GBPUSD)