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[babywolf] 10/2/2014 12:52

It IS immaterial but apologies Bracke if I'm the one that's got it wrong in making an assumption.

Doing a Penycae - wonderful track!

[bracke] 10/2/2014 12:05

Babywolf

Thank you for doing your duty and snitching on El C.

If it amuses him I have no objections. It's nice to see him happy.

BTW I have never stated my gender on this board because it's immaterial.

[babywolf] 10/2/2014 11:51

Thanks Bracke. And I need to let you know that our Jon/El C has been naughty over on FX making reference to you as a 'she'!! (no one likes a snitch but there are limits...)

[bracke] 10/2/2014 11:37

Good day Babywolf

I think I could answer your questions but my knowledge of fx is limited.

Penycae has far more knowledge and experience than I so I will leave it for him to answer.

[babywolf] 10/2/2014 11:27

I don't know enough about trading currencies to take advantage of the tip Penycae - wish I did - but thank you anyway.
I've put the trade on my trading platform and will monitor it for the next few days as I'd like to understand it a little more.
If you and Bracke don't mind, I have a few questions.
The broker I deal with re equities and the indices said that he knows very little about trading currencies and was uncertain about my questions.

My questions are focussed on GBP/USD which I now know means cable (shows you the level of my ignorance!!).
1. If one says the dollar is weakening, does that mean the dollar rate increases against the £ ie £1 at $1 is strong and £1 at $2 is weak?
2. Is there a direct correlation between the DOW and cable?
3. If so, what is the correlation ie if the DOW goes up, does the dollar strengthen or weaken - or doesn't do necessarily either?

[bracke] 10/2/2014 10:27

Good day Penycae

Thanks for the 'heads up' on Cable and the music.

What do you consider to be "sensible stops" on currency pairs given the propensity to large spikes ?

[penycae] 09/2/2014 23:37

Evening all.

When the direction for cable (and the DOW) is established tomorrow, get with it. The move is likely to be a big one. At the moment both look to want to move north, but the secret here will be to wait. Might lose the first fifty points on cable for the trend to establish, but you'll get the next fifty. Ignore the chatter, set sensible stops.
Cable range: Top 1.6643. Bottom 1.5839. The bottom range will be a play on the 200.

[babywolf] 09/2/2014 14:03

Good afternoon Bracke

Thank you very much for the capital spreads link - yes, it was this link that I was trying to find.

I've read through the SEE thread - its a pity it's now stopped - as well as Alan Andrew's creation of the pitchfork chart indicator.
I was so impressed with how accurate wernluck's chart proved to be on Friday. I still come full circle: the amount of data re TA is overwhelming and applying oneself to learning enough to have a hope of trading profitably is indeed daunting. I also know full well that to ignore it and in essence substitute it for mere hope is perilous - especially if trading short term.

I really felt for a couple of posters on the FX thread - their pain and frustration is something I understand all too well!

[babywolf] 08/2/2014 13:41

Good for you Penycae.
Thanks Bracke - you know exactly why I wrote what I did.
I am off to enjoy the sunshine (yes there really is some!) while it lasts..
Have a good weekend and speak next week.

[bracke] 08/2/2014 13:35

Babywolf

Most of the people on these threads are self taught. There are some who are/have been professionals ie. worked in 'the city' or similar.

Professionals will have or should have gained the knowledge to trade/invest in a 'proper' manner; they know the rules, the does and donts.

Non professionals can enrol on courses, one to one tuition, read books, visit web sites and gradually understand the rules, the does and the donts.

I can only speak from my own experience but if self learning, approx five years are required to get a good grasp of the trading basics and understand how the market works. During this time your chance of ending with a profit is minimal.

Once you have the basics, formulate and test your trading system and method you need the discipline to stick to what you have determined works. If this means leaving trades that you want to take but your system says 'no', leave it. OK it maybe it would have been profitable but if you have got your system correct more often than not they will not be profitable.

If you find that you are passing up trades that would have 'worked' maybe time to look at modifying the system.

Happy trading.

[penycae] 08/2/2014 13:21

Interesting proposition.......

Off for a cold shower,then down the Pub to watch Wales -v- Ireland. Was in the fair City of Cardiff last weekend for the Italian job, but couldn't make Dublin. My lot actually left for Ireland on Wednesday (just to get acclimatised). Still looking after the family jools, but they'll let me off at the end of this month.

[babywolf] 08/2/2014 13:06

Oh and I mustn't forget Jon/El C - he can provide the laughs - Jon you ARE very funny (in a good way)

[bracke] 08/2/2014 13:06

Good day Penycae

Unfortunately monkeys such as your own are thin on the ground.

We have to resort to other methods such as tea leaves, cat entrails, etc. Those who are very adventurous use TA (sometimes referred to as squiggly lines) but as monkey has probably told you there are many ways of using and interepreting TA.

We constantly search for; if not the Holy Grail; then a good quality cup and saucer.

[babywolf] 08/2/2014 13:05

I should have added at the end of 'locked in a room': for 2 weeks or so with time off at the weekends for my good behaviour and your collective sanity..

[babywolf] 08/2/2014 13:04

My dream would be to be locked in a room with you Bracke, wernluck and Penycae with monkey serving up the coffee along with his (I think monkey is a 'he')input :)
(I am only half joking)

[penycae] 08/2/2014 12:17

Or you could just get yourself a monkey!

[bracke] 08/2/2014 11:44

Good day Babywolf

The only other is 'talking forex' which is free if you have an account with Capital Spreads otherwise you have to pay for it.



wernluck's system of trading is one that is of interest to me. I found the best way of understanding what he is doing is to print out his charts and take time to analyse them. You may also want to search for information about the pitchfork method he uses.

This thread although no longer in use is also useful:



Once you understand the principles of wernluck's method practice them.

[penycae] 07/2/2014 21:44

Evening all. Just pour yourself a long, slow drink, and unwind. Dance around a bit, it helps.........










Now those are links you can use......

[babywolf] 07/2/2014 16:22

Glad to see you back Bracke - as you know, you have another fan over on FX..

No the links above aren't the ones - I will have to trawl through all the posts at the weekend to find it. It was excellent and the fastest as I recall re posting immediate results.

You were right about wernluck - I marvel at how he selects the info to form a plan - there are so many different things in the mix that its hard to know what to select and deem relevant and what to ignore..

[babywolf] 07/2/2014 11:50

Good morning Bracke
Thanks for the above but it wasn't what I recall.
Maybe I'm not describing it accurately - it wasn't a calendar as much as a live news feed with data coming out within seconds - the others I've found are nowhere near as fast.
Does that description ring any bells?

[bracke] 07/2/2014 11:10

Good day Babywolf

Here are two. Are they what you are looking for ?

[babywolf] 06/2/2014 13:08

Bracke - when you next check in, would you mind posting the link to a very good economic calendar site you once posted? I have been unable to find a site as good - the one you use has the new info instantly!

[babywolf] 05/2/2014 09:36

Good morning Bracke, Penycae and El C/Jon

Just checking in - its been a while!
I hope trading is going well.