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Cable Update (GBPUSD)

  • #474,341
  • Jan 30, 2019 4:50am Jan 30, 2019 4:50am
Quoting geektrader
Sorry Halbot, I of course meant Hnsx99. Sorry, martingales and grids WILL always fail one day, won´t waste time discussing it further :-) Everyone I´ve seen in my 20 years of automated trading that has been using grids or marts and was smart to "knew better" and "mine won´t crash", have blown their accounts, often after fantastic gains - and that´s the danger with those systems, you are just moving the drawdown into the future and it will happen "at once", killing the account in one day. You´ll see.
No wasn't you I was responding to, it's Chiforex but also I'm not offended by his post just setting the record straight

And my covering trades are smaller than my main trade, just made $20.00Aud on each of them but takes the sting out of the south move and means hit profitability earlier so was able to exit my main trade sooner and still make 6.5%
Don't Leave Money on the Table
  • #474,342
  • Jan 30, 2019 4:51am Jan 30, 2019 4:51am
Quoting RickM
{quote} Matingale has a bad name because many traders always think they have to double up on every entry to win, only fools do that. There are other methods to this madness that pay big $ if you trade grid strategy's outside the box.

Martingale can be profitable but the risk adjusted returns are always bad long term. Show me one account that has a long track record and has good risk adjusted returns. You wont find one...
  • #474,343
  • Jan 30, 2019 5:04am Jan 30, 2019 5:04am
Quoting RickM
{quote} Matingale has a bad name because many traders always think they have to double up on every entry to win, only fools do that. There are other methods to this madness that pay big $ if you trade grid strategy's outside the box.
Yeah it comes back to proper MM, not over extending yourself because I imagine traders employing those systems trade with a gambling mentality and eventually blow their accounts...
Funny thing gambling, if you win alot and win big your a legend a Whale, but if fail all the time you have a problem.....
Don't Leave Money on the Table
  • #474,344
  • Jan 30, 2019 5:09am Jan 30, 2019 5:09am
Cable and Euro on the back foot atm, dxy rising and looking to US session in just under two hours for anymore Cable Euro upside. But I hit target so sitting this out...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1 30 Jan 19.png Size: 49 KB
Don't Leave Money on the Table
  • #474,345
  • Jan 30, 2019 5:12am Jan 30, 2019 5:12am
Quoting HaLBot
{quote} Yeah it comes back to proper MM, not over extending yourself because I imagine traders employing those systems trade with a gambling mentality and eventually blow their accounts... Funny thing gambling, if you win alot and win big your a legend a Whale, but if fail all the time you have a problem.....
Hi HaLBot

Yes, proper MM is key in running these strategy's. But traders like xtradex are totally unaware of how to run a strategy of grid EA's because they haven't been shown how the pro's do it. It would be a light bulb moment for them.
Trading thin liquidity at the boundary of the charts
  • #474,346
  • Jan 30, 2019 5:19am Jan 30, 2019 5:19am
Euro supported by 100MA on 4 hr chart and 20MA not far from crossing it so could see more Euro upside and usually more Cable upside unless UK/Euro Politicians choke on their Brexit breakfast cereal...
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4 30 Jan 19.png Size: 34 KB
Don't Leave Money on the Table
  • #474,347
  • Jan 30, 2019 5:28am Jan 30, 2019 5:28am
Quoting xtradex
{quote} Martingale can be profitable but the risk adjusted returns are always bad long term. Show me one account that has a long track record and has good risk adjusted returns. You wont find one...
there have 4 account as i know exist since 2015 or 2016 till now.. he run gbpusd and eurgbp
  • #474,348
  • Jan 30, 2019 5:30am Jan 30, 2019 5:30am
The usual blah blah, sorry. Show them, verified MyFxBook link, everything else is just dust as usually when people brag of how good this or that system works.
  • #474,349
  • Jan 30, 2019 5:33am Jan 30, 2019 5:33am
Was Listening to Carlos(santana) and eventually youtube took me to some Jazz tunes and this one is amazing 'Chet Baker' heard the name never heard his playing.....effing amazing

Inserted Video
Don't Leave Money on the Table
  • #474,350
  • Jan 30, 2019 5:43am Jan 30, 2019 5:43am
Quoting Robinhood1
{quote} Nice chart
Thx RH, nice results
Come with me if you want to live....
  • #474,351
  • Jan 30, 2019 6:07am Jan 30, 2019 6:07am
Quoting HaLBot
{quote} Wondering who you were talking too.... No I'm not about using matingale, I give that system no merit.... I was expecting GBP to climb from 3090 but it pulled back, so put on two covering trades but all with SLs, as 3060 area was looking like strong support I believed it wouldn't go lower but climb back to 3100. Then we got that 51 pip rally......very nice However I was also prepared to hedge trades instead of losing $150.00 and it's my account so my rules and there's no panic when my trades are 20/30 pips down as nothing for...
You could had just replied by what is your strategy, martingale or not?

Nobody is putting you down or trying to slow your advance in trading if it is so..

Confidence is not enough to not blow your account if it's martingale strategy.

Most who use such strategy face a day when the market trend goes against their trades while they are still adding positions in hope to close all at breakeven or profit.

The worst is when trading a pair that's in critical period due to brexit..etc it might spike in one direction and do not say you're sure it will not break below 1.3060, add to it month end, nothing guaranteed in market trading.

The good point I see is that you have a certain daily profit goal you stop trading after it hits. But what if it doesn't, do you run after losses trying to cover as it looked to be in your past trades!?
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #474,352
  • Jan 30, 2019 6:10am Jan 30, 2019 6:10am
Quoting HaLBot
Was Listening to Carlos(santana) and eventually youtube took me to some Jazz tunes and this one is amazing 'Chet Baker' heard the name never heard his playing.....effing amazing https://www.youtube.com/watch?v=Rl5wuQn0KJk
How is this related to forex?!

Lets keep posts only about trading and GU here
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #474,353
  • Jan 30, 2019 6:16am Jan 30, 2019 6:16am
Quoting xtradex
{quote} Martingale can be profitable but the risk adjusted returns are always bad long term. Show me one account that has a long track record and has good risk adjusted returns. You wont find one...
Exactly. This is why my advice was to gamble in Casino better Risk to Reward ratio.

The problem in them imagining that they must loose many times to blow their account while one or two wins can revive it.

They don't notice that one bad day in certain powerful market trending along weak psychological or mental state can blow their whole account!
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #474,354
  • Jan 30, 2019 6:35am Jan 30, 2019 6:35am
Almost time for some action- my bet is BUY
Attached Image (click to enlarge)
Click to Enlarge Name: gu m15.png Size: 105 KB
Trading thin liquidity at the boundary of the charts
  • #474,355
  • Jan 30, 2019 6:45am Jan 30, 2019 6:45am
Quoting ChiForex
{quote} Exactly. This is why my advice was to gamble in Casino better Risk to Reward ratio. The problem in them imagining that they must loose many times to blow their account while one or two wins can revive it. They don't notice that one bad day in certain powerful market trending along weak psychological or mental state can blow their whole account!
Hi ChiForex

My last word on Martingale before the action starts. There is a method to control draw down to 5% on any grid system while profiting very nicely along the way. Just because a trader is not aware of strategy's that can deal with this issue does not mean they don't exist. However this is not the place for this discussion.

Anyway good luck tonight if your trading the news soon. I am trading the M1 chart like I do every night.
Trading thin liquidity at the boundary of the charts
  • #474,356
  • Jan 30, 2019 7:18am Jan 30, 2019 7:18am
Quoting cablefx
{quote} there have 4 account as i know exist since 2015 or 2016 till now.. he run gbpusd and eurgbp

Show me the verified account and lets see how effective it is. Anyone can be making 1% monthly with 50% DD. Thats not efficiency. Show me a grid/martingale that makes 1% on a 5% max DD or even a 10% DD. The best one I have seen was 2% avg monthly profit and 33% max DD. And thats a terrible ratio.
  • #474,357
  • Jan 30, 2019 7:30am Jan 30, 2019 7:30am
Quoting HaLBot
{quote} Wondering who you were talking too.... No I'm not about using matingale, I give that system no merit.... I was expecting GBP to climb from 3090 but it pulled back, so put on two covering trades but all with SLs, as 3060 area was looking like strong support I believed it wouldn't go lower but climb back to 3100. Then we got that 51 pip rally......very nice However I was also prepared to hedge trades instead of losing $150.00 and it's my account so my rules and there's no panic when my trades are 20/30 pips down as nothing for...
Im happy trade like a retail trader , I use charts and indicators, they help me much, and so far I'm in green teritory ...
  • #474,358
  • Jan 30, 2019 7:36am Jan 30, 2019 7:36am
Not looking bullish today, more downside is possible
Don't Worry Be Happy
  • #474,359
  • Jan 30, 2019 7:38am Jan 30, 2019 7:38am
Quoting RickM
{quote} Matingale has a bad name because many traders always think they have to double up on every entry to win, only fools do that. There are other methods to this madness that pay big $ if you trade grid strategy's outside the box.
I strongly agree with your opinion...Non Martingale Methods not be better than marty...all depends on "who the man behind the gun" ...
  • #474,360
  • Jan 30, 2019 7:47am Jan 30, 2019 7:47am
Quoting geektrader
Sorry Halbot, I of course meant Hnsx99. Sorry, martingales and grids WILL always fail one day, won´t waste time discussing it further :-) Everyone I´ve seen in my 20 years of automated trading that has been using grids or marts and was smart to "knew better" and "mine won´t crash", have blown their accounts, often after fantastic gains - and that´s the danger with those systems, you are just moving the drawdown into the future and it will happen "at once", killing the account in one day. You´ll see.
thanks with your warning about martingale , but sorry I don't agree with your opinion , "killing the account in one day" not only for the Marty Method, but also applies to all Trading Method if you ignore your Risk Management ....
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