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Cable Update (GBPUSD)

  • #532,661
  • Jul 2, 2020 10:17am Jul 2, 2020 10:17am
Got in 2 more scalps. No more for today. +4% today.
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  • #532,662
  • Jul 2, 2020 10:18am Jul 2, 2020 10:18am
Quoting navk
{quote} once it happened to me... I had good short entry that day... some news.... price fell down... after some fall, the price all the way went up and hit my stop. Had to exit with loss that day. So today, I was cautious to set trailing stop at 2503. And out with 24 pips... i think. There is always another day.. instead of making loss, came out with profit. Thereafter lots of short scalps and made money.
very true RM is one of the biggest things to control when trading. Cutting losses and getting back in the market.
  • #532,663
  • Jul 2, 2020 10:26am Jul 2, 2020 10:26am
Quoting Georginson
I did state earlier that as far as 1.2250 level holds, 1.2470 is imminent and possibility of 1.2520/1.2590 cannot be ruled out before some correction. This week range so far is 240 pips, which means minimum weekly range is already completed... Average/probable weekly range Being 340 pips... 1.2250 (weekly low) + 340 pips = 1.2590 Most repeated weekly range Being 270 pips... 1.2250 (weekly low) + 270 pips = 1.2520 Which means weekly possible high to be 1.2520/1.2590 Weekly current low is 1.2250 In summary 70% risk is already completed at 1.2490,...
Hold sell positions from 1.2520... Do not close until at least 1.2350... Wait for more directive
Data + Stat + Risk/Emotions Management
  • #532,664
  • Jul 2, 2020 10:26am Jul 2, 2020 10:26am
Quoting navk
{quote} once it happened to me... I had good short entry that day... some news.... price fell down... after some fall, the price all the way went up and hit my stop. Had to exit with loss that day. So today, I was cautious to set trailing stop at 2503. And out with 24 pips... i think. There is always another day.. instead of making loss, came out with profit. Thereafter lots of short scalps and made money.
Do you just use a standard trailing stop or do you do it manually? If automatic stop, what step count do you use? If manual, how do you decide how much to trail it by? Just curious as I've played around with trailing stops before and never found much success with them.
  • #532,665
  • Jul 2, 2020 10:28am Jul 2, 2020 10:28am
Quoting Scotteyy
{quote} Do you just use a standard trailing stop or do you do it manually? If automatic stop, what step count do you use? If manual, how do you decide how much to trail it by? Just curious as I've played around with trailing stops before and never found much success with them.
manual
Intraday only.
  • #532,666
  • Jul 2, 2020 10:29am Jul 2, 2020 10:29am
Quoting navk
{quote} manual
I might start doing this, removing TP altogether and just moving stop loss at each pullback.
  • #532,667
  • Jul 2, 2020 10:32am Jul 2, 2020 10:32am
Quoting Georginson
{quote} Hold sell positions from 1.2520... Do not close until at least 1.2350... Wait for more directive
nice!
PATIENCE AND DISCIPLINE!
  • #532,668
  • Jul 2, 2020 10:36am Jul 2, 2020 10:36am
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yes yes yes
  • #532,669
  • Jul 2, 2020 10:37am Jul 2, 2020 10:37am
Quoting Scotteyy
{quote} I might start doing this, removing TP altogether and just moving stop loss at each pullback.
i am forever debating trails or targets.
Moving the SL to each Pullback is a great way to trail.
What I like about targets is that it gives a feeling of accomplishment.
Even if price goes further, I got out where I wanted.
With trails i often feel bad cause you see what you could have gotten at the low or high.
Either way has its pros and cons.
Whatever makes you feel good about the end result is what you should do.
in wondering about yourself, you forgot what you came here to be part of
  • #532,670
  • Jul 2, 2020 10:40am Jul 2, 2020 10:40am
Quoting knkie
{quote} i am forever debating trails or targets. Moving the SL to each Pullback is a great way to trail. What I like about targets is that it gives a feeling of accomplishment. Even if price goes further, I got out where I wanted. With trails i often feel bad cause you see what you could have gotten at the low or high. Either way has its pros and cons. Whatever makes you feel good about the end result is what you should do.
true.

That feeling was there for me today.

However, I made some more short scalps and accomplished what I could have got.
Intraday only.
  • #532,671
  • Jul 2, 2020 10:44am Jul 2, 2020 10:44am
Quoting knkie
{quote} i am forever debating trails or targets. Moving the SL to each Pullback is a great way to trail. What I like about targets is that it gives a feeling of accomplishment. Even if price goes further, I got out where I wanted. With trails i often feel bad cause you see what you could have gotten at the low or high. Either way has its pros and cons. Whatever makes you feel good about the end result is what you should do.
I can see how it may be a difficult decision for you, however my main problem is taking profits too early. I rarely let it run to my TP even if I'm confident price is going to reach there, I just see green pips and take them! I feel like trailing like this could help me however to traders with a lot more discipline having a TP may be more effective.
  • #532,672
  • Jul 2, 2020 10:45am Jul 2, 2020 10:45am
Quoting Scotteyy
{quote} I can see how it may be a difficult decision for you, however my main problem is taking profits too early. I rarely let it run to my TP even if I'm confident price is going to reach there, I just see green pips and take them! I feel like trailing like this could help me however to traders with a lot more discipline having a TP may be more effective.
With time you will learn the art of trailing and banking the profits.

TW
WARNING: This post warps space and time in its vicinity.
  • #532,673
  • Jul 2, 2020 10:47am Jul 2, 2020 10:47am
Quoting WizardTrade
{quote} With time you will learn the art of trailing and banking the profits. TW
Thank you I hope so, I'm only 5 months into forex however I've managed to get myself out of the -40% hole I put myself in within 2 months. Only down 7% now and have been making around 10% a month for the last 3 months.
  • #532,674
  • Jul 2, 2020 10:52am Jul 2, 2020 10:52am
Quoting knkie
{quote} i am forever debating trails or targets. Moving the SL to each Pullback is a great way to trail. What I like about targets is that it gives a feeling of accomplishment. Even if price goes further, I got out where I wanted. With trails i often feel bad cause you see what you could have gotten at the low or high. Either way has its pros and cons. Whatever makes you feel good about the end result is what you should do.
I am with you on this.

ive never used a trailing stop, nothing against them or people who use them but I wait till TP or my trade hits BE. This is for my intraday ones. At about 20 pips I have alerts set and my SL becomes entry.

for scalps it’s all manual, I have a set to and SL in head and watch


joe
  • #532,675
  • Edited 11:18am Jul 2, 2020 10:53am | Edited 11:18am
Quoting Scotteyy
{quote} Thank you I hope so, I'm only 5 months into forex however I've managed to get myself out of the -40% hole I put myself in within 2 months. Only down 7% now and have been making around 10% a month for the last 3 months.
It's good. With mistakes you will keep on learning and tweaking your methods to get in and out of the trades. At times you will get depressed, nervous and what

not, that is the time to hold patience and discipline. Go through the difficult time with patience and you will get what you want. But for that you need to watch the

complete movie though there might be intermissions during which you will be rethinking your strategies.

This is what I and many others have learnt through.

Trade Safe.

Cheers
TW

PS: This is a trade advice
WARNING: This post warps space and time in its vicinity.
  • #532,676
  • Jul 2, 2020 10:55am Jul 2, 2020 10:55am
This is my problem as well or i would move my stop loss to just over BE when im well into profit. The trades i close manually before TP zone runs way past but the days i fight my emotions is the days i hit the BE point... I guess Murphy is the mother of all ......
I trade my own information and follow my own methods.
  • #532,677
  • Jul 2, 2020 10:57am Jul 2, 2020 10:57am
I can see when a trade is starting turn and take the pips.

The question is:
If you are using Stop loss (most of us do). Then if you take the pips.

How do you calculate your risk to reward?

By the way I hope to go long soon.
Don't trade what you think. Just what you see!!!
  • #532,678
  • Jul 2, 2020 11:05am Jul 2, 2020 11:05am
Quoting Theoak
I can see when a trade is starting turn and take the pips. The question is: If you are using Stop loss (most of us do). Then if you take the pips. How do you calculate your risk to reward? By the way I hope to go long soon.
I guess it depends on trading style, however my profit factor is a lot lower then I want it to be. Even in my profitable months my profit factor is less than 1, just my win rate is 60-70%. I'd prefer a profit factor of around 1.5-2 but I keep taking profits too early! I also hope to go long at the confluence of daily pivot and 15m 200EMA/1h 50 EMA but will wait to see price action around this point.
  • #532,679
  • Jul 2, 2020 11:14am Jul 2, 2020 11:14am
278pips weekly range is enough for me to sell.
BF
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AF
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If prices close bearish on the 4hr CS then the Weekly open to be exposed.
Trade safe. I might be wrong.
Le$$ I$ More
  • #532,680
  • Jul 2, 2020 11:17am Jul 2, 2020 11:17am
Quoting Scotteyy
{quote} I guess it depends on trading style, however my profit factor is a lot lower then I want it to be. Even in my profitable months my profit factor is less than 1, just my win rate is 60-70%. I'd prefer a profit factor of around 1.5-2 but I keep taking profits too early! I also hope to go long at the confluence of daily pivot and 15m 200EMA/1h 50 EMA but will wait to see price action around this point.
What I'm trying to say. If you risk say 10 pips for 30 pips, but you cash in. You don't know what your target is, so your have no risk management strategy. So if you are going to cash in you will have a higher win rate, but you might not have as many pips
Don't trade what you think. Just what you see!!!
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