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Cable Update (GBPUSD)

  • #548,361
  • Sep 16, 2020 2:16am Sep 16, 2020 2:16am
Hi All,

I'm pretty new to trading (still demo trading) so please don't kill me over this analysis but I would appreciate any feedback. I am bearish for GU because we have been in a downtrend since the beginning of the month. We have recently gone past the 2 touch uptrend line I've drawn on and it seem like we are retesting that trend line with multiple confluences. The confluences are retest of previous resistance turned support, fib level of 0.618 in the same zone and a shooting star candle on which I entered my demo trade. My TP is the previous lows.
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  • #548,362
  • Sep 16, 2020 2:17am Sep 16, 2020 2:17am
do you remember last week i won 150 $ profit , and then 250 $ , so the next day i was in 200 $ profit but i didn't look at the pivot lines( was visiting my mother and didn't have the indicator on the smartphone ) so i put my tp at the next horazontal support ,but price turned exeactly at daily s2 and SPIKED UP LIKE A REVARSAL ( daily candle formed like a hammer ) .
I LOST all my 200 $ profit and gave back the 400$ profit i won before on the false signle of long .
this week , it was pay back time , i deposite 243 $ and i have 845$ , all the 600 $ profit came back

from 1.34796 i was thinking only short , and waiting for price to form a lower high and low and begin to gain profit .
on friday the crooks made false move and i was misled by it
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yes yes yes
  • #548,363
  • Sep 16, 2020 2:17am Sep 16, 2020 2:17am
Quoting KiwiTrada
{quote} 2nd hourly closed pierce only maybe bears losing the battle? (gold)
hourly has closed above utl, now reliant on 4hr failing to close above, patience is a virtue of the wise
If you are new to Forex? Say Goodbye to your account!!
  • #548,364
  • Sep 16, 2020 2:22am Sep 16, 2020 2:22am
Quoting Moty
do you remember last week i won 150 $ profit , and then 250 $ , so the next day i was in 200 $ profit but i didn't look at the pivot lines( was visiting my mother and didn't have the indicator on the smartphone ) so i put my tp at the next horazontal support ,but price turned exeactly at daily s2 and SPIKED UP LIKE A REVARSAL ( daily candle formed like a hammer ) . I LOST all my 200 $ profit and gave back the 400$ profit i won before on the false signle of long . this week , it was pay back time , i deposite 243 $ and i have 845$ , all the 600 $...
You are doing very well. Stick to your system. Donīt change anything. If you can learn to keep your trades small when your account increases to 5 and 6 figures, you will have arrived at the promised land.
Observation is the path to discovery.
  • #548,365
  • Sep 16, 2020 2:22am Sep 16, 2020 2:22am
Yesterday High Keeps the resistance as sellers dominate in last five hourly candles. Shorted 1.28850 for 20pips
Keep the Lights on then you can catch the rise from the dark.
  • #548,366
  • Sep 16, 2020 2:27am Sep 16, 2020 2:27am
my opinion
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  • #548,367
  • Sep 16, 2020 2:31am Sep 16, 2020 2:31am
Quoting Alorente
{quote} You are doing very well. Stick to your system. Donīt change anything. If you can learn to keep your trades small when your account increases to 5 and 6 figures, you will have arrived at the promised land.
i can't control my emotions.
i can win 1000$ in one day , and 1 bad trade in the end of the day
that i get in 10 $ loss can be added and added more leverage until i gat wiped out.
so , i can say only one thing for you my friend .
the 500$ withdrawal is coming
yes yes yes
  • #548,368
  • Sep 16, 2020 2:37am Sep 16, 2020 2:37am
Quoting Moty
{quote} i can't control my emotions. i can win 1000$ in one day , and 1 bad trade in the end of the day that i get in 10 $ loss can be added and added more leverage until i gat wiped out. so , i can say only one thing for you my friend . the 500$ withdrawal is coming
You can learn to control your emotions.

If you are feeling stress, your position is too high.

Over the years I have found that 1 contract per 10,000 in your account balance is a safe and stress free level. I also enter trades in two half positions. So with a 100,000 account, I enter 5 contracts and the other 5 when it is confirmed that the trade is doing what I expected it to do. I also move the stop to breakeven quickly.

The key is to keep stress as low as possible so your mind is clear.
Observation is the path to discovery.
  • #548,369
  • Sep 16, 2020 2:39am Sep 16, 2020 2:39am
Quoting Moty
{quote} i can't control my emotions. i can win 1000$ in one day , and 1 bad trade in the end of the day that i get in 10 $ loss can be added and added more leverage until i gat wiped out. so , i can say only one thing for you my friend . the 500$ withdrawal is coming
That was my problem too. When i have big money on my account, i always over leveraging. Thats why i lost big last week!! And that was the time i said" ok every 4-500 dollar win,im gonna withdraw that money. Everything is sooo awesome... until i have a big enough account to blow So yes ...withdraw!!
Time is your friend; impulse is your enemy! - John Bogle
  • #548,370
  • Sep 16, 2020 2:40am Sep 16, 2020 2:40am
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yes yes yes
  • #548,371
  • Sep 16, 2020 2:41am Sep 16, 2020 2:41am
Looks like GU is getting ready to move north hard...
Observation is the path to discovery.
  • #548,372
  • Sep 16, 2020 2:41am Sep 16, 2020 2:41am
Quoting Moty
{quote} i can't control my emotions. i can win 1000$ in one day , and 1 bad trade in the end of the day that i get in 10 $ loss can be added and added more leverage until i gat wiped out. so , i can say only one thing for you my friend . the 500$ withdrawal is coming

Good morning !

Well Done !!!!

im still on demo acc, but have same idea as you, here is what i have in my plan to cope with the emotions :

once i win / loose , I step away from the screen, high / low emotions make us go into " tilt mode"...VERY DANGEROUS
in poker you can recognize this in an opponent, end then there's ways to make him part of ALL his money in a very small time if he keeps on playing

Im trying to learn this to become motor function :

Never trade if any emotions present
Never "have to trade"
On a win or loose, I walk switch off and walk away...can be for hrs, or a few days
Not to trade is also preserving of capital

Go read up / watch youtube on Jessie Livermore, the guy made MILLIONS in the 1920s, but ended up broke, and committed suicide in the end, he was an AWESOME trader, but his emotions got the better of him every time

WALK AWAY - make that an exercise more than often , in your trading & training, it will become motor function, and in the end you will be glad you did
  • #548,373
  • Sep 16, 2020 2:44am Sep 16, 2020 2:44am
Quoting Moty
{quote} i can't control my emotions. i can win 1000$ in one day , and 1 bad trade in the end of the day that i get in 10 $ loss can be added and added more leverage until i gat wiped out. so , i can say only one thing for you my friend . the 500$ withdrawal is coming
mate..
successful trader does not mean need always open position all the time..
successful trader does not mean keep follow where the market goes..
successful trader does not mean need to trades all the times..
successful trader mean we need to let go one side sometimes to focus the bigger catch at other side..
successful traders mean how patience waiting to trigger our position and take profits..
successful trader mean how accurate or sharp we identify the market want to play..
just a 2 cents opinion..
take care and keep it up ur trading mate
️
just for a cup of coffee...
  • #548,374
  • Sep 16, 2020 2:45am Sep 16, 2020 2:45am
Quoting Alorente
{quote} You can learn to control your emotions. If you are feeling stress, your position is too high. Over the years I have found that 1 contract per 10,000 in your account balance is a safe and stress free level. I also enter trades in two half positions. So with a 100,000 account, I enter 5 contracts and the other 5 when it is confirmed that the trade is doing what I expected it to do. I also move the stop to breakeven quickly. The key is to keep stress as low as possible so your mind is clear.
Or look at it this way.....with a 50k account trading 2-3 contracts a day at an average of 50 pips, that will bring you close to 300k/yr.
Slow and steady wins the prize.
Lost....
  • #548,375
  • Sep 16, 2020 2:48am Sep 16, 2020 2:48am
Quoting Viki84
{quote} That was my problem too. When i have big money on my account, i always over leveraging. Thats why i lost big last week!! And that was the time i said" ok every 4-500 dollar win,im gonna withdraw that money. Everything is sooo awesome... until i have a big enough account to blow So yes ...withdraw!!

Hi Viki,

Read my reply for Moty

its an emotional thing, learn to walk away from the screen, recognize the " tilt mode" coming, and just step away

My rule is to just switch off once i win / lost, and come back much later, when im myself again

This" tilt mode traps" are as old as the mountain in any money gaming

learn to stay away by making it a motor function to walk away after wins /losses, the markets are always there later with more

Again, go watch Jessie livermore's story on youtube, every time I think im back in control, i remind myself that such a great trader that made $3mil USD on the 1928 crash day, LOST IT ALL due to emotions, and then I turn around and walk away from my screen again ...hehehe!
  • #548,376
  • Sep 16, 2020 2:49am Sep 16, 2020 2:49am
Quoting ShinyUncle
Hi All, I'm pretty new to trading (still demo trading) so please don't kill me over this analysis but I would appreciate any feedback. I am bearish for GU because we have been in a downtrend since the beginning of the month. We have recently gone past the 2 touch uptrend line I've drawn on and it seem like we are retesting that trend line with multiple confluences. The confluences are retest of previous resistance turned support, fib level of 0.618 in the same zone and a shooting star candle on which I entered my demo trade. My TP is the previous...
welcome.
good chart.
dont ever let the ego's beat you up .... stick to your own plan
in wondering about yourself, you forgot what you came here to be part of
  • #548,377
  • Sep 16, 2020 2:50am Sep 16, 2020 2:50am
Trading is 10% your strategy , and 90% emotions / headgame.

People tend to see it other way around.

learn to manage the headgame , 9X more and better than you did your strategy
  • #548,378
  • Sep 16, 2020 2:55am Sep 16, 2020 2:55am
bought 1.2885 for 50
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
  • #548,379
  • Sep 16, 2020 2:55am Sep 16, 2020 2:55am
Quoting BitcoinBoff
{quote} Hi Viki, Read my reply for Moty its an emotional thing, learn to walk away from the screen, recognize the " tilt mode" coming, and just step away My rule is to just switch off once i win / lost, and come back much later, when im myself again This" tilt mode traps" are as old as the mountain in any money gaming learn to stay away by making it a motor function to walk away after wins /losses, the markets are always there later with more Again, go watch Jessie livermore's story on youtube, every time I think im back in control, i remind myself...
Yes! I need to learn alot more, thats true!! Yesterday was my first day when i was made 12 dollar all day. After that i said ok see you tomorrow, and i walked away from my chart! I need to control myself, and thats the only way!!
Time is your friend; impulse is your enemy! - John Bogle
  • #548,380
  • Sep 16, 2020 2:56am Sep 16, 2020 2:56am
Quoting gespiri
{quote} Or look at it this way.....with a 50k account trading 2-3 contracts a day at an average of 50 pips, that will bring you close to 300k/yr. Slow and steady wins the prize.
Not even that.

The system that I described will turn 10,000 into 1.3 million in one year with only 20 pips a day gain. See attached.
Attached File(s)
File Type: xlsx BATTLE PLAN - MONEY MANAGEMENT.xlsx   345 KB | 588 downloads
Observation is the path to discovery.
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