Disliked{quote} Now bought @ 1.3625 target 1.3750. patience holds the key, let's see if the support at 1.3580 will hold once more.Ignored
Data + Stat + Risk/Emotions Management
2
Cable Update (GBPUSD)
- #575,981
- Feb 3, 2021 9:29am Feb 3, 2021 9:29am
- Joined Aug 2018 | Status: Research Analyst | 4,290 Posts
Data + Stat + Risk/Emotions Management
{quote} It seems your trade is going your way again. Price is rejecting the important resistance. I think you will end in a profit. But never forget your money management thinking that every trade will be lucky.
Could someone tell me the resistance line on the cable as it stands? Could try hold out until then?
- #575,983
- Feb 3, 2021 9:34am Feb 3, 2021 9:34am
- | Additional Username | Joined Mar 2020 | 1,607 Posts
{quote} Ha-ha!{quote} Dunno. Me sets goals and waits. Until they get reached... It all depends on your goals, is it not? You do know best. Me is holding... Goals not achieved, yet.
Took a note while reading in web page ( forgot which one).
QUOTE
"You can master your strategy, you can find really good points to enter, but exits are always hard predicted.
Exits are tough.
The fact is, you can never know the optimal exit point for any trade until it’s over – sometimes it’s best to scalp a quick profit.
Other times you should have exited at a stall at the next sup/res level.
Other times the move continues and would have been a great trade, if only you’d trailed a stop.
It can be very frustrating.
From my own experience i can say that exits are 50% of history statistics which you should do and see the behavior of your pair, and 50% of your own trading style and psychology.
For me, there are two ways to exit.
The first is planned to exit at the closest potential area of sup/res, but I’m happy to take profits earlier if price action stalls or reverses.
The second way is to set your target depending on your risk.
For example, 1 : 1.5. If you see big move, you can move your TP and see what's going to happen and get more than was planned.
Try to use trailing stop, if you like it, but test it before using."
Hope, those info will be beneficial to others, especially Newbie like me.
- #575,984
- Feb 3, 2021 9:35am Feb 3, 2021 9:35am
- Joined Sep 2015 | Status: Under Pressure | 4,596 Posts
{quote} I appreciate the advice guys. As I mentioned above - just traded on the wrong way with the news. I'm still baffled as to why good news for the US means the dollar going against the pound. Just cannot get my head around it!
Together we can be strongest
Vantage Return This Month:
-97.0%
- #575,985
- Edited 9:46am Feb 3, 2021 9:35am | Edited 9:46am
- | Joined Jun 2019 | Status: on vacation | 1,726 Posts
- #575,987
- Feb 3, 2021 9:37am Feb 3, 2021 9:37am
- Joined Sep 2015 | Status: Under Pressure | 4,596 Posts
Together we can be strongest
Vantage Return This Month:
-97.0%
- #575,990
- Feb 3, 2021 9:43am Feb 3, 2021 9:43am
- Joined Apr 2013 | Status: Trader | 1,926 Posts
{quote} {image}
i believe your entries were inside the red square....
so:
A - Bar closed outside BB, BB are expanding. This is a moment bar, but bottom is shaved. some would scalp long here. I would let develop a bit to see when "momentum" is over.
B - Bar that opens and close outside BB. This usually means that momentum isn't over. (in this case bulls didn't had strength to push price back up).
From C to D, price "refuses" to close outside BB. "momentum" is drying.
F - Refuses to make a lower low. Bear weakness.
A light support is made (yellow line).
BB expert would at least scalp long at "Extreme expert entry".
A safer entry long would have been at the break up of the high of bar F. Also already backed up by yours bottom window indicators.
just my 5 cents.
sometimes i'm wrong too, but i don't do 8 lots!
If you don't know how to earn money, don't loose it.
- #575,993
- Feb 3, 2021 9:48am Feb 3, 2021 9:48am
- | Additional Username | Joined Mar 2020 | 1,607 Posts
- #575,995
- Feb 3, 2021 9:53am Feb 3, 2021 9:53am
- Joined Apr 2013 | Status: Trader | 1,926 Posts
{image} {quote} GU Ready to SHORT now ? Or just HOLD.Anyone can give comment on this ? Thank You
If you don't know how to earn money, don't loose it.
- #575,999
- Feb 3, 2021 9:58am Feb 3, 2021 9:58am
- Joined Sep 2015 | Status: Under Pressure | 4,596 Posts
Together we can be strongest
Vantage Return This Month:
-97.0%
- #576,000
- Feb 3, 2021 9:59am Feb 3, 2021 9:59am
- | Additional Username | Joined Mar 2020 | 1,607 Posts
{quote} hold
Already CLOSED. Newbie always chicken out.....
Now waiting to reenter Scalping LONG.