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Cable Update (GBPUSD)

  • #683,461
  • Sep 14, 2022 3:23am Sep 14, 2022 3:23am
Quoting dantpm
{quote} Are you suggesting range bound?
I don't know what will happen next. I think my target is possible, but market may have a different outcome. I can not lose on this trade now as SL should protect it
I am neither brave nor stupid...I am just a part time trader
  • #683,462
  • Sep 14, 2022 3:24am Sep 14, 2022 3:24am
Quoting Pat Chiko
{quote} GU Scalping position. Partial close. {image} These trade went underwater on deeper retrcement. Went for averaging up. In order to take advantage of a positive expectancy in"averaging up" system that has a large number of trades that lose a small amount of capital, and few winning trades that yield a large amount of profits, we need to make enough trades, so that even if a lot of them yield small losses, we will be able to find the few that do make our lot of money. To achieve this in practicality, money management is key Then, we never risk...
Bravo ....been trying to say this for ages but you know my English is pants...should have paid more attention in school rather than making paper mache willy's to scare the girls with
  • #683,463
  • Sep 14, 2022 3:24am Sep 14, 2022 3:24am
Quoting Pat Chiko
{quote} GU Scalping position. Partial close. {image} These trade went underwater on deeper retrcement. Went for averaging up. In order to take advantage of a positive expectancy in"averaging up" system that has a large number of trades that lose a small amount of capital, and few winning trades that yield a large amount of profits, we need to make enough trades, so that even if a lot of them yield small losses, we will be able to find the few that do make our lot of money. To achieve this in practicality, money management is key Then, we never risk...
Yo Pat! I risk 2% per trade. More than that I'm not as comfortable with and lower than that is just a waste of time for me. Either you have a good system which will get you somewhere or you don't.
  • #683,464
  • Sep 14, 2022 3:25am Sep 14, 2022 3:25am
you can't change the dxy weekly ,dark cloud UJ right now on D1
cable D1 is not trustworthy
Attached Image(s) (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #683,465
  • Sep 14, 2022 3:27am Sep 14, 2022 3:27am
Quoting Waveskierrob
{quote} Bravo ....been trying to say this for ages but you know my English is pants...should have paid more attention in school rather than making paper mache willy's to scare the girls with
This is your money Waveskie since you are Pat and he is you, congrats!
People don't plan to lose. They lose because they don't plan.
  • #683,466
  • Sep 14, 2022 3:28am Sep 14, 2022 3:28am
They wait for the usual 10:35 to get the price going. HPI just in minutes now. After that action! I hope.
  • #683,467
  • Sep 14, 2022 3:28am Sep 14, 2022 3:28am
Sold at 1.1546, target 1.1490..
Second sell limit at 1.1586...
Data + Stat + Risk/Emotions Management
  • #683,468
  • Sep 14, 2022 3:29am Sep 14, 2022 3:29am
Quoting Bones
you can't change the dxy weekly ,dark cloud UJ right now on D1 cable D1 is not trustworthy {image}
Sorry, I'm a newbie but can you explain more?
What I can see DXY is on top, can it expand more? Because on 4H timeframe, the bullish structure already broken.
  • #683,469
  • Sep 14, 2022 3:30am Sep 14, 2022 3:30am
i know that the mf is planning a double bottom at 1.14092
i just hope it will happend after 1.16000
Attached Image (click to enlarge)
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yes yes yes
  • #683,470
  • Sep 14, 2022 3:33am Sep 14, 2022 3:33am
Perhaps we are in for a retracement now where 50% is at 1.16.
  • #683,471
  • Sep 14, 2022 3:33am Sep 14, 2022 3:33am
Quoting Moty
i know that the mf is planning a double bottom at 1.14092 i just hope it will happend after 1.16000 {image}
116 and then down to below 114 will be ideal
Insane in the Brain..
  • #683,472
  • Sep 14, 2022 3:37am Sep 14, 2022 3:37am
Quoting Waveskierrob
{quote} Bravo ....been trying to say this for ages but you know my English is pants...should have paid more attention in school rather than making paper mache willy's to scare the girls with

I'm learning by observing from "The best trader ever to have lived 3.0".
Always inspirational....


I need to clarify my viewpoint with regard to what I mentioned in my previous post.
I think most of us will agree that we never get in at the best price.
How many times have we taken a position and watched the price go against us and when our stop loss is almost taken out,
it reverses to go in our direction. ( sound familiar ?)
Each negative pip against us makes us more nervous and we don't know whether to hold on or let go of the position.

Traders live in an environment of regret and greed.

When I mentioned that we need to average down, I of course did not mean that we need to average down if prices keep going down by
500pips.
That is ridiculous.
If we are risking 1Lot for 50pip S/L, it will cost you 500$.
How ever if you take 2 positions of 0.5lots with the same S/L but different price, averaging down, it will cost you less and increase your profit.

Keeping a loosing position and fading in a STRONG TRENDING MARKET against us is wrong (if we are able to reconize in time), but
keeping a position and fading in RANGING MARKET (until a given limit we decide) is for me a good system.
90% of times a loosing position always turned into profit, in maximum 2 days. (in the worst case).

Sometimes I made mistake of course and close in loose.

So the point is : Is more profitable (or less risky), to exit everytime the market moves against you of 20-30 pips and reenter,
or stay in until a given level you decide and increase in the meantime ?

Lets be clear about one thing, if I am pretty sure about the direction,and if I could get an exact entry and have the position
go in my favour the exact moment I put on the trade, I wouldnt need to be here on the forums.

Of course there maybe some who get it spot on everytime, but I am not one of them.

I don't average down indefinitely and I know my stoploss level and I break it down knowing that I have the direction right,
I just need a better price.
There needs to be a clear distinction between money management and trade management.

The golden rule is: keep your winners big and looses small.

Be a great Traders & Enjoy Life...

Pat CHIKO
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #683,473
  • Sep 14, 2022 3:39am Sep 14, 2022 3:39am
I think she's gonna turn now, but not getting involved until that news 1.30...
Don't trade what you think. Just what you see!!!
  • #683,474
  • Sep 14, 2022 3:39am Sep 14, 2022 3:39am
Gu H4 Sell set up
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"bad trades at times do happen even when the set up are good"
  • #683,475
  • Sep 14, 2022 3:41am Sep 14, 2022 3:41am
Quoting Pat Chiko
{quote} I'm learning by observing from "The best trader ever to have lived 3.0". Always inspirational.... I need to clarify my viewpoint with regard to what I mentioned in my previous post. I think most of us will agree that we never get in at the best price. How many times have we taken a position and watched the price go against us and when our stop loss is almost taken out, it reverses to go in our direction. ( sound familiar ?) Each negative pip against us makes us more nervous and we don't know whether to hold on or let go of the position....
120% agree with you mate.
WARNING: This post warps space and time in its vicinity.
  • #683,476
  • Sep 14, 2022 3:43am Sep 14, 2022 3:43am
Current resistance at 11550 keeps bouncing off it.. need a break above to get to daily pivot
Insane in the Brain..
  • #683,477
  • Sep 14, 2022 3:44am Sep 14, 2022 3:44am
i see DXY going back to 107.50


i maybe wrong
MY OPINION NOT FINANCIAL ADVISE
  • #683,478
  • Sep 14, 2022 3:45am Sep 14, 2022 3:45am
Quoting WizardTrade
{quote} Come to daddy!
You keep chugging away wizard. I'm keeping my eye on ya! I'm finding this very interesting!
Don't trade what you think. Just what you see!!!
  • #683,479
  • Sep 14, 2022 3:46am Sep 14, 2022 3:46am
Quoting Theoak
{quote} You keep chugging away wizard. I'm keeping my eye on ya! I'm finding this very interesting!
Honored mate. Thanks for the compliment.
WARNING: This post warps space and time in its vicinity.
  • #683,480
  • Sep 14, 2022 3:50am Sep 14, 2022 3:50am
Quoting Pat Chiko
{quote} I'm learning by observing from "The best trader ever to have lived 3.0". Always inspirational.... I need to clarify my viewpoint with regard to what I mentioned in my previous post. I think most of us will agree that we never get in at the best price. How many times have we taken a position and watched the price go against us and when our stop loss is almost taken out, it reverses to go in our direction. ( sound familiar ?) Each negative pip against us makes us more nervous and we don't know whether to hold on or let go of the position....
Agreed ....but personally I bank my profit small then hedge and martingale my losing position, not saying I'm right just the way I do things, I trade my positions not the market, hence why I can enter exit trades whenever I want over many FXpairs and Indices any direction it all averages out , may take a loss on GU but have banked a large profit on the DJIA , P/L will flirt in and out of profit just bank when it is in profit and not be greedy.......great post by the way
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