Cable Update (GBPUSD)

Quoting martinez1

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{quote} Hhahahahahahaha, Sending Second team to rescue.... . I watch in movies as sometimes the second team gets stuck too... Lol but i hope your second team gets powerful enough. I like the psychology behind a losing trade, being able to laugh over it, to me is a good mental state

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Quoting birdland

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{quote} so i didn't expect this, very interesting insights. but it makes mathematical sense. be careful, all the forecasters must get on your nerves or amuse u i will train myself to have no prejudice, no bias. hard after 13 years of intensive forex trading... something else about the TP: +1 is approx. +0.3 for me after deducting the charges. should I rather take TP+2?

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Quoting DrDave

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{quote} I have posted for several years that "10 pips is all you need". Occasionally, I'll enter 2 orders, TP for one at 10 pips, then move SL of the 2nd order to BE when 10 pips reached. I check RSI to get an idea of how much a single bar is likely to move, and manually trail the SL accordingly.

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Quoting Whale

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@moty you know i love you. put your tp on 1.162 and go to sleep

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Quoting Indiara

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{quote} An interesting strategy DrDave and you are correct, we don't need to make a zillion pips every day, just a few each day will soon add up

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Quoting billytt

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{quote} good post.... You can make your own bias like i do. That 00-00 to 04-00 4 hour range is very good to tread off. If high breaks go long, and low breaks short. it does fail but then you counter. Either like how i do or Wave does. You are trading off stats then. Dont forget the daily range too.

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Quoting WizardTrade

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{quote} Very nice. En route. {image}

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Quoting Indiara

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{quote} An interesting strategy DrDave and you are correct, we don't need to make a zillion pips every day, just a few each day will soon add up

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Quoting Moty

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{quote} {image}{image}

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Quoting DrDave

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{quote} Well, actually, just a few pips each day doesn't add up to much MONEY very quickly unless you also start scaling up the number of lots per trade. Then the rate that the money increases in your account becomes at least geometric and often exponential. You can see in this TE plot the two green rectangles are after scaling up lot size but still targeting 10 pips. {image}

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Quoting Indiara

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{quote} Yes I see. I might make a spreadsheet on the weekend to see how this can work. I'm not very good with spreadsheet, but I think I know enough to do this task

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Quoting DrDave

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{quote} I have a dollar amount that I am willing to lose on each trade. So, to keep the same SL but use more lots, I have to check how much profit I need to bank to increase my lot size to some selected amount.

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