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:: Cable (GBPUSD) Trend Trading ::

  • #281
  • May 9, 2007 6:44am May 9, 2007 6:44am
WOW, tell me not to sit and watch the screen all day please. I got scared and got out at 9934 to be even on the trade. I should learn to play more golf.
  • #282
  • May 9, 2007 6:46am May 9, 2007 6:46am
Breakfast went in to lunch today... again. Just working out what to do next.
Do not focus on making money; focus on protecting what you have.
  • #283
  • May 9, 2007 6:48am May 9, 2007 6:48am
Quoting Make a Million
WOW, tell me not to sit and watch the screen all day please. I got scared and got out at 9934 to be even on the trade. I should learn to play more golf.
IMO it doesn't help. Every trade you make is a good trade if your entry was valid. I go out deliberately. It's never a bad trade until it hits your stop. And that's only if you don't move it.
Do not focus on making money; focus on protecting what you have.
  • #284
  • May 9, 2007 6:51am May 9, 2007 6:51am
Quoting Why Oh Why
At 1.9983 for 4 lots of 68 pips. 272 pips. 1 lot left. And SL moved to break even. 5 Long remain opened at 1.9930. SL moved to 1.9950.
Another nice trade - once again, I got out too early and my re-entry limit order wasnt hit. Iīve got 5 longs in the Euro, but thatīs lagging - I backed the wrong one! - so far!
Trading Levels with WRBs
  • #285
  • May 9, 2007 6:52am May 9, 2007 6:52am
Quoting Why Oh Why
1.9930 SL 1.9830 TP 2.0130 Last 1.9962. Buy Limits #3 and #4 remain outstanding at 1.9815 and 1.9915 respectively.
SL moved in to 1.9850 to Profit Lock 100 pips. TP unchanged.
Do not focus on making money; focus on protecting what you have.
  • #286
  • May 9, 2007 6:53am May 9, 2007 6:53am
Quoting Islander
Another nice trade - once again, I got out too early and my re-entry limit order wasnt hit. Iīve got 5 longs in the Euro, but thatīs lagging - I backed the wrong one! - so far!
Good luck.
Do not focus on making money; focus on protecting what you have.
  • #287
  • May 9, 2007 6:56am May 9, 2007 6:56am
342 closed pips on 10 long with another 5 Profit Locked for a minimum of 100. I shot all the bears on the way out for breakfast.
Do not focus on making money; focus on protecting what you have.
  • #288
  • May 9, 2007 6:56am May 9, 2007 6:56am
Your trades are fantastic, I only have a question over your SL.

Its normally far away, even 100 pips. I have a rule that says I cannot risk more than 10% of my capital and are not willing to loose more than 5% of my total capital on one trade.

That means I have to place my SL not further away than 50 pips. This is obviously a risk as we have seen with the last buy that went down to 9880.

How would you suggest I handle this? Any ideas?
  • #289
  • May 9, 2007 7:00am May 9, 2007 7:00am
Quoting Why Oh Why
1.9945 SL 1.9965 TP 1.9915 Last 1.9930.
A loss of 100 pips - 5 for 20 each. I didn't see it open or close. A shame it didn't all go according to plan.
Do not focus on making money; focus on protecting what you have.
  • #290
  • May 9, 2007 7:01am May 9, 2007 7:01am
Quoting Vantage
An interesting morning the London open head fake has me well faked out.

My 4 hr stoch is in the basement and turned up, we have since 13.45 yesterday 2 slightly higher lows. The trendline from that time gives support at .9890 so if it holds or breaks may give the short term direction???
Despite the above which suggested some difficultly in going lower I wasn't in today, well and truely head faked. Another thread - brxxt's - was also suggesting some support around .9980. I wasn't in front of the computer at 8.30 when my own little box of tricks would (could, should) have suggested another opportunity to buy around 1.9920.

Oh well live, learn, trust your system!
  • #291
  • May 9, 2007 7:05am May 9, 2007 7:05am
Quoting Make a Million
Your trades are fantastic, I only have a question over your SL. Its normally far away, even 100 pips. I have a rule that says I cannot risk more than 10% of my capital and are not willing to loose more than 5% of my total capital on one trade. That means I have to place my SL not further away than 50 pips. This is obviously a risk as we have seen with the last buy that went down to 9880.

How would you suggest I handle this? Any ideas?
The cross should dictate your SL IMO. 50 is just too tight when you consider the daily range of GU. If you are at $10 a pip then use $1. If you're at $1 then use a micro at $0.10. But always stick with 5 lots to profit lock when your indicators suggest you should. Or when you'd be uncomfortable losing your gains.
Do not focus on making money; focus on protecting what you have.
  • #292
  • May 9, 2007 7:07am May 9, 2007 7:07am
Quoting Vantage
Oh well live, learn, trust your system!
We all have to paddle our own canoe.
Do not focus on making money; focus on protecting what you have.
  • #293
  • May 9, 2007 7:09am May 9, 2007 7:09am
Quoting Why Oh Why
342 closed pips on 10 long with another 5 Profit Locked for a minimum of 100. I shot all the bears on the way out for breakfast.
An unseen loss of 100 pips. 242 closed pips on 15 long ATM. The other 100 Profit Locked is correct.
Do not focus on making money; focus on protecting what you have.
  • #294
  • May 9, 2007 7:14am May 9, 2007 7:14am
Quoting Make a Million
Your trades are fantastic, I only have a question over your SL.

Its normally far away, even 100 pips. I have a rule that says I cannot risk more than 10% of my capital and are not willing to loose more than 5% of my total capital on one trade.

That means I have to place my SL not further away than 50 pips. This is obviously a risk as we have seen with the last buy that went down to 9880.

How would you suggest I handle this? Any ideas?
Make a million 100 pips is also way too big for me. If you can be in front of your computer and you like the general areas that WOW calls a trade on consider:

  1. Loading (like the Daily Fozzy) the 8 RSI overlaid with an 8 SMA looking for crosses in direction of trade
  2. Williams % R 14 setting and look for a crossing of the -50 line

Pick your time frame but in general the above works really well on 30 min charts.

I hope this may help. WOW your calls are great but I need something like this nearer to the time to reduce the stop size. Many thanks again for your calls.

  • #295
  • May 9, 2007 7:40am May 9, 2007 7:40am
Thanks Vantage, will give it a try
  • #296
  • May 9, 2007 7:51am May 9, 2007 7:51am
Quoting Make a Million
Thanks Vantage, will give it a try
Forgot to mention if you wait for both to cross you should be OK with 25-30 pip stop. 15 min chart also works well.
  • #297
  • May 9, 2007 9:02am May 9, 2007 9:02am
Quoting Vantage
I hope this may help. WOW your calls are great but I need something like this nearer to the time to reduce the stop size. Many thanks again for your calls.
You're welcome. Great to have you here. Anything to help anyone is good here. Exits are always best managed by yourself for the reasons covered above. Still holding 6 long but it looks like the bulk - 5 - may hit the raised SL for only a 100 pips. C'est la vie.
Do not focus on making money; focus on protecting what you have.
  • #298
  • May 9, 2007 11:07am May 9, 2007 11:07am
In 10 minutes. 6 long remain open.
Do not focus on making money; focus on protecting what you have.
  • #299
  • May 9, 2007 11:57am May 9, 2007 11:57am
Quoting Why Oh Why
In 10 minutes. 6 long remain open.
Note to self: no comments after Cognac.
Quoting Why Oh Why
SL moved in to 1.9850 to Profit Lock 100 pips. TP unchanged.
Closed at SL for a 100 pips. 1 long remains with SL at break even of 1.9915 for 25. Last 1.9940. And that's it from me today. See you in ten hours.
Do not focus on making money; focus on protecting what you have.
  • #300
  • May 9, 2007 12:53pm May 9, 2007 12:53pm
Cognac is probably the best thing when north equals south!
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