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Cable Update (GBPUSD)

  • #777,161
  • Sep 21, 2023 8:55am Sep 21, 2023 8:55am
Quoting TheWraith
If you think massacre is over, think again! Haha BoJ tommorow, along with thousand High-Impact News! Manufacturing, Services, Retail Sales... Tommorow could be the day GBP/USD will finally reach 1.215. After that, I don't know where GBP/USD will go. Could go to 1.19 or 1.215 will be the end of this Sell. We'll see tommorow, also, Fridays are known for retracements, so... well, we'll see.. 72% Long.
Very well observed.
The first fall will be from Bad Germany PMIs. EU dragging Gu with it.
Second Leg will be Bad UK PMI.
More time in the market, does not mean you trade better!
  • #777,162
  • Sep 21, 2023 8:59am Sep 21, 2023 8:59am
My account finally fried before I woke up
  • #777,163
  • Sep 21, 2023 9:04am Sep 21, 2023 9:04am
Quoting kenny4real
My account finally fried before I woke up
sorry to hear that try some rest and come back with clear head
People don't plan to lose. They lose because they don't plan.
  • #777,164
  • Sep 21, 2023 9:11am Sep 21, 2023 9:11am
Quoting kenny4real
My account finally fried before I woke up
Every painful loss means one lesson learned.

Lesson you learned this time: stop catching "highs" and "lows", because by the time you catch the real high or the real low, your account will look like a disaster, so even when you do catch that high and low, you'll only recover what you lost (if you're lucky). Also, even if you catch the high, no person alive will actually sell at the bottom.

I'm not being a smartass, trust me, I did the same thing!

Now, having more experience, your judgement will be better.

Also, take some time off from FX now. You need to reset!

Come back stronger!
  • #777,165
  • Sep 21, 2023 9:15am Sep 21, 2023 9:15am
Quoting ScalaFX
{quote} sorry to hear that try some rest and come back with clear head
Thanks alot...yeah, I'm staying off for a while
  • #777,166
  • Sep 21, 2023 9:16am Sep 21, 2023 9:16am
Quoting TheWraith
{quote} Every painful loss means one lesson learned. Lesson you learned this time: stop catching "highs" and "lows", because by the time you catch the real high or the real low, your account will look like a disaster, so even when you do catch that high and low, you'll only recover what you lost (if you're lucky). Also, even if you catch the high, no person alive will actually sell at the bottom. I'm not being a smartass, trust me, I did the same thing! Now, having more experience, your judgement will be better. Also, take some time off from FX...
Exactly what I'm doing...taking some time off. Thanks
  • #777,167
  • Sep 21, 2023 9:17am Sep 21, 2023 9:17am
Quoting kenny4real
My account finally fried before I woke up
Why it is so hard to use Stop Loss?

A great tool to limit your risk!
More time in the market, does not mean you trade better!
  • #777,168
  • Sep 21, 2023 9:23am Sep 21, 2023 9:23am
Quoting Fardeen1209
{quote} Why it is so hard to use Stop Loss? A great tool to limit your risk!
It is a great tool (although I very rarely use it)
Insane in the Brain..
  • #777,169
  • Sep 21, 2023 9:27am Sep 21, 2023 9:27am
closing my GU net now at 0 loss lucky me after this storm uff, opened small buy nas100 at 14769 will add some if slip more but I think after nice slide time to reverse some
People don't plan to lose. They lose because they don't plan.
  • #777,170
  • Sep 21, 2023 9:29am Sep 21, 2023 9:29am
Quoting BeeTogether
{quote} It is a great tool (although I very rarely use it)
You are an experienced trader, although you rarely used it, at least you get out of a trade when you know it is not working. Chances are, you will reverse, and get back what you lost.
But there are many traders i saw, wont use SL. and never heard of position sizing too,
instead when the market go against them, they will never have an invalidation level which will tell them the trade not working.

They will sit tight and pray for the market return in their favour, while each additional tic evaporates margin from their account, untill they lost the account.

Good trading strategy imho
More time in the market, does not mean you trade better!
  • #777,171
  • Sep 21, 2023 9:32am Sep 21, 2023 9:32am
Attached Image (click to enlarge)
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Intraday Trading is an Art _ hoda
  • #777,172
  • Sep 21, 2023 9:32am Sep 21, 2023 9:32am
Quoting ScalaFX
closing my GU net now at 0 loss lucky me after this storm uff, opened small buy nas100 at 14769 will add some if slip more but I think after nice slide time to reverse some
14769?
Which future contract give this number


(Im in as well.. higher, status: suffer)
  • #777,173
  • Sep 21, 2023 9:34am Sep 21, 2023 9:34am
Stop Loss should only be used as a beginner -except your system is automatically and build around it. There are different reasons for that to avoid Stop Loss. The biggest Reason is the hunting. In Germany lots of Bank earned money by that bringing products on the market saying: "If 7000 not reached today at DAX, you earn money - if it hits one time you lose all." So lots of people were betting on that, let's say 10 Mio Euro. So a free lunch for the banks if they manage to push the DAX below 7000. Guess who won a more than losing?...

I know it is an extreme example but the big players almost never us Stop-Losses, may be part Stop-Losses to protect in a weird occurance like last year on GBP in September.

SL is also difficult to use as a countertrend and swing trader but that's another story. You have to handle the losses here. Not easy and you have to know exactly what you are doing.
  • #777,174
  • Sep 21, 2023 9:36am Sep 21, 2023 9:36am
Quoting Fardeen1209
{quote} You are an experienced trader, although you rarely used it, at least you get out of a trade when you know it is not working. Chances are, you will reverse, and get back what you lost. But there are many traders i saw, wont use SL. and never heard of position sizing too, instead when the market go against them, they will never have an invalidation level which will tell them the trade not working. They will sit tight and pray for the market return in their favour, while each additional tic evaporates margin from their account, untill they...
sounds like me, never use stop loss...but position sizes very small.....
  • #777,175
  • Sep 21, 2023 9:36am Sep 21, 2023 9:36am
Attached Image (click to enlarge)
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We might be topping out here
  • #777,176
  • Sep 21, 2023 9:41am Sep 21, 2023 9:41am
Quoting Waveskierrob
{quote} sounds like me, never use stop loss...but position sizes very small.....
You are the "Best trader ever to have lived 6.0"

One and Only piece. A master at work.

No second trader like you

Actually as i was typing the above post was thinking of your trading method. Your trade size in relation to your account bal, is relatively small. You have enough margin to trade other setup in other pair, but new stubborn traders are.

This story repeat itself whether FX trading, Crypto trading or Stock trading
More time in the market, does not mean you trade better!
  • #777,177
  • Sep 21, 2023 9:44am Sep 21, 2023 9:44am
Quoting Waveskierrob
{quote} sounds like me, never use stop loss...but position sizes very small.....
I have problem of taking small position my psychology says that if the lot is small you won't earn considerable amount of money,how should I deal with it ,
  • #777,178
  • Sep 21, 2023 9:45am Sep 21, 2023 9:45am
GU, candles rejecting resistance at 1.2300. It might start dipping slowly before the news. The news might boost up the fall of the gbp to 1.215.

(A beginner’s analysis)
Secret to the Price Action is Liquidity.
  • #777,179
  • Sep 21, 2023 9:48am Sep 21, 2023 9:48am
Quoting iusman23
GU, candles rejecting resistance at 1.2300. It might start dipping slowly before the news. The news might boost up the fall of the gbp to 1.215. (A beginner’s analysis)
earlier you said it's gonna slip hard to 1.21*
  • #777,180
  • Sep 21, 2023 9:49am Sep 21, 2023 9:49am
Quoting AlfieSolomon
{quote} I have problem of taking small position my psychology says that if the lot is small you won't earn considerable amount of money,how should I deal with it ,
Using stop loss and going in with bigger lots. That’s the same way I’m trading.
last night forgot to place SL and faced a disaster in the morning.
Secret to the Price Action is Liquidity.
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