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Cable Update (GBPUSD)

  • #19,161
  • Jul 17, 2007 5:28am Jul 17, 2007 5:28am
Quoting Trumpcard
it took me a while but i finally learnt it's safer and more profitable to trade with the prevailing trend.
It's the only way in my opinion, no matter the time frame you trade.
  • #19,162
  • Jul 17, 2007 5:29am Jul 17, 2007 5:29am
Quoting WTB
Sure, and in the meantime have a dozen stoplosses being hit in the process until you finally get that oh-so-clear reversal right for a change...

*sigh*, I am about to give up...
Hehehehe. Trust me, people will NOT learn until they have finished losing enough money doing so, reaching the point of absolute frustration, asking themselves what they're doing wrong and either waking up or quitting.

As I've said before, I myself have spent 1000 pip runs constantly going short.
And I have a pretty sound IQ in my normal life I'd say.

Sometimes it just takes a while to face and realize the truth

I think it has to come as a self-realization for some people since no matter what others say will be discarded. Doesn't mean one shouldn't at least TRY to help them though =)
Trust price. Know yourself.
  • #19,163
  • Jul 17, 2007 5:31am Jul 17, 2007 5:31am
Quoting Breeze
Not me I'm still up and tawking....by the way I'm hedged and waiting for Sir Soros to tell me when to close the hedge.
Can I ask you how do you handle your hedge to get out? I also froze my loss. I have 4 shorts (mini lots):
1.9921 - 1 lot
1.9966 - 1 lot
2.0044 - 2 lots
2.0108 - 4 lots

One long 8 lots @2.0378.

Now, what you experienced trades would do? I could cash my long together with one short and open another hedge long?

If cable climbs a bit higher I could close 2 lots short @2.0044 and 8 lot long to break even on those and open another 6 lot long... Do you think it is a good idea?
  • #19,164
  • Jul 17, 2007 5:33am Jul 17, 2007 5:33am
Perhaps you're right SeekingLight, the "call" must come from within no matter how often you're told.
  • #19,165
  • Jul 17, 2007 5:35am Jul 17, 2007 5:35am
Quoting hotstorm
Can I ask you how do you handle your hedge to get out? I also froze my loss. I have 4 shorts (mini lots):
1.9921 - 1 lot
1.9966 - 1 lot
2.0044 - 2 lots
2.0108 - 4 lots
That's a 500-pip drawdown mate. What time frame did you base those trades on?
  • #19,166
  • Jul 17, 2007 5:37am Jul 17, 2007 5:37am
Quoting SeekingLight
Hehehehe. Trust me, people will NOT learn until they have finished losing enough money doing so, reaching the point of absolute frustration, asking themselves what they're doing wrong and either waking up or quitting.

As I've said before, I myself have spent 1000 pip runs constantly going short.
And I have a pretty sound IQ in my normal life I'd say.

Sometimes it just takes a while to face and realize the truth

I think it has to come as a self-realization for some people since no matter what others say will be discarded. Doesn't mean one shouldn't at least TRY to help them though =)
But betting on a rocket going up when its oh so high is so hard !... I am forcing myself to do it - I just put a long on the dow today at 13927 - it's crazy high, ridiculous, unsustainable, a chain letter, a con - UK/USA on the cusp of a downturn - no way should it be there with oil at $$$ a barrel and Russia getting assertive etc etc - but I have longed it up to 13996 and put in a sensible s/l

Let's see how going with the flow treats me...

I will have my logic cells cauterized if this works then I will be equipped at last...
  • #19,167
  • Jul 17, 2007 5:39am Jul 17, 2007 5:39am
i missed buying on dips - NO DIPS!

oh well.
  • #19,168
  • Jul 17, 2007 5:39am Jul 17, 2007 5:39am
Quoting hotstorm
Can I ask you how do you handle your hedge to get out? I also froze my loss. I have 4 shorts (mini lots):
1.9921 - 1 lot
1.9966 - 1 lot
2.0044 - 2 lots
2.0108 - 4 lots

One long 8 lots @2.0378.

Now, what you experienced trades would do? I could cash my long together with one short and open another hedge long?

If cable climbs a bit higher I could close 2 lots short @2.0044 and 8 lot long to break even on those and open another 6 lot long... Do you think it is a good idea?
Ok this is wat I did just now.....I've set a hedge stop loss @ 0430....thats incase the US data comes out strong...at least i will have some balance growing....and when it drops it will increase my usbl margn....however if the US data is bad i'll still be holding the hedge until 0500 or even higher....now thats when Fib extensions and pivots comes in and play an important role....I now rely on them and R/S lvl's...not forgeting to check O/S......but i'll be here all nite....so i'll keep you posted incase of any changes
  • #19,169
  • Jul 17, 2007 5:41am Jul 17, 2007 5:41am
Quoting WTB
That's a 500-pip drawdown mate. What time frame did you base those trades on?
I usually look at H1. The first trade taken was after 277 pip run up, so I was expecting 30 - 80 pips consolidation before another run up. Second trade the same. Then I could not get out just pyramiding the lots... Then it still did not reverse so I had to freeze my loss and start to think hard how to get out...

I had a chance to get out last NFP Friday at almost break even or very little loss.

I know it was not wise but that does not help at the moment. Now I need to recover that loss somehow...
  • #19,170
  • Jul 17, 2007 5:47am Jul 17, 2007 5:47am
Quoting Breeze
Ok this is wat I did just now.....I've set a hedge stop loss @ 0430....thats incase the US data comes out strong...at least i will have some balance growing....and when it drops it will increase my usbl margn....however if the US data is bad i'll still be holding the hedge until 0500 or even higher....now thats when Fib extensions and pivots comes in and play an important role....I now rely on them and R/S lvl's...not forgeting to check O/S......but i'll be here all nite....so i'll keep you posted incase of any changes
Thanks! I was also thinking about similar strategy. A SL on long to cash some profit if US data get strong. Then later when situation calms open another long to hedge?
  • #19,171
  • Jul 17, 2007 5:49am Jul 17, 2007 5:49am
Quoting BurgerKing
i missed buying on dips - NO DIPS!

oh well.
?

2.0360 -> 2.0260 was a perfect retrace to use for buying a dip. I missed the touch by 45 minutes as I slept that same amount past the London open, was pretty annoyed at the time. Took the break of the PB setup off that s/r instead which is how I got the higher 2.0300 entries I took profit on just then.
Trust price. Know yourself.
  • #19,172
  • Jul 17, 2007 5:53am Jul 17, 2007 5:53am
PRICELESS

Q.E.P.D => R.I.P.

http://www.ole.clarin.com/diario/2007/07/16/portada.jpg
  • #19,173
  • Jul 17, 2007 5:56am Jul 17, 2007 5:56am
be focused on wining not recovering from your looses, mentaly it helps a lot....its just a game....u got to love the game.
its just money
  • #19,174
  • Jul 17, 2007 5:56am Jul 17, 2007 5:56am
Quoting hotstorm
I usually look at H1.
A 500 pip drawdown on a trade based off the Hourly chart is out of whack. That'd be, perhaps, acceptable off the weekly/monthly but not off the hourly.

Regarding what you can do now, who knows. Perhaps account in the loss, learn the lesson (plan your trade, dont let an intraday trade run 500 pips against you, place your stoplosses and respect them, etc) and start off clean.
  • #19,175
  • Jul 17, 2007 5:56am Jul 17, 2007 5:56am
Today british pound continue increasing after release of inflation and consumer prices data in UK. The pair is traded now below 2.0440. Now I wait USA statistics. bad news in usa will support gbp.
  • #19,176
  • Jul 17, 2007 6:04am Jul 17, 2007 6:04am
Quoting hotstorm
Can I ask you how do you handle your hedge to get out? I also froze my loss. I have 4 shorts (mini lots):
1.9921 - 1 lot
1.9966 - 1 lot
2.0044 - 2 lots
2.0108 - 4 lots

One long 8 lots @2.0378.

Now, what you experienced trades would do? I could cash my long together with one short and open another hedge long?

If cable climbs a bit higher I could close 2 lots short @2.0044 and 8 lot long to break even on those and open another 6 lot long... Do you think it is a good idea?
I once had a looser and I hedged it to prevent further losses.

Nice, ingenious! Clever! I was sooo comfy thinking I wont loose anymore.

After a day of thinking, I realized that, WTF so now I have a set of positions that is holding me by the balls not winning and loosing slowly on swaps.

So I close em for a big loss and from then onwards, traded to win back the losses.

If you are loosing BIG, close it to fight another day.

As I posted in this thread, some weeks ago, I shorted GBPUSD due to strong NFP and UK terror attacks. I lost lots of money and closed it to fight another day.

A successful trader not only knows how to win money but to "control" losses as well.

There is no magic in Hedging to recover losses. Closing loosing positions *IS* the way to recover from losses.
  • #19,177
  • Jul 17, 2007 6:07am Jul 17, 2007 6:07am
Quoting BurgerKing
Nice, ingenious! Clever! I was sooo comfy thinking I wont loose anymore.

After a day of thinking, I realized that, WTF so now I have a set of positions that is holding me by the balls not winning and loosing slowly on swaps.
HAHA that was funny BK
  • #19,178
  • Jul 17, 2007 6:07am Jul 17, 2007 6:07am
Quoting BurgerKing
There is no magic in Hedging to recover losses. Closing loosing positions *IS* the way to recover from losses.
I know, I know. It does not solve my loss. I just need some rest...
  • #19,179
  • Jul 17, 2007 6:08am Jul 17, 2007 6:08am
  •  dado26
  • | Joined Mar 2007 | Status: Plan your trade and trade your plan | 180 Posts
Quoting cesarnc
PRICELESS

Q.E.P.D => R.I.P.

http://www.ole.clarin.com/diario/2007/07/16/portada.jpg
haha....
Sometimes I look like HEINZE (nr.6) when I close my trade... but it is still
better as I was nr.1
---------------------------------------------
No change in the sentiment of the market....
  • #19,180
  • Jul 17, 2007 6:12am Jul 17, 2007 6:12am
watch out guys... USD data is very very very bad tonite... cable definately going to shoot to heaven... 2.0500 is a must... 2.0600 is a piece of cake.... uhhhhh yeahhhhhhhhhh.....
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