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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #7,541
  • Aug 14, 2007 3:25pm Aug 14, 2007 3:25pm
Quoting Richardj
Gosh, that's not a TP, except on my 3 month option - for a while, at least! As I said, I think it is extremely difficult (for me, at least) to find the correct TPs. There is unquestionable major support where your TP is: if we were to emulate July 98's pattern, there would then be a collosal retracement (for a few weeks), followed by the really enormous drop after that.
I like how you look long-term at what the currencies have done and reacted, instead of thinking the recent patterns are the only thing that can happen.
  • #7,542
  • Aug 14, 2007 3:26pm Aug 14, 2007 3:26pm
Quoting zoheir
So what's wrong about taking profit at a major support ?
in fact it's wiser to TP at a major support and re-enter after breach - or did I misunderstand what you're trying to say ?

Nothing wrong with it at all. I was saying that it makes a lot of sense.

Having said that, in view of my believe that both GU and UJ are extremely bearish, I am at the moment a little doubtful of the potential for a massive retracement after that level.
  • #7,543
  • Aug 14, 2007 3:28pm Aug 14, 2007 3:28pm
Quoting Richardj
Nothing wrong with it at all. I was saying that it makes a lot of sense.

Having said that, in view of my believe that both GU and UJ are extremely bearish, I am at the moment a little doubtful of the potential for a massive retracement after that level.
AAAAh Ok I thought you're saying he should put them lower .... I knew there was something I misunderstood , I ran out of cigarettes and a bit slow now
  • #7,544
  • Aug 14, 2007 3:30pm Aug 14, 2007 3:30pm
A few days ago, I posted a link to an article in the media about Japanese housewives(!) having been a major cause of carry trades rising - regarding borrowing NZD (particularly) and selling JPY as a surefire money-maker.. thereby driving NZD up and up.

The article was talking about the major downward implications if they all started dumping NZ - or if it started dropping hard, anyway.

Well, it's dropping like a stone!
  • #7,545
  • Aug 14, 2007 3:31pm Aug 14, 2007 3:31pm
Ok, we have come down almost 400 pips since we last had a major retracement. Who thinks we are due for another one?
  • #7,546
  • Aug 14, 2007 3:39pm Aug 14, 2007 3:39pm
Quoting markam
Ok, we have come down almost 400 pips since we last had a major retracement. Who thinks we are due for another one?
hmmm my opinion : if 234.80 breached will see more down with minor retracements along the way
  • #7,547
  • Aug 14, 2007 3:42pm Aug 14, 2007 3:42pm
Stress free trading....

Limiting your per lot value when trading to 1/10th of 1% (.001) of your account size allows you to use 1000 pip SL* (*or none at all).
(*not a recommendation)

A $100,000 account limited to a maximum of 10 standard lots (max) traded

A $10,000 account limited to a maximum of 10 mini lots (max) traded

A $1,000 account limited to a maximum of 10 micro lots (max) traded

A $500 account limited to a maximum of 5 micro lots traded

math correction always welcomed....

now I'll go back to....

sleepinginadumpster
  • #7,548
  • Aug 14, 2007 3:48pm Aug 14, 2007 3:48pm
Quoting markam
Ok, we have come down almost 400 pips since we last had a major retracement. Who thinks we are due for another one?
Mark, I hope that there is no major retracement due very soon.
  • #7,549
  • Aug 14, 2007 3:55pm Aug 14, 2007 3:55pm
In all cases I'm thinking of closing the last short (+138 pips) I have now if 234.80 not broken and re-enter @ london open
  • #7,550
  • Aug 14, 2007 3:57pm Aug 14, 2007 3:57pm
Quoting fourxtrader
Stress free trading....

Limiting your per lot value when trading to 1/10th of 1% (.001) of your account size allows you to use 1000 pip SL* (*or none at all).
(*not a recommendation)

A $100,000 account limited to a maximum of 10 standard lots (max) traded

A $10,000 account limited to a maximum of 10 mini lots (max) traded

A $1,000 account limited to a maximum of 10 micro lots (max) traded

A $500 account limited to a maximum of 5 micro lots traded

math correction always welcomed....

now I'll go back to....

sleepinginadumpster
YUP MM is a good rule, I wish I had not made the errors I made with MM and emotion. After killing my account trading mini lots from $500. down to $48. this thread and everybody in it has helped my trading a lot. I am trading micro lots right now and working my way back up to a usefull amount as well as building my self confidence.
I have learned more here then you can imagine and that includes how not to panic when the market turns on you for some drawdown.

COOL...thanks.
  • #7,551
  • Aug 14, 2007 4:00pm Aug 14, 2007 4:00pm
Quoting hi6hlander

Maybe you should change your name to to "TradeGrief" or "TradeChef".

Good luck for the future.

Scott
Hey, Man,

Go easy on the guy. He realizes he made a foolish move that he now regrets. When someone is losing real money it's not proper or nice to make fun of them by calling them names. Show a little heart. This guy (gal) needs encouragement not a laugh at his expense. How about a little more sensitivity next time?

M2B
  • #7,552
  • Aug 14, 2007 4:03pm Aug 14, 2007 4:03pm
Quoting my2buoys
Hey, Man,

Go easy on the guy. He realizes he made a foolish move that he now regrets. When someone is losing real money it's not proper or nice to make fun of them by calling them names. Show a little heart. This guy (gal) needs encouragement not a laugh at his expense. How about a little more sensitivity next time?

M2B
I agree, I must agree just read post 7557. I was there myself before this thread started and I started to learn how to Really trade.

Hmmm... now down to 234.73
  • #7,553
  • Aug 14, 2007 4:06pm Aug 14, 2007 4:06pm
Quoting trader8686
Mark, I hope that there is no major retracement due very soon.
The daily charts just updated and the daily 5sma is about 237.20. I am keeping that in mind as a retracement target.
  • #7,554
  • Aug 14, 2007 4:08pm Aug 14, 2007 4:08pm
Quoting markam
The daily charts just updated and the daily 5sma is about 237.20. I am keeping that in mind as a retracement target.
Great tip, thanks.
  • #7,555
  • Aug 14, 2007 4:09pm Aug 14, 2007 4:09pm
Quoting markam
The daily charts just updated and the daily 5sma is about 237.20. I am keeping that in mind as a retracement target.
I would rather it just keep tanking...but that is a good thing to be ready for for sure. I have +50 pips locked in and will let it run.

learn..Learn..LEARN... but I do it best here.
  • #7,556
  • Aug 14, 2007 4:10pm Aug 14, 2007 4:10pm
Quoting fourxtrader
Stress free trading....

Limiting your per lot value when trading to 1/10th of 1% (.001) of your account size allows you to use 1000 pip SL* (*or none at all).
(*not a recommendation)

A $100,000 account limited to a maximum of 10 standard lots (max) traded

A $10,000 account limited to a maximum of 10 mini lots (max) traded

A $1,000 account limited to a maximum of 10 micro lots (max) traded

A $500 account limited to a maximum of 5 micro lots traded

math correction always welcomed....

now I'll go back to....

sleepinginadumpster

Forgot to mention:

MBTrading Futures (EFXGroup.com) has micro lots and ridiculously low pip spreads. That's a good combination.

  • #7,557
  • Aug 14, 2007 4:11pm Aug 14, 2007 4:11pm
(This is just as a passing comment - I am useless at placing retracement levels).. but on my 'system', there is potential for a bounce of some kind at 243.01.
  • #7,558
  • Aug 14, 2007 4:13pm Aug 14, 2007 4:13pm
sorry - 234.01
  • #7,559
  • Aug 14, 2007 4:14pm Aug 14, 2007 4:14pm
Quoting Richardj
(This is just as a passing comment - I am useless at placing retracement levels).. but on my 'system', there is potential for a bounce of some kind at 243.01.
you mean 234 right? 243 would seem more like a reversal
  • #7,560
  • Aug 14, 2007 4:15pm Aug 14, 2007 4:15pm
Quoting my2buoys
Hey, Man,

Go easy on the guy. He realizes he made a foolish move that he now regrets. When someone is losing real money it's not proper or nice to make fun of them by calling them names. Show a little heart. This guy (gal) needs encouragement not a laugh at his expense. How about a little more sensitivity next time?

M2B
I wasn''t calling anyone any names it was a suggestion.
I'm not trying to be offensive, so if he/she takes it the wrong way then I apologise for that, maybe I am just too hard nosed myself not too realise that an innocent remark might be too much. I too have been there & still do make the odd mistakes as people still do.
Le singe est dans l'arbre
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