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Cable Update (GBPUSD)

  • #29,101
  • Sep 5, 2007 9:02am Sep 5, 2007 9:02am
at last some life in this market again, news acted as a defibrilator. Still keeping my GU long from 2.0105
  • #29,102
  • Sep 5, 2007 9:03am Sep 5, 2007 9:03am
Quoting bullrock
20 minutes to go to Mr Steels' speech.
is that Mr Steel balls with the magnetic personality ?
  • #29,103
  • Sep 5, 2007 9:07am Sep 5, 2007 9:07am
Quoting Pipspur
Hey Pino,

I recently went live, August was a bad month to start.

Anyway, I use FXCM also. I was wondering how reliable you find the technical analysis in DailyFX Plus.

Any info would be helpful.

Thank you.
I don't rely on their technical analysis, or even their signals
  • #29,104
  • Sep 5, 2007 9:11am Sep 5, 2007 9:11am
if cable breaks above 60 level next target will be 2.02 where i will start covering my position.
  • #29,105
  • Sep 5, 2007 9:14am Sep 5, 2007 9:14am
Quoting lexazver
if cable breaks above 60 level next target will be 2.02 where i will start covering my position.
Done
.
  • #29,106
  • Sep 5, 2007 9:15am Sep 5, 2007 9:15am
Quoting lexazver
if cable breaks above 60 level next target will be 2.02 where i will start covering my position.
hmm happened much quicker than i was expecting
  • #29,107
  • Sep 5, 2007 9:15am Sep 5, 2007 9:15am
"Invest With The Insiders, Not The Masses" George Muzea
  • #29,108
  • Sep 5, 2007 9:15am Sep 5, 2007 9:15am
I'm already long after the bounce off 2.0042 for the second time, the same thing happened last week, the price action for today went the same thing as last week, as if I was watching a recorded video
  • #29,109
  • Sep 5, 2007 9:16am Sep 5, 2007 9:16am
Quoting bullrock
Yeah
in short: patience, discipline, rules, money management, and most of all treat it as a business with plan and so on.
My biggest losses were:
Putting mini disaster stop losses on to prevent huge losses. I found that 2 mini disaster losses = 1 huge loss. The market knows exactly where your s/l is - to the pip. Don't know how but they do. Miss Whiplash will get you every time.

Trading after a fight with the wifey etc - jumbled bonce = bad decisions

Putting late in the day trades on after nice successes - loose it all and more - pride comes before a fall.

Being sloppy with leaving orders on when they are not needed and clicking sell instead of buy then waiting to see if luck will cover the spread charges...
Work hard - check and recheck and concentrate

putting on bigger positions than you are truly comfortable with then doing all the cardinal sins of chasing the market or doubling up to try and get it back...

trading through an announcement or within 1 minute

Done all these but dont do em now !
  • #29,110
  • Sep 5, 2007 9:18am Sep 5, 2007 9:18am
FINALLY......some action......yipeee
  • #29,111
  • Sep 5, 2007 9:20am Sep 5, 2007 9:20am
Action time.
  • #29,112
  • Sep 5, 2007 9:20am Sep 5, 2007 9:20am
Quoting Moe
Avoiding Failure's Pitfalls

It is a pretty well accepted fact of life that the vast majority of those who trade currencies on a retail basis ultimately end up losing every penny they put into it. In fact, the CEO of one well known Futures Commission Merchant (FCM) has stated publicly that he would be surprised if 15% of traders end up being profitable. So what do the 15% know that sets them apart from their counterparts?

Successful traders aren't dreamers. They set realistic, attainable and measurable goals.

Successful traders manage their money. They never risk more than 5% of their account balance on any given trade.

Successful traders do not allow themselves to be sidetracked by their emotions. They don't obsess about their losses because they know controlled losses are part of the game. Neither do they get overly excited when a series of trades goes their way.

Successful traders never allow themselves to become complacent. They see learning as an on-going process.

Successful traders are patient. They realize that the big money isn't made in the buying and selling. It's made in the waiting.
Hey Moe.....very good post.

I have been reading a 22 page book that relates to what your saying....this is helping me see the market in a much better light.....
  • #29,113
  • Sep 5, 2007 9:22am Sep 5, 2007 9:22am
Quoting allserene
My biggest losses were:
Putting mini disaster stop losses on to prevent huge losses. I found that 2 mini disaster losses = 1 huge loss. The market knows exactly where your s/l is - to the pip. Don't know how but they do. Miss Whiplash will get you every time.

Trading after a fight with the wifey etc - jumbled bonce = bad decisions

Putting late in the day trades on after nice successes - loose it all and more - pride comes before a fall.

Being sloppy with leaving orders on when they are not needed and clicking sell instead of buy then waiting to see if luck will cover the spread charges...
Work hard - check and recheck and concentrate

putting on bigger positions than you are truly comfortable with then doing all the cardinal sins of chasing the market or doubling up to try and get it back...

trading through an announcement or within 1 minute

Done all these but dont do em now !
That is the best. I have done all these and are the biggest loosers...
.
  • #29,114
  • Sep 5, 2007 9:23am Sep 5, 2007 9:23am
Quoting allserene
My biggest losses were:
Putting mini disaster stop losses on to prevent huge losses. I found that 2 mini disaster losses = 1 huge loss. The market knows exactly where your s/l is - to the pip. Don't know how but they do. Miss Whiplash will get you every time.

Trading after a fight with the wifey etc - jumbled bonce = bad decisions

Putting late in the day trades on after nice successes - loose it all and more - pride comes before a fall.

Being sloppy with leaving orders on when they are not needed and clicking sell instead of buy then waiting to see if luck will cover the spread charges...
Work hard - check and recheck and concentrate

putting on bigger positions than you are truly comfortable with then doing all the cardinal sins of chasing the market or doubling up to try and get it back...

trading through an announcement or within 1 minute

Done all these but dont do em now !
Ya pretty much covered all the screwups except for the one about the market going against me!
To laugh, to learn, and to teach!
  • #29,115
  • Sep 5, 2007 9:25am Sep 5, 2007 9:25am
Cesarnc is going to kick his computer when he gets back and sees what happen......
  • #29,116
  • Sep 5, 2007 9:25am Sep 5, 2007 9:25am
hmm the kind of formation cable made on 3h chart makes me think that it will go to 2.03 by tomorrow or friday but more likely tomorrow.
And i just came up with a plan
Gonna cover 1/2 of my position at 2.02 +-10 if it gets there and will put stop loss at B/E +10 for the remainer so at 2.0115.
  • #29,117
  • Sep 5, 2007 9:26am Sep 5, 2007 9:26am
cable should hit 200 today, let's see
If I Go Broke Trying Then I Will die happy.
  • #29,118
  • Sep 5, 2007 9:28am Sep 5, 2007 9:28am
Quoting pino2
I'm already long after the bounce off 2.0042 for the second time, the same thing happened last week, the price action for today went the same thing as last week, as if I was watching a recorded video

If you don't mind me asking, why made you take a long entry at that price?
  • #29,119
  • Sep 5, 2007 9:29am Sep 5, 2007 9:29am
Quoting lexazver
hmm the kind of formation cable made on 3h chart makes me think that it will go to 2.03 by tomorrow or friday but more likely tomorrow.
And i just came up with a plan
Gonna cover 1/2 of my position at 2.02 +-10 if it gets there and will put stop loss at B/E +10 for the remainer so at 2.0115.
Don't forget..interest rate statements tomorrow and Trichet speaks...
  • #29,120
  • Sep 5, 2007 9:33am Sep 5, 2007 9:33am
Quoting maverick
If you don't mind me asking, why made you take a long entry at that price?
I didn't take a long trade @ 2.0042, I waited for the bounce off and then I placed a long trade, I mentioned yesterday that I won't place my entry points here, I took this trade coz 2.0042 was a main key today, if broken it will bring cable down, if not, so no shorts, that's why I waited for the bounce off and then took the order, my SL @ BE and this trade I won't close now it's a good price, that I was waiting for
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