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Cable Update (GBPUSD)

  • #59,401
  • Mar 25, 2008 10:27am Mar 25, 2008 10:27am
Quoting johnbaem
definitely on the other hands if you are trailing for pips but in navin situation, he might kill his acc..
yes ...what a bad day!!..i missed the rally ...
  • #59,402
  • Mar 25, 2008 10:30am Mar 25, 2008 10:30am
true enough buddy, lol.

Re the theory, i see other areas as detailed above this post that have more confluence of reasons for potential resistance than that area and would therefore be more comfortable acting on any set-up at those areas....but who knows you could well be right. G/l.
ex member
  • #59,403
  • Mar 25, 2008 10:32am Mar 25, 2008 10:32am
Quoting bbmac
true enough buddy, lol.

Re the theory, i see other areas as detailed above this post that have more confluence of reasons for potential resistance than that area and would therefore be more comfortable acting on any set-up at those areas....but who knows you could well be right. G/l.

i c wat u mean
ur right
but im trying to keep it simple and use long time frames
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #59,404
  • Mar 25, 2008 10:35am Mar 25, 2008 10:35am
I use a breakout strategy exclusively on Cable around early London session, and it has a very attractive R:R and win rate. It is a slightly modified version of Big Ben Breakout. Anyone familiar with BBB strategy?

Thanks
  • #59,405
  • Mar 25, 2008 10:36am Mar 25, 2008 10:36am
yeh understand...in which case a breeched fib such as this (ie previously breeched to the upside) will only likely provide resistance if caused a swing then in price action....better to look for the confluence of fibs and swings in price action on your longer time frames and of courrse the fibs of the current moves (s) as higher probability potential supp/res areas.
ex member
  • #59,406
  • Mar 25, 2008 10:47am Mar 25, 2008 10:47am
This is what im see-ing on 4hr re previous swing highs/lows as potential supp/res with support trend line now tested once and held
Attached Image (click to enlarge)
Click to Enlarge Name: 4hr.gif Size: 18 KB
ex member
  • #59,407
  • Mar 25, 2008 10:47am Mar 25, 2008 10:47am
i canceled the position ..otherwise i might end up in big trouble .....loss so far since live experience £221.39..damnit

dont worry guys now that i canceled the trade it will go down..i must be cursed..
  • #59,408
  • Mar 25, 2008 10:49am Mar 25, 2008 10:49am
Quoting nAVIN2007
i canceled the position ..otherwise i might end up in big trouble .....loss so far since live experience £221.39..damnit
nice one navin... rest your mind and youll be strike back!

current GU around 2.0020, another 30pips for me to close at 200pips from 1.9850...
  • #59,409
  • Edited 11:07am Mar 25, 2008 10:55am | Edited 11:07am
Quoting johnbaem
nice one navin... rest your mind and youll be strike back!

current GU around 2.0020, another 30pips for me to close at 200pips from 1.9850...

im on a training course for the rest of the week and wont be able to trade might be a great time to reflect on errors..

i knew it ...now it looks like its about to go down ..wtf
i did something silly i placed another sell but i cancelled straight after .thats enough for me ...i dont think it will go down it appears to have broken out of the downtrend channel ..
  • #59,410
  • Mar 25, 2008 11:11am Mar 25, 2008 11:11am
Quoting nAVIN2007
im on a training course for the rest of the week and wont be able to trade might be a great time to reflect on errors..

i knew it ...now it looks like its about to go down ..wtf
i did something silly i placed another sell but i cancelled straight after .thats enough for me ...i dont think it will go down it appears to have broken out of the downtrend channel ..
if that so, put the SL necessarily to secure mine or just let it run... i dont see any sign of reversal yet.. previously just breaking good support and the move might be a lil bit slow for now since its only us market will react..
  • #59,411
  • Mar 25, 2008 11:27am Mar 25, 2008 11:27am
nav, sounds bad today, definately time to take a week off.

I'm going to say your following the standard typical trading pattern we all make including me, you beat yourself up over the weekend and pushed for bad trades today trying to make it back.

BAD long day, BAD headache, what to do, trade $7 per pip or go for a swim, hmmmmmmmmmmmmmmm.


Nav can you post your trades exits and entrys again for better analysis.

p.s. thanks for keeping it real, normally I'd go the 7 lots ( might still LOL )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,412
  • Mar 25, 2008 11:33am Mar 25, 2008 11:33am
, im shock that anyone went short and took a lost. long all the way.
If I Go Broke Trying Then I Will die happy.
  • #59,413
  • Mar 25, 2008 11:47am Mar 25, 2008 11:47am
Nav, looking at the charts you where playing my normal account ripping / throat ripping out trades, trying to pick a top, getting stopped and repeating

Glad I was out today or day 1 with big ish account woulda been nasty
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,414
  • Mar 25, 2008 11:48am Mar 25, 2008 11:48am
I was always taught to follow the trend whatever, until the reversal absolutely kicks you in the balls, The trend is most definately up at the moment and my balls dont ache yet. It is bound to slow a bit now hitting a support and low volume because of close of London session, but another thing to remember is low volume, no news, where is the impetus to change the trend a little retrace yes but no reason I can see for the trend to change
respect
Tom(uk)
  • #59,415
  • Mar 25, 2008 11:53am Mar 25, 2008 11:53am
Correct Tom, yes the Trend will reverse on you sooner or later, but it's better than have a few good trades then get a kick in the balls when the market does turn, than try to pick the top repeatly and keep having your balls kicked.

The trick is not worrying about the trend change, keep playing those trades on pull backs in the direction of the trend and take your kick in the balls like a man when it comes, which will be much lessened by your previous profits.


Took me along time to realise above, i have done pretty much recently which is why I suspect / hope my turning point is here.

Hope it doesn't take you 3 1/2 years on and off Nav!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,416
  • Mar 25, 2008 11:54am Mar 25, 2008 11:54am
That and I said go LONG hours ago, doesn't anyone listen to me

Including myself
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,417
  • Mar 25, 2008 11:54am Mar 25, 2008 11:54am
TADA
I just mentioned a few hours ago that we are hitting $2 today, and here we go.. The question is for how long will it last? Shall i keep my long from 1.9758? any suggestions?
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  • #59,418
  • Mar 25, 2008 11:57am Mar 25, 2008 11:57am
Abuzant, my theory was we'd put in a higher low on that wave for the lack of a better word, so good odds 2 - 3 weeks out of putting in a higher high so 2.360+++.

But profit is profit and thats some nice profit.

Market setup a bearish tone then slapped the bears as expected!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,419
  • Mar 25, 2008 12:00pm Mar 25, 2008 12:00pm
Plan go Long @1.9990 Target new highs likely 2.0060!! stop 13. Risk low!!




* going out so thats just a demo trade *
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,420
  • Mar 25, 2008 12:08pm Mar 25, 2008 12:08pm
I basically agree, bu demo is different; ask nAVIN

I have been holding this long since ice-age, it's seen good losses and i kept it (gathering swaps) and now that the market has came my way, i think i will keep it a few days (weeks?) till we hit 2.04xx again. Take a close look at the weekly charts, much promising.

PS> In reversal mode; i have a sell-limit at 2.0495, TP 1.9250 SL 2.0565 - and by the way thats not crazy at all if you look at it Elliot's way.. Give it a try..
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