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Cable Update (GBPUSD)

  • #59,821
  • Mar 28, 2008 3:04pm Mar 28, 2008 3:04pm
Nice profits there Abuwad, if nothing else it proves the market is possible to beat and live off, I'd be happy with 50-75pips per day, even at $4 per pip that would be stupid money to me each month.

I theorise I should be able to do above within 3months allowing for other distractions That is my target!!


Fingers crossed on home based and trade capable all next week
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,822
  • Mar 28, 2008 4:19pm Mar 28, 2008 4:19pm
what fxdaily did now, every time i look this guy is ban.
If I Go Broke Trying Then I Will die happy.
  • #59,823
  • Mar 28, 2008 4:20pm Mar 28, 2008 4:20pm
Hi guys looks like i missed some the good sell right from the top..hope u all made good profits...

I entered a short.. at 1.9900
SP 2.0190
TP around 1.97 area ...o.1 mini lot...

hopefully at the end of next week we should see this area..does this look like a good or bad trade?..the idea is to js=ust go work and not have to worry about the trade seems the easiest way not to lose everything is to give myself a big margin (me thinks)
  • #59,824
  • Mar 28, 2008 5:14pm Mar 28, 2008 5:14pm
Well Nav, if you've got limited time and trading off a 4H system then that is the way to do this.

It's not the way I trade but I'll give you a 60% area of hitting your TP at this stage so it's a good trade at this moment.

It's a totally radical change in trading style though so okay leave this one on, but back to demo trading with this simple set and forget style, got some experience of bigger market moves, don't start from scratch with real ££'s.

Welcome to multi day swing trades!!! my prefered style for stock trading, daily chart plot 9sma, 20ema, 50sma, 200sma, envelope 9sma Dev 1.4% that worked GREAT for stocks check it out and do some back testing i think you'll LOVE IT!! ( this is a nicked funds system honestly )



* p.s. my memory is crap, put the trade in your title pls *
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,825
  • Mar 28, 2008 5:29pm Mar 28, 2008 5:29pm
Well I guess the daily pin was a good one.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #59,826
  • Mar 28, 2008 6:09pm Mar 28, 2008 6:09pm
Allowing for the Sunday few hours counting as a day, make it 10sma 20ema, 55sma 220sma that seems to back fit better.

Use it as a trend direction, S/R points and the Envelope as Over Sold / Over Bought back test yourself you'll see it.


If you want to stick to 4H then times all above by 6 ofcourse which would be more accurate, use HLC/3 aswell!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,827
  • Mar 28, 2008 6:12pm Mar 28, 2008 6:12pm
Sorry i was thinking that Monday will be the first of April
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  • #59,828
  • Mar 28, 2008 6:21pm Mar 28, 2008 6:21pm
Interesting GBPUSD Weekly

Former up-channel broken and retested from below (former support turned resistance). Also 1-2-3-4 pattern making lower swing-highs and lower swing-lows.

Looks like a bearish outlook on the Weekly chart.
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  • #59,829
  • Mar 28, 2008 6:25pm Mar 28, 2008 6:25pm
55sma ( 50 modified for sunday ) called the bottom @1.9800.

Trading below the 200sma to ( 210 ) this is a bearish sign and it a quick look on the chart indicators the 50 and 200 are both relevant, much be enough swing traders out there using this simple system.


If we get to the 9700's again Nav, then the odds are we'll retest 9400's personally i'd lower your TP, and hopefully trail your SL depending on how it trades!! I'd also look to double up your position if possible @2.0135 area, same stop as your existing trade


p.s. adding this into my own system in preperation for longer term swing trades I think to, after all can have trades same pair different directions on FXCM these days, might aswell use it. Although can't afford to chance the stops required at this point!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,830
  • Mar 28, 2008 6:29pm Mar 28, 2008 6:29pm
Picture is worth a thousand words.
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Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,831
  • Mar 28, 2008 7:45pm Mar 28, 2008 7:45pm
Quoting Abuawad
So let me say I have 10,000 USD in my account the 1% is 100 USD. Which give me only 1 stander lot “1 pip 10 $ for GBPUSD”.
Targeting 50 ~74 pip in day which is easy to collect them in cable. That give me 500 ~ 750 $
Each month there are only 4 week * 5 days = 20 day
Finally let me say I make profit 1,000 by the end of the month I’ll withdraw 800~850 and keep 150~200 in the account and start over again for the next month.
Hi Abuaward

I am a newbie to this thread and attracted by your wonderful stratedy. You analysis method is great but I have a question about the above money management and risk control.

As you said, 10,000$, 1% risk is 100$, 1 standard lot means 10 pips volalitity. That means your stop loss is 10 pips and take the spread into account, you real sl will be 5-7 pips, right? I think the stop loss is too tight for cable to not be stopped out. Could you give me some more insight for his puzzle?

Another question, you said one trading day the profit will be 50-70 pips(500-750$ per 1 standard lot), that means in one month(given 20 trading day) the profit will be 10,000-15,000$. So the growth rate is 100%-150% per month. Could you help explain this result?

Abuaward, I am not againt you, just have some little puzzle.
Look forward to your good answers? Thank in advance.

Cheers
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #59,832
  • Mar 28, 2008 8:05pm Mar 28, 2008 8:05pm
I take it, he's trading with more than 10K and you should be using 0.1 maybe 0.2 lots if you had 10K.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,833
  • Mar 28, 2008 8:13pm Mar 28, 2008 8:13pm
Quoting Turveyd
I take it, he's trading with more than 10K and you should be using 0.1 maybe 0.2 lots if you had 10K.
Hi Turveyd
Thanks for your answer.
Given 0.2 standard lot, that means the SL is around 50 pips. And the potential TP is 50-70 pips. The risk to reward rate is 1:1 around.

Could you give me one example to set the SL and TP, and one trading example such as yesterday?

Thanks.
Cheers
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #59,834
  • Mar 28, 2008 9:22pm Mar 28, 2008 9:22pm
Risk to reward is fine, if your really good at picking trades and win like 60%+ of the time ofcourse to make it worth while.

1% risk is nice, but real world anything upto 5% can and will do, ofcourse this hinges entirely on being able to pick profitable trades, without that don't even bother stick to demo.

I use a SL of 13 and aim for 2 - 60 pips, 25 is becoming typical these days, with a 70% win ratio, so doing nicely.

As said, got to get your trend / entry and exit sorted first, then work out what SL you need, I prefer danger tight, whoops stopped, think on it, place another trade maybe in the other direction, keeps me loose!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59,835
  • Mar 28, 2008 10:24pm Mar 28, 2008 10:24pm
Quoting Turveyd
Risk to reward is fine, if your really good at picking trades and win like 60%+ of the time ofcourse to make it worth while.

1% risk is nice, but real world anything upto 5% can and will do, ofcourse this hinges entirely on being able to pick profitable trades, without that don't even bother stick to demo.

I use a SL of 13 and aim for 2 - 60 pips, 25 is becoming typical these days, with a 70% win ratio, so doing nicely.

As said, got to get your trend / entry and exit sorted first, then work out what SL you need, I prefer danger tight, whoops stopped, think on it, place another trade maybe in the other direction, keeps me loose!!
Turveyd,
Thanks for your explanation. I like your trading record and think it is true.

Do you use Abuaward's analysis and trading stategy? Becuase his trading records posted are incredible, it is too hard to be convinced.

If you use his stratedy, why can not you get the same result(1000pips per month, without loss)? Sorry to this question.

Many pips to you.

Cheers
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #59,836
  • Mar 28, 2008 11:43pm Mar 28, 2008 11:43pm
http://i81.photobucket.com/albums/j209/ghous/lskgh.gif
I believe . . .
  • #59,837
  • Mar 28, 2008 11:48pm Mar 28, 2008 11:48pm
Quoting Abuawad
Sorry i was thinking that Monday will be the first of April
Abuawad,

Was looking at this screenshot again because you referred an inquirer to it.

In it, the last trade shows a Buy Opened @ 2.00550, Closed @ 2.00177, which is clearly a LOSS of some 37 pips

In the other trades which are all Sells, the Open is higher than the Close as you would expect for profitable trades.

Not sure why you've chosen to censor some columns or if this would alter the above
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Darkness lies one inch ahead..
  • #59,838
  • Mar 29, 2008 12:40am Mar 29, 2008 12:40am
Quoting TraderJR
Abuawad,

Was looking at this screenshot again because you referred an inquirer to it.

In it, the last trade shows a Buy Opened @ 2.00550, Closed @ 2.00177, which is clearly a LOSS of some 37 pips

In the other trades which are all Sells, the Open is higher than the Close as you would expect for profitable trades.

Not sure why you've chosen to censor some columns or if this would alter the above
i just close it becasue i see the good position for sell and it will cover the - pips and give me more pips than that day plan. should i keep it or drup it.
i'l keep it but FXCM take a comition on the position that stay in the open position for more than 24 hours, that's i can't take it.
so i close it. but look to the other side do you think i have to say i lost 37.3 pips and have profit 396 pip or i can say i have profit 358.7
the pip counting i post it's show the analysis result and it dosn't mean my trading result.
in some day the price hit the targets more than one time and i don't counting it in the result that i post but its already conting in my FXCM profit pips should i say i have X $ profit for today !!
or that i say i have X Lots for today !!
  • #59,839
  • Mar 29, 2008 12:48am Mar 29, 2008 12:48am
Quoting aihua5
Hi Abuaward

I am a newbie to this thread and attracted by your wonderful stratedy. You analysis method is great but I have a question about the above money management and risk control.


As you said, 10,000$, 1% risk is 100$, 1 standard lot means 10 pips volalitity. That means your stop loss is 10 pips and take the spread into account, you real sl will be 5-7 pips, right? I think the stop loss is too tight for cable to not be stopped out. Could you give me some more insight for his puzzle?

Another question, you said one trading day the profit will be 50-70 pips(500-750$ per 1 standard lot), that means in one month(given 20 trading day) the profit will be 10,000-15,000$. So the growth rate is 100%-150% per month. Could you help explain this result?

Abuaward, I am not againt you, just have some little puzzle.
Look forward to your good answers? Thank in advance.

Cheers
Aihua
Hi,
all the figares in the post are not 100% correct.
the only two correct value is the 2~1% from the account " for trading not for trading and risk"
and withdraw the 85% from the month profit and keep the 15% in the trading account.

just note: for my stop loss point.
if we say we have these values:

up limit : 2.0
down limit: 1.0

down limit targets: 0.0 , -1.0 , -2.0
up limit targets: 2.5 , 3.0 , 3.75

and the price move to the down limit and confirm the broken of that limit.
my entry will be on 1.0 or near.
SL: 2.5
what the target i pot in the order as TP point : -2.0 the last target in the down limit
ok price move to the first target i move the stop loss to the 1.0
price move to the 2nd target i move the stop loss to 0.0
price move to the last target i move the stop loss to the 2nd target -1.0
in that case the price didn't test the 3rd target. but i have the profit of the 2nd traget in my account.
  • #59,840
  • Mar 29, 2008 1:41am Mar 29, 2008 1:41am
whats the purpose bragging about your pips, you come on here time after time saying how many pips you got whats the purpose does it make you feal good getting these newbies all rile up.
If I Go Broke Trying Then I Will die happy.
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