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Cable Update (GBPUSD)

  • #60,481
  • Apr 4, 2008 11:55am Apr 4, 2008 11:55am
Quoting Bones
On the subject of news and the affect of it on price I would say
If you look over the last couple of days it looks as though the bad news was already priced in. So basically we had a strong move in the direction of the expected news so could not expect much more.

When you look at the 4hr chart,
it is clear that the main down trend line was respected today , to the pip. So on the 4 hr we are in an immediate up channel within a much larger down.
Thank you so much. I am so stupid that I never used the forum in my last 7 months and I lost 3300 this morning because I didn't get along with the market this morning and two weeks ago I lost $26,000 in my 5 mini accounts and one standard account.

Now I am glad that at least I am getting some help from you guys (GOD bless you). I got so frustrated for the last 4 weeks and I am thinking to give up but hey that is the attribute of COWARD and I am not coward.
Any way thanks much. Currently I have 4 lots altogether in my 4 accounts and I prey that I will be able to close these lots with profits and after that i will take a break to get my confidence back. i was doing OK for 3 months but then I falled down with one big and one small losses. Wao that is a lot of money right guys. Have a nice weekend.
  • #60,482
  • Apr 4, 2008 12:00pm Apr 4, 2008 12:00pm
Quoting asyed4
This is Alqaz Syed. I am also one of the traders who are in deep trouble. I also want to away from the computer for a while and you said very right "Your goal should not be to make money but rather to get confidence back ..." I am in Forex for 7 Months and I still not have confidence developed.

Just a quick question for all of you. I don't want to tell that how much loss I got when market turned down even after the worse than expected news of unemployment change and unemployment rate. Any way I bought 3 lots in one of my mini account at 2.0021 and currently it didn't even reach above than 1.9970. I put a limit of 2.0080 and I got frustrated and exit my account. In My standard account I bought 1 lot at 2.0027 thinking that it would take an upward direction after the news but again I got frustrated and put a limit of 2.0100 and exit out the account.
I bought one lot in two mini accounts each at 1.9950 and 1.9972 and put limits at 2.0080 and 2.0100.
Actually Sir I got very frustrated because I lost $3130 this morning as it turned down even with the worse news of USD.

Any way my question is would you think that market will take an upward direction in Asia on Sunday evening and during the rest of the hours of today which I think we still have 5 hours.

Please reply me, thank you very much.
Alqaz Syed from TX, USA.
[email protected] If you want to email me please feel free to email me and give me some advices as well.

Never trade for revenge of out of frustration-end in losses 100%. Suggest u take a time out also. Try to learn what it is that you are doing wrong. Keep a trade journal noting mistakes you make. Try and improve yourself every week via self evaluation. Trading Non Farm is very difficult and risky, It should only be traded if u very confident and know exactly what you are doing.

Key to Good decision making is Disciple, u need a plan where by your trading decisions are made as autonomous as possible. Do not think about where the market is going, you have NO control over that, instead think of what u are going to do when it gets there (something u control!)


KEEP THE BET SIZE SMALL. VERY CRUICAL. ONLY RISK 2% OF YOUR ACCOUNT PER IDEA OTHERWISE YOU WILL BLOWN YOUR ACCOUNT FAST.

Always ask yourself what is the potential loss i could suffer. Patience and risk control money management very very cruical.

Under trade. Only ever pull the trigger when you are 100% that the trade will work. Imagine the trade from the perspective of already being in the position & consider what might be wrong with the trade before putting it on.

I will send you a document that helped me very much wheni first started trading...

Good luck, cut your size back and do less trades
Trading is 80% Emotional, 20% Technical
  • #60,483
  • Apr 4, 2008 12:02pm Apr 4, 2008 12:02pm
Quoting Bones

When you look at the 4hr chart,
it is clear that the main down trend line was respected today , to the pip. So on the 4 hr we are in an immediate up channel within a much larger down.
i think we will see 9300 level or at least 9400(dont 4get we have BOE rate decision)
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #60,484
  • Edited 1:29pm Apr 4, 2008 12:05pm | Edited 1:29pm
asyed4

check this pdf out, something i put together when i first started, wish you the best, hope you find it useful
Trading is 80% Emotional, 20% Technical
  • #60,485
  • Apr 4, 2008 12:15pm Apr 4, 2008 12:15pm
Thanks much. I also replied to your email.
Alqaz Syed.
  • #60,486
  • Apr 4, 2008 12:16pm Apr 4, 2008 12:16pm
Quoting asyed4
Thank you so much. I am so stupid that I never used the forum in my last 7 months and I lost 3300 this morning because I didn't get along with the market this morning and two weeks ago I lost $26,000 in my 5 mini accounts and one standard account.

Now I am glad that at least I am getting some help from you guys (GOD bless you). I got so frustrated for the last 4 weeks and I am thinking to give up but hey that is the attribute of COWARD and I am not coward.
Any way thanks much. Currently I have 4 lots altogether in my 4 accounts and I prey that I will be able to close these lots with profits and after that i will take a break to get my confidence back. i was doing OK for 3 months but then I falled down with one big and one small losses. Wao that is a lot of money right guys. Have a nice weekend.
That is a lot of money and you are not alone on your losses count me in too. Im about a year ahead of you and my account is just turning a corner. I know people rubbish forums but seriously if I had not found this forum I am not sure I would be trading today.
I don’t mean this thread alone please take a look round there are great traders on it.
I would be way behind without theses guys.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,487
  • Apr 4, 2008 12:20pm Apr 4, 2008 12:20pm
Quoting salah k.
i think we will see 9300 level or at least 9400(dont 4get we have BOE rate decision)
Well im looking at my daily bar for today and that is ageeing with you Salah.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,488
  • Apr 4, 2008 12:26pm Apr 4, 2008 12:26pm
Quoting fx local
Never trade for revenge of out of frustration-end in losses 100%. Suggest u take a time out also. Try to learn what it is that you are doing wrong. Keep a trade journal noting mistakes you make. Try and improve yourself every week via self evaluation. Trading Non Farm is very difficult and risky, It should only be traded if u very confident and know exactly what you are doing.

Key to Good decision making is Disciple, u need a plan where by your trading decisions are made as autonomous as possible. Do not think about where the market is going, you have NO control over that, instead think of what u are going to do when it gets there (something u control!)


KEEP THE BET SIZE SMALL. VERY CRUICAL. ONLY RISK 2% OF YOUR ACCOUNT PER IDEA OTHERWISE YOU WILL BLOWN YOUR ACCOUNT FAST.

Always ask yourself what is the potential loss i could suffer. Patience and risk control money management very very cruical.

Under trade. Only ever pull the trigger when you are 100% that the trade will work. Imagine the trade from the perspective of already being in the position & consider what might be wrong with the trade before putting it on.

I will send you a document that helped me very much wheni first started trading...

Good luck, cut your size back and do less trades
Good advise can I add you must at the very least have one eye on the Larger Time Frames even if you feel more comfortable on the lower ones. The trend lines on them are respected, take a look at your 4 hr today you could easy have taken a short trade on that down trend line with a 10 pip stop loss.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,489
  • Edited 12:43pm Apr 4, 2008 12:29pm | Edited 12:43pm
Short at 1.9937 ! SL 1.9984. TP 1.9850, and wherever she goes, I'll close prior to the market closing time.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #60,490
  • Apr 4, 2008 1:18pm Apr 4, 2008 1:18pm
Thanks for your advice but I have already stuck with my 4 trades in my 4 accounts with long position at 1.9950, 1.9972, 2.0020 and 2.0027 without stop losses (my mistake) and I don't have any choice but leave them alone for at least Asia Session/London Session as there will be no scheduled news during the first session of London on Monday Morning and I think in US Session as well. So I already kept my fingers crossed and see what happens.

Have a nice weekend.
  • #60,491
  • Apr 4, 2008 1:41pm Apr 4, 2008 1:41pm
Guys for me, damn the news... the trend is still long, just follow the trend and you will surely make the profits... and done forget LET YOUR PROFIT RUN.... I entered long @ 1.9752 and am still holding on....
  • #60,492
  • Apr 4, 2008 2:32pm Apr 4, 2008 2:32pm
Quoting myteax
Guys for me, damn the news... the trend is still long, just follow the trend and you will surely make the profits... and done forget LET YOUR PROFIT RUN.... I entered long @ 1.9752 and am still holding on....
Hope u took some partial profits ..looking at the daily ..possibly forming a pin bar at the 150ema ..a pin bar already in play that occurred on 27 march ...weekly too looks very bearish.. looks like we might have a fall from here ...just my 2 cents ..have a great weekend ..
  • #60,493
  • Apr 4, 2008 3:15pm Apr 4, 2008 3:15pm
Quoting trader1024
Hope u took some partial profits ..looking at the daily ..possibly forming a pin bar at the 150ema ..a pin bar already in play that occurred on 27 march ...weekly too looks very bearish.. looks like we might have a fall from here ...just my 2 cents ..have a great weekend ..
I understand your view regarding the weekly pin bar looking very bearish and I agree with you but you missed my point. My point was the Sunday Asian Session for US traders is actually the continuation of Friday and as far as my knowledge is concerned I also tested that whenever GBP/USD goes either up or down, the Asia Session would go opposite of Friday's trend direction and I tested at least several times and Asia is usually target the value of $ on Friday either through news or any risk even that occured like Non Farm and unemployment rate.

Actually my case is different, since I am already stuck with the long lots for the higher price so I will take the risk of waiting the Sunday Sessions as the 4 and 1 hour trend is still high according to Brian, Forex Specialist.

Thanks,
  • #60,494
  • Apr 4, 2008 3:44pm Apr 4, 2008 3:44pm
Quoting trader1024
Hope u took some partial profits ..looking at the daily ..possibly forming a pin bar at the 150ema ..a pin bar already in play that occurred on 27 march ...weekly too looks very bearish.. looks like we might have a fall from here ...just my 2 cents ..have a great weekend ..

Mind you on the 27 march the move encountered a strong support @ 1.972x thats the support for now. the Trend is Bullish for now, anything you do ... the Bulls rules now on the GBP USD. thats it man. have a great weekend
  • #60,495
  • Apr 4, 2008 3:52pm Apr 4, 2008 3:52pm
Quoting Bones
On the subject of news and the affect of it on price I would say
If you look over the last couple of days it looks as though the bad news was already priced in. So basically we had a strong move in the direction of the expected news so could not expect much more.

When you look at the 4hr chart,
it is clear that the main down trend line was respected today , to the pip. So on the 4 hr we are in an immediate up channel within a much larger down.
tony please keep posting charts cause everytime u do i learn something...man i wish i saw trendline like u do...have a nice weekend buddy
  • #60,496
  • Apr 4, 2008 4:10pm Apr 4, 2008 4:10pm
Thanks Nav a compliment indeed.
I do enjoy posting charts and like helping you where possible Nav .
I would really like you to succeed.
There was a great set up this week with the start being that lovely 1 hour bullish pin.
Then we had a very nice 4hour bullish pin directly afterwards. I noticed you weren’t online at the time which is a shame.
You know we were on PA watch from last week.
Im on Holiday next week from Tuesday ,going to visit relatives in Turkey.
I will check in but won’t be around as much. But I hope you can work on PA as it really works.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,497
  • Apr 4, 2008 4:13pm Apr 4, 2008 4:13pm
This is the latest update on my trades... Wish you guys a great weekedn
Attached Image (click to enlarge)
Click to Enlarge Name: my trades.jpg Size: 60 KB
  • #60,498
  • Apr 4, 2008 4:54pm Apr 4, 2008 4:54pm
Quoting myteax
Mind you on the 27 march the move encountered a strong support @ 1.972x thats the support for now. the Trend is Bullish for now, anything you do ... the Bulls rules now on the GBP USD. thats it man. have a great weekend
no disrespect to ur opinion because i saw u are a very good trader judging from the results but i think bulls dont rule gbpusd
because if that was the case then cable would have closed above 2.00 at least by the way the daily candle is bearish

even with all this usd weakness and cable didnt manage to build bullish momentum plus next week we have BOE rate decision.

so i think cable is pretty much bearish.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #60,499
  • Apr 4, 2008 5:11pm Apr 4, 2008 5:11pm
Quoting salah k.
no disrespect to ur opinion because i saw u are a very good trader judging from the results but i think bulls dont rule gbpusd
because if that was the case then cable would have closed above 2.00 at least by the way the daily candle is bearish

even with all this usd weakness and cable didnt manage to build bullish momentum plus next week we have BOE rate decision.

so i think cable is pretty much bearish.
Well, i dont care about the news... thats the truth ... my strategy is independent of the news. whatever the news is the trend is the stongest strategy.... believe me... we'll see... take care man
  • #60,500
  • Apr 4, 2008 5:27pm Apr 4, 2008 5:27pm
Quoting Bones
On the subject of news and the affect of it on price I would say
If you look over the last couple of days it looks as though the bad news was already priced in. So basically we had a strong move in the direction of the expected news so could not expect much more.

When you look at the 4hr chart,
it is clear that the main down trend line was respected today , to the pip. So on the 4 hr we are in an immediate up channel within a much larger down.

Nice analysis again, Bones

As I said before, u are one of the best chartists here in FF. Best wishes
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