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Cable Update (GBPUSD)

  • #61,181
  • Apr 10, 2008 4:58am Apr 10, 2008 4:58am
Quoting nAVIN2007
i started with £3000 lost £550 of it ....and i have to just except that my entries are stupid so back to demo for me to get good entries then came back to it..its just i cant keep losing like this, especially when i lose more than i earn..so it better to play the game without encountering huge loss

thx man
mike was saying yesterday that he suspects we going to the top and the rate cut was already priced in ...i dont get that but i guess we will have to wait and see ...
I can see why he says the rate cut is priced in, but the statement that will be released definately is not priced in and I suspect it is that, that will drop the cable.
  • #61,182
  • Apr 10, 2008 5:00am Apr 10, 2008 5:00am
Ok guys, raise your hands if you're trading this!
  • #61,183
  • Apr 10, 2008 5:02am Apr 10, 2008 5:02am
Quoting forexmoments
Ok guys, raise your hands if you're trading this!
.........lol, ofcourse I am.
  • #61,184
  • Apr 10, 2008 5:03am Apr 10, 2008 5:03am
You guys that blow your accounts, how big lots are you using vs account balance? I use 0.01 lot, aka microlot, on a €200 account. I have a feeling you guys use too much.
  • #61,185
  • Apr 10, 2008 5:03am Apr 10, 2008 5:03am
Quoting mr.m
i have a feeling its goin to drop..i hope my feeling is right.. or i too will have blown my account!!

the fact that we had a massive daily bearish candle and price has respected 4hr trendline, also bullish engulfing pattern on pivot ....that was the sign but i really thought bears would fight back and they didnt! ...man this thing honestly now has no major resistance...except 1.9868

r2 level and confluence of fibs there maybe a bounce there and rate cut might send it down...all probabilities..
  • #61,186
  • Apr 10, 2008 5:05am Apr 10, 2008 5:05am
Quoting AmeriTrini
I can see why he says the rate cut is priced in, but the statement that will be released definately is not priced in and I suspect it is that, that will drop the cable.
it should drop
UK is in bad shape
did u c there house prices index.
i think we will see 9600 again today and possibly touch 9500 area if rate cut happens.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #61,187
  • Apr 10, 2008 5:06am Apr 10, 2008 5:06am
15 min chart showing signs of turning/ Tweezer tops and a nice looking hammer, however, it's just that, the 15 min chart.

Jim
  • #61,188
  • Apr 10, 2008 5:10am Apr 10, 2008 5:10am
Quoting nAVIN2007
oh well i blew my first account loss £550 ...damnit back to demo now and get consistant profits
its just a bump in the road
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #61,189
  • Apr 10, 2008 5:11am Apr 10, 2008 5:11am
I have not been able to explain to myself why the cable is going up, and to be fair, this time the charts were indicating this move up well in advance. Since I still have a short bias, I have not been able to take advantage of this move up, so I am flat atm. Thats ok, as I am working hard to have a view of the market shaped by the price action on different timeframe charts, rather then having an emotional or other opinion/s. I am aware that there are great and profitable approaches to trade the market both ways, with and against the prevailing trend which is evident on highier timeframes. At this stage after studying and trading for several years I still am bound only to take the trades in the direction of the prevailing trend. I am aware that this approach is less officient in terms of a numbers of possible trades, but preserving the trading capital has got a highier priority. At the moment my only explanation for the cable move up is that when the BOE cut is announced, the cable has got some room to move down, though there might be some contrarian reaction if the cut is only 0.25. We shall see, I do not intend to trade this news.
Happy trading to all,
2be
Make sure losses are small and profits are bigger!
  • #61,190
  • Apr 10, 2008 5:11am Apr 10, 2008 5:11am
Lower high forming on the 5 min chart.

Jim
  • #61,191
  • Apr 10, 2008 5:13am Apr 10, 2008 5:13am
It needs to break R1 pivot level at 1.9818. comon Bessie, turn and fight.
  • #61,192
  • Apr 10, 2008 5:14am Apr 10, 2008 5:14am
Quoting tim1234
how long did it take to blow your acc? if you dont mind me asking

just 4 weeks ...actually i havent blown the account i have blown..18.3% blown in 3 weeks actually ..which is madness..so i best go back to demo and find a solution for entries ..
  • #61,193
  • Apr 10, 2008 5:17am Apr 10, 2008 5:17am
Quoting mavewei
Just now Long @9784, I think can get it TP @9852
Mine one open 1.9764 ...

Hai Guy, how to get know the MT4 currently running on what time zone?
FXDD - Meta Trader is MT4 ? I am in Indonesia ...
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,194
  • Apr 10, 2008 5:17am Apr 10, 2008 5:17am
Quoting SimonJ
You guys that blow your accounts, how big lots are you using vs account balance? I use 0.01 lot, aka microlot, on a €200 account. I have a feeling you guys use too much.
No response
How can we be rich with mini and micro equity without going in with big lots
  • #61,195
  • Apr 10, 2008 5:17am Apr 10, 2008 5:17am
Quoting hard1head1
Hey Guys,

Looks like it may be failing the 61.8 Fib level here. Im a hoping it does so your shorts start to come alive. Tweezer tops on the 15

Jim
I just get Fib 50 on 9852. Fib 61.8 on 9896. Correct me if I'm wrong
  • #61,196
  • Apr 10, 2008 5:19am Apr 10, 2008 5:19am
Quoting SimonJ
You guys that blow your accounts, how big lots are you using vs account balance? I use 0.01 lot, aka microlot, on a €200 account. I have a feeling you guys use too much.
who do you use for trading? The smallest spread bets that can be placed on FX are usually 50p after the introductory offer (usually 10p per point).

this means you need 5k to adhere to 1% if you are trading with 100 pip s/l
  • #61,197
  • Apr 10, 2008 5:21am Apr 10, 2008 5:21am
Quoting fxbroker
No response
How can we be rich with mini and micro equity without going in with big lots
You are not supposed to be rich as a newbie, learn first, then be rich.
  • #61,198
  • Apr 10, 2008 5:24am Apr 10, 2008 5:24am
Quoting sooperthug
who do you use for trading? The smallest spread bets that can be placed on FX are usually 50p after the introductory offer (usually 10p per point).

this means you need 5k to adhere to 1% if you are trading with 100 pip s/l
I use Alpari UK. Spread is 3 pips on GBP/USD there. I don't spread beat. I spot trade forex as most people do. Only possitive about spread betting in UK is tax free as far as I know. I don't live there anyway.
  • #61,199
  • Apr 10, 2008 5:26am Apr 10, 2008 5:26am
Yea, I pulled mine from the last leg down
at 4/8 4:00 candle on the 4 hr where it retraced to 38.1 % fib from the major OTL.

I use most recent.

Jim

Quoting mavewei
I just get Fib 50 on 9852. Fib 61.8 on 9896. Correct me if I'm wrong
  • #61,200
  • Apr 10, 2008 5:26am Apr 10, 2008 5:26am
Quoting nAVIN2007
just 4 weeks ...actually i havent blown the account i have blown..18.3% blown in 3 weeks actually ..which is madness..so i best go back to demo and find a solution for entries ..
So sorry Navin ..... but I am more worst than you. Tradding with 10% remaining account. 90% blown
I only trade XAU/USD. Based on USD news & Fib SR & BB20
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