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Cable Update (GBPUSD)

  • #62,921
  • Apr 25, 2008 8:05am Apr 25, 2008 8:05am
Quoting Turveyd
BUT it's easier to see price action / market direction on a M1 or M5 chart, there is no waiting for a candle to close or need to read them, much better at getting better entry / exit prices to.

Drop the time frame to M30, see if you improve like you have from H4 get used to that, then maybe try M15, see which suites you best.
i do this already man! ....u see the problem is with lower time frame is that its not realible as on a 1hr ...the higher the better and if u use 4hr for example it doesnt mean yur stop loss need to be miles away.....all time frame come together to give big picture...

i entered a trade less than 1 hr ago short on a hammer SL was 20 pips away, got 14 and flexed .....lo

systems are good but market evolves and in the end system will let u down..price action is the best indicator that can give u the edge...i only suffer from nerves and if i overcome this i know i can make big money..
  • #62,922
  • Apr 25, 2008 8:08am Apr 25, 2008 8:08am
Thank you Nav, There is something to be said for the support one college gives to another. If I hadn't got the help way back when, I would be in trouble now. Anything you need, just say the word.

Jim

Quoting nAVIN2007
u see thats a sign of a great trader, he been calling it all week and now he is getting out cause he realise luck might change and is happy ...good job man
great example of disapline
  • #62,923
  • Apr 25, 2008 8:10am Apr 25, 2008 8:10am
Quoting Turveyd
If you are serious, how big is / was your account to take a 59K hit, what are you trading at $100 per pip or something ??
ok here the trade i lost on, short at 1.9704 S/L 1.9803 T/P 1.9501, LOT SIZE 60
If I Go Broke Trying Then I Will die happy.
  • #62,924
  • Apr 25, 2008 8:11am Apr 25, 2008 8:11am
Quoting Moe
ok guys i just went over my account statement and the trades i did this week, the lost wasn't as bad as i thought that lost came from this last trade, im realy only down $7,300 for the week after being up 63k, what a bumer on this trade.
moe dont worry man that nothing for u ...it lovely to see a actuall trader having great success, i find it inspiring ( not the lost) but the fact that your so successfull in trading ..

stay focused and postive buddy u will come back from cables punch and knock it out ....lol
  • #62,925
  • Apr 25, 2008 8:11am Apr 25, 2008 8:11am
Hi - i have been lurking and learning here for a while now, sorry to butt in your party -

I shorted at .9819 thinking it would correct to a nice little profit - I am loosing right now and want to cut my losses, but I just logged on to CNN and see that Bush is going to speak this morning about strengthening the economy. I am new (first week of trading with real money, several months of demo) - what effect would Bush speaking have on the cable do you think?

Challenging first week.
  • #62,926
  • Apr 25, 2008 8:15am Apr 25, 2008 8:15am
Quoting Moe
ok here the trade i lost on, short at 1.9704 S/L 1.9803 T/P 1.9501, LOT SIZE 60
thats $600 per pip, account size 700k.
If I Go Broke Trying Then I Will die happy.
  • #62,927
  • Apr 25, 2008 8:16am Apr 25, 2008 8:16am
Quoting nAVIN2007
i do this already man! ....u see the problem is with lower time frame is that its not realible as on a 1hr ...the higher the better and if u use 4hr for example it doesnt mean yur stop loss need to be miles away.....all time frame come together to give big picture...

i entered a trade less than 1 hr ago short on a hammer SL was 20 pips away, got 14 and flexed .....lo

systems are good but market evolves and in the end system will let u down..price action is the best indicator that can give u the edge...i only suffer from nerves and if i overcome this i know i can make big money..
But a 1 hour or 4 hour candle is telling you what happened over that period, and your hoping from that you'll get follow on direction, which is fine, but directions are generally short 1-2hours tops per move, so you better off being able to spot a up move say while it's happening and jumping on that move for a ride.

But the odds are on a H1 or H4 TF the move you jump on is over so yeah it's going to A) reverse on you, or B) not have enough pips left risk to reward wise to make it worth while.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,928
  • Apr 25, 2008 8:16am Apr 25, 2008 8:16am
Quoting Moe
i lost $59,000 this week.
I am so sorry Moe
When life gives you lemons, make lemonade
  • #62,929
  • Apr 25, 2008 8:19am Apr 25, 2008 8:19am
"Hi - i have been lurking and learning here for a while now, sorry to butt in your party -

I shorted at .9819 thinking it would correct to a nice little profit - I am loosing right now and want to cut my losses, but I just logged on to CNN and see that Bush is going to speak this morning about strengthening the economy. I am new (first week of trading with real money, several months of demo) - what effect would Bush speaking have on the cable do you think?

Challenging first week."

There are also news about consumer sentiment. If it will be better cable should go down and you will have positive pips.
  • #62,930
  • Apr 25, 2008 8:19am Apr 25, 2008 8:19am
Quoting Moe
thats $600 per pip, account size 700k.

Didn't realise there where any BIG players off that size on this board man, WOWSA's thats scarey money.

but 10% account swing, so acceptable, play on!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,931
  • Apr 25, 2008 8:19am Apr 25, 2008 8:19am
Quoting hard1head1
Thank you Nav, There is something to be said for the support one college gives to another. If I hadn't got the help way back when, I would be in trouble now. Anything you need, just say the word.

Jim
thank u my friend
  • #62,932
  • Apr 25, 2008 8:21am Apr 25, 2008 8:21am
Quoting micho
I am so sorry Moe
don't fell sorry after all this is forex, and that was on one trade, total lost for week is $7,300, so il live.
If I Go Broke Trying Then I Will die happy.
  • #62,933
  • Apr 25, 2008 8:21am Apr 25, 2008 8:21am


The h4 is end then I out with 14+ pipe
I still watch the next h4

Grasp all lose all
  • #62,934
  • Apr 25, 2008 8:23am Apr 25, 2008 8:23am
Quoting Turveyd
But a 1 hour or 4 hour candle is telling you what happened over that period, and your hoping from that you'll get follow on direction, which is fine, but directions are generally short 1-2hours tops per move, so you better off being able to spot a up move say while it's happening and jumping on that move for a ride.

But the odds are on a H1 or H4 TF the move you jump on is over so yeah it's going to A) reverse on you, or B) not have enough pips left risk to reward wise to make it worth while.
bro .....moe is a perfect example that it works, it is the mechanics of trading, follow the momentum, the only thing that makes it go the other way is support or resistance and if theress nun around it will go with the momentum, this is something u aint realising or accepting ..
  • #62,935
  • Apr 25, 2008 8:23am Apr 25, 2008 8:23am
ok i vented my anger, i gots to get away from this screen, good luck guys and have a good weekend.
If I Go Broke Trying Then I Will die happy.
  • #62,936
  • Apr 25, 2008 8:25am Apr 25, 2008 8:25am
Quoting Moe
ok i vented my anger, i gots to get away from this screen, good luck guys and have a good weekend.

good weekend to u buddy ...
  • #62,937
  • Apr 25, 2008 8:27am Apr 25, 2008 8:27am
Quoting Turveyd
Didn't realise there where any BIG players off that size on this board man, WOWSA's thats scarey money.

but 10% account swing, so acceptable, play on!!
it was the set-up that works 99% of the time but i got undercut, using 10% won't hurt me, only if you beleive in your system and know that it works.
If I Go Broke Trying Then I Will die happy.
  • #62,938
  • Apr 25, 2008 8:27am Apr 25, 2008 8:27am
Quoting nAVIN2007
good weekend to u buddy ...
If I Go Broke Trying Then I Will die happy.
  • #62,939
  • Apr 25, 2008 8:29am Apr 25, 2008 8:29am
Quoting Moe
i lost $59,000 this week.
If i lost that much, then my wife will hang me...
I Deeply Love My Virtual Life In Virtual World , RLC
  • #62,940
  • Apr 25, 2008 8:31am Apr 25, 2008 8:31am
if i was trading moe's account lot size man id faint before i could out the SL in.....lol
I will say for thing thou ..i notice when he places a trade it rarely goes against him and entery is perfect all the time, mostly apart from this bad run.
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