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Cable Update (GBPUSD)

  • #62,941
  • Apr 25, 2008 8:34am Apr 25, 2008 8:34am
Quoting nAVIN2007
if i was trading moe's account lot size man id faint before i could out the SL in.....lol
lol - ithink most would!!!
Trading is 80% Emotional, 20% Technical
  • #62,942
  • Apr 25, 2008 8:52am Apr 25, 2008 8:52am
Looking at the smaller T/F's you have to be very vague thinking. It take awhile to get used to the way a good entry looks and its surroundings. You CAN NOT trade the smaller charts by themselves, even if your scalping, you need indicators to let you know what else is going on. I have a good one and I am willing to share it with you, and all you have to do is ask. I have been told many times, you will never find long term trades when entering on the smaller T/F's and I find several each week. This week I found 2, Wednsday and today. Each trade was well over 100 pips. You just have to keep graduating to the next frame up and watch the action. I knew where it was going this morning, and I watched it from the Tweezer Tops on the 5 Min T/F all the way to the 4 Hr T/F. Some day I will show it to you.

In a nutshell, I get direction away from major trendlines off of the daily and the 4 hr and then look for the signal in that direction off of the smaller T/F's. I put more stock in the daily then the 4 hr and the 1 hr, and so on. Wednsday it was a nobrainer because the direction came off of the day, today it was the 4, but they both came in. If I can offer 1 piece of advice to anyone, its to learn how to say, I can not trade this it is not for me and just walk away. When you learn how to do this, you will become consistant. It works,

Thanks, Jim
  • #62,943
  • Apr 25, 2008 8:56am Apr 25, 2008 8:56am
Michigan figure at 62.6 final
Trading is 80% Emotional, 20% Technical
  • #62,944
  • Apr 25, 2008 8:59am Apr 25, 2008 8:59am
Quoting hard1head1
Looking at the smaller T/F's you have to be very vague thinking. It take awhile to get used to the way a good entry looks and its surroundings. You CAN NOT trade the smaller charts by themselves, even if your scalping, you need indicators to let you know what else is going on. I have a good one and I am willing to share it with you, and all you have to do is ask. I have been told many times, you will never find long term trades when entering on the smaller T/F's and I find several each week. This week I found 2, Wednsday and today. Each trade was well over 100 pips. You just have to keep graduating to the next frame up and watch the action. I knew where it was going this morning, and I watched it from the Tweezer Tops on the 5 Min T/F all the way to the 4 Hr T/F. Some day I will show it to you.

In a nutshell, I get direction away from major trendlines off of the daily and the 4 hr and then look for the signal in that direction off of the smaller T/F's. I put more stock in the daily then the 4 hr and the 1 hr, and so on. Wednsday it was a nobrainer because the direction came off of the day, today it was the 4, but they both came in. If I can offer 1 piece of advice to anyone, its to learn how to say, I can not trade this it is not for me and just walk away. When you learn how to do this, you will become consistant. It works,

Thanks, Jim
great advise jim....makes sense im myself trying to do just the same thing and actually this week been displined enough to know market is hectic for me and direction..i was clueless....so stayed out

if i dont crack it soon i shall ask u for sure buddy ..thx for the tips
  • #62,945
  • Apr 25, 2008 9:02am Apr 25, 2008 9:02am
Quoting Moe
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 99% of the time, or even 50% of the time it makes you 300pips + $180,000 then who cares about $60,000. Watching $600 per pip movements would scare the crap outta me ugggggg scared me to death at $6 a few weeks back LOL Respect!!


Navin, but Moe's a multi day swing trader, that uses a system and sensible stops / take profit amounts for 4H charts with a long term overview. Nothing like your currently playing your trying to use the same setups for scalping.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,946
  • Apr 25, 2008 9:12am Apr 25, 2008 9:12am
Quoting Turveyd
if 99% of the time, or even 50% of the time it makes you 300pips + $180,000 then who cares about $60,000. Watching $600 per pip movements would scare the crap outta me ugggggg scared me to death at $6 a few weeks back LOL Respect!!


Navin, but Moe's a multi day swing trader, that uses a system and sensible stops / take profit amounts for 4H charts with a long term overview. Nothing like your currently playing your trying to use the same setups for scalping.
nope im not im a position trader but right now ..emotions are stoping me from staying in winning positions...i knew the big moves where there and when they were happening, it just this week i didnt want to over trade and am concerned with good entery..

i have placed 3 trades for the week only and exited after getting 30 pips total ...im at a profit this week cause i didnt over trade...waiting for the right setups is impt for me and i just have a few things missing and when i get it right ..i shall take off i know it!

moe places trade everyday and exits same day .....just goes for home runs, im happy to find a trend, get in a leave it ...this is what im working towards...and where i wanna be, so i dont have to worry about news and retracement and stuff
  • #62,947
  • Apr 25, 2008 9:15am Apr 25, 2008 9:15am
Quoting notme32
If i lost that much, then my wife will hang me...
, guys you talking about passing out and can't watch loosing that much, whats gonna happen when your account grows, how you guys gonna handle that?
If I Go Broke Trying Then I Will die happy.
  • #62,948
  • Apr 25, 2008 9:17am Apr 25, 2008 9:17am
Quoting Moe
, guys you talking about passing out and can't watch loosing that much, whats gonna happen when your account grows, how you guys gonna handle that?
isuppose as ur account grows so should ur pain threshold!
Trading is 80% Emotional, 20% Technical
  • #62,949
  • Apr 25, 2008 9:21am Apr 25, 2008 9:21am
Quoting Turveyd
if 99% of the time, or even 50% of the time it makes you 300pips + $180,000 then who cares about $60,000. Watching $600 per pip movements would scare the crap outta me ugggggg scared me to death at $6 a few weeks back LOL Respect!!


Navin, but Moe's a multi day swing trader, that uses a system and sensible stops / take profit amounts for 4H charts with a long term overview. Nothing like your currently playing your trying to use the same setups for scalping.
yep, i set my trade with s/l, t/p and walk away, what ever happens happens, i know the system works so no need to panic after a lose, i was just upset after being up for the week and now at a lost, i have had loosing trades but most of the time i end the week in profit.
If I Go Broke Trying Then I Will die happy.
  • #62,950
  • Apr 25, 2008 9:21am Apr 25, 2008 9:21am
Quoting Moe
, guys you talking about passing out and can't watch loosing that much, whats gonna happen when your account grows, how you guys gonna handle that?
As previously said Moe, it's all relative, you losing $60K is like me losing $60, well not exactly but there both 10% ish off our accounts.

It's most off our dreams to trade with that kinda money, But I have no interest in going beyond $20 per pip EVER!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,951
  • Apr 25, 2008 9:22am Apr 25, 2008 9:22am
Quoting Moe
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.
Exactly, you need faith and confidence in the system ))))))))))
When life gives you lemons, make lemonade
  • #62,952
  • Apr 25, 2008 9:23am Apr 25, 2008 9:23am
Quoting fx local
isuppose as ur account grows so should ur pain threshold!
i been there, i remember the days when i was at $1 per pip then went to 10, 50 100, i must admit it was scary at times, especialy when you grew up poor.
If I Go Broke Trying Then I Will die happy.
  • #62,953
  • Apr 25, 2008 9:23am Apr 25, 2008 9:23am
Quoting Moe
yep, i set my trade with s/l, t/p and walk away, what ever happens happens, i know the system works so no need to panic after a lose, i was just upset after being up for the week and now at a lost, i have had loosing trades but most of the time i end the week in profit.
Thats ultimate faith in your system there mate, and keeping it REALLY simple.

Whats your profit on the year if you don't mind me asking.

And 60K is always going to stink!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,954
  • Apr 25, 2008 9:24am Apr 25, 2008 9:24am
Quoting nAVIN2007
nope im not im a position trader but right now ..emotions are stoping me from staying in winning positions...i knew the big moves where there and when they were happening, it just this week i didnt want to over trade and am concerned with good entery..

i have placed 3 trades for the week only and exited after getting 30 pips total ...im at a profit this week cause i didnt over trade...waiting for the right setups is impt for me and i just have a few things missing and when i get it right ..i shall take off i know it!

moe places trade everyday and exits same day .....just goes for home runs, im happy to find a trend, get in a leave it ...this is what im working towards...and where i wanna be, so i dont have to worry about news and retracement and stuff
Hi,
It's important to stay focused and positive while trading.... You had a positive week and should take it as one more positive step in the right direction. Never let any negative emotion through even if your trade hit SL.
You are being patient in waiting for the right setup (to enter) which is the most important thing for you at the moment. Soon, you will feel confident enough to wait for the right setup for your exit points..... You will get there. Stay positive!
  • #62,955
  • Apr 25, 2008 9:26am Apr 25, 2008 9:26am
Quoting Turveyd
It's most off our dreams to trade with that kinda money, But I have no interest in going beyond $20 per pip EVER!!
:surprised, then you don't have a dream, don't limit yourself.
If I Go Broke Trying Then I Will die happy.
  • #62,956
  • Apr 25, 2008 9:27am Apr 25, 2008 9:27am
Quoting Moe
i been there, i remember the days when i was at $1 per pip then went to 10, 50 100, i must admit it was scary at times, especialy when you grew up poor.
I'm still waiting to get to the $1/pip stage.... small money still
  • #62,957
  • Apr 25, 2008 9:29am Apr 25, 2008 9:29am
Quoting DJ4x
Hi,
It's important to stay focused and positive while trading.... You had a positive week and should take it as one more positive step in the right direction. Never let any negative emotion through even if your trade hit SL.
You are being patient in waiting for the right setup (to enter) which is the most important thing for you at the moment. Soon, you will feel confident enough to wait for the right setup for your exit points..... You will get there. Stay positive!
definately bro ...whatever this week is i ended saving my equity, that has to be positive and it is very important to wait for the right setup to show to enter.
in the last 3 week i think every1 would agreee i was over trading and i was....lol so this is great..
  • #62,958
  • Apr 25, 2008 9:29am Apr 25, 2008 9:29am
Quoting Turveyd
Thats ultimate faith in your system there mate, and keeping it REALLY simple.

Whats your profit on the year if you don't mind me asking.

And 60K is always going to stink!!
i wont go into that.
If I Go Broke Trying Then I Will die happy.
  • #62,959
  • Apr 25, 2008 9:30am Apr 25, 2008 9:30am
Quoting DJ4x
I'm still waiting to get to the $1/pip stage.... small money still

i doing this right now and finding it hectic.....lol
  • #62,960
  • Apr 25, 2008 9:31am Apr 25, 2008 9:31am
Quoting nAVIN2007
definately bro ...whatever this week is i ended saving my equity, that has to be positive and it is very important to wait for the right setup to show to enter.
in the last 3 week i think every1 would agreee i was over trading and i was....lol so this is great..
exactly, so u live to trade another day.... isn't that the point?
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