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Cable Update (GBPUSD)

  • #65,861
  • May 14, 2008 5:16am May 14, 2008 5:16am
I think the only hope for g/u longs is the US news later.

However I have a bad feeling it would be good / bad doesnt matter.

But it will push g/u down again. Up doesn't look good. Those who long should have exited yesterday when the daily candle went below the previous day's low.

I don't see how going against the main trend is going to be profitable.

Also picking tops and bottoms will crush any trader.

I did that last time, learned that too many times.
  • #65,862
  • May 14, 2008 5:17am May 14, 2008 5:17am
Sorry Hornet, I attached to wrong post.
  • #65,863
  • May 14, 2008 5:17am May 14, 2008 5:17am
Quoting nAVIN2007
i wish i never typed that ..all gone wrong since then ...

thx for yur concern but i really think right now is 50% either way ..im trusting my trade ...if i exit now it will be stupid cause this could well be a turning point and how sick will i feel then ..

but all yur points are noted and i know what ever yur saying is true and i must take it into account and learn from this..i wont ever buy or sell against trend now ...expensive lesson
Hi Navin, hope cable has reached the days low, if you look on 4hr chart to Jan 2008 the 9370 support looks convincing, even in this cable economic meltdown. I however cable reaches lower 9300ds then a major ajustment is on cards, so one has to be carefull. Navin I do wish you the very best, stay with the market and when it turns around in your favour, take good profits.
Make sure losses are small and profits are bigger!
  • #65,864
  • May 14, 2008 5:17am May 14, 2008 5:17am
Quoting hard1head1
To get out, you can get back in and you loose only 4 Pips. I dont understand the problem here.
The problem is that he doesn't want to experience that being wrong feeling. So to get out at the bottom (maybe) would mean surrending to this fact. Even though he already knows.
The quality of your life is brought about by the quality of your thinking.
  • #65,865
  • May 14, 2008 5:19am May 14, 2008 5:19am
BTW, still waiting for your email
The quality of your life is brought about by the quality of your thinking.
  • #65,866
  • May 14, 2008 5:22am May 14, 2008 5:22am
I tried to explain to you the other day that to try to hold trades against the trend was not healthy. You caught a break and got out with your ass intack.... Only to jump back into the flames again. If you don't start listening to some of the people in this thread you will end up being part of the 20% of those who fail. I am telling you this because I like ya and someone has to do it.

Jim
  • #65,867
  • May 14, 2008 5:22am May 14, 2008 5:22am
Yes, we have talked and he is setting up some free time for all of you.

Jim

Quoting hornet
BTW, still waiting for your email
  • #65,868
  • May 14, 2008 5:25am May 14, 2008 5:25am
Quoting 2be
Hi Navin, hope cable has reached the days low, if you look on 4hr chart to Jan 2008 the 9370 support looks convincing, even in this cable economic meltdown. I however cable reaches lower 9300ds then a major ajustment is on cards, so one has to be carefull. Navin I do wish you the very best, stay with the market and when it turns around in your favour, take good profits.
actually believe it or not i figure holding this position is less dangerous than exiting...cable is moving in all kinds of direction and my candle formation thing is letting me down so i figure hold to possible 1.91....as im pretty sure this downtrend is short lived...

this was my thinking ..and not entering market now regardless, basically a position trade...
I suspect 1.93 are tested and a bounce and 3 months ago this show rejection and am banking on it bouncing then going to 1.97 area
  • #65,869
  • May 14, 2008 5:29am May 14, 2008 5:29am
good morning freaksters

i am heavily long at 9390 with buy orders at 9350 and 9325, looking for at least 100pips profit
  • #65,870
  • May 14, 2008 5:31am May 14, 2008 5:31am
Quoting hard1head1
I tried to explain to you the other day that to try to hold trades against the trend was not healthy. You caught a break and got out with your ass intack.... Only to jump back into the flames again. If you don't start listening to some of the people in this thread you will end up being part of the 20% of those who fail. I am telling you this because I like ya and someone has to do it.

Jim

i know buddy ...believe the point this time is seriously noted, wont do it again trust me...
  • #65,871
  • May 14, 2008 5:33am May 14, 2008 5:33am
Quoting nAVIN2007
i know buddy ...believe te point this time is seriously noted, wont do it again trust me...
Trust me we, are not having a go at you. It is all for YOUR benefit and long life as a trader.

The quality of your life is brought about by the quality of your thinking.
  • #65,872
  • May 14, 2008 5:36am May 14, 2008 5:36am
Quoting hornet
Trust me we, are not having a go at you. It is all for YOUR benefit and long life as a trader.


i know

honestly i realise this....my trading entries are stupid and yur 100% right buying on impulse mostly ..
  • #65,873
  • May 14, 2008 5:44am May 14, 2008 5:44am
Cant do it yet, we got loads of resistance sitting above us and probably status quo news coming out for the dollar. I would not be surprised if the .9332 level is taken out real soon. I understand we are due for retracement but I wouldnt take a chance now. Like I said last night, the only long I take will be above 9490. But like I said, retracement is due. If you can predict that than I want to take my hat off to you. Thanks for your input.

Jim



Quoting tomaz55
good morning freaksters

i am heavily long at 9390 with buy orders at 9350 and 9325, looking for at least 100pips profit
  • #65,874
  • May 14, 2008 5:45am May 14, 2008 5:45am
wow, I wake up and everything still the same, cable been bad!
  • #65,875
  • May 14, 2008 5:46am May 14, 2008 5:46am
Quoting Carrera
wow, I wake up and everything still the same, cable been bad!
at least it didnt go down....so far .
  • #65,876
  • May 14, 2008 5:47am May 14, 2008 5:47am
Shit I woke up late this morning.
  • #65,877
  • May 14, 2008 5:57am May 14, 2008 5:57am
Nav, here's the thing... If you exit a losing trade, wait for the pair to turn around, THEN re-enter long when the pair is actually trending long, your exposure is reduced, your stress level is reduced, and all you've lost is the 4 pip spread. I think that somebody already mentioned this. Sitting on a loser is very stressful, and very expensive. You have opportunity cost, risk exposure, etc. If your account can absorb the drawdown, then no worries. I learned this lesson the hard way a few years ago. I lost "mid six figures" on a single stock in a very short timeframe. These days, I take the "TEMPORARY" loss, and re-enter my trades at a more logical point. Only the spread is lost.

Quoting nAVIN2007
actually believe it or not i figure holding this position is less dangerous than exiting...cable is moving in all kinds of direction and my candle formation thing is letting me down so i figure hold to possible 1.91....as im pretty sure this downtrend is short lived...

this was my thinking ..and not entering market now regardless, basically a position trade...
I suspect 1.93 are tested and a bounce and 3 months ago this show rejection and am banking on it bouncing then going to 1.97 area
{Promotion Removed}
  • #65,878
  • May 14, 2008 6:00am May 14, 2008 6:00am
Based on price action on the H4 charts on g/u and e/u

Both will go down again. Most probably for the next 48hours.

I do not see any potential 100pip up.

Max also 50pips.

So those who are long, I wish you guys pray hard. And hope for some kind of miracle.

Odds heavily against longs.
  • #65,879
  • May 14, 2008 6:00am May 14, 2008 6:00am
Quoting ciscoguy
Sitting on a loser is very stressful, and very expensive..
Not only that, it blinds you from taking other opportunities because your mind is set on one direction. You'll only see signs pointing that way.
The quality of your life is brought about by the quality of your thinking.
  • #65,880
  • May 14, 2008 6:01am May 14, 2008 6:01am
Quoting ciscoguy
Nav, here's the thing... If you exit a losing trade, wait for the pair to turn around, THEN re-enter long when the pair is actually trending long, your exposure is reduced, your stress level is reduced, and all you've lost is the 4 pip spread. I think that somebody already mentioned this. Sitting on a loser is very stressful, and very expensive. You have opportunity cost, risk exposure, etc. If your account can absorb the drawdown, then no worries. I learned this lesson the hard way a few years ago. I lost "mid six figures" on a single stock in a very short timeframe. These days, I take the "TEMPORARY" loss, and re-enter my trades at a more logical point. Only the spread is lost.
That is the way to trade.

Always have a SL in place.

Do not change your SL no matter what.

I also lost too much due to being married to losing trades.
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