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Cable Update (GBPUSD)

  • #66,441
  • May 16, 2008 10:58am May 16, 2008 10:58am
Quoting Moe
i did the smart thing and close half my position at 1.9583, we all had a shitty week trading this pair you can't go wrong taking any profit.
Amen to that!
Trading is 80% Emotional, 20% Technical
  • #66,442
  • May 16, 2008 11:03am May 16, 2008 11:03am
Quoting fx local
Amen to that!
over 150 pips range today, about time
If I Go Broke Trying Then I Will die happy.
  • #66,443
  • May 16, 2008 11:07am May 16, 2008 11:07am
enjoy your weekend guys, and more pips to all next week.
If I Go Broke Trying Then I Will die happy.
  • #66,444
  • May 16, 2008 11:08am May 16, 2008 11:08am
Quoting Moe
i did the smart thing and close half my position at 1.9583, we all had a shitty week trading this pair you can't go wrong taking any profit.
Yes sure, I did the same at 1.570 (more prudent or more coward as you like) and now I trail the rest...
  • #66,445
  • May 16, 2008 11:10am May 16, 2008 11:10am
A case of the 'Congestion 2nd breakout' phenomenon today, price finding support at the trend line after a failed break out of the zone, for a true upside break. Notice the HL and HH that suggested an upside break was the most probable outcome in terms of price action, but surprised at how price cut through the potential resistances providing shallow puillbacks only. Most probable means not guaranteed.
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  • #66,446
  • May 16, 2008 11:21am May 16, 2008 11:21am
Quoting JanPoko
Yes sure, I did the same at 1.570 (more prudent or more coward as you like) and now I trail the rest...
i hope next week will be better.
If I Go Broke Trying Then I Will die happy.
  • #66,447
  • Edited 11:48am May 16, 2008 11:36am | Edited 11:48am
Quoting nAVIN2007
This isnt easy is it?...
Nav for anything to be successful it takes hard work. It isnt easy...

I may be only trading live for 1 1/2 months but I'm sure of that, FX isn't easy.

To be successful in life takes hard work. How many of us can say well I just woke to hear I inherited millions of dollars.

You think Bill Gates woke over night or 10 weeks later and said I'm a billionaire.

Warren Buffet doing this s#$t since he was 11. So all these people built wealth over time.

FX is no different. It will take hard work and will cost u money. But u can make money from it but dont use a get rich quick mentality..

Learn from your mistakes like what I am trying to do also....We'll get there man...
  • #66,448
  • May 16, 2008 11:41am May 16, 2008 11:41am
Quoting nAVIN2007
thanks guys ...i just feel like im cursed right now ..im going to sit this out and think about how i can fix this.....i think writing a set of rues and maybe a start journal might help me examine my trades and posible give others some help...as in what not to do ...

i should have held ....but it seem impossible to know what was happpening and now the event happened every1 wiser...going short was stupid (after the bottom) and bullish pin but there was a 1hr close below the pivot...so going up seemed not the right thing to do but 4hr showed it was at a bottomof a range ...so i was stupid to go short

i going to load up my account again ..blown £900 in 10 weeks (i think) £2,100 left
almost 2 accounts blown...this really isnt easy is it?
It is not how much you blown away or load that make success. Stand back and look at your mistakes.

You follow to many people here or who have different graphs and tech but don't last or stay long here e.g Abu-ward. This is the danger of this thread.


I was following your trades through out this week, you did hold on to good positions. The so-called pro trader - that is what they are doing. But it has to be with reasonable amount of money you can recover.

Secondly each time you come to this thread and people shouting short with different graphs you change. These people did not know that trade was at the lower end of monthly cycle.........the lowest level for the entire month or since the start of the year. That was the only reason I put a stop loss on my trades today whent it refused to go up, but as soon I spotted again what it was doing, I changed tactics.

It was not an easy week, next time do not open to many positions. Start with 1-3% lot size. if anything goes wrong that will not wipe your account away. That happened to me today but I recover all the losses back immediately and agressively, plus some profit.

Sometimes back I told you to try liteforex and open 100$ >>>10,000 cents with them, that is real and trade like pro with 1-3%, when you able to trade without losses and support from this thread you know what to do.

If you are going to be following people's graph and analysis make sure you trade together with them. Are they on demo or live trade, do they really open trades or just posting fanciful graphs? These are things you should also consider.
  • #66,449
  • May 16, 2008 11:59am May 16, 2008 11:59am
Quoting fxbroker
It is not how much you blown away or load that make success. Stand back and look at your mistakes.

You follow to many people here or who have different graphs and tech but don't last or stay long here e.g Abu-ward. This is the danger of this thread.


I was following your trades through out this week, you did hold on to good positions. The so-called pro trader - that is what they are doing. But it has to be with reasonable amount of money you can recover.

Secondly each time you come to this thread and people shouting short with different graphs you change. These people did not know that trade was at the lower end of monthly cycle.........the lowest level for the entire month or since the start of the year. That was the only reason I put a stop loss on my trades today whent it refused to go up, but as soon I spotted again what it was doing, I changed tactics.

It was not an easy week, next time do not open to many positions. Start with 1-3% lot size. if anything goes wrong that will not wipe your account away. That happened to me today but I recover all the losses back immediately and agressively, plus some profit.

Sometimes back I told you to try liteforex and open 100$ >>>10,000 cents with them, that is real and trade like pro with 1-3%, when you able to trade without losses and support from this thread you know what to do.

If you are going to be following people's graph and analysis make sure you trade together with them. Are they on demo or live trade, do they really open trades or just posting fanciful graphs? These are things you should also consider.
i had the right intention....just got carried away with the bias of hte thread, important to make a plan and stick to it....i definately going to do this next week without fail, infact i shall determine my SL and target and leave it ....i wont touch it for anything.
what cheeses me of is i seem to know whats happening but always end up doing something else and then see the result of what i expected, i need to be strong cause right now i couldnt be weaker..

thx man for the advise as always..yur right need to follow my own sh*t
  • #66,450
  • May 16, 2008 12:01pm May 16, 2008 12:01pm
Quoting Doose
How many of us can say well I just woke to hear I inherited millions of dollars.
all i inherited was a dusty collection of stamps.
last time i opened it insects came out.

just my luck
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #66,451
  • May 16, 2008 12:02pm May 16, 2008 12:02pm
Quoting Doose
Nav for anything to be successful it takes hard work. It isnt easy...

I may be only trading live for 1 1/2 months but I'm sure of that, FX isn't easy.

To be successful in life takes hard work. How many of us can say well I just woke to hear I inherited millions of dollars.

You think Bill Gates woke over night or 10 weeks later and said I'm a billionaire.

Warren Buffet doing this s#$t since he was 11. So all these people built wealth over time.

FX is no different. It will take hard work and will cost u money. But u can make money from it but dont use a get rich quick mentality..

Learn from your mistakes like what I am trying to do also....We'll get there man...

definately bro, no doubt, i just seem to be doing everything i can to hold on to my account.....but lacking strength to carry it through ...
can only get better hopefully ....many pips to u bro
  • #66,452
  • Edited 12:22pm May 16, 2008 12:08pm | Edited 12:22pm
Quoting salah k.
all i inherited was a dusty collection of stamps.
last time i opened it insects came out.

just my luck
For me it was an Addidas Superstar HEMP Edition, Air Force 1s and two watches. I guess thats the close I came.

  • #66,453
  • May 16, 2008 12:11pm May 16, 2008 12:11pm
Quoting salah k.
all i inherited was a dusty collection of stamps.
last time i opened it insects came out.

just my luck

what i think is happening bro
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  • #66,454
  • May 16, 2008 12:16pm May 16, 2008 12:16pm
Quoting tomaz55
good morning freaksters

i am heavily long at 9390 with buy orders at 9350 and 9325, looking for at least 100pips profit
took some time, but finally closed long at 9590 for +200 pips.

now SHORT 9587
  • #66,455
  • May 16, 2008 12:17pm May 16, 2008 12:17pm
Quoting tomaz55
took some time, but finally closed long at 9590 for +200 pips.

now SHORT 9587
If I Go Broke Trying Then I Will die happy.
  • #66,456
  • May 16, 2008 12:18pm May 16, 2008 12:18pm
Quoting tomaz55
took some time, but finally closed long at 9590 for +200 pips.

now SHORT 9587
strong dude , welldone man !!!!!!!!
  • #66,457
  • May 16, 2008 12:20pm May 16, 2008 12:20pm
Quoting tomaz55
took some time, but finally closed long at 9590 for +200 pips.

now SHORT 9587
Well done....
  • #66,458
  • May 16, 2008 12:26pm May 16, 2008 12:26pm
Quoting Doose
Well done....
the thing is if news was bad would it have broken the bottom do u think? seem everything/direction was dependant on the news?
  • #66,459
  • Edited 1:39pm May 16, 2008 12:48pm | Edited 1:39pm
Quoting nAVIN2007
the thing is if news was bad would it have broken the bottom do u think? seem everything/direction was dependant on the news?
Well the news had to be really bad in order to penetrate the bottom. . And the pair has been respecting the LTD since the 22nd of April and continually bounces off of it. This week was no different.In my opinion.

My original trade plan after seeing 1.9368 was buy. At that point in time I said its only 10 pips away from my downtrend line and it should find support around there. The plan was to put a stop 10 pip below the LTD which was @ 1.9348. Like u said the GPB was really too low. But I got got scared and did rubbish and lost money.

Now we at a point where it could continue or retrace to that LTD. Which wud carry it really below 1.9340. But I do see it cud rally higher to 1.9680 shud it continue to rally during next week.

I wud love to hear some one with experience comment whats next.
  • #66,460
  • May 16, 2008 1:02pm May 16, 2008 1:02pm
Quoting Doose
Well the news had to be really bad in to penetrate the bottom. . And the pair has been respecting the LTD since the 22nd of April and continually bounces off of it. This week was no different.In my opinion.

My original trade plan after seeing 1.9368 was buy. At that point in time I said its only 10 pips away from my downtrend line and it should find support around there. The plan was to put stop 10 pip below the LTD which was @ 1.9348. Like u said the GPB was really too low. But I got got scared and did rubbish and lost money.

Now we at point where it could continue or retrace to that LTD. Which wud carry it really below 1.9340. Not do I see it rallying higher than 1.9680 shud it rally during next week.

I wud love to here some one with experience comment what next.
it depends bro ...im still trying to work out whether trading is randomness based on mass pyschology or dont it adhere to a kinda pin point accuracy.
because of the random approach i got scared about the long and ditched it, it seems to me the market moves to where it supposed to go with pin point accuracy and if this is the case then its encouraging price was supposed to go up...its the other appraoch that finished me off

interested to know what u guys things about this?
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