Cable Update (GBPUSD)

Do you have your sl at 1.9 so you can sleep in peace?

i have blown up demo acocunts before. so many of them. but when i open new ones, i'm angry at my self because i know i'll not be able to trade live that way. but somwhere along the line i learnt so many things:

even while on demo, you MM has to be realistic. we can all say we doubled a demo account in a week but will not tell others when they blow up demo accounts. we all know that trying to double a real account in one week is ridiculus. i remember sometimes ago, someone on this forum claimed to have doubled a demo account and his live account was down -145pips. sounds funny you will say.

when i was blowing up demo accounts, i traded standard lots with $3,000 and thougt of money and not points. one other thing i noticed was that my first trade on all demo accounts were profits and after getting my balace up to 3,500 in one trade, i usually try to protect the $500 and will definitly close new trades when they do not go in my direction immediately. i end of closing 6 trades in a row with about 15pips loss each. so am down by $400 after 7 trades. and after closing these trades, some of them eventually go in my direction. i then start CHASING THE MARKET.

Eventually i realised that my MM was poor and i cld not explain why i won some trades and lost some others (i.e i had no specific system). i decided to design one i could backtest. after refining the system. i have decided to back tests again which i am still working on. i take my signals come rain come shine. even if it is heading towards a support or resistance or fibonacci point cos my system does not take those into consideration and moreover, i do not know which supports will be broken and which will hold. same also for trendlines and every other parameter i did not look at while backtesting... more to come NAVIN, we could be of so much help to each other... i follow your posts a lot even before your registered with Oanda and after registering some people wished you well and some others said $1 a pip was too much too start with...

you need not bow up that account before you succeed....lets Talk NAVIN

its not a good day to trade damn all pair are flipping like hell up and down with no direction .. anyway this is friday we use to see market like this
i prefer if it will continue like this to stay out , to never join when u cant guarentie a low risk is like u make your profit for the intrady trade

it's probable that there will be a fair few position swing traders/models taking long positions in the 9435/9335 area, with stops below

the weekly chart shows the potential support zone all the way down to 9140 area i guess, 9183 being the low of 2007, 9335 this years current low

...

I know, not sure of a direction. Rather not enter just yet.

dude did u short at 9433???

i think its better to wait for US CPI numbers for a dollar direction

cause man if they come weak cable should shoot up to the sky

cable banged it's head on the 23.6% of the fall from 9667, above this and further resistance likley (u.s data excepted.

There is a 6 fib cluster of various downmoves fib reraces ,...between 9511-26, all but one falling 9520-26 and the 1.618 extension of todays down move is at 9527. 9518-25 are these prev hrly swing lows also. Mni are decsribing the area as holding minor offers only though per last update there.

my connection went bad
GU closed @ 1.9463 with 30 pip loss
EU closed @ 1.5351 with 70 pip profit

GU is hard to short now.

early dublin count suggests vote on EU treaty: euro got hit

looking at all the majors - someone is desperately trying to stop cable from falling - probably a clearer/hedge fund kinds ... dont think they will succeed because lots of GBP stops are being protected and as soon as they hit we will have atleast 50 pips drop south.

have you seen my update. yeah i did short and i lost. thats up to my system and not me. will be looking to short GJ any time soon

hmm where? you seem to know a lot.

so wat happened in yesterday's ireland vote: a 'yes' or 'no'

look at the majors drop freely - just the pound seems to be resisting ... could be a large vanilla expiring at 9400 .. but it will fall and when it does .. will be a large fall .. a.k.a trading experience ..

nothing official yet but news reports suggest no vote