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Cable Update (GBPUSD)

  • #81,801
  • Edited 8:59pm Aug 12, 2008 5:06pm | Edited 8:59pm
Quoting nAVIN2007
i hope lucky is ok..and placed a stop loss causee this is account blowing moves...even with good mm
My friend, my english is not as good as others people here but I will try to explain you this.

MM is the life of the accounts. Risk managment is the security of trade another day.

You could have 5 losses and 4 wins and still make money with proper management.

I know by experience that my style of trading is 30/70% acurate. Every 10 trades I win 7 of them. But, if I don't have MM / RM no matter the 30/70 because you could win 9 straight trades and lost everythin in the number 10 trade.

(wow this is very complicate to me to explain but let's keep going)

I have a Exel file that let me know how much is going to be my lot size, amount of pips need it for my daily pips (TP) , and my SL. It is simple and very effective.

So been a pattern recognition trader, I know when to enter in a trade and the exit of the trade. I can predict more or less the long of the movement because my patterns have a standard TP and SL. Now, my exits are complex because I trade lots in pairs, Ex. 2,4,6,8,10 and so on. So I Close ½ of my position at certain point and the rest at when price reached the target. I not a robot here, sometimes I have to close the position ½ way of my target or even sonner if nessesary. There is a more complex way of manager an account adding lots, trailing SL, and maybe more that I even don't know.

Now let's do and example:

If 7 out of 10 are good trades, it is very important the TP and SL in combination of the % of winning trades.

Let's said,

SL 20 pips. per trade
TP 30 pips. per trade

3(trades) x 20 pips (SL hitted) = -60 pips
7 (trades) x 30 pips (TP hitted) = +210

210-60= 150 positive is very good.

So MM works perfect to mantain your account for more day = more trades opportunities.

Mental SL are bull shit, because it mean that the treder is not sure about the enter and the exit. They play with mental SL and soon or later, the keep playing in a mental institution when acount are blew. If big guys use MM, SLs, Risk control, and what ever else, WHY WE DON'T DO THE SAME? They are big and sussesfulls because trading plan.

Later I will give you charts samples of how I do it in your in-box. I will do that this weekend with details for your understanding.

Now take care and perseverance, discipline, and patience is the key factor to do all the above.

Carrera

Sorry if I made any mistake writing.
  • #81,802
  • Aug 12, 2008 5:12pm Aug 12, 2008 5:12pm
Quoting Carrera
My friend, my english is not as good as others people here but I will try to explain you this.

MM is the life of the accounts. Risk managment is the security of trade another day.

You could have 5 losses and 4 wins and still make money with proper management.

I know by experience that my style of trading is 30/70% acurate. Every 10 trades I win 7 of them. But, if I don't have MM / RM no matter the 30/70 becayse you could win 9 straight trades and lost everythin in the number 10 trade.

(wow this is very complicate to me to explain but let's keep going)

I have a Exel file that let me know how much is going to be my lot size, amount of pips need it for my daily pips (TP) , and my SL. It is simple and very effective.

So been a pattern recognition trader, I know when to enter in a trade and the exit of the trade. I can predict more or less the long of the movement because my patterns have a standard TP and SL. Now, my exits are complex because I trade lots in pairs, Ex. 2,4,6,8,10 and so on. So I Close ½ of my position at certain point and the rest at when price reached the target. I not a robot here, sometimes I have to close the position ½ way of my target or even sonner if nessesary. There is a more complex way of manager an account adding lots, trailing SL, and maybe more that I even don't know.

Now let's do and example:

If 7 out of 10 are good trades, it is very important the TP and SL in combination of the % of winning trades.

Let's said,

SL 20 pips. per trade
TP 30 pips. per trade

3(trades) x 20 pips (SL hitted) = -60 pips
7 (trades) x 30 pips (TP hitted) = +210

210-60= 150 positive is very good.

So MM works perfect to mantain your account for more day witch mean more trades opportunities.

Mental SL are bull shit, because it mean that the treder is not sure about the enter and the exit. The play with mental SL and soon or later, the keep playing in a mental institution when acount are blew. If big guys use MM, SLs, Risk control, and what ever else, WHY WE DON'T DO THE SAME? They are big and sussesfulls because trading plan.

Later I will give you charts samples of how I do it in your in-box. I will do that this weekend with details for your understanding.

Now take care and perseverance, discipline, and patience is the key factor to do all the above.

Carrera

Sorry if I made any mistake writing.
thanks bro ......what u write making so much sense im going to change because of your post..thank u bro
  • #81,803
  • Aug 12, 2008 5:20pm Aug 12, 2008 5:20pm
Never seen such a drop since november -2006
Could drop more!
Hellooo UK , R they gonna do something to save thier currency
Anyone have Info about cable index?
  • #81,804
  • Aug 12, 2008 5:20pm Aug 12, 2008 5:20pm
Quoting nAVIN2007
thanks bro ......what u write making so much sense im going to change because of your post..thank u bro
Not problem at all my friend.
  • #81,805
  • Aug 12, 2008 5:32pm Aug 12, 2008 5:32pm
Attached Image (click to enlarge)
Click to Enlarge Name: (IGM)The 1.90 area consolidation appears to be panning out in [CABLE]....png Size: 36 KB
  • #81,806
  • Aug 12, 2008 5:50pm Aug 12, 2008 5:50pm
Quoting egkid
Never seen such a drop since november -2006
Could drop more!
Hellooo UK , R they gonna do something to save thier currency
Anyone have Info about cable index?
Looks to me like cable is just moving with euro

that is - this movement is all about the USD

If the UK struck another north sea oil tomorrow then cable would not move if euro didnt

you could lay the daily euro chart on top of the cable chart and they would match

The USD fans think it's safe to go back in the water that's all

Perhaps they have been listening to Cramer
  • #81,807
  • Aug 12, 2008 6:08pm Aug 12, 2008 6:08pm
Quoting allserene
Looks to me like cable is just moving with euro

that is - this movement is all about the USD

If the UK struck another north sea oil tomorrow then cable would not move if euro didnt

you could lay the daily euro chart on top of the cable chart and they would match

The USD fans think it's safe to go back in the water that's all

Perhaps they have been listening to Cramer
Thats right bro. Here are as you said both charts. :nerd:
Attached Image (click to enlarge)
Click to Enlarge Name: (Carrera) Cable chart & Euro chart together.png Size: 41 KB
  • #81,808
  • Aug 12, 2008 6:36pm Aug 12, 2008 6:36pm
Quoting Carrera
Thats right bro. Here are as you said both charts. :nerd:
so all the people who are agonising about the prospects for the uk economy and what the statistics mean, are wasting their time just now as cable is just shadowing the euro - unless prospects for euroland are seen as identical to GB which I doubt

That can be fun as sometimes the euro moves and there is a lag - i played that game before while it worked
  • #81,809
  • Aug 12, 2008 6:54pm Aug 12, 2008 6:54pm
Quoting Carrera
can u explain me bou that carera?
look strange...
  • #81,810
  • Aug 12, 2008 6:58pm Aug 12, 2008 6:58pm
Quoting fransisco
can u explain me bou that carera?
look strange...
I will, give me couple minutes, my sugar is bellow 45, need food.
  • #81,811
  • Aug 12, 2008 7:03pm Aug 12, 2008 7:03pm
Quoting Carrera
Let's said,

SL 20 pips. per trade
TP 30 pips. per trade
Do you really use such a tight stop or was this just for example?

Price often gyrates wildly, taking out such a close stop, but later moves in the direction you expected
Darkness lies one inch ahead..
  • #81,812
  • Aug 12, 2008 7:09pm Aug 12, 2008 7:09pm
Quoting Carrera
I will, give me couple minutes, my sugar is bellow 45, need food.
u're sugar should bounce, don't worry everything low will go up surely
  • #81,813
  • Aug 12, 2008 7:56pm Aug 12, 2008 7:56pm
Quoting allserene
so all the people who are agonising about the prospects for the uk economy and what the statistics mean, are wasting their time just now as cable is just shadowing the euro - unless prospects for euroland are seen as identical to GB which I doubt

That can be fun as sometimes the euro moves and there is a lag - i played that game before while it worked
They are having consecutive job losses, retail sales is down, gdp is also down.............its shadowing the US economy thats what its doing. When the LARGEST economy in the world has problems, there has to be a domino effect.

  • #81,814
  • Edited 9:03pm Aug 12, 2008 8:32pm | Edited 9:03pm
Quoting TraderJR
Do you really use such a tight stop or was this just for example?

Price often gyrates wildly, taking out such a close stop, but later moves in the direction you expected
It was an example. My MM allows me to have biger SL, but you know what? Many times getting in a Gartley , Buttlerfly even AB=CD, price doesn't go more than 15 or 20 pips against me.
The SL are placed more than that, but when I start trading and I learned this methode, my MM was 20 max allowed and I survived until account got biger litter by litter. Many times I got busted at the begining until I start patterns.
  • #81,815
  • Aug 12, 2008 8:36pm Aug 12, 2008 8:36pm
Quoting fransisco
can u explain me bou that carera?
look strange...
What you see in that chart is EUR/USD and GBP/USD in the same space or chart. You can see how the move alike.

They move are similar.

With my platform I can plotte any chart on top of other.
  • #81,816
  • Aug 12, 2008 8:48pm Aug 12, 2008 8:48pm

I agree with Carrera!

Here is a technique I use to get back in tune with the market. I open my demo in the 5m TF and try to get 50 ten pip trades in a row without letting it go against me more then 10 - 20 pips. Make sure you set a S/L & T/P so you cannot cheat.

You may think it is impossible but after a while you will start recognizing a pattern you can depend on and also how important timing is in the market.
You will start to be able to place trades so they will not go against you more then a few pips.

When you get to that point you can start letting them run a little longer and you will suddenly find that you capture the occasional 20 pip candles.

If you ever get to where you are trading standard lots @ $100/ pip you can be down 6 thou really quick on a 3 lot trade and being able to place a trade at a point where the market moves in your direction quickly and lets you TP quickly sure keeps the stress level down.

It is easier to recover from 3 or 4 losses in a row of only -10 each then be forced to take -200 loss on one trade to prevent a margin call!
  • #81,817
  • Aug 12, 2008 8:51pm Aug 12, 2008 8:51pm
Quoting AmeriTrini
They are having consecutive job losses, retail sales is down, gdp is also down.............its shadowing the US economy thats what its doing. When the LARGEST economy in the world has problems, there has to be a domino effect.

heys guys, hope all is well

some interesting points of view on the following links, first guy David Bloom been calling sterling down for last few months, sees it falling further..

http://www.cnbc.com/id/15840232?video=821773836&play=1

Nicole on other hand been calling it long for months

http://www.cnbc.com/id/15840232?video=821777354&play=1

they are both very good anaylsts that i follow when they are on the box...

good to know what the market concensus is (or lack of it)

happy trading
Trading is 80% Emotional, 20% Technical
  • #81,818
  • Aug 12, 2008 9:07pm Aug 12, 2008 9:07pm
Quoting fx local
heys guys, hope all is well

some interesting points of view on the following links, first guy David Bloom been calling sterling down for last few months, sees it falling further..

http://www.cnbc.com/id/15840232?video=821773836&play=1

Nicole on other hand been calling it long for months

http://www.cnbc.com/id/15840232?video=821777354&play=1

they are both very good anaylsts that i follow when they are on the box...

good to know what the market concensus is (or lack of it)

happy trading
hey fx, tx for the links.
  • #81,819
  • Aug 12, 2008 9:58pm Aug 12, 2008 9:58pm
Quoting fx local

Nicole on other hand been calling it long for months

http://www.cnbc.com/id/15840232?video=821777354&play=1
Good link and goes to show that chartists can be opposite depending on the time period used
  • #81,820
  • Aug 12, 2008 10:03pm Aug 12, 2008 10:03pm
anyone long gbpusd??
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