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Cable Update (GBPUSD)

  • #82,561
  • Aug 15, 2008 12:01pm Aug 15, 2008 12:01pm
Quoting scott087
ive posted this before but here's an update...

i've been shorting at every one of these rally tops. 150sma.

the surge to 1.8664 is a great place to short imo.

any input?
Very interesting analysys bro.
  • #82,562
  • Aug 15, 2008 12:09pm Aug 15, 2008 12:09pm
Hi everyone, I've been following this thread for some time and must say we seem to have a great variety of different skills and characters in here...good stuff.

Well guys, for all those who have lost a little money over the past few days this might make you feel a bit better or at least give you a little laugh. Today I had my first margin call of $28,843.00. After 2 yrs of trading and honing my skills I have given just about every penny of this years profit back in less than 2 weeks.

Broke every MM and trading rule I had. I didn't have any.

Can't even begin to describe the emotions you feel. I wouldn't wish it upon anyone.

Back to square 1 I guess. I hope all you guys who did loose a little, didn't lose as big as this.

I suppose the key now is just how much I can get myself back together, re-focused and more determined than ever.

Congrats to all those who did manage to trade like sane people and make some money.
  • #82,563
  • Aug 15, 2008 12:15pm Aug 15, 2008 12:15pm
I know exactly how you feel....I have just lost £2.5K in 10 days.....my entire profit from July. I have not traded either for the past few days just sitting back and watching the markets develop.

One major lesson I have learned and will hopefully learn for once & for all is I will never ever ever let a trade go more than 100 pips loss whether it be mental or automated stop loss. If I dont learn this time it will sure happen again!!
  • #82,564
  • Aug 15, 2008 12:59pm Aug 15, 2008 12:59pm
Quoting rossobonks
I know exactly how you feel....I have just lost £2.5K in 10 days.....my entire profit from July. I have not traded either for the past few days just sitting back and watching the markets develop.

One major lesson I have learned and will hopefully learn for once & for all is I will never ever ever let a trade go more than 100 pips loss whether it be mental or automated stop loss. If I dont learn this time it will sure happen again!!
u should try and im trying this right now ..enter in a place where u know u can have a small stop loss..to give huge profit....im sorry to hear the losses of some of u guys..

i hope every1 of of us that inccur this crap.....bounce back and earn it all back...we must trade what is seen and not what we think...

signals were there..

oil had bearish outside bar
dollar index in uptrend
monthly and weekly bearish... we all should have seen this as a opportunity to make corn, instead we went with what we thought and got it!

lets not make this mistakes again..good luck for next week guys
  • #82,565
  • Aug 15, 2008 1:02pm Aug 15, 2008 1:02pm
Hi all hope all are well.
Heres an update of my view from my previous post.
I dont think any recovery will be instant so above the 500 mark just look for opportunities or less risky look for confirmation bar.

The daily pin is not printed yet but im sure it will.



Quoting Bones
I'm thinking the target is 8500 so any rallies I would look to sell.
It may even get there this week at this rate mind you I'm seeing negative usd price action on other pairs.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #82,566
  • Aug 15, 2008 1:04pm Aug 15, 2008 1:04pm
Quoting boonyrabba
Hi everyone, I've been following this thread for some time and must say we seem to have a great variety of different skills and characters in here...good stuff.

Well guys, for all those who have lost a little money over the past few days this might make you feel a bit better or at least give you a little laugh. Today I had my first margin call of $28,843.00. After 2 yrs of trading and honing my skills I have given just about every penny of this years profit back in less than 2 weeks.

Broke every MM and trading rule I had. I didn't have any.

Can't even begin to describe the emotions you feel. I wouldn't wish it upon anyone.

Back to square 1 I guess. I hope all you guys who did loose a little, didn't lose as big as this.

I suppose the key now is just how much I can get myself back together, re-focused and more determined than ever.

Congrats to all those who did manage to trade like sane people and make some money.

Bro I feel your pain. I started Forex in 2004 Nov.

Started with $5000 USD with a useless broker questrade however I managed to run this up to $47K within 1 year. I thought I was invincible and gods gift to trading because I took the most basics of technical analysis course and started using Exp moving averages with basic indicators MACD,STOCH,RSI thinking I had found gold lol ...

As time went on I started over compllicating my trading strategy and began to get greedy trading multiple lots ... I was essentially gambling but refused to admit it. I was married to a SHORT Position on the USD/CAD and it cost me almost 70% of my account. Needless to say the rest was gone a few weeks after as I attempted desperatley to bring it back.

I only demo traded for the next 2 years tried everything possible. The most complicated strategies and the simple ones (trading the news).

This is the same path almost all begginers take I agree with others its tutition fees to get better and NOW you will be forced to further educate yourself and get better at this game (in reality it is a game).

Started again in Feb08 roughly and started with 1K in a mini account ran it up to 18K again by April 08. It was easy during this period because as long as you went against the dollar you were bound to do extremely well. I then became married to the fact that the USD dollar was headed to the pits. I up until 3 weeks ok had an ephiphany (no I didn't see Jesus Forexbroker ..lol) but I basically started to look at the bigger picture which is USD will get strong in the long term and Im not going to catch these reversals but rather follow the trend.

My Current state:

Use the most simple strategy (I don't waste to much of my time following charts but use simple Pivot,SR and a couple indicators to confirm what the news and fundamentals are telling me )

Total Deposits since I started: 16K

Max Equity during my trading tenure: $52,300

Current Account Balance: $3800 (lol)


My last 28 trades have all been winners ... why? I dunno maybe cause im following the trend or perhaps I refuse to take a position everyday like before because the market is 24/5 and always an opportunity to make money. I may only take a trade once or twice a week maybe a month but now days im sure higher probability of success.

(As for my inititiative of turning $220.00 into 3K in 2 months) thats just so I can feed the addiction I have of executing a trade daily since Im glued to the screen most of the time when I should be WORKING... lol)

thats my boring story.

Bottom line ... you will make it back and hopefully more ... take a break rethink things wait till the reversal of GBP/USD has been confirmed. Everyone wants it to happen NOW NOW NOW but reality it bottom is nowhere near insight yet.

Good Luck and sorry for a long post some of which people wouldnt care to read but.

All the best
  • #82,567
  • Aug 15, 2008 1:04pm Aug 15, 2008 1:04pm
wonder if we'll see a gap down on Sunday.
USD Est Non Mortuus
  • #82,568
  • Aug 15, 2008 1:05pm Aug 15, 2008 1:05pm
Also I would only see it as a retrace if it dose rally
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #82,569
  • Aug 15, 2008 1:07pm Aug 15, 2008 1:07pm
Quoting poweredbuyer

thats my boring story.
Thanks for the bio. All the respect in the world for you pb.
USD Est Non Mortuus
  • #82,570
  • Aug 15, 2008 1:09pm Aug 15, 2008 1:09pm
Lurker,

How'd you fair with your longs? I know I was in it with you and I lost my ass!
Just digging in the trenches like everyone else!
  • #82,571
  • Aug 15, 2008 1:16pm Aug 15, 2008 1:16pm
Quoting eohater
Lurker,

How'd you fair with your longs? I know I was in it with you and I lost my ass!
Oh man i cut that $hit when i went away on vaca.. like at 199 r something.. lost 7% of my account! But made that back this week. Still sucked to be so a$$ backwards on that one trade though..
USD Est Non Mortuus
  • #82,572
  • Aug 15, 2008 1:17pm Aug 15, 2008 1:17pm
Quoting LuckyLurker
Oh man i cut that $hit right before i went away on vaca.. like at 199 r something.. lost 7% of my account! But made that back this week. Still sucked to be so a$$ backwards on that one trade though..
I know the feeling. I lost 17K on mine but I've made half of it back this week! I hate digging out of holes!
Just digging in the trenches like everyone else!
  • #82,573
  • Aug 15, 2008 1:19pm Aug 15, 2008 1:19pm
A lot of sad stories on this thread this week....

Cheer up guys...its the weekend.....!!!!

It has not been my best week but I still closed out positive thanks to good risk management and MM. I lost some trades but I won more and was only possible because of the STOP LOSS function in my platform. As I have stated many times before, you must always decide your risk before entering a trade.

For all those who won big this week, congratulations......for those who lost big, analyse your mistakes and learn from them..... don't give up, be persistent in your learning and keep the discipline. If you were slowly making money before this fall and lost all your profits plus some after it, imagine how much money you could have saved if you had a stop loss in place.....

Anyway, don't be discouraged by your losses....just charge it all to experience..... Take the weekend off, go to the beach or to the movies with your family and take a fresh look at the markets next week...

Have a great weekend all and I would recommend to each and all on this thread that you DON'T FORGET TO PARTY......
Attached Image
Patience + Discipline - Greed = Success
  • #82,574
  • Aug 15, 2008 1:20pm Aug 15, 2008 1:20pm
guys, I would like to ask you an opinion; on Last Sunday there was a new gap down 100 pips then after London Session it would continue down and down; so it seems like this Sunday will continue existing gap down to at least 1.8500.... from 1.8725

So would you think to be a safe bate today before 5:00 pm eastern time to get into Short @1.86251 to continue be a part of downward channel.....

I am little scare because of my account balance in my mini account. Do you think is it ok Entry point:1.8628 SL1.8678 as I only have 50 pips before liquidation and PT:1.8500
  • #82,575
  • Aug 15, 2008 1:21pm Aug 15, 2008 1:21pm
Quoting eohater
I know the feeling. I lost 17K on mine but I've made half of it back this week! I hate digging out of holes!
and making the other half + 20% more next week!
USD Est Non Mortuus
  • #82,576
  • Aug 15, 2008 1:22pm Aug 15, 2008 1:22pm
Quoting LuckyLurker
and making the other half + 20% more next week!
Exactly!
Just digging in the trenches like everyone else!
  • #82,577
  • Aug 15, 2008 1:24pm Aug 15, 2008 1:24pm
Quoting Infinity
A lot of sad stories on this thread this week....

Cheer up guys...its the weekend.....!!!!

It has not been my best week but I still closed out positive thanks to good risk management and MM. I lost some trades but I won more and was only possible because of the STOP LOSS function in my platform. As I have stated many times before, you must always decide your risk before entering a trade.

For all those who won big this week, congratulations......for those who lost big, analyse your mistakes and learn from them..... don't give up, be persistent in your learning and keep the discipline. If you were slowly making money before this fall and lost all your profits plus some after it, imagine how much money you could have saved if you had a stop loss in place.....

Anyway, don't be discouraged by your losses....just charge it all to experience..... Take the weekend off, go to the beach or to the movies with your family and take a fresh look at the markets next week...

Have a great weekend all and I would recommend to each and all on this thread that you DON'T FORGET TO PARTY......
  • #82,578
  • Aug 15, 2008 1:25pm Aug 15, 2008 1:25pm
Quoting asyed4
guys, I would like to ask you an opinion; on Last Sunday there was a new gap down 100 pips then after London Session it would continue down and down; so it seems like this Sunday will continue existing gap down to at least 1.8500.... from 1.8725

So would you think to be a safe bate today before 5:00 pm eastern time to get into Short @1.86251 to continue be a part of downward channel.....

I am little scare because of my account balance in my mini account. Do you think is it ok Entry point:1.8628 SL1.8678 as I only have 50 pips before liquidation and PT:1.8500
Playing the gap is tricky! I don't peronally like to hold trades over the weekend. I know it might sound like a good opportunity to possibly make your money back, but if you only have 50 pips before margin call, I'm sure you could find another less riskier trade to take next week.
Just digging in the trenches like everyone else!
  • #82,579
  • Aug 15, 2008 1:26pm Aug 15, 2008 1:26pm
Quoting LuckyLurker
Oh man i cut that $hit when i went away on vaca.. like at 199 r something.. lost 7% of my account! But made that back this week. Still sucked to be so a$$ backwards on that one trade though..

im happy to hear to cut the losses b4 flight ...was a bit worried for u
  • #82,580
  • Aug 15, 2008 1:28pm Aug 15, 2008 1:28pm
Quoting asyed4
guys, I would like to ask you an opinion; on Last Sunday there was a new gap down 100 pips then after London Session it would continue down and down; so it seems like this Sunday will continue existing gap down to at least 1.8500.... from 1.8725

So would you think to be a safe bate today before 5:00 pm eastern time to get into Short @1.86251 to continue be a part of downward channel.....

I am little scare because of my account balance in my mini account. Do you think is it ok Entry point:1.8628 SL1.8678 as I only have 50 pips before liquidation and PT:1.8500
in this market i wont bro....theres plenty of chances to make money why u want to take a chance in weekend and stress yourself out....

i dont think it worth a risk bro

we seem to have encounter a bit of support....it might actually go up! in the weekend, not sure if gapping down will happen....there look like theres buyers driving the price up
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