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Cable Update (GBPUSD)

  • #82,581
  • Aug 15, 2008 3:29pm Aug 15, 2008 3:29pm
Quoting nAVIN2007
im happy to hear to cut the losses b4 flight ...was a bit worried for u
whats up nav!
USD Est Non Mortuus
  • #82,582
  • Aug 15, 2008 3:35pm Aug 15, 2008 3:35pm
Quoting LuckyLurker
whats up nav!
been out of market all week.....whats up NOT cable

just kidding..just chilling waiting to see what happens...my ass is on the bench
  • #82,583
  • Aug 15, 2008 3:38pm Aug 15, 2008 3:38pm
Quoting nAVIN2007
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
Bro you are right!!! but against 13K loss if I take another $35 risk then it wouldn't add more stress to 13K at all.

By the way I entered in the market @1.86337 with of-course short and SL:1.86687 (35 pips) so basically over the weekend I am only taking a risk of $35 which I can not even fill up my Ford Explorer tank.
  • #82,584
  • Aug 15, 2008 3:40pm Aug 15, 2008 3:40pm
Quoting asyed4
Bro you are right!!! but against 13K loss if I take another $35 risk then it wouldn't add more stress to 13K at all.

By the way I entered in the market @1.86337 with of-course short and SL:1.86687 (35 pips) so basically over the weekend I am only taking a risk of $35 which I can not even fill up my Ford Explorer tank.
managable risk ...i hear that..i thought u were going in big..35$ thats not that bad.

it looks like we got a bottom maybe ....its a bit concerning it at 61 Fibo i reckon like tony say we play the retrace and long to wherever...this if it doesnt fall lower might be positioning itself to flex back up....but confirmations are needed no guessing this time
  • #82,585
  • Aug 15, 2008 3:46pm Aug 15, 2008 3:46pm
all in all I think we'll see a huge gap down on open.
USD Est Non Mortuus
  • #82,586
  • Aug 15, 2008 3:49pm Aug 15, 2008 3:49pm
Quoting nAVIN2007
managable risk ...i hear that..i thought u were going in big..35$ thats not that bad.
No way, as I mentioned in my last notes this morning, I will not touch my standard account this year and currently my standard account has $0.00000000000000000000000000000.

I will try my best to work hard, having other less risky pairs and try to develop my Money Management and be patient and quite during my trading time AND OF-COURSE FOLLOW THE TREND AS i feel it might go down 500 more pips next week because of its scary Minutes Notes (3 votes for rate cutssss). I think SHORT WORD IS FULLY EMBORSED IN MY MIND FROM NOW ON AND i am trying my best to emborce this statement as well "SELL FROM THE BOUNCE"

Have a nice weekend, I already went to the Restaurant with my wife and have a deep breath as well.


Thanks,
Alqaz Syed.
  • #82,587
  • Aug 15, 2008 3:52pm Aug 15, 2008 3:52pm
Quoting LuckyLurker
all in all I think we'll see a huge gap down on open.
Hopefully Mr. Lurker and you have a sweet in your mouth (Actually this is a phrase that old people say that if a person says some good thing)..........
  • #82,588
  • Aug 15, 2008 3:59pm Aug 15, 2008 3:59pm
Quoting asyed4
Hopefully Mr. Lurker and you have a sweet in your mouth (Actually this is a phrase that old people say that if a person says some good thing)..........
Gaps are fun to do with low risk mm.. If you're wrong and theres no gap you're not too off your original position and you can take another look.. if your right but gap goes against you, then chances are the gap will be filled... but if you're right and right about the gap, then boom a quick 30 to 80 pips /close then take the opposite position to fill the gap.. fun stuff with 7% mm.
USD Est Non Mortuus
  • #82,589
  • Aug 15, 2008 4:18pm Aug 15, 2008 4:18pm
"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....."



Infinity....you are so so right. I was building my account so well until last week and yes if id have had a stop loss in place I would still have my ever growing account in one piece...anyway Ive built it up before so I will do it again and some...but this time STOP LOSS in place!!!
  • #82,590
  • Aug 15, 2008 5:00pm Aug 15, 2008 5:00pm
My daily closed at 1.8662, 150 pips off the spike low. Nothing is certain but I see this as a possibility in coming weeks.....

If we get a new low next week...
Attached Image (click to enlarge)
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Patience + Discipline - Greed = Success
  • #82,591
  • Aug 15, 2008 5:19pm Aug 15, 2008 5:19pm
Quoting asyed4
Hopefully Mr. Lurker and you have a sweet in your mouth (Actually this is a phrase that old people say that if a person says some good thing)..........
hi bro,

i also have a short open at 1.8624. i dont leave trades open usually but this time the connection went off at 11pm just before the EA closed the open order. so i also hope to have a gap down or at least a no loss trade since it is not part of my plan. worse case senario is to have a gap up. so maybe if the b*tch federal bank is seeing what im writing, maybe he will find it an opportunity to keep this sh*t month rolling with losses. anyway, you said u have stop loss, over the weekend the stop loss and tp are automatically cancelled. so if the gap was 100 points up u will lose 100 and not 35, same for tp... if the gap is 100 down u win 100 pips

good luck for u and for me
When life gives you lemons, make lemonade
  • #82,592
  • Aug 15, 2008 5:33pm Aug 15, 2008 5:33pm
Quoting micho
hi bro,

i also have a short open at 1.8624. i dont leave trades open usually but this time the connection went off at 11pm just before the EA closed the open order. so i also hope to have a gap down or at least a no loss trade since it is not part of my plan. worse case senario is to have a gap up. so maybe if the b*tch federal bank is seeing what im writing, maybe he will find it an opportunity to keep this sh*t month rolling with losses. anyway, you said u have stop loss, over the weekend the stop loss and tp are automatically cancelled. so if the gap was 100 points up u will lose 100 and not 35, same for tp... if the gap is 100 down u win 100 pips

good luck for u and for me
I have a close of 1.8662 and I have a feeling that is where it will open on Sunday...give or take a few pips...
Patience + Discipline - Greed = Success
  • #82,593
  • Aug 15, 2008 5:37pm Aug 15, 2008 5:37pm
Quoting LuckyLurker
whats up nav!
Where can I find accurately prices of the pairs over the weekend, to know if they are moving up or down?
Expected the unexpected
  • #82,594
  • Aug 15, 2008 5:43pm Aug 15, 2008 5:43pm
Quoting Infinity
I have a close of 1.8662 and I have a feeling that is where it will open on Sunday...give or take a few pips...
then i must be very unlucky. the connection cut at 11pm just before the order gets closed.
its really been a shit shit incredibly unlucky month until now.
When life gives you lemons, make lemonade
  • #82,595
  • Aug 15, 2008 5:55pm Aug 15, 2008 5:55pm
Quoting micho
hi bro,

i also have a short open at 1.8624. i dont leave trades open usually but this time the connection went off at 11pm just before the EA closed the open order. so i also hope to have a gap down or at least a no loss trade since it is not part of my plan. worse case senario is to have a gap up. so maybe if the b*tch federal bank is seeing what im writing, maybe he will find it an opportunity to keep this sh*t month rolling with losses. anyway, you said u have stop loss, over the weekend the stop loss and tp are automatically cancelled. so if the gap was 100 points up u will lose 100 and not 35, same for tp... if the gap is 100 down u win 100 pips

good luck for u and for me
You are absolutely right my dear friend but my account only has $151 so if the gap would be 100 pips up then my account will be liquidated and I would losse possibly $50 or %55 depending upon when Forex would liquidate my account @100 or 95.....

So really the risk I i have taken $55 bugs at the most and that kind of attitude I will take in my each and every trade - findout how much I can take risk and then enter into the trade, I have committed myself already after my loss that I wouldn't enter in to any single trade until I would have decided how much I could afford in terms of loss.....

BEST of luck for all of us who are in short and hoping to be gap down, but I want to know from all of you if we are right then what would be the proper PT level so that it would trigger byitself because if we wait any more hour after 5:30 pm eastern time then we would loose any potential profit because once it's gap down we just have to close our positions rightaway and then I agree with Lucky that before London Session open one can enter into trade with long (change in direction of gap) because it will have to fill the gap.

And I think the same thing happened on last Sunday; it was gap down 100 pips to 1.9115 from 1.9215 and just before the london session it would be about 1.9180 and during the London Session it would reach 1.9267 because of the news or whatever.......

I know this is the dangerous and not beleivable market overall and we don't have to depend upon the last week but on the brighter side first of all we are following the downward trend channel, secondly it closes 150 pips away form the spike low and third but not least especially for me I have already absorbed my risk to entered in this single trade to play the gap......

Alqaz Syed.
  • #82,596
  • Aug 15, 2008 6:25pm Aug 15, 2008 6:25pm
Damn!. I pop out for a quick beer for a couple of hours and suddenly people start posting the real deal instead of this 'I just went long/short' crap.

Patience: well done!. I have been telling my son for ages that if you finance your account and stake correctly, you can hold through just about anything. You will always see the number again and agian (within reason).So no trade needs to be a loser, it just turns into a long game.

On losses. I think I can add all the ones I have read about here together and still top it for a giant loss. I am the man who made loads shorting the DOW in the bear run and added to the short positions somewhere in the 7k area. When it went up on the outbreak of war in Iraq I doubled my short for evey 250 points it went up. When I had dropped $250k I decided to call it a day.

New strategy started when I got over the shock (and it was a real shock, at the end of a particularly poor day I figured I had just lost the price of a new car). Switched to forex with the ambition of making $700 per day or $2000 per week. I rarely hit target but I have managed to make my living out of the market for the last few years.

Now here's the point. I know what I am doing wrong but can not do anything about it. I have to be in the market every day and beat it every day yet I know that the opportunity is not right for me every day, still I 'take a chance'. And when that chance goes wrong I have to prove a point, so I marry the position. Sometimes this turns out to be correct, mostly it doesn't but whatever the outcome it is always a distraction in the meantime. I read these posts (the good ones) and it seems we all make the same mistakes, weeks of success wiped out in a foolish move or two.

So is patience right to hold for almost 2 years to more or less break even or better to have stops and if stops how tight. The answer to this I am sure will either make or break you.

Good luck all (except forextrader who doesn't need luck, he has help from HIM/HER).
This space intentionally left blank.
  • #82,597
  • Aug 15, 2008 7:27pm Aug 15, 2008 7:27pm
Quoting Uphios
Damn!. I pop out for a quick beer for a couple of hours and suddenly people start posting the real deal instead of this 'I just went long/short' crap.

Patience: well done!. I have been telling my son for ages that if you finance your account and stake correctly, you can hold through just about anything. You will always see the number again and agian (within reason).So no trade needs to be a loser, it just turns into a long game.

On losses. I think I can add all the ones I have read about here together and still top it for a giant loss. I am the man who made loads shorting the DOW in the bear run and added to the short positions somewhere in the 7k area. When it went up on the outbreak of war in Iraq I doubled my short for evey 250 points it went up. When I had dropped $250k I decided to call it a day.

New strategy started when I got over the shock (and it was a real shock, at the end of a particularly poor day I figured I had just lost the price of a new car). Switched to forex with the ambition of making $700 per day or $2000 per week. I rarely hit target but I have managed to make my living out of the market for the last few years.

Now here's the point. I know what I am doing wrong but can not do anything about it. I have to be in the market every day and beat it every day yet I know that the opportunity is not right for me every day, still I 'take a chance'. And when that chance goes wrong I have to prove a point, so I marry the position. Sometimes this turns out to be correct, mostly it doesn't but whatever the outcome it is always a distraction in the meantime. I read these posts (the good ones) and it seems we all make the same mistakes, weeks of success wiped out in a foolish move or two.

So is patience right to hold for almost 2 years to more or less break even or better to have stops and if stops how tight. The answer to this I am sure will either make or break you.

Good luck all (except forextrader who doesn't need luck, he has help from HIM/HER).
Looks like the only difference between u and me (and our trading styles) is that u have $250k to play with, whereas I would be lucky to scrape together a few % of that.

"Cut your losses, let your profits run.." platitudes, platitudes <vomit>

A lot of truth in what you say, but the "secret" of successful trading seems as elusive as ever..
Darkness lies one inch ahead..
  • #82,598
  • Aug 15, 2008 7:49pm Aug 15, 2008 7:49pm
Quoting Uphios
Damn!. I pop out for a quick beer for a couple of hours and suddenly people start posting the real deal instead of this 'I just went long/short' crap.

Patience: well done!. I have been telling my son for ages that if you finance your account and stake correctly, you can hold through just about anything. You will always see the number again and agian (within reason).So no trade needs to be a loser, it just turns into a long game.

On losses. I think I can add all the ones I have read about here together and still top it for a giant loss. I am the man who made loads shorting the DOW in the bear run and added to the short positions somewhere in the 7k area. When it went up on the outbreak of war in Iraq I doubled my short for evey 250 points it went up. When I had dropped $250k I decided to call it a day.

New strategy started when I got over the shock (and it was a real shock, at the end of a particularly poor day I figured I had just lost the price of a new car). Switched to forex with the ambition of making $700 per day or $2000 per week. I rarely hit target but I have managed to make my living out of the market for the last few years.

Now here's the point. I know what I am doing wrong but can not do anything about it. I have to be in the market every day and beat it every day yet I know that the opportunity is not right for me every day, still I 'take a chance'. And when that chance goes wrong I have to prove a point, so I marry the position. Sometimes this turns out to be correct, mostly it doesn't but whatever the outcome it is always a distraction in the meantime. I read these posts (the good ones) and it seems we all make the same mistakes, weeks of success wiped out in a foolish move or two.

So is patience right to hold for almost 2 years to more or less break even or better to have stops and if stops how tight. The answer to this I am sure will either make or break you.

Good luck all (except forextrader who doesn't need luck, he has help from HIM/HER).
you should always put stop loss and take profit
When life gives you lemons, make lemonade
  • #82,599
  • Edited 4:23am Aug 16, 2008 2:57am | Edited 4:23am
i think the secret is to enter only high probability trades and reduce SL this way the winners will build your account.

i notice with me......when by the pc if i trade then SL shouldnt be more than 50 pips, its generally more BECAUSE we people are guessing bottom and tops..looking for the perfect entry and at time pulling it off and other times finding ourselves in sinking boats..

i never ever orginally traded this way and myself and learned this in here and i think this is habbit we need to break.i think this is the key! reduce SL and let the winniers ride

small stops will automatically make u think about your trades also..this my next approach.. and stop adding to losing position only winnig ones....i notice tony adopts this approach mostly


i spend some time in malysia thread....and he is successfull and trade very smartly......can learn a lot from his charts
  • #82,600
  • Edited 4:25am Aug 16, 2008 4:13am | Edited 4:25am
Quoting Infinity
My daily closed at 1.8662, 150 pips off the spike low. Nothing is certain but I see this as a possibility in coming weeks.....

If we get a new low next week...

good analysis buddy ....think also that is likely to happen..there aint no way we going to make a higher high since the lower low is so low..definately looking like we heading down... where u have your descending trend line is where i think we going to get the lower high and then bam.....lower low......cant see this think going up to 2 for a long time..
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