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Cable Update (GBPUSD)

  • #83,681
  • Aug 22, 2008 10:30am Aug 22, 2008 10:30am
Quoting Infinity
Didn't hold...... did it?

If 8511 goes... look out below....
I'm starting to thinking 1.81 is not out of the question at this point before the end of the month.
Just digging in the trenches like everyone else!
  • #83,682
  • Aug 22, 2008 10:32am Aug 22, 2008 10:32am
Quoting andycs
I have been reckless.

I have a list of rules which I must follow before entering a trade. I broke them all today. I tried to make up for a couple of big losses from yesterday, I missed the move down before the GDP figures, I then went long just before the figures, SL blown, then went long again around 1.8600, the rest is history. I tried to chase my losses....

Why do I do this? My rules are written down, I took no notice of my maximum risk rule which was the killer today, my account is pretty much wiped out (fortunately it is my "play" money, so is money I can afford to lose - although saying that, is there such a thing as money you can afford to lose - I digress).

So, back to the drawing board this weekend, I am determined to keep plugging away at trading, I am just so suprised as to how difficult it is to maintain discipline.

Anyway, just wanted to get this off my chest, hope the rest of you had a good day.

Andy
lol i lost 3k from 2 weeks by following my system, but lost 3k additional by trying to make up my losses hahahaha
so hope this will make you feel better... its not my play money, its a part of my profit from before
When life gives you lemons, make lemonade
  • #83,683
  • Aug 22, 2008 10:32am Aug 22, 2008 10:32am
Quoting eohater
I'm starting to thinking 1.81 is not out of the question at this point before the end of the month.
quite possible because we are setting up for a very bearish weekly candle..
Patience + Discipline - Greed = Success
  • #83,684
  • Aug 22, 2008 10:32am Aug 22, 2008 10:32am
Quoting asyed4
plus never trade the cable based on gap up and gap down especially positions from Friday resume on Sunday unless you are 100% damn sure about this b**ch.........
for me, never keep positions open during the weekend unless your connection or electricity was cut lol and thats what happened to me last week
When life gives you lemons, make lemonade
  • #83,685
  • Aug 22, 2008 10:33am Aug 22, 2008 10:33am
Quoting atif
Good observation. That's why last night I shorted GBP at 1.8740 and put a stop loss at 1.8810 then went to sleep.
I knew that GDP report will come over night and never expected any good news out of UK. So, I was in deep sleep without any worry.
Wokeup in the morning and found GBP at below 1.86. Closed my position too early at 1.8675. Should have wait.
I know the feeling. I was short at a nice price and closed out entirely too early. I should have left my trailing stop on and went to bed, but instead I made a dumbass mistake and went long once I closed my short out. My profit for the day is 4 pips.
Just digging in the trenches like everyone else!
  • #83,686
  • Aug 22, 2008 10:34am Aug 22, 2008 10:34am
Quoting eohater
I'm starting to thinking 1.81 is not out of the question at this point before the end of the month.
Clean Break Below 1.85 (will happen in next 10-15 mins I think) I'm short to 1.81 fo sho.

Actually if it hits 1.81 by the end of the month I will place my stop to break even and hopefully ride this to the 1.75 level before it bottoms and starts to reverse.

1.75 may sound far fetched but I think its inevitable with this strong downtrend with this pair and the dollar strength out of control. I would only consider a long on this pair if we are around 170 - 172 area.

BTW: Bro I just sent u a PM to gimmie ur email addy to include u in my daily distribution list about my HIGH Risk adventure :-)

Trading this was is nutz ... this morning by 7:00am EST I was down to $480.00 ... yuck ... then a crazy short on GBP/NZD (litterally 5 pips away from a Margin call thats my stop loss strategy lol ... im shocked it didnt hit margin call especially with that pair but back up now to $1820 now) done for the day.

Almost near my target. I think I can hit it ... I hope by mon-tues ...

ez ya'll have a good weekend.
  • #83,687
  • Aug 22, 2008 10:38am Aug 22, 2008 10:38am
i wonder how many of us are now waiting to jump on the coat tails of this pair if she goes below 1.8510. it could be a brutal move down, especially with reduced liquidity at this time of day exaggerating the possible drop.
  • #83,688
  • Aug 22, 2008 10:39am Aug 22, 2008 10:39am
another long.................8520

will add at 455........later if reach.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #83,689
  • Aug 22, 2008 10:40am Aug 22, 2008 10:40am
Quoting poweredbuyer
Clean Break Below 1.85 (will happen in next 10-15 mins I think) I'm short to 1.81 fo sho.

Actually if it hits 1.81 by the end of the month I will place my stop to break even and hopefully ride this to the 1.75 level before it bottoms and starts to reverse.

1.75 may sound far fetched but I think its inevitable with this strong downtrend with this pair and the dollar strength out of control. I would only consider a long on this pair if we are around 170 - 172 area.
i dunno but i dont think that the 1.85 will break today
When life gives you lemons, make lemonade
  • #83,690
  • Aug 22, 2008 10:41am Aug 22, 2008 10:41am
Quoting akirax
dont know but ALG called it...
http://algsnotes.blogspot.com/

the drop was to 8525, he called 8521 and then up to 8750

it happend in a split second too, if it climbs from here then that was a stop hunt....crazy

Where does he say that? I can't find it.
  • #83,691
  • Edited 10:58am Aug 22, 2008 10:41am | Edited 10:58am
Im long entry 1,8516 t/p : 1,8582 s/l : 1,8495
  • #83,692
  • Aug 22, 2008 11:01am Aug 22, 2008 11:01am
Quoting micho
i dunno but i dont think that the 1.85 will break today
Think you're right. There doesn't seem to be the will to break that support at this stage of the day.
  • #83,693
  • Aug 22, 2008 11:14am Aug 22, 2008 11:14am
yep..im long gu 1.8510, TP 18600..dont know man exactly where's market direction
  • #83,694
  • Aug 22, 2008 11:36am Aug 22, 2008 11:36am
Quoting mrmunir
yep..im long gu 1.8510, TP 18600..dont know man exactly where's market direction
looking TP 8600 after that drop as well....
  • #83,695
  • Aug 22, 2008 11:47am Aug 22, 2008 11:47am
Quoting Ya-Razzaq
No it was just false breakout. We will see upward movement again or soon..

oh really..

i saw a big ass fall .luckly i went work and decided to sit on bench...i hope your out of the long cause this means more fall ..
  • #83,696
  • Aug 22, 2008 12:17pm Aug 22, 2008 12:17pm
i feel that ifit breaks 18500 then we can see 1800 in the near future. Dollar strength and oil weakness.
  • #83,697
  • Aug 22, 2008 12:17pm Aug 22, 2008 12:17pm
Quoting nAVIN2007
oh really..

i saw a big ass fall .luckly i went work and decided to sit on bench...i hope your out of the long cause this means more fall ..

I not only saw the big ass fall, I rode it backwards. Closing my damn shorts too early and going long. Luckily I only went long with one lot and my short was 3 lots so I netted 4 pips.
Just digging in the trenches like everyone else!
  • #83,698
  • Aug 22, 2008 12:18pm Aug 22, 2008 12:18pm
Later guys! I'm outta here, might be on Sunday night with an analysis but no trade call.
Just digging in the trenches like everyone else!
  • #83,699
  • Aug 22, 2008 12:21pm Aug 22, 2008 12:21pm
Quoting eohater
I not only saw the big ass fall, I rode it backwards. Closing my damn shorts too early and going long. Luckily I only went long with one lot and my short was 3 lots so I netted 4 pips.
4 pips with a direction issue like this is a result bro..but i have to say.."how the hell" and after yesterdays candle??? this cable is looking to take us to the cleaners..
  • #83,700
  • Aug 22, 2008 12:26pm Aug 22, 2008 12:26pm
Quoting eohater
Later guys! I'm outta here, might be on Sunday night with an analysis but no trade call.
good weekend buddy...
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