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Cable Update (GBPUSD)

  • #90,061
  • Oct 2, 2008 11:12am Oct 2, 2008 11:12am
Quoting eohater
That's two days in a row now that we've entered the same position within 5 pips of another.

Same View & Opinion
  • #90,062
  • Oct 2, 2008 11:13am Oct 2, 2008 11:13am
Quoting eohater
BTW I'm short from 1.7670 again with SL at 1.7685 Targeting todays low. Good Luck everyone!
We'll probably bounce around here for the next hour or so. Probably another test uppwards of 1.766x area before she confirms she is going to fall again. I posted earlier I was looking to reenter short around 1.766x. Anyways, I'm off to lunch and I'll see everyone in about an hour.
Just digging in the trenches like everyone else!
  • #90,063
  • Oct 2, 2008 11:14am Oct 2, 2008 11:14am
Quoting deboooo2005
Same View & Opinion
Yeah!! I think you've nailed more pips than me today though. This is only my 3rd trade since the close of last US Session.
Just digging in the trenches like everyone else!
  • #90,064
  • Oct 2, 2008 11:18am Oct 2, 2008 11:18am
.2 lots long added .1 lot long ticket torn off .3 lots ready Hit the short to close both other tickets and ahhggggg I hit the buy button Should have had $100+ ended up with $30 S@%t and B*&&*#ks
  • #90,065
  • Oct 2, 2008 11:19am Oct 2, 2008 11:19am
Quoting dobbie11
I have been trading for 3 years now and have blown 3 accounts a total of 16k learning the market. I have been in profit for well over 18 months now and get about 80% of my trades correct. So my 2 cents at this point is we have one to two more down moves. I see this hitting 1.74xx and a double bottom ( which is the monthly 50% retracement or 1.7380 which is the 161.8 expansion of wave 3 on the weekly chart. If this is broken then we could see 1.7279 the monthly s1. get ready for it to drop again.
This is very good for me to hear... I am at about the 1 and a half year mark, and have lost 2 accts. I am just lately able to break even mostly, so a little better. I was thinking of trying something else lately, can be very discouraging when you spend hours and hours in front of the screen analyzing, watching and reading and then break even or lose. Gives me a bit of hope I need lately, turn my experiences into profit someday.

Cheers
  • #90,066
  • Oct 2, 2008 11:20am Oct 2, 2008 11:20am
Quoting eohater
Yeah!! I think you've nailed more pips than me today though. This is only my 3rd trade since the close of last US Session.
i hope nice profit for u & me and all traders
  • #90,067
  • Oct 2, 2008 11:21am Oct 2, 2008 11:21am
Quoting deboooo2005
i hope nice profit for u & me and all traders
Exactly!
Just digging in the trenches like everyone else!
  • #90,068
  • Oct 2, 2008 11:21am Oct 2, 2008 11:21am
Quoting nAVIN2007
yes i totally agree...what did u do eventaully to realise what went wrong and what did u change?
Well after my first acct. I lost I started reading learning everything. EW, Fibs, price action, patterns, channels, how to use indicators correctly. All this was good knoledge. But sometimes one can have to much knowledge and out think themselves. Plus, nothing against the forexfactory I learned a lot here. But listening to other people was a distraction to my way of thinking. After the second acct. was blown. I decided not to come to the factory nor listen to any news till it was long over and just keep up on it but thats it. So the third acct. was blown on me learning what was really best for me. I am a 100% Tech. trading I could care less what the news says because all the big boys already now this well in advance and it is all the short and med term traders that jerk the market.

So now I use price action along with Stoch. which is set at 10-3-7, RSI set at 10, fibs and patterns. No moving avg. If u can not tell what the trend is by looking at it then get out of trading.
  • #90,069
  • Oct 2, 2008 11:37am Oct 2, 2008 11:37am
Quoting dobbie11
Well after my first acct. I lost I started reading learning everything. EW, Fibs, price action, patterns, channels, how to use indicators correctly. All this was good knoledge. But sometimes one can have to much knowledge and out think themselves. Plus, nothing against the forexfactory I learned a lot here. But listening to other people was a distraction to my way of thinking. After the second acct. was blown. I decided not to come to the factory nor listen to any news till it was long over and just keep up on it but thats it. So the third acct. was blown on me learning what was really best for me. I am a 100% Tech. trading I could care less what the news says because all the big boys already now this well in advance and it is all the short and med term traders that jerk the market.

So now I use price action along with Stoch. which is set at 10-3-7, RSI set at 10, fibs and patterns. No moving avg. If u can not tell what the trend is by looking at it then get out of trading.
Can you give an example of what you use as an entry signal?

Thanks
  • #90,070
  • Oct 2, 2008 11:39am Oct 2, 2008 11:39am
Quoting dobbie11
Well after my first acct. I lost I started reading learning everything. EW, Fibs, price action, patterns, channels, how to use indicators correctly. All this was good knoledge. But sometimes one can have to much knowledge and out think themselves. Plus, nothing against the forexfactory I learned a lot here. But listening to other people was a distraction to my way of thinking. After the second acct. was blown. I decided not to come to the factory nor listen to any news till it was long over and just keep up on it but thats it. So the third acct. was blown on me learning what was really best for me. I am a 100% Tech. trading I could care less what the news says because all the big boys already now this well in advance and it is all the short and med term traders that jerk the market.

So now I use price action along with Stoch. which is set at 10-3-7, RSI set at 10, fibs and patterns. No moving avg. If u can not tell what the trend is by looking at it then get out of trading.
thanks man ...its good hear...i can relate to what u say..trading is about having a balance in thought, i see a lot of folks in here, hardly know technicals but there strength lie in being able go with the market, its very hard for me to find that balance when real money is involved and finding that balance i believe is the key also..
I never for 1 minute would have thought going with the market could be so hard, but im getting there slowly

keep up the great trading its inspiring shows there light at some end of the tunnel
  • #90,071
  • Oct 2, 2008 11:47am Oct 2, 2008 11:47am
crap i ended up get BE on all my trades this AM. cept for 1. my last long i too jumped 20 pips ahead of my position...set SL to BE....BAM!!!!

so now i'm done driving and back in..shorted on my way in at 655. setting TP to 565
  • #90,072
  • Oct 2, 2008 12:01pm Oct 2, 2008 12:01pm
Quoting MykeFX
Can you give an example of what you use as an entry signal?

Thanks
Well I would like to but it would not be fair to you. You need to learn on your own. Also keep in mind that learning the pair u r trading is hugh also. I only trade the gbp/usd period. some people would say that is crazy, but think about it. it moves almost 200 pips aday if I can catch 25 to 100 at 1 lot not a bad living. I can say I am looking for a short at the pivot point. If it breaks the pivot then I am looking at 1.79xx. If it does not make it oh well no trade it is that simple. And right now it has room to move up a bit before dropping. It is oversold.
  • #90,073
  • Oct 2, 2008 12:02pm Oct 2, 2008 12:02pm
Quoting nAVIN2007
thanks man ...its good hear...i can relate to what u say..trading is about having a balance in thought, i see a lot of folks in here, hardly know technicals but there strength lie in being able go with the market, its very hard for me to find that balance when real money is involved and finding that balance i believe is the key also..
I never for 1 minute would have thought going with the market could be so hard, but im getting there slowly

keep up the great trading its inspiring shows there light at some end of the tunnel
Also Navin from reading some of your stuff I see u r hedging. Stop. Put in a stop loss and a take profit. Do not be greedy and let your trade run. Acept the losses and your wins will increase.
  • #90,074
  • Oct 2, 2008 12:11pm Oct 2, 2008 12:11pm
Quoting dobbie11
Also Navin from reading some of your stuff I see u r hedging. Stop. Put in a stop loss and a take profit. Do not be greedy and let your trade run. Acept the losses and your wins will increase.
well the only reason im in the hedge is cause im in trouble i cant exit one position till i know where the bottom is, the i can get rid of the sell and hang on for dear life, if i get it right then i will be profitable just from this one trade..i love a challenge
  • #90,075
  • Oct 2, 2008 12:18pm Oct 2, 2008 12:18pm
Quoting nAVIN2007
well the only reason im in the hedge is cause im in trouble i cant exit one position till i know where the bottom is, the i can get rid of the sell and hang on for dear life, if i get it right then i will be profitable just from this one trade..i love a challenge
Be careful and good luck! Hedging is the main reason I lost my 2 accts. I plan to never do it again.
  • #90,076
  • Oct 2, 2008 12:20pm Oct 2, 2008 12:20pm
Quoting dobbie11
Well I would like to but it would not be fair to you. You need to learn on your own. Also keep in mind that learning the pair u r trading is hugh also. I only trade the gbp/usd period. some people would say that is crazy, but think about it. it moves almost 200 pips aday if I can catch 25 to 100 at 1 lot not a bad living. I can say I am looking for a short at the pivot point. If it breaks the pivot then I am looking at 1.79xx. If it does not make it oh well no trade it is that simple. And right now it has room to move up a bit before dropping. It is oversold.
Thanks for the advice.
  • #90,077
  • Oct 2, 2008 12:20pm Oct 2, 2008 12:20pm
It looks to me that 7685 area has held for the 3rd time today.

I have gone short @ 7660
  • #90,078
  • Oct 2, 2008 12:23pm Oct 2, 2008 12:23pm
Quoting MykeFX
Be careful and good luck! Hedging is the main reason I lost my 2 accts. I plan to never do it again.

believe me i know how dangerous it can be, thats why im still in it..
  • #90,079
  • Oct 2, 2008 12:32pm Oct 2, 2008 12:32pm
Quoting MykeFX
Be careful and good luck! Hedging is the main reason I lost my 2 accts. I plan to never do it again.
Hedging is the reason why I nearly blew my present account. But have slowly clawed back 25% of my losses over the last 1 1/2 weeks and I WILL NOT let my fund go down again. I will not hedge again. The only way is UP.
  • #90,080
  • Oct 2, 2008 12:46pm Oct 2, 2008 12:46pm
Quoting Chris_35
Hedging is the reason why I nearly blew my present account. But have slowly clawed back 25% of my losses over the last 1 1/2 weeks and I WILL NOT let my fund go down again. I will not hedge again. The only way is UP.
yep i need to be carefull...
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