Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

#95,301
Nov 3, 2008 11:25am Nov 3, 2008 11:25am

micho
Joined Mar 2008 | Status: Fooled by randomness | 8,367 Posts

Quoting Barry Cade

Disliked

Micho, what chart are you using? I have fibs on 240 min, daily & 15 min and havent got the ones you are quoting around 1.59, other than a horizontal resistance at 1.5923 from 25/27 Oct.

Ignored

the last 4 hours trend:

23% 1.5934
38% 1.6924

the last 1 hour trend:

23% 1.5901
38% 1.5967

but you see it did hit some levels of the 15 min chart and went down again

When life gives you lemons, make lemonade

#95,302
Nov 3, 2008 11:28am Nov 3, 2008 11:28am

micho
Joined Mar 2008 | Status: Fooled by randomness | 8,367 Posts

Quoting \"expert\"

Disliked

Yes and you also think that we should make 200 pips SL to make 400.he made 30 pips Sl in begining and take 700 so far.

He has balls...

Ignored

im not going to get into this again... MM is bad and risk management is bad with your client

he got lucky this time...

i dont use stop loss, but yes if you want to play by the rules... stop loss might be around 200 pips for this big trend

When life gives you lemons, make lemonade

#95,303
Nov 3, 2008 11:38am Nov 3, 2008 11:38am

Barry Cade
| Joined Aug 2008 | Status: Trader | 482 Posts

Quoting micho

Disliked

the last 4 hours trend:

23% 1.5934
38% 1.6924

the last 1 hour trend:

23% 1.5901
38% 1.5967

but you see it did hit some levels of the 15 min chart and went down again

Ignored

Thanks M
I havent been using 23%, but Ive added fibs to 5 & 10 min chart out of interest & can see more potential resistance. However, it may be academic as its sideways at the moment. As I see it, if it closes below 1.580 it may drop to 76% shown at 1.5703

#95,304
Nov 3, 2008 11:41am Nov 3, 2008 11:41am

micho
Joined Mar 2008 | Status: Fooled by randomness | 8,367 Posts

Quoting Barry Cade

Disliked

Thanks M
I havent been using 23%, but Ive added fibs to 5 & 10 min chart out of interest & can see more potential resistance. However, it may be academic as its sideways at the moment. As I see it, if it closes below 1.580 it may drop to 76% shown at 1.5703

Ignored

well usually you have to chose strong trends (with all bullish candles or all bearish candles)
the higher time frames are the most significant so if you use the 1M or 5M now, the trend on those charts is soft and you will not see much resistance around the levels but you will still notice how the price respects the levels.
i use daily 4h 1h 15m 5m and 1m with strong trends only

When life gives you lemons, make lemonade

#95,305
Nov 3, 2008 11:45am Nov 3, 2008 11:45am

"expert"
| Commercial User | Joined May 2008 | 1,300 Posts

Quoting micho

Disliked

im not going to get into this again... MM is bad and risk management is bad with your client

he got lucky this time...

i dont use stop loss, but yes if you want to play by the rules... stop loss might be around 200 pips for this big trend

Ignored

Good i am just saying that Sl might be 30 pips as well for this big trend as well.Back then when you was talking about 200 pips Sl you never said about money menagment.I have to remeber you that.My self almost everytime have SL.On friday i had none.And that is it.That is risky even more in this time,but then this spikes...can hit SL and go down again...And if we are so sure that it will go down and we don't use SL why not to use 1 lot and not micro.Thzat was his idea.

I still think taht is better to make 30 pips SL even on micro account then 200.

And he is a risky trader i can tell you that.i agree about that.But 200 pis Sl is risky for me as well.

Somehow i like the guy.Don't know why.I don't like to gamble.got no luck in cards but he...He got heart i can tell you that.

P.S.When we all came to forex we are riskyng all the time.No metter the strategy and the ammount of pips in our SL.Stupid forex