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Cable Update (GBPUSD)

  • #96,161
  • Nov 6, 2008 3:44pm Nov 6, 2008 3:44pm
Jeesh! Micho you still there!! Looks like you boys have been making good pips while some of us are spending the day's earnings..
Ride the Bulls bearback!
  • #96,162
  • Nov 6, 2008 3:45pm Nov 6, 2008 3:45pm
Quoting eohater
How often do they contribute in our forum? Trade what you see bro, don't listen to anyone but yourself. It's your money.
never seen them before
When life gives you lemons, make lemonade
  • #96,163
  • Nov 6, 2008 3:47pm Nov 6, 2008 3:47pm
Quoting alcando
Jeesh! Micho you still there!! Looks like you boys have been making good pips while some of us are spending the day's earnings..
-100
-65
+100

total today = -65...

thats not good pips
When life gives you lemons, make lemonade
  • #96,164
  • Nov 6, 2008 3:49pm Nov 6, 2008 3:49pm
Quoting eohater


Remember bro, longs and shorts have their place together in this market, it's about the entry and money management. Some let their positions run so far down on them and they don't want to admit they were wrong. Key fact here peope: Trading is a job, it does not define who you are. If you make a bad decision, admit it and move on to the next trade. Good trades does not make you a good person and bad trades do not make you a bad person.

If anyone cannot accept the above, I recommend you close your account and go play poker. This is NOT for you!
too true eohater, I have written in Tiger Hunter style giant letters in my trading plan 'as soon as you see sign that trade you are in is wrong direction GET OUT and get bavk in with the flow, forget the loss you have taken' And I am reading this everyday before trading and I hope it is sinking in, I have done it a couple of times
please DON'T copy my trades I am still learning
  • #96,165
  • Nov 6, 2008 3:54pm Nov 6, 2008 3:54pm
Quoting micho
-100
-65
+100

total today = -65...

thats not good pips
oh well Micho at least you got some back, it really pisses you off don't it. I try and sleep it off or have a couple of cold beers, don't do any rolling of fat ones these days, just the bottle or a maybe xanax or valium 4 a laugh
please DON'T copy my trades I am still learning
  • #96,166
  • Nov 6, 2008 3:56pm Nov 6, 2008 3:56pm
Dont go for revenge bud, I had a great monday, a crap Tuesday, on wednesday I lost £3k in the morning and said Fekit, went to watch 007 at the cinema and refused to trade again, but by thursday it was all back in again and then some. Moral of the story:
1. Watch a Bond flick?
or is it:
2. If it gets you down get away from it for a bit and when u feel better come back...
Ride the Bulls bearback!
  • #96,167
  • Nov 6, 2008 3:58pm Nov 6, 2008 3:58pm
Quoting ezmystic
oh well Micho at least you got some back, it really pisses you off don't it. I try and sleep it off or have a couple of cold beers, don't do any rolling of fat ones these days, just the bottle or a maybe xanax or valium 4 a laugh
lol lol good advice especially the xanax yummy i love the feeling
When life gives you lemons, make lemonade
  • #96,168
  • Nov 6, 2008 3:59pm Nov 6, 2008 3:59pm
Guys, it's time for my family time to begin. I'll be back online later tonight to see how the market is doing.

Good luck to everyone in a trade or looking to get in!
Just digging in the trenches like everyone else!
  • #96,169
  • Edited 5:24pm Nov 6, 2008 4:00pm | Edited 5:24pm
OK finished building new computer and ready to return to the fray.

Long live ACRONIS 2009 - long live XP and cloned drives and multiple computers !

Ordered my propane for the winter and ready to do some serious pip hunting

seems that cable goes up when the Dow goes up recently

2 bad down days for the Dow may see it go back up tomorrow

re previous comments - yes as soon as I am losing more than 20 pips or so then i am out - whatever - being right too early is as bad as being wrong

nobody can pick an exact entry point but if you are more than 20 pips wrong then i class that as wrong

its a good rule

There have been some nice runs recently and there will be many more but as soon as it bounces 20 i am out

I reckon me and warren buffet have an advantage in that we are cut off in a remote town in winter with nothing else to do but practise til it comes right
  • #96,170
  • Nov 6, 2008 4:00pm Nov 6, 2008 4:00pm
me too, its time to sleep
see you laters alligators
When life gives you lemons, make lemonade
  • #96,171
  • Nov 6, 2008 4:07pm Nov 6, 2008 4:07pm
Quoting "expert"
Can you please tell me that reason for up.I went short at DP area an still short.150 pips so far.Yesterday MYMAN or something like that said READY FOR DOWN BIG MONEY and price went up BIG TIME.Good i was long and not listen others.Now you say going up.WHY do you think.Maybe i should close my short then.I know this is forum we all should write thinking,but guys when saying up or down could you PLEASE write why you think that way.POsting some chart would be nice as well.That way this topic would be more quality.

MICHO look that RSI and enjoy.Try 21 set up as well.Be carefull He is oscilator indicator.Use it with some trend indicaor (MACD or momentum....,i found parabolic very usful last couple...
I hope you did see this post.Fe was point to That Beejay.He never answered.Nevermind that.I told you to look that RSI.I was short all the time.

As for karmostaji i kow him as good trader on GBPJPY.I learned some thing from him.Maybe he was long on GBPJPY and was trying to put that uo with cable move on up.

You all know that GBPJPY(GJ) GUxUJ?and that way we have price for GJ.I hope you do.

Anyway you had very ood tool in hands.That Beejay i never see his post before.Why did you trust him?How many ytimes he was write.And he never unswered why long.So we can learn mistake.

As Eohater said we all make mistake but we are not bad man becaiuse of it.No reason to not to say when go wrong so others could learn.I was saying that heare many people just say I made xxxpips and nothing else.no chart no nothing.I kow how hard it is to post chart and trade at same time,but from time to time we can.I try very hard.And then people make fun of my colours on that chart.!!!!And did he learn anything??i dont think so

Make a system and test it and then use it.It was very hard for me to go short when Karmo said long.BUt i did short.My sysstem said short.Karmo is big trader in my mind and always will be,but today i made big progres for me,and i don't mean on my account,but my way of thinking.I think you all know what am i saying.I am independent trader after 6 mounth of trading.M boss said few days back not to trade on a day of US rate cuts and i did and make many pips.Maybe and not maybe for sure i will make mistake sometime and wish i take Karmos or my boss advice,but finaly i am making money on my own, and iam so HHHAAAPPYYYYY

See ya all
  • #96,172
  • Nov 6, 2008 4:08pm Nov 6, 2008 4:08pm
Quoting spintrader
Navin, from what I gather from your posts, you haven't got much confidence with trading lately. And I seem to remember you stating earlier that one would have to be paranormal to make money in these conditions.

Can I suggest that you try trading on a longer time frame.

My method is pretty simple, identify the medium term trend- not hard right now; it's down.

And then wait for good entries.

I've been building my short since 1.65- that's over 800 pips so far, and trust me it's soooo much less stressful, when you are sitting on 800 winning pips, you can set a stop loss at +400, and you still come out a heavy winner.

I've basically given up on scalping, because I nearly always lose in...
thats the plan for me
  • #96,173
  • Nov 6, 2008 4:08pm Nov 6, 2008 4:08pm
Karmo is a regular contributor on JPY blog that includes GBP. He is usually good, albeit (over?)confident.
I too am amazed at the number of seemingly successful traders given that 80% statistically lose money. Loneliness perhaps necessitates some bragging to get respect & acknowledgement?

Ive been keeping out of the market as I cant comprehend the scale & speed of the movements. Too risky. Its not technical to me, its seems totally emotional, but that may be that I dont spend enough time analysing enough data. Its frustrating for me seeing people apparently make so many pips, but I suspect they are all suffering a bit, like yourself, only they wont admit it!

However, its very interesting getting to see what you guys are looking at. Its added a broader perspective & encouraged me to check out the evenings trades (I am in UK & usually go offline at 3.00pm bst)
  • #96,174
  • Nov 6, 2008 4:22pm Nov 6, 2008 4:22pm
Quoting Barry Cade
Karmo is a regular contributor on JPY blog that includes GBP. He is usually good, albeit (over?)confident.
I too am amazed at the number of seemingly successful traders given that 80% statistically lose money. Loneliness perhaps necessitates some bragging to get respect & acknowledgement?

Ive been keeping out of the market as I cant comprehend the scale & speed of the movements. Too risky. Its not technical to me, its seems totally emotional, but that may be that I dont spend enough time analysing enough data. Its frustrating for me seeing people apparently make so many pips, but I suspect they are all suffering a bit, like yourself, only they wont admit it!

However, its very interesting getting...
im just like u the speed of movement and where stop losses need to be for me and my account size just make trading scary the last thing i want to do is blow my account....

i do feel for micho...when the market moves so quick in one direction and its opposite to what u think and every1 goes ahhhhh it was obvious..those compounded view make u do something stupid and then u realise u were right all the right..

this is where forums become dangerous...
its all a learning curve....once enter a trade, know yur thought and stick to yur plan..hope u make the pips back buddy .actually i know u will if u havent already
  • #96,175
  • Nov 6, 2008 4:28pm Nov 6, 2008 4:28pm
Quoting forexer
no way the cable is going to dive in the meduim term so we will see 1.5600 again
the cable will be sold off aggressively

now here is my post i sent last week

my short position has been closed due take profit order at 1.5600
I always knew that someday I would make it big
  • #96,176
  • Nov 6, 2008 4:36pm Nov 6, 2008 4:36pm
now my humble analysis is :'

sell-off process will be resumed due to a massive pressure on cable
I always knew that someday I would make it big
  • #96,177
  • Nov 6, 2008 4:39pm Nov 6, 2008 4:39pm
Quoting "expert"
I hope you did see this post.Fe was point to That Beejay.He never answered.Nevermind that.I told you to look that RSI.I was short all the time.

As for karmostaji i kow him as good trader on GBPJPY.I learned some thing from him.Maybe he was long on GBPJPY and was trying to put that uo with cable move on up.

You all know that GBPJPY(GJ) GUxUJ?and that way we have price for GJ.I hope you do.

Anyway you had very ood tool in hands.That Beejay i never see his post before.Why did you trust him?How many ytimes he was write.And he never unswered why long.So we can learn mistake.

As Eohater said we all make mistake but we are not bad man becaiuse of it.No reason to not to say when go wrong so others...
i want to get to that stahe your at, am better than i was but still making dome stupid emotional mistakes. am trying to block emotion and just tade on good setups etc, read my plan everyday before trading coz it's short and drum into my mind. good night all, baby time
please DON'T copy my trades I am still learning
  • #96,178
  • Nov 6, 2008 7:06pm Nov 6, 2008 7:06pm
i'm short since 1.5876, and my idea is to let it run till 1.4350. i don't know what happens but i like the idea. (now cable is @ 1.5557 and still move lower)
Also i have a little position on GJ since 153.93 TP:138.20 (now 151.17)

when i have a few pips more i will setup sl at +50 in both trades
  • #96,179
  • Nov 6, 2008 7:15pm Nov 6, 2008 7:15pm
Quoting cesarg
i'm short since 1.5876, and my idea is to let it run till 1.4350. i don't know what happens but i like the idea. (now cable is @ 1.5557 and still move lower)
Also i have a little position on GJ since 153.93 TP:138.20 (now 151.17)

when i have a few pips more i will setup sl at +50 in both trades
looking good my friend, I'd say that cable is now almost certain to fall to the previous low at this point. But beyond that we shall have to wait and see. I'm hoping for 1.4xxx. Been short since 1.65!

We've got the non-farm payrolls tomorrow though, that could make some noise in the wrong direction, but it should be brief.
  • #96,180
  • Nov 6, 2008 9:38pm Nov 6, 2008 9:38pm
To leave a foward word on what expert says and some here, prediction are usefull since you need a macro look at price action.

If you make a mistake... its only one jugment on a particuliar time in the market.... versus a millions others. On average you better be right.
But when your not... it only proove the judgement was wrong.

dot.

This forum is exacly for that, shares idea about price action. So let's not nail down peeps that make bad prediction, after the moves...
I agree on the insight reason. Providing them... help since intuition dosen't last into forex.
Ego dosen't have any relation whit trading, it's even a bad thing since overconfidence will lead you to make mistake.

Well, keep on guys!
I find this thread very interresting!
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