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Cable Update (GBPUSD)

  • #98,261
  • Nov 13, 2008 4:16pm Nov 13, 2008 4:16pm
Quoting steelhead
Look I dont want this to become a thread about what he or she said.

Fact of the matter I was long bias for a longtime. I made some pips by buying in this week while it went down. Also made some on the sell last night.

Right now I am short bias for today if it can test the high that it made around 1.5000 I will be shorting.

I also will be buying if she tests the lows from today. Again though it was possible to make pips on the longside this week.

One thing that I have noticed though alot of folks that have been giving the buisness are talking...
Patience + Discipline - Greed = Success
  • #98,262
  • Nov 13, 2008 4:20pm Nov 13, 2008 4:20pm
I'm outta here everyone! Trade well and I'll be back on tonight during the Asian session sometime after I get the family to bed.
Just digging in the trenches like everyone else!
  • #98,263
  • Nov 13, 2008 4:22pm Nov 13, 2008 4:22pm
some of you guys lost alot of dosh today (if you closed)
BUT !

Spare a thought for me - i was reseraching my ancestors while i was trading today and found out I am Welsh

jeez they hate me there and call me saxon to my face

I suppose that accounts for me singing in the bath (and picking my nose in the car)
  • #98,264
  • Nov 13, 2008 4:38pm Nov 13, 2008 4:38pm
Here is my opinion on stops... and i have tried all sizes!

No matter how big your stop is..... price will go and stop you out if you have made a bad call. 10, 20, 50, or 100 pips... it does not matter!

So why not set a tight stop and take a small loss that you can recover from.

If you are gonna be a trader and watch the charts all day, then you should be good enough to call a trade at a level where price does not go against you more then a few pips.

If you are stopped out at -15 pips....so what, just make a better call next time!
  • #98,265
  • Nov 13, 2008 4:44pm Nov 13, 2008 4:44pm
Back in business
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  • #98,266
  • Nov 13, 2008 5:18pm Nov 13, 2008 5:18pm
Quoting Shilva
Here is my opinion on stops... and i have tried all sizes!

No matter how big your stop is..... price will go and stop you out if you have made a bad call. 10, 20, 50, or 100 pips... it does not matter!

So why not set a tight stop and take a small loss that you can recover from.

If you are gonna be a trader and watch the charts all day, then you should be good enough to call a trade at a level where price does not go against you more then a few pips.

If you are stopped out at -15 pips....so what, just make a better call next...


Wow I couldnt disagree with that post more. 15 pip stop loss will get you killed more times then not. You can have the call right but it needs time to mature. You set a 15 pip stop you give no time for a trade to breathe.

Setting 15 pip stop lossses is not the way to be consistant in my view.

How many time has a trade gone 25-30 or 40-50 against you but then reverses and goes in your favor. Especially when you are trading off of longer time frames.

I would caution anyone not to set your stops to tight to easy to get shaken out.
  • #98,267
  • Nov 13, 2008 5:32pm Nov 13, 2008 5:32pm
There it goes guys.
I think we are going to see 1.5XXX today
  • #98,268
  • Nov 13, 2008 5:46pm Nov 13, 2008 5:46pm
testing Monthly S1...
  • #98,269
  • Nov 13, 2008 5:56pm Nov 13, 2008 5:56pm
I would like to ask everyone here, to please read this article and post your thoughts:

http://www.dailypaul.com/node/72949

Revaluation of the US $? Back to gold standard? May be just rumor but if you think about the fundamentals behind it - makes quite a lot of sense. It's how we got out of the great depression, and you all know how history tends to repeat itself..
  • #98,270
  • Nov 13, 2008 6:00pm Nov 13, 2008 6:00pm
i canceled the trade -400 pips on a micro account...
seems only way to trade for is SL and take profit and no matter what leave it be..

oh well 10 wins and one loss and im down on the week -£20

i had enough .im going bed

good luck guys...only i could have entered right on the bottom
  • #98,271
  • Nov 13, 2008 6:06pm Nov 13, 2008 6:06pm
Quoting nAVIN2007
i canceled the trade -400 pips on a micro account...
seems only way to trade for is SL and take profit and no matter what leave it be..

oh well 10 wins and one loss and im down on the week -£20

i had enough .im going bed

good luck guys...only i could have entered right on the bottom
You entered short at the bottom while i entered long at the top.
We are equal then
  • #98,272
  • Nov 13, 2008 6:18pm Nov 13, 2008 6:18pm
Quoting gagakrimba
You entered short at the bottom while i entered long at the top.
We are equal then

Can I ask you a question? You were one of the ones that was all over me for calling longs but that aint the question.

Here it is.

Why in the world would you decide to finally enter a long after it has gone up over 600 pips? Why oh why oh why? So easy to get cought in retrace if you do that. Its just not wise.

Thats not selling a top or buying a bottom. that aint even buying a middle or selling a middle.

See while you were all tearing me apart for longs I was either taking small profit or breakevens. I will do that 10 times if I believe the reversal is coming. 10 b/e's and then one trade that yields 600+ is well worth it.

Now unfortunatly for me I was in the mountains when the big move happened. So I got small profit or b/e's going long the last week and missed my one trade for 600+.

Navin it seems did the same thing sold a bottom maybe im wrong he can correct me if i am. Again why are you selling when it has dropped over 600 pips. Now maybe he was selling from higher but why add to a position down near some signifacant lows.

I know we go on and on about this but why why why why do folks insist on selling or buying at that point?
  • #98,273
  • Nov 13, 2008 6:42pm Nov 13, 2008 6:42pm
Quoting steelhead
Can I ask you a question? You were one of the ones that was all over me for calling longs but that aint the question.

Here it is.

Why in the world would you decide to finally enter a long after it has gone up over 600 pips? Why oh why oh why? So easy to get cought in retrace if you do that. Its just not wise.

Thats not selling a top or buying a bottom. that aint even buying a middle or selling a middle.

See while you were all tearing me apart for longs I was either taking small profit or breakevens. I will do that 10 times if I believe...
I have no idea about others selling at the bottom.
I long at the top after 600 pips reversal coz weekly it has drop more than 1000 pips and if you can still remember actually this baby since august has drop more than 5,000 pips.
Anyway that is not my only entry. I entered long from 1.4650 and every 50 pips upwards there after.
  • #98,274
  • Nov 13, 2008 8:13pm Nov 13, 2008 8:13pm
Look at daily chart. Might be up today ! Just opinion ! But personally I don't care will up or will down because I use M1 chart to make an entry and just for min +10 pips target / trade ! Hmmm... maybe much more do long than short !
Attached Image (click to enlarge)
Click to Enlarge Name: retrace141108.gif Size: 40 KB
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #98,275
  • Nov 13, 2008 8:26pm Nov 13, 2008 8:26pm
So people what's the deal. Who is the brave one going long now?
  • #98,276
  • Nov 13, 2008 8:41pm Nov 13, 2008 8:41pm
Quoting manize
Look at daily chart. Might be up today ! Just opinion ! But personally I don't care will up or will down because I use M1 chart to make an entry and just for min +10 pips target / trade ! Hmmm... maybe much more do long than short !
Holding well above pivot.
Hopefully it goes north
  • #98,277
  • Nov 13, 2008 8:43pm Nov 13, 2008 8:43pm
Look I've got the 1st + 10 pips long from 1.4825 - 1.4835 ! If she moves down then doesn't matter, I've eaten it !
Attached Image (click to enlarge)
Click to Enlarge Name: retrace141108a.gif Size: 40 KB
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #98,278
  • Nov 13, 2008 8:49pm Nov 13, 2008 8:49pm
Quoting gagakrimba
Holding well above pivot.
Hopefully it goes north
I don't familliar to decide the pivot level, where is it now ?
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #98,279
  • Nov 13, 2008 9:01pm Nov 13, 2008 9:01pm
I could be wrong but I think there is a good chance we could go to the daily 5 sma which is about 1.51xx if we can get past 1.4990 area.
Patience + Discipline - Greed = Success
  • #98,280
  • Nov 13, 2008 9:14pm Nov 13, 2008 9:14pm
Quoting manize
I don't familliar to decide the pivot level, where is it now ?
Mine is 1.4794.
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