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Cable Update (GBPUSD)

  • #105,161
  • Dec 8, 2008 7:12am Dec 8, 2008 7:12am
today trading sucks
When life gives you lemons, make lemonade
  • #105,162
  • Dec 8, 2008 7:15am Dec 8, 2008 7:15am
Quoting Infinity
Wonderful start to week for me...
I got 500 pips from this move going long and short...This is sweet....

I am currently flat but the weekly chart closed as a bearish engulfing so we could be heading down after rejection at the daily tl... the day close will be crucial...
good one man...
  • #105,163
  • Dec 8, 2008 7:16am Dec 8, 2008 7:16am
Quoting Shermenator
the eurusd short....DONT GET ON IT!!!!!!!!! if you did not get in my price...

never come late in a trade its either you timed it perfectly or you missed it..!!!!

Attachment
I am short @ 1.2886 Quite good entry
  • #105,164
  • Dec 8, 2008 7:29am Dec 8, 2008 7:29am
Quoting micho
today trading sucks
lol, yeah... it probably would until the end of the year.
  • #105,165
  • Dec 8, 2008 7:39am Dec 8, 2008 7:39am
Alright guys, I'm out, I had fun posting today (my first day)

I'll tty tmrw!

shermenator thanks for the donations! keep em comming
  • #105,166
  • Dec 8, 2008 7:51am Dec 8, 2008 7:51am
  • #105,167
  • Dec 8, 2008 7:55am Dec 8, 2008 7:55am
Quoting manize
Congratz bro ! My capabality is still below 50 pips a day, above + 100 pips rarely and sometimes is burnt !
But it can blow my account twice within 2 months. I can not imagine how wonderfull life be enjoyed if able to reach the result like yours then !
You'll get there bro! Consistency is the key. If you make 50 pips a day while limiting your losses you will be well on your way. Confidence to hold on to a trade comes with time and experience but you must trust your setups and put stops in place.


Quoting sonicdeejay
good one man...
Thanks bro!

Quoting LuckyLurker
Patience + Discipline - Greed = Success
  • #105,168
  • Dec 8, 2008 8:27am Dec 8, 2008 8:27am
Still holding my short its a winner already so the market can shoot up f it whants a thousand pips lol...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 24 KB
  • #105,169
  • Dec 8, 2008 8:27am Dec 8, 2008 8:27am
Quoting Shermenator
Hope you guys took my short....

1.4828 is a good area to release most of the profits...

Attachment
What's your target on Cable short?
  • #105,170
  • Dec 8, 2008 8:30am Dec 8, 2008 8:30am
Quoting Infinity
Confidence to hold on to a trade comes with time and experience but you must trust your setups and put stops in place.

This is exactly my problem. I get the setup, I place the trade and once it goes postive (in my favor) I get scared and close early. On the flip side, if the trade goes against me, I hold on to long.

I guess I need to learn more patience!
  • #105,171
  • Dec 8, 2008 8:38am Dec 8, 2008 8:38am
If this can make u feel better,...this type of problem occur to most of the traders..so u are not alone .Good pipping

Quoting Mojea
This is exactly my problem. I get the setup, I place the trade and once it goes postive (in my favor) I get scared and close early. On the flip side, if the trade goes against me, I hold on to long.

I guess I need to learn more patience!
  • #105,172
  • Dec 8, 2008 8:39am Dec 8, 2008 8:39am
I struggled with that for quite some time. A trick is to take a partial profit at that point you become nervous if you are trading live and then set your stop to breakeven or at the very least so that the value of the stop still allows you to have taken a profit from the trade. That way you get a profit and are able to practice holding the trade.

If it really looks like it is turning tho then I find no shame in cutting the trade as a scalp profit or rather take a small loss to re-assess.

Quoting Mojea
This is exactly my problem. I get the setup, I place the trade and once it goes postive (in my favor) I get scared and close early. On the flip side, if the tarde goes against me, I hold on to long.
Ride the Bulls bearback!
  • #105,173
  • Dec 8, 2008 8:42am Dec 8, 2008 8:42am
Thank you guys for the encouragement.
I think I will need to change my trading stragedy to: Once I place my trade (with SL and PL), close Meta Trader and check every couple of hours.

Stop staring at the screen! HAHA
  • #105,174
  • Dec 8, 2008 8:46am Dec 8, 2008 8:46am
Quoting svirgo
What's your target on Cable short?
I already closed 90 percent of my trade...so I really dont have a target...I always let the market take me out...
  • #105,175
  • Dec 8, 2008 8:46am Dec 8, 2008 8:46am
Quoting alcando
I struggled with that for quite some time. A trick is to take a partial profit at that point you become nervous if you are trading live and then set your stop to breakeven or at the very least so that the value of the stop still allows you to have taken a profit from the trade. That way you get a profit and are able to practice holding the trade.

If it really looks like it is turning tho then I find no shame in cutting the trade as a scalp profit or rather take a small loss to re-assess.
Patience + Discipline - Greed = Success
  • #105,176
  • Dec 8, 2008 8:56am Dec 8, 2008 8:56am
Quoting Mojea
Thank you guys for the encouragement.
I think I will need to change my trading stragedy to: Once I place my trade (with SL and PL), close Meta Trader and check every couple of hours.

Stop staring at the screen! HAHA
The initial placement of stop is the one that makes you most uncomfortable with. Once you have room to move your stop; you should do it immediately; this is essentially doing sound and proactive risk management; and this is what they call, "working on your stops". The objective is to move the stop to B/E level; then you will have a 'free trade'; and at this juncture in time, you will definitely have the desire to hold on to the trades and ride the trend in question. Have a good one

Jeff
~*~You are only one trade away from humility~*~
  • #105,177
  • Dec 8, 2008 9:01am Dec 8, 2008 9:01am
Quoting Mojea
This is exactly my problem. I get the setup, I place the trade and once it goes postive (in my favor) I get scared and close early. On the flip side, if the trade goes against me, I hold on to long.

I guess I need to learn more patience!
Whenever I get tempted to close early, I ask myself if this would be a price where I'm willing to take on a reverse trade. Not sure if it'll work for you but it makes me think twice and re-evaluate the charts.

For eg, Cable I'm considering going long at 4700-50 so that'll be where I'm taking half off my short.

As some suggested, moving stop to BE also removes some anxiety to close for profit too early.
I need to put up stop losses.
  • #105,178
  • Dec 8, 2008 9:03am Dec 8, 2008 9:03am
Quoting swap
Whenever I get tempted to close early, I ask myself if this would be a price where I'm willing to take on a reverse trade. Not sure if it'll work for you but it makes me think twice and re-evaluate the charts.

For eg, Cable I'm considering going long at 4700-50 so that'll be where I'm taking half off my short.

As some suggested, moving stop to BE also removes some anxiety to close for profit too early.
Nice.
USD Est Non Mortuus
  • #105,179
  • Dec 8, 2008 9:04am Dec 8, 2008 9:04am
GU just tested -1.4770~80+, this is the first test of the up sloping pitchfork in the 15-min, 5-min time frame. If this level holds, the up trend in GU will be intact; break of this level will see further sell off from here.
~*~You are only one trade away from humility~*~
  • #105,180
  • Dec 8, 2008 9:05am Dec 8, 2008 9:05am

Its moving nicely down ...so far 2 out of 3 trade for the night...lost 18 pips in my eurusd short made 210 pips with my gbpusd and made 60 pips in my gbpusd short currently still holding a small portion of my short...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 23 KB

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