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Cable Update (GBPUSD)

  • #105,181
  • Dec 8, 2008 9:06am Dec 8, 2008 9:06am
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.
As simple as this idea is, it is great one! It is kinda funny, I thought about this but it did not sink in until someone else said it.

I am going to try this.

Thank You everyone for the vote of confiendence and help. You guys are the best.
  • #105,182
  • Dec 8, 2008 9:07am Dec 8, 2008 9:07am
Expect some sellers to take some proftis at the pivot ...50 percent fibb so dont panick it retraces since this trade should already be a winnir if you came at a correct price...

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  • #105,183
  • Dec 8, 2008 9:08am Dec 8, 2008 9:08am
Quoting jharteam
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
Yep great advice, once you have enough room to move your stop to BE then this will def help with holding your trade longer
  • #105,184
  • Dec 8, 2008 9:09am Dec 8, 2008 9:09am
Quoting Shermenator
Expect some sellers to take some proftis at the pivot ...50 percent fibb so dont panick it retraces since this trade should already be a winnir if you came at a correct price...

Attachment
I took all my profit there , i dunno where this is heading now
  • #105,185
  • Dec 8, 2008 9:11am Dec 8, 2008 9:11am
Quoting PipLand
Yep great advice, once you have enough room to move your stop to BE then this will def help with holding your trade longer
always have your stops at key point the markets...as yourself if your stop is at a point orders will placed to trade the other way and if those orders are enought to change the direction of your trade....never use a random number ....simply dont let winners turn into losers
  • #105,186
  • Dec 8, 2008 9:12am Dec 8, 2008 9:12am
Quoting PipLand
I took all my profit there , i dunno where this is heading now
I am 90 percent out but I never take it all out....I let the market take me out at key points....same thing with the long I gave earlier today...I am still holding 10 percent but no matter its a winner...I made money going up and made money going up....maybe the market drops more and I make money with my 10 percent and then reverses and make moeny with the long...I have many trades running in the same pair with different targets and different stops...

very nice excit...thats the spot I released a ton as well...so this trade is a free run
  • #105,187
  • Dec 8, 2008 9:17am Dec 8, 2008 9:17am
Damned....miss the bus
  • #105,188
  • Dec 8, 2008 9:17am Dec 8, 2008 9:17am
Quoting Shermenator
always have your stops at key point the markets...as yourself if your stop is at a point orders will placed to trade the other way and if those orders are enought to change the direction of your trade....never use a random number ....simply dont let winners turn into losers
I only place BE once a good amount of breathign room has been established. Yes you are correct placing stops should always be a key critical levels which should be identified before opening the trade. I especially like trades at key levels as this allows a very small stop loss and also setting the BE on these trades is also at a key critical level.

Another point if the stop is too far away at a critical level for you then you need to reduce your lot size.

And one last thing finding a lot size which is most comfortable for you is very important, watch the charts not your orders as well
  • #105,189
  • Dec 8, 2008 9:18am Dec 8, 2008 9:18am
Quoting Shermenator
I already closed 90 percent of my trade...so I really dont have a target...I always let the market take me out...

Wow I leave for a few days and someone has hijacked the cable thread lol
  • #105,190
  • Dec 8, 2008 9:19am Dec 8, 2008 9:19am
Quoting steelhead
Wow I leave for a few days and someone has hijacked the cable thread lol
Welcome back steelhead, where you been!!
  • #105,191
  • Dec 8, 2008 9:21am Dec 8, 2008 9:21am
Damned.....she moved up guys.
I think i short at the tail end
  • #105,192
  • Dec 8, 2008 9:23am Dec 8, 2008 9:23am
Quoting Shermenator
I am 90 percent out but I never take it all out....I let the market take me out at key points....same thing with the long I gave earlier today...I am still holding 10 percent but no matter its a winner...I made money going up and made money going up....maybe the market drops more and I make money with my 10 percent and then reverses and make moeny with the long...I have many trades running in the same pair with different targets and different stops...

very nice excit...thats the spot I released a ton as well...so this trade is a free run
And sure that's the spot that should be released a ton....This is an important area to consider for the bulls and bears. As of now, the up trend is still intact for the bulls and the bears, like Shemenator, will start the squaring...
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~*~You are only one trade away from humility~*~
  • #105,193
  • Dec 8, 2008 9:27am Dec 8, 2008 9:27am
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!
I have the same problem. exactly the same symptom as urs
  • #105,194
  • Dec 8, 2008 9:29am Dec 8, 2008 9:29am
Quoting PipLand
Welcome back steelhead, where you been!!

Well it was the weekend. I celebrated my 32nd b-day. Joined a tackle football team pads and all. My wife says im going to kill myself playing but oh well.

No point in living if you cant have fun.

Has the market opened yet?
  • #105,195
  • Dec 8, 2008 9:30am Dec 8, 2008 9:30am
Quoting steelhead
Wow I leave for a few days and someone has hijacked the cable thread lol

LOL whats up men...happy birthday
  • #105,196
  • Dec 8, 2008 9:32am Dec 8, 2008 9:32am
I see a small Butterfly Harmonic pattern resolved in the 1-min time frame. If -1.4780+ holds; this pattern is confirmed and GU should be longed.
~*~You are only one trade away from humility~*~
  • #105,197
  • Dec 8, 2008 9:33am Dec 8, 2008 9:33am
32 already!! You looked 60 with all that grey wolfhair...!

Quoting steelhead
Well it was the weekend. I celebrated my 32nd b-day. Joined a tackle football team pads and all. My wife says im going to kill myself playing but oh well.

No point in living if you cant have fun.

Has the market opened yet?
Ride the Bulls bearback!
  • #105,198
  • Dec 8, 2008 9:38am Dec 8, 2008 9:38am
Quoting alcando
32 already!! You looked 60 with all that grey wolfhair...!
Wakakakakakaka.....
This baby really chase after my stop
  • #105,199
  • Dec 8, 2008 9:38am Dec 8, 2008 9:38am
Quoting steelhead
Well it was the weekend. I celebrated my 32nd b-day. Joined a tackle football team pads and all. My wife says im going to kill myself playing but oh well.

No point in living if you cant have fun.

Has the market opened yet?
cool, happy birthday man!! Hope you had a good one!
  • #105,200
  • Dec 8, 2008 9:39am Dec 8, 2008 9:39am
Quoting gagakrimba
Damned.....she moved up guys.
I think i short at the tail end
....
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Patience + Discipline - Greed = Success
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