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Cable Update (GBPUSD)

  • #106,741
  • Dec 15, 2008 12:43pm Dec 15, 2008 12:43pm
Quoting goldrush
1.4906
I don't see it retracing to that... but wait for this 4h close... it looks promising to lessening your loss...

Always use stop loss from now on...

All I can say is, I've been there... it's shit...
  • #106,742
  • Dec 15, 2008 12:45pm Dec 15, 2008 12:45pm
Quoting goldrush
1.4906
sorry to hear that, This is a tough one as I dont want you to lose more of your account.

There is a chance of this coming down a bit. Im targetting 1.5125 with my short.

If were lucky and this does come down then i would suggest scaling out of this position and not hoping it will come back down to 1.49 area.

Whats everyone elses opinion on this, as this guy could lose all his account?
  • #106,743
  • Dec 15, 2008 12:45pm Dec 15, 2008 12:45pm
Quoting goldrush
1.4906
WOW!! I don't see that price in the near future, I could be wrong, but the closest I see is 4940 with alot of traffic to get through to get there. I could be wrong and she could fall there in the next 2 hours, but that's one hell of a price you have there. I and I know a lot of others will be looking to go long around the 1.50 area if we should get there. I don't see it going there today during the US Session.

In the future, don't trade without a SL. Always know what your willing to risk:reward before you enter your trades.

Good luck!
EO
Just digging in the trenches like everyone else!
  • #106,744
  • Dec 15, 2008 12:49pm Dec 15, 2008 12:49pm
Quoting PipLand
..... Im targetting 1.5125 with my short.
...
That's a nice target!

I'm targeting 5150 myself, but will let her ride more should she get there and want to continue on.
Just digging in the trenches like everyone else!
  • #106,745
  • Dec 15, 2008 12:55pm Dec 15, 2008 12:55pm
Quoting eohater
That's a nice target!

I'm targeting 5150 myself, but will let her ride more should she get there and want to continue on.
Yeah 5125 would be sweet! if were lucky enough for it to get there i'll take half off and see the reaction as well see if it wants to touch the trendline which would be amazingly sweet, cause we can slap longs on from there too.

And Goldrush wont lose his account everyones happy
  • #106,746
  • Dec 15, 2008 12:55pm Dec 15, 2008 12:55pm
Thanks a lot guys. I have learnt my lessons. I just hope it will drop a bit so that I can close the trade at a lower loss.
By the way do anybody have a reliable trading system that I could follow?
Please help me out with it
  • #106,747
  • Dec 15, 2008 12:57pm Dec 15, 2008 12:57pm
Gold rush stayed tuned you may get your chance to get out of this very soon
  • #106,748
  • Dec 15, 2008 12:57pm Dec 15, 2008 12:57pm
EO, Pipland, Do you think this will go down as far as that? I had targeted the 38 fibo of this move at the 152 level but I thought even that was optimistic as the Euro seems to be re-testing its highs after touching the 23 fibo (as we did in cable) indicating to me that there is still dollar weakness late in the US day.

Goldrush, I'm sorry I did make quite an insensitive comment. It is no fun watching a move go so badly against you but it would have been better to take an early loss on a move like this than pray. I hope you recover some of it or have not exposed a large account.

Quoting eohater
That's a nice target!

I'm targeting 5150 myself, but will let her ride more should she get there and want to continue on.
Ride the Bulls bearback!
  • #106,749
  • Dec 15, 2008 1:02pm Dec 15, 2008 1:02pm
Quoting goldrush
Thanks a lot guys. I have learnt my lessons. I just hope it will drop a bit so that I can close the trade at a lower loss.
By the way do anybody have a reliable trading system that I could follow?
Please help me out with it
if i was u im hold on a bit...it could go down from here 1.5350 if it holds ...seelers will come into the market...look for a close below this level on 4hr anything above and u might as well exit at a loss
  • #106,750
  • Dec 15, 2008 1:04pm Dec 15, 2008 1:04pm
Quoting goldrush
Thanks a lot guys. I have learnt my lessons. I just hope it will drop a bit so that I can close the trade at a lower loss.
By the way do anybody have a reliable trading system that I could follow?
Please help me out with it
Your welcome I really hope you get out of this ok, most of us have been there and know what its like.

As far as trading system, i dont believe in a system on its own, if you stay in this forum and keep your ears peeled theres a lot of good traders in here that you can learn from. Try a demo account if your really new or reduce your lot sizes, you will stay alive a lot longer that way. Once your 100% sure u got the hang of it then slowly increase size.
  • #106,751
  • Dec 15, 2008 1:08pm Dec 15, 2008 1:08pm
Quoting alcando
EO, Pipland,...
I hope so but you might be right at 5200 well just have to see.

Euro to me looks like its run out of steam for today against the $.

Euro/GBP bounced off a trendline so this should help push £ down.

ANd GBP/JPY looks like it has room to come down as well
  • #106,752
  • Dec 15, 2008 1:10pm Dec 15, 2008 1:10pm
Quoting PipLand
Your welcome I really hope you get out of this ok, most of us have been there and know what its like.

As far as trading system, i dont believe in a system on its own, if you stay in this forum and keep your ears peeled theres a lot of good traders in here that you can learn from. Try a demo account if your really new or reduce your lot sizes, you will stay alive a lot longer that way. Once your 100% sure u got the hang of it then slowly increase size.
Also a weird looking H&S forming on 15min cable
  • #106,753
  • Dec 15, 2008 1:17pm Dec 15, 2008 1:17pm
Quoting alcando
EO, Pipland, Do you think this will go down as far as that? I had targeted the 38 fibo of this move at the 152 level but I thought even that was optimistic as the Euro seems to be re-testing its highs after touching the 23 fibo (as we did in cable) indicating to me that there is still dollar weakness late in the US day.

Goldrush, I'm sorry I did make quite an insensitive comment. It is no fun watching a move go so badly against you but it would have been better to take an early loss on a move like this than pray. I hope you recover some of it...
I don't see it going down there during the US Session, I'm just sitting here with my shorts on, covered at +2 looking for targets. My MA's and price action will tell me when to get out. I'm in bonus round for the month. I do see cable going higher before the month end is over. Who knows, she might fall all the way back to 1.45, but I would not be counting on that. I'll trade her as she moves and be happy for the dances.
Just digging in the trenches like everyone else!
  • #106,754
  • Dec 15, 2008 1:21pm Dec 15, 2008 1:21pm
Quoting goldrush
Thanks a lot guys. I have learnt my lessons. I just hope it will drop a bit so that I can close the trade at a lower loss.
By the way do anybody have a reliable trading system that I could follow?
Please help me out with it
If I were you, I would close the position immediately and stop trading for a while.
To answer your question, the best trading system is the one that you develop on your own.

Just my 2cents
  • #106,755
  • Dec 15, 2008 1:22pm Dec 15, 2008 1:22pm
Quoting goldrush
Thanks a lot guys. I have learnt my lessons. I just hope it will drop a bit so that I can close the trade at a lower loss.
By the way do anybody have a reliable trading system that I could follow?
Please help me out with it
Trading systems are like underwear, you need to be comfortable with it and it needs to fit your personality. I recommend if you are new to this, that you visit and dedicate some quality time at babypips.com Once you've done that, you need a plan of action, write it out, review it often, stick to it, adjust it, this will become your roadmap to success. Don't be afraid to make adjustments to your plan. Demo, Demo, and Demo some more. Backtest your plan of action. Study, Study and study some more. Everything your really need is in the charts. They speak, and once you understand their language, you'll be doing just fine.

Good luck on your trading venture!
EO
Just digging in the trenches like everyone else!
  • #106,756
  • Dec 15, 2008 1:28pm Dec 15, 2008 1:28pm
Quoting eohater
Trading systems are like underwear, you need to be comfortable with it and it needs to fit your personality....
thats what im doing now ....i stoped my live trading for a while and now actually backtesting my sh*t so i believe in it..then i can move forward ...i think demo is there for this reason mainly
  • #106,757
  • Dec 15, 2008 1:34pm Dec 15, 2008 1:34pm
Quoting nAVIN2007
thats what im doing now ....i stoped my live trading for a while and now actually backtesting my sh*t so i believe in it..then i can move forward ...i think demo is there for this reason mainly
Good job nAVIN! You need to believe in your system before you can be profitable with it! This will payoff BIG BIG BIG time for you!!
Just digging in the trenches like everyone else!
  • #106,758
  • Dec 15, 2008 1:37pm Dec 15, 2008 1:37pm
Quoting eohater
I don't see it going down there during the US Session, I'm just sitting here with my shorts on, covered at +2 looking for targets. My MA's and price action will tell me when to get out. I'm in bonus round for the month. I do see cable going higher before the month end is over. Who knows, she might fall all the way back to 1.45, but I would not be counting on that. I'll trade her as she moves and be happy for the dances.
I follow u I never miss the train today.
GELORE
  • #106,759
  • Dec 15, 2008 1:39pm Dec 15, 2008 1:39pm
Quoting nAVIN2007
thats what im doing now ....i stoped my live trading for a while and now actually backtesting my sh*t so i believe in it..then i can move forward ...i think demo is there for this reason mainly
nAVIN2007, from time to time i like to have fun reading your comments, do you want me to send you a custom underwear from here
anyway, me too i'm out trading for this month also... no time and i think my underwear sorry i mean my system need to be checked and modified...
  • #106,760
  • Dec 15, 2008 1:43pm Dec 15, 2008 1:43pm
For so long i just quiet at here and trade alone with my chart and it do very very well and thanks to u EO, i made realy good profit every day for minimum 10 entry with 10 pips.
GELORE
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