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Cable Update (GBPUSD)

  • #109,921
  • Jan 7, 2009 4:33pm Jan 7, 2009 4:33pm
Big day tomorrow with the BOE's rate decision.
Going to get some sleep...
  • #109,922
  • Jan 7, 2009 4:36pm Jan 7, 2009 4:36pm
Quoting Yohay
Big day tomorrow with the BOE's rate decision.
Going to get some sleep...
Have a nice dream. i can't sleep
  • #109,923
  • Jan 7, 2009 4:47pm Jan 7, 2009 4:47pm
Quoting Atondra
Dont be so cruel.
Everyone here is still holding on their shorts

been there done that... sometime it works sometime it doesnt... i had to take my profit... hope it works out for you too :-)
  • #109,924
  • Jan 7, 2009 4:49pm Jan 7, 2009 4:49pm
http://www.timesonline.co.uk/tol/new...cle5470100.ece

headless chickens want to cause a run on sterling!! sell!!!

wiemar republic in GBritain, we all know what led to, left far left.....
Trading is 80% Emotional, 20% Technical
  • #109,925
  • Jan 7, 2009 4:50pm Jan 7, 2009 4:50pm
please evaluate this trading plan (also please when replying state if you are a "professional" trader (i.e. someone who trades a standard account and makes profit over the year(s) )

-----
what:
-----
when you see a setup
1) short or long with 1 lot (note: 1 lot is any lot size you decide - just multiply it)
2) if it goes against you short or long with 2 lots at a good place within 100 pips
3) if it goes against you again short or long with 4 lots at a good place within 100 pips
4) if it goes against you again short or long with 8 lots and set a small stop for all open positions

-----
why:
-----
1) choosing the direction is pretty easy; getting the entry right and money management is the hardest
2) if one is true for you, then you will be making money on every trade you were correct on direction
3) no worry about money management - the system is in place - make your 1 lot very small (e.g. 0.1 lots)
4a) if it goes against you all the way and you are in 8 + 4 + 2 + 1 = 15 lots:
4b) all it needs to do is get back to the place with you shorted or longed the 4 lots and you are in profit
4c) if it goes all the way back down to your initial entry you have made lots of money
4d) if it finally goes past the initial entry, you are very happy
5) if the market doesnt go against you, you are in more trade (profitable one right from the beginning)


--------
summary:
--------
1) you should have a very high percentage of sucessfull trade "groups"
2) more trades more profit
3) money management and entry become moot with as long as you can get the direction correct within a 300 pip range
  • #109,926
  • Jan 7, 2009 4:58pm Jan 7, 2009 4:58pm
Quoting mpurdy1973
please evaluate this trading plan (also please when replying state if you are a "professional" trader (i.e. someone who trades a standard account and makes profit over the year(s) )

-----
what:
-----
when you see a setup
1) short or long with 1 lot (note: 1 lot is any lot size you decide - just multiply it)
2) if it goes against you short or long with 2 lots at a good place within 100 pips
3) if it goes against you again short or long with 4 lots at a good place within 100 pips
4) if it goes against you again short or long with 8 lots and set...
You have just described a martingale. People have been going broke using this system since the 18th century...
  • #109,927
  • Jan 7, 2009 5:04pm Jan 7, 2009 5:04pm
Quoting mpurdy1973
please evaluate this trading plan (also please when replying state if you are a "professional" trader (i.e. someone who trades a standard account and makes profit over the year(s) )

-----
what:
-----
when you see a setup
1) short or long with 1 lot (note: 1 lot is any lot size you decide - just multiply it)
2) if it goes against you short or long with 2 lots at a good place within 100 pips
3) if it goes against you again short or long with 4 lots at a good place within 100 pips
4) if it goes against you again short or long with 8 lots...
It's a good one. but in normal day not in news day and specially the high impact news.
because the trend can move more than 100 pips and poll back for more than that very fast, also there are a chance of gabs in the trend.
finally not all the broker guaranty that the stop loss point 100% can be activated.

for myself i like to enter the trading what ever the trend or the target with 50% of the lost i'm planning to trade with it for the day, and for sure with the stop loss, if the open position manage around 50% from the target i'll add the next 50% from the lots, and move the stop loss for the first 50% lots to luck 25% and for each 10% progress of the target profit i'll change the stop loss for both 10%.
in the other case if the first 50% hit the stop loss i'll enter with the other 50% targeting 150% from the planned target, which give me 50% from the planned profit, without any risking with the margin.
that's for me,
but again it's a good trading plan you post, if you have a history test for it please shear it with us, so everyone can understand it.
  • #109,928
  • Jan 7, 2009 5:19pm Jan 7, 2009 5:19pm
Quoting mpurdy1973
please evaluate this trading plan (also please when replying state if you are a "professional" trader (i.e. someone who trades a standard account and makes profit over the year(s) )

-----
what:
-----
when you see a setup
1) short or long with 1 lot (note: 1 lot is any lot size you decide - just multiply it)
2) if it goes against you short or long with 2 lots at a good place within 100 pips
3) if it goes against you again short or long with 4 lots at a good place within 100 pips
4) if it goes against you again short or long with 8 lots and set...
sounds like gambling to me!! a sound trading plan accounts for variable change, knowing when to take a loss, cutting losses and riding winners, developing a low risk idea varying trade size in accordance with the relative degree of conviction in the idea. compounding losses is a dangerous game, it would be great if u had infinite wealth - but no1 has! inherently flawed and would fail over the long run...
Trading is 80% Emotional, 20% Technical
  • #109,929
  • Jan 7, 2009 5:20pm Jan 7, 2009 5:20pm
Quoting Abuawad
It's a good one. but in normal day not in news day and specially the high impact news.
because the trend can move more than 100 pips and poll back for more than that very fast, also there are a chance of gabs in the trend.
finally not all the broker guaranty that the stop loss point 100% can be activated.

but again it's a good trading plan you post, if you have a history test for it please shear it with us, so everyone can understand it.
No, it isn't a great trading plan. It is a very, very bad one that lots of new gamblers (and I mean gamblers) come up with. You will get badly burnt by this one day when you get the market wrong.

http://en.wikipedia.org/wiki/Martingale_(betting_system)
  • #109,930
  • Jan 7, 2009 5:22pm Jan 7, 2009 5:22pm
Quoting Spectator
No, it isn't a great trading plan. It is a very, very bad one that lots of new gamblers (and I mean gamblers) come up with. You will get badly burnt by this one day when you get the market wrong.

http://en.wikipedia.org/wiki/Marting...etting_system)

i agree, no disrespect its a casino plan not a long term sustainable way of making money in the markets
Trading is 80% Emotional, 20% Technical
  • #109,931
  • Jan 7, 2009 5:24pm Jan 7, 2009 5:24pm
Quoting Spectator
No, it isn't a great trading plan. It is a very, very bad one that lots of new gamblers (and I mean gamblers) come up with. You will get badly burnt by this one day when you get the market wrong.

http://en.wikipedia.org/wiki/Martingale_(betting_system)
i say in a normal day without news, also i ask for the history test, but for sure i'm not going to try it.
  • #109,932
  • Jan 7, 2009 5:25pm Jan 7, 2009 5:25pm
Quoting mpurdy1973
please evaluate this trading plan (also please when replying state if you are a "professional" trader (i.e. someone who trades a standard account and makes profit over the year(s) )

-----
what:
-----
when you see a setup
1) short or long with 1 lot (note: 1 lot is any lot size you decide - just multiply it)
2) if it goes against you short or long with 2 lots at a good place within 100 pips
3) if it goes against you again short or long with 4 lots at a good place within 100 pips
4) if it goes against you again short or long with 8 lots and set...
Pardon me...this is a crazy way of trading and your a/c will get busted in no time
  • #109,933
  • Jan 7, 2009 5:42pm Jan 7, 2009 5:42pm
Quoting eohater
It can appear to be wierd I guess. I've been using them for so long that I'm accustomed to it! Your broker probably has a close order entry. MB calls it a cover entry. It's doing the same thing essentially.

Thats why i like fxsol and will never leave them. The spreads may be one or two pips higher but who cares when your going for 100+. I like the fact the platform is simple
  • #109,934
  • Jan 7, 2009 5:45pm Jan 7, 2009 5:45pm
Quoting Yohay
Big day tomorrow with the BOE's rate decision.
Going to get some sleep...
should be interesting tomorrow.we could see nice spike up on the (bad) news 300 pips perhaps,to take stops out of those who shorted so that big money can absorb all those stops (buys) with their orders (sells)so then will be looking to reverse. who knows though anything can happen and i mean anything we could drop 500 pips also- best to stay out or if you are very tempted use 1/5th or 1/10th of your normal size.
  • #109,935
  • Jan 7, 2009 6:04pm Jan 7, 2009 6:04pm
hmmm . . .she awsome, i thought she would stop at 1.5100
  • #109,936
  • Jan 7, 2009 6:25pm Jan 7, 2009 6:25pm
Quoting fx local
http://www.timesonline.co.uk/tol/new...cle5470100.ece

headless chickens want to cause a run on sterling!! sell!!!

wiemar republic in GBritain, we all know what led to, left far left.....
When I was 6, sometimes my dad was let me chop the heads off live chickens as a treat - he held them over a chopping block - the days before political correctness were wonderful and were all blood and sunshine and healthy lifestyle

The hens ( hens don't exist now, only chickens) usually somersault backwards a few times but I dont know how to apply that to trading

hope this downmove isnt running out of blood - I mean steam
  • #109,937
  • Jan 7, 2009 6:30pm Jan 7, 2009 6:30pm
It's just getting started.

UK finance minister just leaked he's gonna print lots of money.

They do this a lot in the UK govt - leak things to see how it sits with the market
  • #109,938
  • Jan 7, 2009 6:41pm Jan 7, 2009 6:41pm
Quoting Mooser
It's just getting started.

UK finance minister just leaked he's gonna print lots of money.

They do this a lot in the UK govt - leak things to see how it sits with the market
Be careful what you said or MI5 will be looking for you
  • #109,939
  • Jan 7, 2009 6:47pm Jan 7, 2009 6:47pm
Quoting Mooser
It's just getting started.

UK finance minister just leaked he's gonna print lots of money.

They do this a lot in the UK govt - leak things to see how it sits with the market
lets all do it

all you need is an HP printer
  • #109,940
  • Jan 7, 2009 7:06pm Jan 7, 2009 7:06pm
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