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Cable Update (GBPUSD)

  • #112,461
  • Jan 19, 2009 5:57am Jan 19, 2009 5:57am
Quoting trader2160
Good luck to all three of you.Just remember there is no US session today,so liquidity will be thin.

had to go out with 12pips....thanks alot
  • #112,462
  • Jan 19, 2009 6:26am Jan 19, 2009 6:26am
Its worth keeping an eye on the weekly.



Quoting Bones
Im out of all longs ,the weekly looks bearish to me im going to wait and see.
Attached Image (click to enlarge)
Click to Enlarge Name: Cable 19-01 kabuse.gif Size: 11 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,463
  • Jan 19, 2009 6:37am Jan 19, 2009 6:37am
Quoting Bones
Its worth keeping an eye on the weekly.
Yes.Good call
  • #112,464
  • Jan 19, 2009 6:51am Jan 19, 2009 6:51am
I'm in
Entry 4610 stop 1.4510 Target 1.50 GREAT stack trading shapping up
  • #112,465
  • Jan 19, 2009 6:52am Jan 19, 2009 6:52am
bottom for now.
  • #112,466
  • Jan 19, 2009 6:54am Jan 19, 2009 6:54am
Quoting Professor4x
I'm in
Entry 4610 stop 1.4510 Target 1.50 GREAT stack trading shapping up
Will you be reducing the load along the way?
  • #112,467
  • Jan 19, 2009 6:54am Jan 19, 2009 6:54am
Support 4590, 4563
Resistance 4623, 4650
Means if she holds 4590 expect her to test 4623 on break will go to 4650
  • #112,468
  • Jan 19, 2009 6:57am Jan 19, 2009 6:57am
breaks 4590 expect a test to 4560 than 4520.
1 hr stoc's reading 9 which is low. The two hour has bear trend attached to her so dont expect up move until the two hour stoc's close the momentum from lines
  • #112,469
  • Jan 19, 2009 6:59am Jan 19, 2009 6:59am
[FONT='Arial','sans-serif']A PYRAMID or STACK TRADE is similar to trend trade, while stacking at different break points, with 4:1 Leverage on entry, 2:1 Leverage on break point, and 1:1 Leverage, to create pyramid, while looking for a target. This trade requires good risk management, discipline, and patience, in order for market to hit target. It keeps your initial entry well below market, controlling your risk by adjusting stop to original entry which eliminates risk on that position and looks to maximize return for next directional break within trend channel. This trade reduces your downside to a minimum due to partial entry while at the same time maximizing your return and rewarding you for correct trend identified.[/font]

[FONT='Arial','sans-serif']By doing this correctly it will keep your losses to only initial entry, until you realize break, and once that happens with the next stack you'll be keeping your entry price low enough below the trend line, to realize your next move and tolerate a wider trading range. One more break and you realize profit in excess of 6.9% per trade and reduce losses to only .8% per trade. If you can do this successfully, it is possible to make over 174% annually.[/font]

[FONT='Arial','sans-serif']Pyramid Stacking, is purchasing another position to keep average entry well below market, adjusting stop to break even, expecting a further break to hit target. You just risk what was made already for larger gain[/font]
  • #112,470
  • Jan 19, 2009 7:03am Jan 19, 2009 7:03am
1st entry 4610 using 4:1 Leverage
2nd entry 4710 using 2:1 leverage
3rd stop 4810 using 1:1 etnry
Target at 1.50
Profit is 23.3%
  • #112,471
  • Jan 19, 2009 7:04am Jan 19, 2009 7:04am
risk to reward is 1:5.83 where else can you go. if stop hit will attempt again
  • #112,472
  • Jan 19, 2009 7:05am Jan 19, 2009 7:05am
Made a grave error with MM again (twat that I am) and went long @ 1.46993. Was distracted for some moment and hey presto I'm 40 pips adrift and with the poor MM (greed is a killer) that was too much $$
So against my better judgment (thats if I have any I hedged it at @ 1.4633.
Am now waiting and wanting cable to sink to the realms of 1.4360 to close the short and hopefully get a good retracement off the monthly low.
  • #112,473
  • Jan 19, 2009 7:09am Jan 19, 2009 7:09am
Quoting Chris_35
Made a grave error with MM again (twat that I am) and went long @ 1.46993. Was distracted for some moment and hey presto I'm 40 pips adrift and with the poor MM (greed is a killer) that was too much $$
So against my better judgment (thats if I have any I hedged it at @ 1.4633.
Am now waiting and wanting cable to sink to the realms of 1.4360 to close the short and hopefully get a good retracement off the monthly low.
Failure to use a stop: Rejection of ego is perhaps the toughest part of trading to handle. Not only does the market tell you you're wrong, which no one wants to be told, but it also takes your money. Stops are a good thing; because of this ever-trending market, it cuts your losses and gets you out before you allow your account to be ruined. The stronger your entry, the less likely of being stopped out. Identifying strong support and resistance lines will keep you in the position longer, and when stopped out, be happy you're out because you were wrong. Never change your plan; once you move your stop, you have no plan and you lose more
  • #112,474
  • Jan 19, 2009 7:12am Jan 19, 2009 7:12am
Sicne it broke 4590 expect it to test 4563
  • #112,475
  • Jan 19, 2009 7:14am Jan 19, 2009 7:14am
1 hr stoc's using 5,5,5 pks looks to be flat lining that is usually a good sign or reversal so i can wait this out
  • #112,476
  • Jan 19, 2009 7:15am Jan 19, 2009 7:15am
Quoting gc_fx
--------------------------------

Do not let the pound deceive you ... it may show you that it wants to shoot up during Newyork open ... but the end is south direction !!

Dear GBP,

See you at 1.4525

Regards
  • #112,477
  • Jan 19, 2009 7:16am Jan 19, 2009 7:16am
5 min 10 min 15 min 30 min and 1 hr all oversold on stoc's great time to get in and catch the bounce
  • #112,478
  • Jan 19, 2009 7:16am Jan 19, 2009 7:16am
Quoting gc_fx
Dear GBP,

See you at 1.4525

Regards
I will be very happy with that
  • #112,479
  • Jan 19, 2009 7:17am Jan 19, 2009 7:17am
Quoting gc_fx
Dear GBP,

See you at 1.4525

Regards
Has a chance but that is why have stop at 4510 to allow it to trade
  • #112,480
  • Jan 19, 2009 7:19am Jan 19, 2009 7:19am
Quoting Professor4x
Has a chance but that is why have stop at 4510 to allow it to trade
no chance 4525 this wave just checked
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