Cable Update (GBPUSD) | Page 6682 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #133,621
  • May 21, 2009 5:57am May 21, 2009 5:57am
Quoting Forexpreneur
Just be careful. By no means am I trying to preach, I am trying to teach. Just to give you an example, and just so you know I am not putting you down, but when I first started trading I too thought that after a couple of sizeable losses. I noticed that price usually comes back also. One time I was in a trade with the USD/JPY and price went against me real quick. It was over 100 PIPS in about 15 minutes. I had taken a couple of losses by getting twitchy only to see price come back. So I stayed in and it started to come back.

Man I thought I was...
thanks. i understand what you mean from a practical point of view. it's hard to cure an addiction though. but today am on the side lines till us open.thanks again.
  • #133,622
  • May 21, 2009 6:00am May 21, 2009 6:00am
Quoting dingo_bingo
hello i got addiction looking at platform always, another thing i am always closing positive trades plus 10 pips except few ,running negative ones forever ,has anyone has same problem,

Its the 'common' human emotion. If you look at the facts you must not do this but to start with your brian tells you to take the profit and if in a loss the market will come back to you. Its a cycle you have to break, find a system that suites you but you must let a looser go even if by one pip. If you have a s/l of 20, 30, 40 whatever stick to it, if you start moving it you will just keep making it bigger and bigger.

Pick a stop loss that suites the timeframe you trade in, not your 'pocket' as in total bank........
  • #133,623
  • May 21, 2009 6:01am May 21, 2009 6:01am
hey the gbp/chf is doing better than the g/u ,g/jpy
  • #133,624
  • May 21, 2009 6:01am May 21, 2009 6:01am
Quoting BANDA
I do the same buddy..........I take profit early........let the loosers run for ages..........I think we need to get used to putting SL & TP .........better to wait for the price to come to you...........now I was looking at USD/CHF nearly gotten in to a long..........going to wait more for a long just for 30-50 pips I only go for 30 pips if the trading gods let me take more I will be morethan happy to take it .............rather than looosing 200-300 pips on a trade
Banda, look at it from this perspective. Never let one loose control and overwhelm your winnings. Try a ratio of 3:1, meaning every trade you make take at least 3 times the winnings as your SL. In principle you have to loose 3 times and get 1 right to BE. Psyc is a killer, if you play to a plan and stick it, slowly you will learn discipline.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #133,625
  • May 21, 2009 6:03am May 21, 2009 6:03am
Quoting dingo_bingo
hello i got addiction looking at platform always, another thing i am always closing positive trades plus 10 pips except few ,running negative ones forever ,has anyone has same problem,
Yes I had this problem when I was new. Not making assumptions, just offering my story. Didn't have a problem taking profits much. I actually took some nice big profits. However after taking some big hits, then I started taking small profits. It is very common. Even the best of traders go through this.

I relate it to baseball. The best hitters can get into mental problems like this. When they are able to recognize it they go back to basics and also work on the mental part. They go back to just connecting with the ball. Just a hit. No thoughts about doubles or home runs, or even if they hit it to another player. They are only concerned about connecting with the ball and take it from there. One step at a time.

So here is what I did when I started to experience what you are experiencing. I set a 5 pip a day target. That's it. Once I was 5 PIPs in profit I would take it and be done for the day. I would watch the markets and make trades in my head but that's it. I did this for 2 weeks. I then move onto 10 a day for a week. Then 15, 20, etc.

I also focused on a mental rehearsal technique using imagery. I would get into a calm state (similar to meditation or hypnosis) and I would close my eyes and see myself making a trade and see the market react and go my direction. This gets you to focus on earning profits and making good trades.

You see if you are taking small profits it usually means you are focusing (often subconsciously) on losses. You end up attracting that to you.

So try these ideas and see if it helps you. Be patient though. That is very important.

I hope it helps. If you have any questions feel free to ask. I spent a lot of time working on this issue with myself.

Best wishes to you.
  • #133,626
  • May 21, 2009 6:04am May 21, 2009 6:04am
What?! 12 billion pips every couple of days, thats weak...step up your game.
  • #133,627
  • May 21, 2009 6:11am May 21, 2009 6:11am
I'm done for the week. Only 6 trades this week.

1) L 1.5179 - 1.5729 (+550)
2) L 1.5345 - 1.5729 (+384)
3) L 1.5509 - 1.5729 (+220)
4) L 1.5494 - 1.5729 (+235)
5) L 1.5792 - 1.5729 (-63)
6) S 1.5724 - 1.5706 (+18 - Trade still open)

Total = 1,325 (Excl. last trade)

All done using simple breakouts on 4 hour chart.

Cheers and happy trading.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.jpg Size: 64 KB
  • #133,628
  • May 21, 2009 6:12am May 21, 2009 6:12am
Quoting juhanimi
Great stuff. Do You know, where can I find Gann time indicator for MT4?
The "Fibo TimeZones" is part of MT4
same for the "Fibo Retracements (Extensions)".
You just have to change and add ratios in each tool.
  • #133,629
  • May 21, 2009 6:14am May 21, 2009 6:14am
I play only GBP/USD and with trendlines, and still learning, so I play with demo 2 weeks now, but I try to keep clean record, and so sar so good, not a single looser. Still learning.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 5 KB
  • #133,630
  • May 21, 2009 6:16am May 21, 2009 6:16am
Quoting Forexpreneur
Yes I had this problem when I was new. Not making assumptions, just offering my story. Didn't have a problem taking profits much. I actually took some nice big profits. However after taking some big hits, then I started taking small profits. It is very common. Even the best of traders go through this.

I relate it to baseball. The best hitters can get into mental problems like this. When they are able to recognize it they go back to basics and also work on the mental part. They go back to just connecting with the ball. Just a hit. No thoughts about...
thanx i will try doing that ,thanx for ur time and support
  • #133,631
  • May 21, 2009 6:17am May 21, 2009 6:17am
Quoting fxdoc
The "Fibo TimeZones" is part of MT4
same for the "Fibo Retracements (Extensions)".
You just have to change and add ratios in each tool.
Can You tell me what would be the changes and ratios, so I`ll do that.
  • #133,632
  • May 21, 2009 6:17am May 21, 2009 6:17am
Awesome, man!

You do inside bar breakout trading on GU H4? What are your tragets?

I have SL at above high of IB, but I am struggeling with TP... What targets do you use?

Quoting mike_85
I'm done for the week. Only 6 trades this week.

1) L 1.5179 - 1.5729 (+550)
2) L 1.5345 - 1.5729 (+384)
3) L 1.5509 - 1.5729 (+220)
4) L 1.5494 - 1.5729 (+235)
5) L 1.5792 - 1.5729 (-63)
6) S 1.5724 - 1.5706 (+18 - Trade still open)

Total = 1,325 (Excl. last trade)

All done using simple breakouts on 4 hour chart.

Cheers and happy trading.
  • #133,633
  • May 21, 2009 6:18am May 21, 2009 6:18am
Quoting BANDA
I do the same buddy..........I take profit early........let the loosers run for ages..........I think we need to get used to putting SL & TP .........better to wait for the price to come to you...........now I was looking at USD/CHF nearly gotten in to a long..........going to wait more for a long just for 30-50 pips I only go for 30 pips if the trading gods let me take more I will be morethan happy to take it .............rather than looosing 200-300 pips on a trade
i will put sl,tp from now
  • #133,634
  • May 21, 2009 6:19am May 21, 2009 6:19am
Quoting mike_85
I'm done for the week. Only 6 trades this week.

1) L 1.5179 - 1.5729 (+550)
2) L 1.5345 - 1.5729 (+384)
3) L 1.5509 - 1.5729 (+220)
4) L 1.5494 - 1.5729 (+235)
5) L 1.5792 - 1.5729 (-63)
6) S 1.5724 - 1.5706 (+18 - Trade still open)

Total = 1,325 (Excl. last trade)

All done using simple breakouts on 4 hour chart.

Cheers and happy trading.
Clean chart - Nice work
Supertrader stuff
  • #133,635
  • May 21, 2009 6:21am May 21, 2009 6:21am
Quoting sreeprakash
Acquired second target 1.5550.
Glad I did not traded on this;
Sad I did not traded on this;
HI Sreeprakash, ur expectation is correct..
I sell it and gain 100pips...

I think it will rebound back to 5750..
What do you think??http://www.forexfactory.com/images/icons/icon6.gif
  • #133,636
  • May 21, 2009 6:23am May 21, 2009 6:23am
Quoting mike_85
I'm done for the week. Only 6 trades this week.

1) L 1.5179 - 1.5729 (+550)
2) L 1.5345 - 1.5729 (+384)
3) L 1.5509 - 1.5729 (+220)
4) L 1.5494 - 1.5729 (+235)
5) L 1.5792 - 1.5729 (-63)
6) S 1.5724 - 1.5706 (+18 - Trade still open)

Total = 1,325 (Excl. last trade)

All done using simple breakouts on 4 hour chart.

Cheers and happy trading.
Wow!!
  • #133,637
  • May 21, 2009 6:25am May 21, 2009 6:25am
Hi Mike_85, what system u use??http://www.forexfactory.com/images/icons/icon6.gif
  • #133,638
  • May 21, 2009 6:27am May 21, 2009 6:27am
Quoting yauming
Hi Mike_85, what system u use??http://www.forexfactory.com/images/icons/icon6.gif
I think it's inside bar breakout system - but optimized really good! I like it a LOT!
  • #133,639
  • May 21, 2009 6:29am May 21, 2009 6:29am
Quoting mike_85
I'm done for the week. Only 6 trades this week.

1) L 1.5179 - 1.5729 (+550)
2) L 1.5345 - 1.5729 (+384)
3) L 1.5509 - 1.5729 (+220)
4) L 1.5494 - 1.5729 (+235)
5) L 1.5792 - 1.5729 (-63)
6) S 1.5724 - 1.5706 (+18 - Trade still open)

Total = 1,325 (Excl. last trade)

All done using simple breakouts on 4 hour chart.

Cheers and happy trading.
I think that's more tha I have done in the last 2.46976 years. When I grow up, I wanna be just like you)*)&^*%&$
  • #133,640
  • May 21, 2009 6:34am May 21, 2009 6:34am
Quoting Racin_rick
I think that's more tha I have done in the last 2.46976 years. When I grow up, I wanna be just like you)*)&^*%&$
there u go bro-- *)&^*%&$ indeed
Hear the music before the song is over ...
401 traders viewing now, 3 are registered:
Molaro
,
CPUmice
,
makeme