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Cable Update (GBPUSD)

  • #134,141
  • May 25, 2009 8:33pm May 25, 2009 8:33pm
Quoting FXmobster
If you look at the g/y and g/u charts, they both have broken out of a rising wedge pattern.
So buy a re-test of the upper wedge line
  • #134,142
  • May 25, 2009 8:48pm May 25, 2009 8:48pm
Good morning guys! There are hanging man on both GU and EU on the daily chart....EU might drop a little bit early. H1 rsi just cross the 50 mark...GU is a bit hesitant. Don't know how much though.
Never Stop Learning...
  • #134,143
  • May 25, 2009 8:54pm May 25, 2009 8:54pm
Out of my short at 5860. Getting scared. 60 pips, now let's go back up?
Buying at 5862.
SL at 5800.
TP 5927

Only 5$/pip, will add more if it builds steam.
  • #134,144
  • May 25, 2009 9:27pm May 25, 2009 9:27pm
Quoting jack.canadia
So buy a re-test of the upper wedge line
Rising wedge is a bearish pattern, so I would short a retest of the lower trendline which already occured.
  • #134,145
  • May 25, 2009 9:42pm May 25, 2009 9:42pm
I started with $900 in my live account . . . . i was 49 out of 53 on my trades, and up to $18,000 in one week (5 days of trading) then i got greedy and lost most of it?? anyone been here before? Curious how you handled it? Please im open too hear all answers?? :-)
“What I do have are a very particular set of skills that I have acquired”
  • #134,146
  • May 25, 2009 9:57pm May 25, 2009 9:57pm
Maal,

I'll "jump-in" here before getting some shut eye,
Yes, been there done that.

It looks as if you were in the Zone, doing great,
and reality as well hit.

Buy Mark Douglas, "Trading in the Zone"...
Read Chapter 3 about taking responsibility.
In a market w/so many variables, it's a paradox
to live in as a trader. But, if you accept responsibility
for you & your trading, then the market can do whatever
but you will be responsible, -you, and your rules to play by.

Seriously, buy, borrow, find, do whatever you can
to get this book. It will help tremendously.
Best of Luck,

Jeff !
I will work to Objectively Identify my Edges
  • #134,147
  • May 25, 2009 10:41pm May 25, 2009 10:41pm
Out of my long at 5892, doesn't feel right, take my 30 pips and run.
  • #134,148
  • May 25, 2009 10:45pm May 25, 2009 10:45pm
Quoting Racin_rick
Out of my short at 5860. Getting scared. 60 pips, now let's go back up?
Buying at 5862.
SL at 5800.
TP 5927

Only 5$/pip, will add more if it builds steam.
This is the cable thread. I suggest if you want to make trade calls you open your own thread at the "trading journals" section.
Too many newbies are acting like pros here posting meaningless stuff. It'll be good if you would kindly not do the same.
Good luck.
Thank You
  • #134,149
  • May 25, 2009 10:52pm May 25, 2009 10:52pm
Quoting Maal
I started with $900 in my live account . . . . i was 49 out of 53 on my trades, and up to $18,000 in one week (5 days of trading) then i got greedy and lost most of it?? anyone been here before? Curious how you handled it? Please im open too hear all answers?? :-)

Oh boy, haven't we all. I did it 3 times as a matter of fact. Subject to do it again. That's a sickening feeling. I think the most important thing I learned was realistic stop losses and money management. Don't be afraid to pour it on when you have a winner. Sometimes I don't quit a trade completely, I leave one lot in the trade, it helps bring back focus, even if your down 300 pips then no big deal. When it starts to come back then you jump back in. Congrats though, you are a great trader, testament to that was your earnings...just remember to bank them next time and start fresh with another $900, and forget about that other $17100 over there and think of doing a repeat 5 times. Then snicker when you count your $100K. Beats 9 to 5.
  • #134,150
  • May 25, 2009 10:55pm May 25, 2009 10:55pm
Quoting wormboy
This is the cable thread. I suggest if you want to make trade calls you open your own thread at the "trading journals" section.
Too many newbies are acting like pros here posting meaningless stuff. It'll be good if you would kindly not do the same.
Good luck.
I am trying to understand how I possibly offended anyone. I documented 90 pips today in a very slow market, that stands for itself.
  • #134,151
  • May 25, 2009 11:02pm May 25, 2009 11:02pm
MACD M30, H1 and H4 are all pointing down...Maybe it will go short till 1.3900...
Never Stop Learning...
  • #134,152
  • May 25, 2009 11:16pm May 25, 2009 11:16pm
Quoting Racin_rick
I am trying to understand how I possibly offended anyone. I documented 90 pips today in a very slow market, that stands for itself.
You haven't offended anyone.
But, this is the cable thread like I said, let's try to keep the thread filled with quality analysis which could possibly be discussed among members/traders.
How much you make or what the pip value is of no concern or is it helpful to those who are here to learn.
Thank You
  • #134,153
  • May 25, 2009 11:49pm May 25, 2009 11:49pm
Quoting wormboy
You haven't offended anyone.
But, this is the cable thread like I said, let's try to keep the thread filled with quality analysis which could possibly be discussed among members/traders.
How much you make or what the pip value is of no concern or is it helpful to those who are here to learn.
Well, actually I thought I was helping. I pretty much stated what method I use, and why the conservatism on lot size. That's trading, and I thought that is why we're here. I was in no way meaning for anyone to count the money made or lost. All I trade is GBP/USD period. I've been in a stealth mode for over a year on this thread, and have seen countless entries, exits, and amounts posted. I am so thankful those traders were not singled out for inappropriate posts as I studied the charts trying to understand their thought processes. I have privately pm'd traders here for their rationales. I have learned much from those here and will continue to do so. Simultaneously, I think I have had my nose bloodied enough so that I can make a contribution to those now starting. So, with your blessing I hope, I'll continue to post as I see fit. Thanks.
  • #134,154
  • May 25, 2009 11:59pm May 25, 2009 11:59pm
Quoting Maal
I started with $900 in my live account . . . . i was 49 out of 53 on my trades, and up to $18,000 in one week (5 days of trading) then i got greedy and lost most of it?? anyone been here before? Curious how you handled it? Please im open too hear all answers?? :-)
It's good ebook for me..
Hope, can help you too.

http://www.forexfactory.com/showpost...63&postcount=1
  • #134,155
  • Edited 1:26am May 26, 2009 12:37am | Edited 1:26am
Quoting Maal
I started with $900 in my live account . . . . i was 49 out of 53 on my trades, and up to $18,000 in one week (5 days of trading) then i got greedy and lost most of it?? anyone been here before? Curious how you handled it? Please im open too hear all answers?? :-)
Well...my friend...achieving 2000% in one week means only and only one thing:
YOU TOOK WAY TOO MUCH RISK!!!
And it was bound to happen that you would lose most if not all of it. I mean just look why would one continue with the same amount of risk at $18000 (or even earlier for that matter @ $3000...@ $6000....@ $9000 etc.) and not just withdraw the money and start all over again with proper money management instead of giving it all back to the Mother Market.
BTW, experience like this can be very burdensome on the psyche. You should take some time off to ventilate and reset your mind.
At $900 one should trade w/ 1 mini-lot at most and make $18000 in one year or even longer if even that with good MM!
Hear the music before the song is over ...
  • #134,156
  • May 26, 2009 1:36am May 26, 2009 1:36am
Whats happening to GBP USD... its really not taking position... Any Ideas
  • #134,157
  • May 26, 2009 1:55am May 26, 2009 1:55am
pounds getting smashed off its ~1.5935 resistance before the open lol

making a 900 account into 18,000 in one week..means you were risking way too much of your account...100%risk?
  • #134,158
  • May 26, 2009 2:18am May 26, 2009 2:18am
went long at 5845...sl 5725...t/p 6005 (or when My charts give me confirmation to close)
P.S. this is not a recomendation for any1 to enter...just posted what im doing....cuz the thread was getting too quiet.
  • #134,159
  • May 26, 2009 2:28am May 26, 2009 2:28am
closed position with +70 pips from resistance

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support resistance

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  • #134,160
  • May 26, 2009 2:30am May 26, 2009 2:30am
Quoting errich fx
closed position with +70 pips from resistance

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support resistance

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Ya closed my short around 50 pips...got in a little late
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