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Cable Update (GBPUSD)

  • #141,861
  • Jul 1, 2009 7:31pm Jul 1, 2009 7:31pm
Quoting Turveyd
Sadly thats not the case, it's pretty much a Retail Traders hand over there money to the big players, there are very few retail traders which make money sadly

NO Big Players lose money over all, so if there all making then new money is where they take it.

So banning it is a good thing for 98% of wanna be traders and bad for the 2% which crack it.
I make money! lol
  • #141,862
  • Jul 1, 2009 7:35pm Jul 1, 2009 7:35pm
Quoting roreki
before i go to sleep i sell @ 1.6495
and put selling orders @ 1.6540
@ 1.6600

Target would be 1.6320 ma be more ,
Stop @ 1.6625

any one seeing am wrong ?
wt do u think Jack ?
  • #141,863
  • Jul 1, 2009 7:36pm Jul 1, 2009 7:36pm
Quoting jack.canadia
no stops or limits but you can close your trades manually correct?

stops are for babies any way .. who need them ...lol

JOKING
Blogging daily now at www.volume.zone
  • #141,864
  • Jul 1, 2009 7:36pm Jul 1, 2009 7:36pm
If jack approves, ill try it on my demo account too
  • #141,865
  • Jul 1, 2009 7:38pm Jul 1, 2009 7:38pm
here is weekly gbp futures .

IF this weakness on weekly plays out and based on fib time lines , july 30th or aug 18th there is going to be start of 1500 - 2000 pip drop in GU

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY3MIN332.jpeg69.png Size: 154 KB
Blogging daily now at www.volume.zone
  • #141,866
  • Jul 1, 2009 8:01pm Jul 1, 2009 8:01pm
Hi mates,

I agree that with TA we will wait for a big drop of GU/EU recently but as my experience I would like to recommend that should not put any orders at the Japanese time.

Lets wait...

Pham.
  • #141,867
  • Jul 1, 2009 8:09pm Jul 1, 2009 8:09pm
Quoting malcolmb14
stops are for babies any way .. who need them ...lol

JOKING
i hardly use them. when im in front of the computer and i open a trade, i know when and where ill get out either for a gain, break even or a loss.

once i am in profit tho i place a stop at BE or better
  • #141,868
  • Jul 1, 2009 8:14pm Jul 1, 2009 8:14pm
Quoting malcolmb14
here is weekly gbp futures .

IF this weakness on weekly plays out and based on fib time lines , july 30th or aug 18th there is going to be start of 1500 - 2000 pip drop in GU

Attachment
Now this is the volumes we need to see! a dive would be nice.
  • #141,869
  • Jul 1, 2009 8:19pm Jul 1, 2009 8:19pm
well jack i think cable go down more coz there is harami in H4
  • #141,870
  • Jul 1, 2009 8:23pm Jul 1, 2009 8:23pm
Quoting malcolmb14
stops are for babies any way .. who need them ...lol

JOKING

I always use SLs. It only takes a internet issue, computer glitch or something to blow a big hole or ruin your acct. It's more trouble to close the trade, and sometimes annoying particularly when scalping, but they have saved me mucho x many times. Also, if there is a wild run like there was yesterday in the Asian market, slippage to kill the trade can hurt too. I have had my stop overrun only once.
  • #141,871
  • Jul 1, 2009 8:32pm Jul 1, 2009 8:32pm
Nah..markets have been around ever since humans have been around in one form or the other. If anything, forex trading (and trading any financial stuff) is going to get better with the technology and all.

Quoting Turveyd
Finally getting this game sorted out and fearing the second I start to make money they'll outlaw Forex trading completely, typical!!
Its all in the mind.
  • #141,872
  • Jul 1, 2009 8:35pm Jul 1, 2009 8:35pm
umm well it is philosophical but the real truth is that if you take home even 50 pips at end of the week, and be consistent with that, you are a winner. So it may be zero sum and all other buzz words, but all I really care about is that my wins over loses exceed a certain amount. As easy as that, cha ching!

Quoting Quimby
Yea true but I meant that like in stocks n all, value is created, everyone can win. In forex, for somebody to gain something, somebody else has to lose something (zero sum game in end)
Its all in the mind.
  • #141,873
  • Jul 1, 2009 8:49pm Jul 1, 2009 8:49pm
Quoting 5abi
umm well it is philosophical but the real truth is that if you take home even 50 pips at end of the week, and be consistent with that, you are a winner. So it may be zero sum and all other buzz words, but all I really care about is that my wins over loses exceed a certain amount. As easy as that, cha ching!
being consistent 50pips a week is easy, the hard part is controlling my own greed. i am always tempted to buy big lots.... it really need lots of willpower to control myself in aspect of money management
  • #141,874
  • Jul 1, 2009 8:51pm Jul 1, 2009 8:51pm
i just got the FIFO rules. its not too bad.

you can still place a stop and a limit, you just have to place it as an entry order.
  • #141,875
  • Jul 1, 2009 8:55pm Jul 1, 2009 8:55pm
Quoting john123x
being consistent 50pips a week is easy, the hard part is controlling my own greed. i am always tempted to buy big lots.... it really need lots of willpower to control myself in aspect of money management
50 pips a day!
  • #141,876
  • Jul 1, 2009 8:59pm Jul 1, 2009 8:59pm
Good Morning Guys!

Market is stalling descending triangle on M15.

If it breaks 6500 we may go back to 6535. If not break of 6460, it may bring us to 6425 then probably to 6380 and 6360. H1, H4 and Daily chart all have bearish stoch...lets see..
Never Stop Learning...
  • #141,877
  • Jul 1, 2009 9:01pm Jul 1, 2009 9:01pm
that is right, but can anyone explain how this protects the avergae joe? Is it got to do with stop hunting?

Quoting jack.canadia
i just got the FIFO rules. its not too bad.

you can still place a stop and a limit, you just have to place it as an entry order.
Its all in the mind.
  • #141,878
  • Jul 1, 2009 9:04pm Jul 1, 2009 9:04pm
good morning.

"A major new NFA rule goes into effect after July 31, 2009 which affects all US regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the Open Positions Window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009 will be deleted."

No stop loss in trading anymore? Did I misunderstood this?
Thank You
  • #141,879
  • Jul 1, 2009 9:05pm Jul 1, 2009 9:05pm
Quoting 5abi
that is right, but can anyone explain how this protects the avergae joe? Is it got to do with stop hunting?
if you buy 10k GBP/USD at 1.65, to close the trade is the same as selling the position back, correct? so in this case, you click on 'close trade' which then sells your position.

instead of entering in a number in the 'limit order' box, you have to place an entry order at your target price opposite your position.

so you buy 10k at 6500 and want to TP at 6530, so you place an order to sell 10k at 6500. this will close your position at the target price

you stop loss is the same. say you wanted to risk 15 pips, you place an order to sell at 6485.

theres a new feature call OCO orders, where when either one of the two above orders are filled, the other is cancelled .. "one cancels the other"
  • #141,880
  • Jul 1, 2009 9:06pm Jul 1, 2009 9:06pm
Quoting wormboy
good morning.

"A major new NFA rule goes into effect after July 31, 2009 which affects all US regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the Open Positions Window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009 will be deleted."

No stop loss in trading anymore? Did I misunderstood this?
You can still place a stop! you just place it as an entry order.
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