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Cable Update (GBPUSD)

  • #144,141
  • Jul 8, 2009 9:48am Jul 8, 2009 9:48am
Quoting Pak Tiger
Hi Folks!

New to the forum and forex trading! Just started with my live account a week ago and trying to learn the basics. I must say this is the best site i have come across where i got some very valuable input and insightful info. I am from Pakistan and learning the tricks of forex trade. Hope i'll have a good time here.

Well folks, I have a few trades opened up at 1.6700 (long) (that was probably my first day when i got into forex and learned later that this was the highest rate for the last eight months ). So what is the advice for a newbie...
Welcome to the forums my friend. Few things to point out.. From what you said, it seems that you have started live trading before learning the basics. You should first try paper trading with a demo account before you go live.
You have committed the cardinal sin of letting your loss run. In forex, it is not such a good idea to hope the market recovers because if you caught the top or bottom, you may have to wait very long before it breaks even.

You may find useful information at www.babypips.com
  • #144,142
  • Jul 8, 2009 9:48am Jul 8, 2009 9:48am
we will eventually see a huge drop and then some consolidation to intimidate traders and then another drop and so on until about 1.55 which is the upper fib of the whole upmove...
  • #144,143
  • Jul 8, 2009 9:50am Jul 8, 2009 9:50am
Boring chop-chop day
Awaiting AA earnings after market close.
Keeping my short, it has been busy flipping up/down trough BE all day long.
  • #144,144
  • Jul 8, 2009 9:52am Jul 8, 2009 9:52am
Quoting Pak Tiger
Hi Folks!

New to the forum and forex trading! ........ hope the market recovers soon...

Cheers! Later.


I hope you had a micro lot, that's a 600 pips floating loss!
I see 2 solutions:
- cut your loss if and forget about it
- put a hedge at the top cause the trend remains down for now, and an open Long at 1.6700 will turn really ugly if we get to 1.5800 and lower.
- If your account allows it, try to average up once the uptrend resumes.

For future trades, use stop losses or your gonna get killed in this market!!

GL

Better safe than sorry
  • #144,145
  • Jul 8, 2009 9:57am Jul 8, 2009 9:57am
Quoting cdforex
That's a great loss. He was such a terrific artist.
All in all he still human like us...and all market show something to us...mm..i need to go...Better am going to sleep......Good luck to all
  • #144,146
  • Jul 8, 2009 10:00am Jul 8, 2009 10:00am
Short@6051, now -40pips
Great Bodies are Engineered not Born
  • #144,147
  • Jul 8, 2009 10:01am Jul 8, 2009 10:01am
Quoting RichLadyFX
Short@6051, now -40pips
how do you people short at support and buy at resistance .. please do the opposite
  • #144,148
  • Jul 8, 2009 10:02am Jul 8, 2009 10:02am
There we go... now we have a strong reason to sell in the Hourly.
  • #144,149
  • Jul 8, 2009 10:02am Jul 8, 2009 10:02am
Quoting jack.canadia
how do you people short at support and buy at resistance .. please do the opposite

Definitely the advice of the year! great one !!!
Better safe than sorry
  • #144,150
  • Jul 8, 2009 10:05am Jul 8, 2009 10:05am
Quoting grashid
All in all he still human like us...and all market show something to us...mm..i need to go...Better am going to sleep......Good luck to all

its a great loss to all human kind. god bless his soul.

i'm off today cannot get a entry for a newbie for me.

god bless
  • #144,151
  • Jul 8, 2009 10:05am Jul 8, 2009 10:05am
Quoting jack.canadia
how do you people short at support and buy at resistance .. please do the opposite
you already long or you will add it on 6075?and what will B Sl??


Ub
  • #144,152
  • Jul 8, 2009 10:06am Jul 8, 2009 10:06am
http://www.ibtimes.com/articles/2009...-g8-summit.htm

if this comes into effect then the USD would most likely falter
  • #144,153
  • Jul 8, 2009 10:07am Jul 8, 2009 10:07am
I have: the major Res 1.6104
what are the supports s1, s2, s3 today
  • #144,154
  • Jul 8, 2009 10:07am Jul 8, 2009 10:07am
Quoting ubaidahsan
you already long or you will add it on 6075?and what will B Sl??


Ub
why do you always ask me for a SL?
  • #144,155
  • Jul 8, 2009 10:08am Jul 8, 2009 10:08am
long at 1.6075
  • #144,156
  • Jul 8, 2009 10:09am Jul 8, 2009 10:09am
Quoting ubaidahsan
you already long or you will add it on 6075?and what will B Sl??


Ub
i said i was longing at 75, and i am now
  • #144,157
  • Jul 8, 2009 10:09am Jul 8, 2009 10:09am
Quoting jack.canadia
why do you always ask me for a SL?
its ok you already in now??

Ub
  • #144,158
  • Jul 8, 2009 10:09am Jul 8, 2009 10:09am
It`s gonna go close to 1.6 and then stall for a few hours and then break it and go further south towards 1.5801 and then again stall for a longer time, since it`s an important support...
  • #144,159
  • Jul 8, 2009 10:09am Jul 8, 2009 10:09am
Quoting Ipips
Welcome to the forums my friend. Few things to point out.. From what you said, it seems that you have started live trading before learning the basics. You should first try paper trading with a demo account before you go live.
You have committed the cardinal sin of letting your loss run. In forex, it is not such a good idea to hope the market recovers because if you caught the top or bottom, you may have to wait very long before it breaks even.

You may find useful information at www.babypips.com

Thanks Ipips!!

Actually i did practise with a demo account for about a month and had done fine with it. I was actually gonna go short at 1.6700 but the guy who brought me into forex trading asked me to go long and that was the killer punch for me

I agree i must have used the stop loss thing but thats something i didn't use much with my practice account . I had some trades at 1.6500 and 1.6400 as well so the overall picture is not looking so good. Just keeping my fingers crossef at the moment!!
  • #144,160
  • Jul 8, 2009 10:11am Jul 8, 2009 10:11am
im long now looking for 1.6175-1.62 and then short around 1.62-.6250 all the way down baby
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