Cable Update (GBPUSD) | Page 7209 | 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)

  • #144,161
  • Jul 8, 2009 10:12am Jul 8, 2009 10:12am
Quoting Pak Tiger
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!!
oh man i hope whoever told you to do that loses his acount over and over
  • #144,162
  • Jul 8, 2009 10:12am Jul 8, 2009 10:12am
Quoting taragula
My advice is that you don"t listen to any of them, or only some, cause they very much don"t have any clue what they are talking about. Learn some trading strategys and stick to them.
For "real" traders, this post is not for you.

Andrej, Slovenia
Andrej! Thanks for your advice mate! I would try to learn the trading strategies and would stick to my plans. I always like to make my own decisions but its always good to get some advice and when you have so many like minded people at a place like this, there is no harm in doing it.
  • #144,163
  • Jul 8, 2009 10:12am Jul 8, 2009 10:12am
Quoting jack.canadia
how do you people short at support and buy at resistance .. please do the opposite
Its no different to people who constantly look to trade in the opposite direction of the flow, ie going long in a bear market.

Few traders are prepare to sell on short day and buy on long days, by this I mean the market for the day is down or up some distance and then hold positions for some maturity. The opposite side is natural for some (most infact), the market has moved a good distance so there must be a pull back, and trading a PA bar for a pull back is ok, but the reward is just too limited (unless you get the swing point and catch a trade that is now in its infancy).

In most cases when trading the opposite direction you get a limited reward. When you trade with the flow you may have to weather time, but the rewards can be far greater.

Razor
  • #144,164
  • Jul 8, 2009 10:14am Jul 8, 2009 10:14am
Quoting Pak Tiger
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!!
I can see why he told you to go long. He probably saw it as a breakout to the upside and indeed it appeared so. Unfortunately, it was a false breakout. That's why we need stop losses to protect our account in case our judgment turns out wrong.
  • #144,165
  • Jul 8, 2009 10:15am Jul 8, 2009 10:15am
Quoting Razor_trader
Its no different to people who constantly look to trade in the opposite direction of the flow, ie going long in a bear market.


Razor
yes its a bear, long term market but its bull, short term.
  • #144,166
  • Jul 8, 2009 10:15am Jul 8, 2009 10:15am
Quoting cdforex


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!!...
Thanks alot cdforex for your advice. Well i dont think i shud cut my loss at this time since it will really kill my account as pretty much all my trades are in loss (i think its -6000 pips at the moment). Your third point sounds good to me and i am trying to do that!! Thanks once again!
  • #144,167
  • Jul 8, 2009 10:16am Jul 8, 2009 10:16am
The fractals of Bill Williams are telling me: Stay out to reach 1.6045 (confirmation Downtrend)
until then, we are in a bad position. And when the market is uncertain, it is better we keep-away...

Lets see...
  • #144,168
  • Jul 8, 2009 10:16am Jul 8, 2009 10:16am
well thats balls .. took -20
  • #144,169
  • Jul 8, 2009 10:17am Jul 8, 2009 10:17am
Quoting zapper
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...
Hi, can we have your rationale for this? Thanks.
  • #144,170
  • Jul 8, 2009 10:18am Jul 8, 2009 10:18am
HI Deyler,

Got to the webside every day - the S1 - S2 - S3 are there
http://www.fxstreet.com/technical/cu...spx?id=GBP/USD

Regards,
London Trader


Quoting deyler
I have: the major Res 1.6104
what are the supports s1, s2, s3 today
Discomfort and profit often stand side by side
  • #144,171
  • Jul 8, 2009 10:20am Jul 8, 2009 10:20am
Brother Grashid

Nearly at my targetssssss
Let Price determine your future!
  • #144,172
  • Jul 8, 2009 10:20am Jul 8, 2009 10:20am
ohh man' still on bearish fiesta huh' Im stuck with buy@6117 TP:6154. is there any breaking news on g8??
  • #144,173
  • Jul 8, 2009 10:21am Jul 8, 2009 10:21am
I'm SHORT now.
  • #144,174
  • Jul 8, 2009 10:21am Jul 8, 2009 10:21am
Quoting Ipips
I monitor Goldman Sachs stock chart to have an indication of overall market strength and it is fairly accurate..

It is very weak and tanking so I closed my long earlier and went short.

  • #144,175
  • Jul 8, 2009 10:22am Jul 8, 2009 10:22am
Quoting Andre88
I'm SHORT now.
at 6030?
  • #144,176
  • Jul 8, 2009 10:22am Jul 8, 2009 10:22am
Quoting Piece Of The Pie
Inventory buildup in oil and gasoline. GBP USD going short

+75 Pips closed in 40 minutes
  • #144,177
  • Jul 8, 2009 10:22am Jul 8, 2009 10:22am
Ah! Looking "better" now! Below yesterday's low in cable, stocks & oil!
  • #144,178
  • Jul 8, 2009 10:23am Jul 8, 2009 10:23am
I have no comments about that kind of trading at all....
Let Price determine your future!
  • #144,179
  • Jul 8, 2009 10:24am Jul 8, 2009 10:24am
Quoting Pak Tiger
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!!
Why do more and more people assume that good results on a demo account after 1 Month is sufficient enough to go live. Mate I hope your around for a while but seriously 1 month of demo trading. I dont believe in demo trading for longer than 1 needs, but even I would say 1 month is far to little.

Fingers crossed tells me 1 thing. You dont have a plan, you dont have a strategy and in that case you dont have a clue. Mate sorry to sound harsh but Forex is a killer market for those who are not prepared, even to those who are. What you need to do is get off all the hype that this is an easy way to make money. 95% of people find the back door, pretty quickly in some cases.

Im not here to tell you how to do things, but you really need to come up with something better or you are just going to hand over your money. Go back to demo'ing until you have more than 1 month of results and then read up on some trading material to get your head around the road that is trading.

Wish you the best

Razor
  • #144,180
  • Jul 8, 2009 10:24am Jul 8, 2009 10:24am
Quoting Geppyg
I have no comments about that kind of trading at all....
no one asked for your comments
545 traders viewing now, 2 are registered:
F.g
,