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Cable Update (GBPUSD)

  • #152,741
  • Jul 30, 2009 1:41am Jul 30, 2009 1:41am
Quoting wormboy
lol no. I meant position sizing

Yeah buddy, I went small (.2) so it wasn't a killer but still, read it all wrong again.

At this point I need to build back to ID so I don't have a lot of choice about size. Unless it's so clear like the short from 6550 and i get in and at BE fast. You know, my usual way....
Ghost Rider - WWTBMD?
  • #152,742
  • Jul 30, 2009 1:44am Jul 30, 2009 1:44am
up we go...
  • #152,743
  • Jul 30, 2009 1:48am Jul 30, 2009 1:48am
Quoting Turveyd
But why oh why oh why did you go Short earlier, my system called a uptrend back at 1.6390 sadly I was asleep
Because I broke my rules and thought I needed to change my style. Really dumb....

LOL...I was short from 6433 and got bit for 50.

It's all good and thanks everyone. I'll pull it all back together...

I simply refuse to let this beat me....
Ghost Rider - WWTBMD?
  • #152,744
  • Jul 30, 2009 1:48am Jul 30, 2009 1:48am
navin, for me im holding short at 1.6500, t/p 1.6289. i had a tough start to the week, but i have recoup and im up for the week.
  • #152,745
  • Jul 30, 2009 1:50am Jul 30, 2009 1:50am
Quoting albchr
Yeah buddy, I went small (.2) so it wasn't a killer but still, read it all wrong again.

At this point I need to build back to ID so I don't have a lot of choice about size. Unless it's so clear like the short from 6550 and i get in and at BE fast. You know, my usual way....
welp with .2 is a long way off your usual full lot trades.
you can afford a wider stop instead of the 20-30 pips nonsense. Buys you a lot more time to get out of a failing trade instead of getting stopped out unnecessarily with the usual tight stops.
Thank You
  • #152,746
  • Jul 30, 2009 1:52am Jul 30, 2009 1:52am
Quoting wormboy
welp with .2 is a long way off your usual full lot trades.
you can afford a wider stop instead of the 20-30 pips nonsense. Buys you a lot more time to get out of a failing trade instead of getting stopped out unnecessarily with the usual tight stops.
Had a 50 pip stop and really thought it wouldn't get past yesterday's highs. Whoops....

Sure seems to have to some BULL gas in the tank today.
Ghost Rider - WWTBMD?
  • #152,747
  • Jul 30, 2009 1:52am Jul 30, 2009 1:52am
Quoting albchr
Because I broke my rules and thought I needed to change my style. Really dumb....

LOL...I was short from 6433 and got bit for 50.

It's all good and thanks everyone. I'll pull it all back together...

I simply refuse to let this beat me....

Just think your self lucky no 1 is screaming money management at you cause reducing your risks will help you pay 6K per month LOL

Trade SMART that is all there is to it and with the Trend so Longs only!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #152,748
  • Jul 30, 2009 1:52am Jul 30, 2009 1:52am
Quoting traderfx
navin, for me im holding short at 1.6500, t/p 1.6289. i had a tough start to the week, but i have recoup and im up for the week.

i actually took a short as well buddy

might get it thou..risky
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  • #152,749
  • Jul 30, 2009 1:52am Jul 30, 2009 1:52am
Quoting albchr
Yep, tried that this morning off TL, 3 bear 5M and got nailed for -50. How am I doing so far?
Chris, why don't you try reducing your lots traded and increasing your SL. Start with 1 lot than add on pull backs (fibs are good 38.2% to 50%) when markets are trending. Less stress less market price precision entry every time, as its quite hard to pick tops and bottoms.

Use the daily, 4 hour as your trends, mark out past points of resistance on your 4 hour and daily for your entry points with confirmation on the lower time frames.

You still can cover your bills with 2K-6K depending on a good or bad week. It's the monthly reconcile that counts my friend. It can be done with less pain... The above is my strategy, simple rule i follow in manual trading.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #152,750
  • Jul 30, 2009 2:00am Jul 30, 2009 2:00am
Quoting Bull_Bear
Chris, why don't you try reducing your lots traded and increasing your SL. Start with 1 lot than add on pull backs (fibs are good 38.2% to 50%) when markets are trending. Less stress less market price precision entry every time, as its quite hard to pick tops and bottoms.

Use the daily, 4 hour as your trends, mark out past points of resistance on your 4 hour and daily for your entry points with confirmation on the lower time frames.

You still can cover your bills with 2K-6K depending on a good or bad week. It's the monthly reconcile that counts...
SPOT ON mate. I used to trade 5 lots with SL of around 30 pips but boy was that unpleasant and stressful. I now trade 1-2 lots and have SL of maybe 100-150 and have become more successful as well as happy.
You've got to be IN IT to WIN IT!
  • #152,751
  • Jul 30, 2009 2:02am Jul 30, 2009 2:02am
Quoting Bull_Bear
Chris, why don't you try reducing your lots traded and increasing your SL. Start with 1 lot than add on pull backs (fibs are good 38.2% to 50%) when markets are trending. Less stress less market price precision entry every time, as its quite hard to pick tops and bottoms.

Use the daily, 4 hour as your trends, mark out past points of resistance on your 4 hour and daily for your entry points with confirmation on the lower time frames.

You still can cover your bills with 2K-6K depending on a good or bad week. It's the monthly reconcile that...
Man I swear I told chris the same thing bro

Our trading is almost identical bb. Big account (big by my standards anyway), small lots (1 full lot max) & a realistic monthly target is the way to go. I can live with slow gains because I'm in no hurry to kill my account.
Thank You
  • #152,752
  • Jul 30, 2009 2:03am Jul 30, 2009 2:03am
Quoting nAVIN2007
i actually took a short as well buddy

might get it thou..risky
got stopped out but went in again higher up..look like i will get it again...

and did..LOL
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  • #152,753
  • Jul 30, 2009 2:03am Jul 30, 2009 2:03am
Quoting Bull_Bear
Chris, why don't you try reducing your lots traded and increasing your SL. Start with 1 lot than add on pull backs (fibs are good 38.2% to 50%)..........

Pretty much do everything you said BB. MM was my problem this month as I was getting worried about the end of the month getting closer and not having what I need. BIG mistake I know. A couple C notes each day will do but I was trying to make the BIG ones fast.

Lesson learned.
Ghost Rider - WWTBMD?
  • #152,754
  • Jul 30, 2009 2:04am Jul 30, 2009 2:04am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Good advice bb.

Always good to add-on on pullbacks. Have wider stop loss atr * 2 relevant to timeframe you trade.

65150 happens to be the 2nd resistence and good short point.
  • #152,755
  • Jul 30, 2009 2:04am Jul 30, 2009 2:04am
Quoting nasori
buy 1.6380 tp 1.6487
alhamdulillah....
  • #152,756
  • Jul 30, 2009 2:05am Jul 30, 2009 2:05am
Well, there goes 6500...LOL
Ghost Rider - WWTBMD?
  • #152,757
  • Jul 30, 2009 2:05am Jul 30, 2009 2:05am
I didn't think your system was profitable?

Quoting Turveyd
Dude sorry for your loss's.

But why oh why oh why did you go Short earlier, my system called a uptrend back at 1.6390 sadly I was asleep

PM me your account value dude!!
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #152,758
  • Jul 30, 2009 2:06am Jul 30, 2009 2:06am
Quoting wormboy
Man I swear I told chris the same thing bro
VERY good advise..have to increase stop sizes go in lighter but need strength to hold a winning position to make more than the risk

i think this is main reason why more people scalp..
  • #152,759
  • Jul 30, 2009 2:06am Jul 30, 2009 2:06am
166 ftw lol. (brings 50% at 70's hehe).


Approaching downtrend, then broken daily uptrend, then 16550.
  • #152,760
  • Jul 30, 2009 2:07am Jul 30, 2009 2:07am
Quoting dswk
up we go...
and it's far away to finish...this upmove...
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