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Cable Update (GBPUSD)

  • #153,961
  • Aug 1, 2009 3:52am Aug 1, 2009 3:52am
Quoting ams
Chris, haven't seen your post. Guess all ok with you mate. Always good to have you on the forum.

I am carrying some losses with me. but holding onto them as I think market will come back to take them away from me this month. if not then well I blew it :-)

ams
be carefull
  • #153,962
  • Edited 4:22am Aug 1, 2009 3:56am | Edited 4:22am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Thanks for the concern Nav. Can't do much now, can I :-).
Just carrying with me. can only take a loss on them. Open New positions to cover losses for them.
Although I know market will come back, retrace of few hundred pips.
To go above from here 1.70 it would need really very good news coming whole month like it happened in march or IR raised by boe.



Quoting nAVIN2007
be carefull
  • #153,963
  • Aug 1, 2009 4:26am Aug 1, 2009 4:26am
So in your opinion cable is going south (a few hundreds) before goes up again...?

LT


Quoting ams
Thanks for the concern Nav. Can't do much now, can I :-).
Just carrying with me. can only take a loss on them. Open New positions to cover losses for them.
Although I know market will come back, retrace of few hundred pips.
To go above from here 1.70 it would need really very good news coming whole month like it happened in march or IR raised by boe.
Discomfort and profit often stand side by side
  • #153,964
  • Aug 1, 2009 4:36am Aug 1, 2009 4:36am
Quoting rastapips
Guess i was one the above who is praying all night long. i learn a wonderful lesson this week. Trend is your friend and don't only look at what you wanna see but see what is happening. Blew 30% of my account and now i have to slowly built it back This is my second month as a live trader guess i have survived so far by not going bust.

Thanks Direct Trade will read it up during the weekend. God Bless you.

I shorted at 1.6496 SL 6635 and built up few shorts along the way. that's where the 30% came from. but a well learn lesson). Guess that;s...
You don't need a prayer to trade. You need a plan.
Losing trades happens from time to time. It's normal.
But blowing 30% of your account is not good. It shows you're undercapitalised & you are abusing the leverage, which will kill you.
I took some heavy hit this month myself but at the end of the month my total loss is about -1%. You can see the last few trades I've logged here:
http://www.forexfactory.com/t/156630/wormhole-1.html
Most of them ended with losses. It happens.
Don't listen to nonsense of making big money trading from small account. I can guarantee you failure. Be patient and build your account slowly my friend. Make realistic target for the month, and don't forget to make target of how much drawdown you're going to allow yourself for the month. Most people do not have contigency plan. Most people only care about the direction of the trade. Here lies the problem. Here is where the supposedly 95% failure lay dead.
I'm no expert, there are many here who are better technically. But many here do not cut their coat according to size when it comes to managing risk. Don't fall into that trap. Learn to manage risk.
Good luck with your future undertakings
Thank You
  • #153,965
  • Aug 1, 2009 4:56am Aug 1, 2009 4:56am
Quoting ams
Thanks for the concern Nav. Can't do much now, can I :-).
Just carrying with me. can only take a loss on them. Open New positions to cover losses for them.
Although I know market will come back, retrace of few hundred pips.
To go above from here 1.70 it would need really very good news coming whole month like it happened in march or IR raised by boe.
yes i see that..i think it will go up to 1.7 area hit resistance and this will fall like a stone going straight to hell..i see no reason why it should break the resistance but it would be a fantastic place to think of selling..lets see what happens...just need to cautious cause i remeber last year august being a shocker! in the retracement sense..it just fell....dont want to be caught in a wrong direction if this happens..
  • #153,966
  • Aug 1, 2009 5:01am Aug 1, 2009 5:01am
Quoting wormboy
You don't need a prayer to trade. You need a plan.
Losing trades happens from time to time. It's normal.
But blowing 30% of your account is not good. It shows you're undercapitalised & you are abusing the leverage, which will kill you.
I took some heavy hit this month myself but at the end of the month my total loss is about -1%. You can see the last few trades I've logged here:
http://www.forexfactory.com/t/156630/wormhole-1.html
Most of them ended with losses. It happens.
Don't listen to nonsense of making big money trading from small...
its true..u can make crazy returns but one day the over leverage will kill u..have a plan, execute the plan then trade it..u have to have a system inplace even for mangement of trade..otherwise failure will arise..

im planning of having a live account after next month i think..but i still dont have a plan as such..
happy trading buddy
  • #153,967
  • Aug 1, 2009 5:48am Aug 1, 2009 5:48am
Breakout in daily, weekly and monthly chart. I hope the retrace will end @ 1.6580.

Even 1.6700 can act as the daily support if the market opens higher on monday!
  • #153,968
  • Aug 1, 2009 5:49am Aug 1, 2009 5:49am
Quoting 5abi
hehe yeah focus on the job and money will follow.

Btw why 100 pips, even with 20 pips and a large position you can hit the target money wise.

100 is a nice round number for starters, yes I'd likely make my wage in time on 50 but aim high and if I under shoot alittle then all is fine.


100 should be easy as a average, but I'm time and account limited and need huge account growth over the next 2 months 3 tops.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #153,969
  • Aug 1, 2009 5:52am Aug 1, 2009 5:52am
Quoting rashidcm2004
Breakout in daily, weekly and monthly chart. I hope the retrace will end @ 1.6580.

Even 1.6700 can act as the daily support if the market opens higher on monday!
it will open much lower
look euro is already at 41427 level
ROBOT FOREX
  • #153,970
  • Aug 1, 2009 6:37am Aug 1, 2009 6:37am
Any buddy tell me if cable dips what is the best place to buy I liquidate my buy at 6660

I am new in this forum

Hi guys u all and salam.
Irfan
  • #153,971
  • Aug 1, 2009 6:44am Aug 1, 2009 6:44am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Yup, I am totally doing one thing now which I used to do.
Buy on absolute maximum(2nd, 3rd support) whenever it's reached days weeks no rush, 1 trade whenever it's suited, no daily trading. Trend is bullish.

Govt spent trillions sorting the mess out. It's not going down to much.

With some experience and some money, risk appetite increases and then we loose. You can only experiene this, no book can teach it.

No more shorting for me from now on. Only selling whatever crap I have left in my account when market retraces.


Quoting nAVIN2007
yes i see that..i think it will go up to 1.7 area hit resistance and this will fall like a stone going straight to hell..i see no reason why it should break the resistance but it would be a fantastic place to think of selling..lets see what happens...just need to cautious cause i remeber last year august being a shocker! in the retracement sense..it just fell....dont want to be caught in a wrong direction if this happens..
  • #153,972
  • Aug 1, 2009 6:45am Aug 1, 2009 6:45am
Quoting Forbes55
it will open much lower
look euro is already at 41427 level
Hey Forbes, where do u get this info about euro? 100 pip gap??
  • #153,973
  • Aug 1, 2009 6:48am Aug 1, 2009 6:48am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
It has to bud. But remember only "to buy" on max support. Do not stand in front of the freight train. It will kill you mentally, emotionally.

Money, you can earn, go back and find a job if don't have one. If your health is deteriorated you will not be able to do anything or focus on anything.

Trend is bullish folks. Do not use any indicators just support and res. "Only buy", wait for retraces "no sell". Take my advice seriously.




Quoting LondonTrader
So in your opinion cable is going south (a few hundreds) before goes up again...?

LT
  • #153,974
  • Aug 1, 2009 6:48am Aug 1, 2009 6:48am
Quoting svlad1983
Hey Forbes, where do u get this info about euro? 100 pip gap??
I dont see any gap in euro u using time machine or what ?
which platform u using
  • #153,975
  • Aug 1, 2009 6:53am Aug 1, 2009 6:53am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
where did you see this 41427?
I still see 425xx, and 429xx on both alpari and fxpro.



Quoting Forbes55
it will open much lower
look euro is already at 41427 level
  • #153,976
  • Aug 1, 2009 6:53am Aug 1, 2009 6:53am
Quoting ams
yup, i am totally doing one thing now which i used to do.
Buy on absolute maximum(2nd, 3rd support) whenever it's reached days weeks no rush, 1 trade whenever it's suited, no daily trading. Trend is bullish.

Govt spent trillions sorting the mess out. It's not going down to much.

With some experience and some money, risk appetite increases and then we loose. You can only experiene this, no book can teach it.

No more shorting for me from now on. Only selling whatever crap i have left in my account when market retraces.
yep ams brother i also believe that but u tell me which area is to buy again ?
  • #153,977
  • Aug 1, 2009 7:01am Aug 1, 2009 7:01am
Quoting ams
where did you see this 41427?
I still see 425xx, and 429xx on both alpari and fxpro.
leave it. should be a typing miskake. its human hands, not machines!
  • #153,978
  • Aug 1, 2009 7:03am Aug 1, 2009 7:03am
Quoting ams
where did you see this 41427?
I still see 425xx, and 429xx on both alpari and fxpro.
they don't work on weekeends
do you think when trading platform is closed nobody trade?

Quoting svlad1983
Hey Forbes, where do u get this info about euro? 100 pip gap??
look euro thread topic
and real Forex weekend rates
http://xe.com/
and besides 100 pips gap wouldn't be surprise at all after such speculative up movement before weekend

Quoting rashidcm2004
leave it. should be a typing miskake. its human hands, not machines!
ROBOT FOREX
  • #153,979
  • Edited 7:24am Aug 1, 2009 7:03am | Edited 7:24am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Pivot points are your best brothers and sisters whoever you are comfortable with :-)
buy some on 2nd support and then add-on 3rd if it reaches to that.

"For a very safe trade only buy when it reaches 3rd support" with stop loss of no more then 20-30pips. Then, add on to buy on 2nd support. Move your stop loss 10 pips UP from 3rd supp, when it reaches 2nd support. you will not loose any money even if it goes down back to 3rd supp. It hardly goes 30 pips below 3rd supp. market makers / buyers generally step in. Else we will never have a market to trade. It might be once in a week scenerio but very safe to play.

What is a trend, BIG question: Simple answer.....When dow, ftse is up for 10 days in a row it's bullish. when it's down it bears.
Remember this, if you want to survive in this market for good. ftse won't stop until 4700 and it will take cable with it to 169, 170 ish...



Quoting pakitrader
yep ams brother i also believe that but u tell me which area is to buy again ?
  • #153,980
  • Aug 1, 2009 7:07am Aug 1, 2009 7:07am
Quoting pakitrader
yep ams brother i also believe that but u tell me which area is to buy again ?
6475 and 6580 are the areas to watch. wherever it holds support, buy.

but what if this pair do not retrace from the current price level?

chance for a false breakout is very less, but think all ways!
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