Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

#160,341
Aug 24, 2009 2:15pm Aug 24, 2009 2:15pm

musani
| Joined Jun 2008 | Status: GELORE | 600 Posts

yes. now i can go lo long at 6388 that what im looking for 15min chart

GELORE

#160,342
Aug 24, 2009 2:28pm Aug 24, 2009 2:28pm

a5h
| Joined Jul 2009 | Status: Trader | 18 Posts

I went long at 1.6400 with a TP at 1.6500, SL at 1.6380. I am a newbie so any comments / derision greatly appreciated.

#160,343
Aug 24, 2009 2:29pm Aug 24, 2009 2:29pm

stewrigh
| Membership Revoked | Joined Feb 2008 | 9,794 Posts

for in-depth cable analysis go here

http://www.forexfactory.com/showthread.php?t=121761

#160,344
Aug 24, 2009 2:33pm Aug 24, 2009 2:33pm

a5h
| Joined Jul 2009 | Status: Trader | 18 Posts

Can i ask what everyones / anyones opinion on the right level of trailing stop is for cable, do you guys even use them or do you move SL to BE once to are 20 or so pips in the green?

#160,345
Aug 24, 2009 2:48pm Aug 24, 2009 2:48pm

allserene
Joined Jun 2007 | Status: As you say Ingles - rich and free | 2,751 Posts

Quoting a5h

Disliked

I went long at 1.6400 with a TP at 1.6500, SL at 1.6380. I am a newbie so any comments / derision greatly appreciated.

Ignored

I love derision when I am the only one who is right - only happens every blue moon but its worth the wait !

The sound of a million 'how to' books being stomped on...

#160,346
Aug 24, 2009 2:49pm Aug 24, 2009 2:49pm

DrMcDDC
| Joined Feb 2009 | Status: Trader | 87 Posts

Speaking for myself. My TLs would always get whipsawed out of the market before I could make any progress because they were too tight. Usually because I was using too big of a position size and did not want a large drawdown.

I personally feel setting a technically sound static stop loss is the best way to go in currencies due to the volitility.

During the london session You can get a feel for market direction, set your SL and target 1 or 2 fibs away. Use smaller positions, it's less stressful and when you have a winner just add to the position by scaling in. Keep it simple.

McD

#160,347
Aug 24, 2009 2:49pm Aug 24, 2009 2:49pm

allserene
Joined Jun 2007 | Status: As you say Ingles - rich and free | 2,751 Posts

Quoting a5h

Disliked

Can i ask what everyones / anyones opinion on the right level of trailing stop is for cable, do you guys even use them or do you move SL to BE once to are 20 or so pips in the green?

Ignored

Sometimes when the timing is such that I have no confidence - but then i leave it there - trailing stops are a sure fire way to get stopped out

#160,348
Aug 24, 2009 3:04pm Aug 24, 2009 3:04pm

nAVIN2007
Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts

Quoting allserene

Disliked

Sometimes when the timing is such that I have no confidence - but then i leave it there - trailing stops are a sure fire way to get stopped out

Ignored

yep will get stopped out 99 out of 100..it just makes trading harder if u ask me..

#160,349
Aug 24, 2009 3:04pm Aug 24, 2009 3:04pm

a5h
| Joined Jul 2009 | Status: Trader | 18 Posts

Thanks for that, I am always getting stopped out on would have been a good trade by a trailing stop i have set too tight. Is there such a thing as a 'smart stop' that only closes the trade if the price goes past it for a certain amount of time. i.e. as a way of not getting stopped out if it is a whipsaw or stop hunting. I had what would have been an exellent trade on USD/CHF a while ago and got stopped out by a stupid spike.

#160,350
Aug 24, 2009 3:14pm Aug 24, 2009 3:14pm

uksnowman
| Joined Feb 2009 | Status: Trader | 906 Posts

Quoting a5h

Disliked

Thanks for that, I am always getting stopped out on would have been a good trade by a trailing stop i have set too tight. Is there such a thing as a 'smart stop' that only closes the trade if the price goes past it for a certain amount of time. i.e. as a way of not getting stopped out if it is a whipsaw or stop hunting. I had what would have been an exellent trade on USD/CHF a while ago and got stopped out by a stupid spike.

Ignored

if you want to keep it simple, take profit at previous strong s/r points, and also use them to place stops. i.e. if the pair has broken south through strong resistance and you're short, it's likely that the resistance just broken through will turn to support, so place your stop above that point but leave a little room to breathe.

#160,351
Aug 24, 2009 3:15pm Aug 24, 2009 3:15pm

allserene
Joined Jun 2007 | Status: As you say Ingles - rich and free | 2,751 Posts

Quoting nAVIN2007

Disliked

yep will get stopped out 99 out of 100..it just makes trading harder if u ask me..

Ignored

coz i had toothache on friday i broke my own rules and left a long over the weekend with no stop

weekend ones with a stop always get whacked

only a tidgy - didnt work but no big deal

now my anti biotics have kicked in I wont do it again

Dont do friday pm either

small stop loss = bad
big stop ls = no good - if it gets that far away its due to turn
50 pips is doable , 30 better

no weekends/no friday pm's/very very few overnights except on tinies

Heaven

#160,352
Aug 24, 2009 5:11pm Aug 24, 2009 5:11pm

Bull_Bear
Joined Mar 2009 | Status: FX | 3,789 Posts

Morning Guys,

Position added to Longs when price revisited 1.6400.

Cable must close above 1.6420 for a glimmer of hope that 1.6400 will hold.

See you guys in the London Session.

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