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Cable Update (GBPUSD)

  • #162,921
  • Sep 2, 2009 6:49pm Sep 2, 2009 6:49pm
Quoting alex1976
Backtested the market for about a year using a certain system Ive been working on.

Ive found that this is usually the best one can get with a good system.

Although I haven't really implemented it yet, I have realized, unless you are totally consistent in your approach or system application, you wont get consistent win to loss percentages.

Galation, the funny thing is though, I know what to do, but mostly fear of losing holds me back.

Ive been trading a mini account going on three years now, and I only have a depleted account to show for it. Im down about $6500 us in three years.

This had been the price of my forex education to date.

I cant get pissed about it cause I know why I lost it. But now Im ready to use my system only and nothing else until the market dicatates.

The biggest hurdle to becoming a succesful trader is being disciplined, totally consistent, and becoming emotionaly detached from it.

Watching it I have found I messed me up, cause all the swings panic me.

Set it and forget it, if you can?
  • #162,922
  • Sep 2, 2009 6:50pm Sep 2, 2009 6:50pm
I think Cable goes Up in Next week,
  • #162,923
  • Sep 2, 2009 7:03pm Sep 2, 2009 7:03pm
Still looking bullish
Attached Image (click to enlarge)
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GELORE
  • #162,924
  • Sep 2, 2009 7:24pm Sep 2, 2009 7:24pm
I just flicked to my 3 hour chart and since about august 12th (the glorious 12th and the start of the grouse season in the UK), the simple moving averages various periods ema, sma, are just a straight line down - lovely smooth, straight slope - no deviation....

If I had just traded this pooper and forgot everything else and set s/ls based on this then I would have scooped the pool

All this chasing 15 min and 1 hour stuff up and down is very wearing you know....
  • #162,925
  • Sep 2, 2009 7:37pm Sep 2, 2009 7:37pm
Quoting allserene
I just flicked to my 3 hour chart and since about august 12th (the glorious 12th and the start of the grouse season in the UK), the simple moving averages various periods ema, sma, are just a straight line down - lovely smooth, straight slope - no deviation....

If I had just traded this pooper and forgot everything else and set s/ls based on this then I would have scooped the pool

All this chasing 15 min and 1 hour stuff up and down is very wearing you know....

Sadly, it's always easy after the event to see what you should of done!!


Anyone got a time machine ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #162,926
  • Sep 2, 2009 8:07pm Sep 2, 2009 8:07pm
Quoting Turveyd
Sadly, it's always easy after the event to see what you should of done!!


Anyone got a time machine ??
laugh yes

but that long climb in 2007 could have been so easy as long as we knew what a reversal to the 4 hour or daily trend looked like - jumping on 3 or 6 months into it would still have been very worthwhile

My time machine ain't perfected yet - it needs some mineral oil, but believing that these trends are going to continue until proved different might be the way to go

Never tried a 2 month bet but might have a dabble with something affordable - swallowing the huge moves while it's happening takes nerve i guess
  • #162,927
  • Sep 2, 2009 8:11pm Sep 2, 2009 8:11pm
Quoting allserene
laugh yes

but that long climb in 2007 could have been so easy as long as we knew what a reversal to the 4 hour or daily trend looked like - jumping on 3 or 6 months into it would still have been very worthwhile

My time machine ain't perfected yet - it needs some mineral oil, but believing that these trends are going to continue until proved different might be the way to go

Never tried a 2 month bet but might have a dabble with something affordable - swallowing the huge moves while it's happening takes nerve i guess

Not easy to put faith in the believing cause 90% of the time it doesn't work that easily so believing gets you alot of losses.

I'm strictly, take my profits, wait for a pull back and get back on the trend, no stomach to watch my profits dip in the hope they don't crash straight to BE / SL!!

And every time I've tried it's failed, which doesn't help matters
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #162,928
  • Sep 2, 2009 10:20pm Sep 2, 2009 10:20pm
Quoting Turveyd
Not easy to put faith in the believing cause 90% of the time it doesn't work that easily so believing gets you alot of losses.

I'm strictly, take my profits, wait for a pull back and get back on the trend, no stomach to watch my profits dip in the hope they don't crash straight to BE / SL!!

And every time I've tried it's failed, which doesn't help matters
Yes when you have a bundle of profits , it's hard to leave em there for the retrace

I suppose that's what I did when I moved cash USD to the UK at 1.40ish and brought em back at 1.70 ish. There must have been a lot of ups and downs but I never took any notice even though I was forex trading every day

That jaunt made me a ton of brass without any effort... luck perhaps but its an example of catching a trend early and coming back 6 weeks later and taking no notice of what happens in between

hum

well i will do some retro testing of along term position over the next couple of months, with no money on the table, and see what I can figure

I know I can't get every tooth on the 1 hour saw or the 15 min - proved that - that is so tempting and what people chase, but I wonder....
  • #162,929
  • Sep 2, 2009 10:35pm Sep 2, 2009 10:35pm
Quoting alex1976
Galation, the funny thing is though, I know what to do, but mostly fear of losing holds me back.

Ive been trading a mini account going on three years now, and I only have a depleted account to show for it....
yes i know what u mean...the only thing that stops us is us.....i wish u well buddy...keep it simple and treat it as a game...myself have been interacting a lot more in the forum since im not working and this is a condition i was in so much on demo either..u get distracted....i was doing great till today i broke my rules twice and got it!....

what to do....i expected a free fall , clouded by greed..emotional disapline is key
  • #162,930
  • Sep 2, 2009 11:25pm Sep 2, 2009 11:25pm
http://www.forexfactory.com/showpost...stcount=162448

just miss 1 pips of my sell limit yesterday US-NY..mmm..but its ok...Resting week (or maybe month to me ) on GU....Good Luck

Chiow.....
  • #162,931
  • Sep 3, 2009 12:11am Sep 3, 2009 12:11am
Seems like GU is getting ready to go south i think ?
Attached Image (click to enlarge)
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The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #162,932
  • Sep 3, 2009 12:17am Sep 3, 2009 12:17am
service pmi numbers out in a couple of hrs. could potentially be better than expected at 54.5. which would lead to gbp bouncing upwards.

comments anyone?

long gbp? short gbp? seems directionless at the moment.....
  • #162,933
  • Sep 3, 2009 12:51am Sep 3, 2009 12:51am
Quoting samdani786
Seems like GU is getting ready to go south i think ?
Going Up do you mean?
  • #162,934
  • Sep 3, 2009 12:56am Sep 3, 2009 12:56am
Good day to you all,

Below some different timeframe charts. The 1.6285 to 1.6300 level is currently holding. This due to some resistance levels here, like Monday's close @ 1.6285 and the monthly open price @ 1.6287.

If we break 1.6300 with purpose, 1.6385 could be on the cards.

I am still sitting with a short since yesterday @ 1.6274. As said, will only abandon with a clear break of the 1.6285 to 1.6287 level.
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  • #162,935
  • Sep 3, 2009 1:06am Sep 3, 2009 1:06am
Position reversed. Long since 1.6295 - target 1.6375. Stop moved to B/E

Good trading to all
  • #162,936
  • Sep 3, 2009 1:20am Sep 3, 2009 1:20am
Good Morning Guys & Gals:

I closed my long position yesterday and took profits.
Flat for today and maybe even tomorrow.

Trade Smartly !
Hear the music before the song is over ...
  • #162,937
  • Sep 3, 2009 1:20am Sep 3, 2009 1:20am
Quoting TauTrader
Position reversed. Long since 1.6295 - target 1.6375. Stop moved to B/E

Good trading to all
I'm with you but from 6310. That's because I was really scared, this break is not break in fact like yetsterday, when I lost big money.
-- There's no winner without lose --
  • #162,938
  • Sep 3, 2009 1:24am Sep 3, 2009 1:24am
Candles explode off a 1m chart.
Just watch for a coiling of mma's.
Happens everytime on any tf.

Dr. D.
Attached Image
  • #162,939
  • Sep 3, 2009 1:24am Sep 3, 2009 1:24am
morning,

some blurb for you all.......

Quote
GBP/USD intraday: capped by a negative trend line. Pivot: 1.6325.

Our Preference: SHORT positions @ 1.6315 with 1.62 & 1.6175 as next targets.

Alternative scenario: The upside breakout of 1.6325 will open the way to 1.638 & 1.6425.

Comment: the pair is capped by a MT declining trend line, the RSI is on the downside.

Trend: ST Ltd Upside; MT Range

Key levels Comment

1.6425** Intraday resistance
1.638** Intraday resistance
1.6325** Intraday pivot point
1.6262 Last
1.62** Intraday support
1.6175** Intraday support
1.611** Intraday support
  • #162,940
  • Sep 3, 2009 1:25am Sep 3, 2009 1:25am
Quoting GlobalMacro
Good Morning Guys & Gals:

I closed my long position yesterday and took profits.
Flat for today and maybe even tomorrow.

Trade Smartly !

You went against the grain and made some great pips. What did you see that everyone else didn't see?
90% LOSE, 10% WIN!!!!
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