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Cable Update (GBPUSD)

  • #164,361
  • Sep 9, 2009 6:44am Sep 9, 2009 6:44am
Btw. Navin, what is your risk?
-- There's no winner without lose --
  • #164,362
  • Sep 9, 2009 6:45am Sep 9, 2009 6:45am
Quoting wormboy
you are undercapitalized & abusing your leverage. Your days are numbered, unless you exercise proper risk management.
He definitely won't last in FX. It just a matter of when he finally blows his account, not if.

JamesCZ, listen to this advice and start afresh today, with pre-defined s/l for every trade and more respect for the use of leverage.
  • #164,363
  • Sep 9, 2009 6:49am Sep 9, 2009 6:49am
Still feel like a bit of a pr*ck for asking Wormboy about that Bearish Engulfing candle yesterday.... I thought the "periscope down" note he made was a secret formation I was not aware of...

Anyway - that out of the way....

Attached a 1hr chart. I have marked what I see.

1) Price moved back above the daily opening price. Seems to want to stay above 1.6500 for now.
2) Price reversed this morning on the weekly 50% line @ 1.6451.
3) Strong resistance has formed at the top at 1.654X.

I have thus entered a small long @ 1.6494 with a target @ 1.6540 - if price moves through, then 1.6560

On the 4hr, price has bounced off the 0.382 fib for now, and may be re-testing the UTL @ around 1.6560. Just some thoughts.

Good trading all!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu1.gif Size: 23 KB
Click to Enlarge Name: gu2.gif Size: 19 KB
  • #164,364
  • Sep 9, 2009 6:50am Sep 9, 2009 6:50am
Quoting zameer
hey expecting cable to go down ????????????????????????????????????
nope don't care what direction it will go just want to pick some pips from the movement but what i can see now cable have no confirmation where to go same as EU with up and down +-20pips
  • #164,365
  • Sep 9, 2009 6:53am Sep 9, 2009 6:53am
Quoting JamesCZ
Btw. Navin, what is your risk?
i have 3k in my trading accont and i cant even risk £14 per trade...i will trade 0.1 mini once i get used to live trading, get better at trading like i do on demo..

need to get to that place where i can just pull the trigger and trade without thinking what am i doing..
  • #164,366
  • Sep 9, 2009 6:54am Sep 9, 2009 6:54am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
It seems EU will touch 46200 today and GU 65800-66000.
Only If someone shorts the dollar... :-)
  • #164,367
  • Sep 9, 2009 6:54am Sep 9, 2009 6:54am
Quoting gammase1
He definitely won't last in FX. It just a matter of when he finally blows his account, not if.

JamesCZ, listen to this advice and start afresh today, with pre-defined s/l for every trade and more respect for the use of leverage.
Sorry, but I tried this, defined sl, little leverage...it didn't work for me. Maybe if I could have $10000 in my acc, then yep, I'll try something different. But today, this works for me and as I said, my risk is lower with every successful day.
-- There's no winner without lose --
  • #164,368
  • Sep 9, 2009 6:58am Sep 9, 2009 6:58am
Quoting nAVIN2007
i have 3k in my trading accont and i cant even risk £14 per trade...i will trade 0.1 mini once i get used to live trading, get better at trading like i do on demo..

need to get to that place where i can just pull the trigger and trade without thinking what am i doing..
Hmm, interesting...so you need very big moves to make some money. In fact you must win 200 pips to have same money as me in 20 pips. I think trade with 0.1 mini is really small to make some money...and if you have 3K in your account? Don't understand that...
-- There's no winner without lose --
  • #164,369
  • Sep 9, 2009 6:59am Sep 9, 2009 6:59am
Quoting JamesCZ
Sorry, but I tried this, defined sl, little leverage...it didn't work for me. Maybe if I could have $10000 in my acc, then yep, I'll try something different. But today, this works for me and as I said, my risk is lower with every successful day.
No worries, mate.

I was not having a go at you, but merely pointing out the fact that you will ultimately blow your account trading with high leverage and no s/l, of that there is absolutely no doubt. In fact, I would go long on that possibility with no s/l.

If your current strategy had worked for an extended period, say two years, then I'd have respect and trust your confidence. But you are currently a ticking timebomb.

The way you are trading is often the classic trap that new traders fall into. I sincerely hope that you realise the shortcomings of your current approach and instead remain in the game for the long-term.

Cheers, Paul
  • #164,370
  • Sep 9, 2009 7:04am Sep 9, 2009 7:04am
Quoting gammase1
No worries, mate.

Cheers, Paul
You sound like a typical Aussie
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #164,371
  • Sep 9, 2009 7:06am Sep 9, 2009 7:06am
Quoting Bull_Bear
You sound like a typical Aussie
hahaha.....
  • #164,372
  • Sep 9, 2009 7:06am Sep 9, 2009 7:06am
Quoting gammase1
The way you are trading is often the classic trap that new traders fall into. I sincerely hope that you realise the shortcomings of your current approach and instead remain in the game for the long-term.

Cheers, Paul
Man did I ever learn that in my first couple months of demo Paul..... Exactly Right!!
Ghost Rider - WWTBMD?
  • #164,373
  • Sep 9, 2009 7:06am Sep 9, 2009 7:06am
Quoting JamesCZ
Hmm, interesting...so you need very big moves to make some money. In fact you must win 200 pips to have same money as me in 20 pips. I think trade with 0.1 mini is really small to make some money...and if you have 3K in your account? Don't understand that...
its temporary till im satifisied with my achievement then i will do 0.05 mini lot even on a 3k account this is more than even to make money ....on a 10k account id trade1 mini
i trade of at least 4hr (or like to think so) i cant trade any smaller and my stop are in excess of 50 pips mostly...i cant imagine scalping cause to me its just noise....this is the only way i can give it a go.....

we all different suppose..
  • #164,374
  • Sep 9, 2009 7:08am Sep 9, 2009 7:08am
Quoting gammase1
No worries, mate.

I was not having a go at you, but merely pointing out the fact that you will ultimately blow your account trading with high leverage and no s/l, of that there is absolutely no doubt. In fact, I would go long on that possibility with no s/l.

If your current strategy had worked for an extended period, say two years, then I'd have respect and trust your confidence. But you are currently a ticking timebomb.

The way you are trading is often the classic trap that new traders fall into. I sincerely hope that you realise the shortcomings...
You're right...I trade using this strategy for a month only...and two times I did really bad trade and lost about 40% of my account. But every time it was only my mistake and no patience. What I'm working on now is to be patient and constantly gain about 20-30 pips per day. Nothing more I need this time. I do about 4-5 trades per day, waiting for the right enter and I have to learn exit better and my pip gains can be even doubled...that's how it works for me and if this will last till the end of month, my risk then will be in 5% and guess it's not so much, isn't it?
-- There's no winner without lose --
  • #164,375
  • Sep 9, 2009 7:09am Sep 9, 2009 7:09am
Quoting gammase1
No worries, mate.

I was not having a go at you, but merely pointing out the fact that you will ultimately blow your account trading with high leverage and no s/l, of that there is absolutely no doubt. In fact, I would go long on that possibility with no s/l.

If your current strategy had worked for an extended period, say two years, then I'd have respect and trust your confidence. But you are currently a ticking timebomb.

The way you are trading is often the classic trap that new traders fall into. I sincerely hope that you realise the shortcomings...
  • #164,376
  • Edited 7:21am Sep 9, 2009 7:10am | Edited 7:21am
Quoting albchr
Man did I ever learn that in my first couple months of demo Paul..... Exactly Right!!
Me too, Chris. Unfortunately, I learnt it the expensive way in my first few months of live trading FX. Since then, I'm doing my utmost to extract payback again and again, with lots of added interest, from my broker!
  • #164,377
  • Sep 9, 2009 7:12am Sep 9, 2009 7:12am
Quoting nAVIN2007
its temporary till im satifisied with my achievement then i will do 0.05 mini lot even on a 3k account this is more than even to make money ....on a 10k account id trade1 mini
i trade of at least 4hr (or like to think so) i cant trade any smaller and my stop are in excess of 50 pips mostly...i cant imagine scalping cause to me its just noise....this is the only way i can give it a go.....

we all different suppose..
Yeah, scalping...this is what I was doing last couple of months...on demo and even on my first live account. But now I'm trying to move on bigger moves..it means, now I'm looking at 15m or 1h candles...but my exits are still more like scalping than like bigger trading..but I'm still learning and it'll take a time...hope, my acc won't blow up before I'll learn this
-- There's no winner without lose --
  • #164,378
  • Sep 9, 2009 7:13am Sep 9, 2009 7:13am
Quoting gammase1
hahaha.....
I should say you sound like a typical Aussie, but your a geezer. Now I sound like a pom.

Whats doin' Gam man, dame slow day in the trenches. Whats your bias today bro? I'm holding long.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #164,379
  • Sep 9, 2009 7:19am Sep 9, 2009 7:19am
Quoting Bull_Bear
I should say you sound like a typical Aussie, but your a geezer. Now I sound like a pom.

Whats doin' Gam man, dame slow day in the trenches. Whats your bias today bro? I got holding long.
Me long since break of 6450 (sorry WB), even though I lack real conviction for being this side of the trade, so I'm trading with caution, targeting smaller gains than usual. An hourly close below 6440 will cause me to close longs and sit on the sidelines.

But the market is still in the mood for risk right now and the dollar remains offered, so I can't be arsed to argue with the majority.

As I posted last week, 6450 was the short-term line in the sand for me. I will gain confidence with this upside move if 6600 is taken out and price closes above, otherwise I'll likely be joining Azim and the dancing bear!

Good luck BB.
  • #164,380
  • Sep 9, 2009 7:23am Sep 9, 2009 7:23am
Quoting gammase1
Me too, Chris. Unfortunately, I learnt it the expensive way in my first few months of live trading FX. Since then, I'm doing my utmost to extract payback from my broker!
Yep, I'm an official member of the FX Road Rash club too Paul. Slightly more than doubled my account the first month. Withdrew my bill money and then being so full of myself and my "expertise" .... I proceeded directly to blowing 25% the second month.

I've since learned not to stand "on" the tracks waiting for the train...
Ghost Rider - WWTBMD?
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