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Cable Update (GBPUSD)

  • #166,961
  • Sep 18, 2009 4:41am Sep 18, 2009 4:41am
Quoting PipVip
It is not breaking resistance at 1.6349
I am now closing all my long positions and REVERSING my long term trend of GBPUSD
I am now officially Short.
I stand corrected, it broke!
I guess I'll be accumulating longs again.
Officially Long.
  • #166,962
  • Sep 18, 2009 4:43am Sep 18, 2009 4:43am
Quoting gammase1
Ahoj James,

Sorry for your loss. We've all been there, mate.

However, this is a setback - a part of the learning curve - and needn't be the end of the road in your trading journey.

Take a break from the market, analyse your trades and what went wrong and why. Be totally honest with yourself and accept that high leverage and no stops is a totally flawed system, as is taking profit once a trade moves a few pips into the green.

It's no use saying "I can't make any money trading with smaller sizes", as the fact remains that you stand...
.....I'm living proof of this...
Ghost Rider - WWTBMD?
  • #166,963
  • Sep 18, 2009 4:45am Sep 18, 2009 4:45am
Quoting Ifty
Same to you bro. Wishing you the best of health and happiness.
amin ya r0bbal 'alamin..
spirit 0f pipping
  • #166,964
  • Sep 18, 2009 4:47am Sep 18, 2009 4:47am
Quoting albchr
.....I'm living proof of this...
I think we'll always be prone to bad days, or even the odd bad week, when trading, Chris. It's how we deal with these setbacks that shape our chances of success in the future.

I think it's dangerous for new traders to read some of the "I always make 50 pips a day" type of BS, as it downplays how difficult this game is and how disciplined and mentally strong we need to be, particularly when it comes to accepting, and coming back from, losses.
  • #166,965
  • Sep 18, 2009 4:49am Sep 18, 2009 4:49am
Hey Folks,

Thanks to the advice of Paul (Gammase1) and some others, I'm now using IGIndex and what a difference! I can now lose 5% of my account instead of 40% from lower pip requirements - was £1 a pip... now 10p a pip, yay.

So now I'm gonna get to the bottom of why I'm calling the opposite of what the market is doing.... I wasn't like this last year and I just can't figure it out.... may need to start from humble basics.

Thx
A pip is only worth it if you know how much you risked to earn it
  • #166,966
  • Sep 18, 2009 4:49am Sep 18, 2009 4:49am
Quoting JamesCZ
Thank you Nav. I'll try to stay cool and keep doing the same things I did before...just with one little change - I'll take loss maybe more times than I did before. Cause if I did it, my acc ballance could be much better...but there's no winner without loss.
yur equity curve was very consistant....the way it should be, it means whatever u did was consistant and therefore showed in your balance sheet....

im completely different....im very spontaneous by nature, and these changes are reflected in my trading....thats my demon i need to overcome...dont worry, u did it b4 u can do it again....

i need to work on a trading plan..on taking setups...which are familiar...
be lucky
  • #166,967
  • Sep 18, 2009 4:49am Sep 18, 2009 4:49am
Quoting gammase1
Ahoj James,

Sorry for your loss. We've all been there, mate.

However, this is a setback - a part of the learning curve - and needn't be the end of the road in your trading journey.

Take a break from the market, analyse your trades and what went wrong and why. Be totally honest with yourself and accept that high leverage and no stops is a totally flawed system, as is taking profit once a trade moves a few pips into the green.

It's no use saying "I can't make any money trading with smaller sizes", as the fact remains that you stand even...
Thanks Paul. I will try to think where was the problem, but my system worked in demo and it really fits me. But you're absolutely right, that I must use stops. And in fact, I will add this to my system. No mental stops, but real stops.

But as you say my leverage is too big...don't know what to say, but I don't have so much money to put to this job and have appropriate leverage. And have few dollar profits for hours of watching the graphs, it's not my style.

So I'll keep doing my system, I trust it...just will add stops to avoid what happened today. If two falls will come per month and I'll avoid them by SL's, it will still be good system.

Thanks again for your words!
-- There's no winner without lose --
  • #166,968
  • Sep 18, 2009 4:53am Sep 18, 2009 4:53am
hello to allz
EId mubarak WOrmie
  • #166,969
  • Sep 18, 2009 4:56am Sep 18, 2009 4:56am
Quoting gammase1
I think we'll always be prone to bad days, or even the odd bad week, when trading, Chris. It's how we deal with these setbacks that shape our chances of success in the future.

I think it's dangerous for new traders to read some of the "I always make 50 pips a day" type of BS, as it downplays how difficult this game is and how disciplined and mentally strong we need to be, particularly when it comes to accepting, and coming back from, losses.
I agree 100% Paul. While I was studying and learning I came across a point that really hit home with me and stuck. The whole reason behind not over leveraging or risking too much % per trade is so you can survive that string of 10 or more straight losses without blowing the account.

I haven't had 10 straight looses yet (my worst week was 6) but given enough time in this business the odds are high I/everyone will.

Edit: Closed my 6300 long at 6356. Waiting for another seat. Short on EJ at 134.20 and looking for 133.70.
Ghost Rider - WWTBMD?
  • #166,970
  • Sep 18, 2009 4:56am Sep 18, 2009 4:56am
Quoting nAVIN2007
yur equity curve was very consistant....the way it should be, it means whatever u did was consist and therefore showed in your balance sheet....

im completely different....im very spontaneous by nature, and these changes are reflected in my trading....that my deamon i need to overcome...dont worry, u did it b4 u can do it again....

i need to work on a trading plan..on taking setups...which are familiar...
be lucky
I was spontaneous as well, even if I'm very steady person in real life. But I've lost 4 accounts, more than year before, so I said myself stop and tried to develope new system and take a rest. Now I'm back, with my "20-30 pips per day" system. I find out how my trades was and how my head is working and this just fits me. The only bad thing was I didn't use any SLs. Now I'll use them and hope this will help me to get back up and stay there.

GL to you as well, I remember you from the year before from this forum
-- There's no winner without lose --
  • #166,971
  • Sep 18, 2009 4:57am Sep 18, 2009 4:57am
Quoting wormboy
Well that's how interpret it!
You know I generally pull it off from H4 confirmations, who the hell do you think that hotshot 1 minute trader was taking his potshots at? lol

But anyway here's the weekly charts I've been working from. I interpreted it as bearish too, don't think I'm wrong either because it's been working out fine for me this week so far:

I hope it's to your satisfaction boss
Thanks WB, but I have to respectfully disagree.
We are in a consolidation zone atm.
Last 2 weeks were quite bullish and at 1.6760 nothing and I mean nothing indicated a downtrend.

Having said that, I have nothing against countertrend trading,in fact it can be extremely lucrative.

As a matter of fact, if you remember, I myself bought @ 1.6100 against the trend after 4 weeks of falling prices when all you guys were screaming sell to 1.5300 and it went up to 1.6700.

But I never said we were in an uptrend when I did so then.

You also traded counter last 2 week's trend and you have been successful, Hats off to you, Sir!

However, I maintain we were not in an overall downtrend when you did so, that's all.
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Hear the music before the song is over ...
  • #166,972
  • Sep 18, 2009 5:02am Sep 18, 2009 5:02am
This can be such a hard business and it really does come down to trying to execute your plan with impunity with the optimum money management. for your trading edge.

patience and discipline are key to this and for some it is natural for some it is skill that has to be learned. From a technical edge persepective be under no doubt it is the confluence of tech factors where the highest probability trading opportunities generally occur over time.

Look now at the area circled below, a previous 1hr swing lo=previous support=potential sbr zone...drop down to 15min and what do you see...hidden divergence in the oscillators ...and then time entry on 1min on the regular divergence set-up....this can be done on any combination of time frames, but the technical confluence of potential sbr with oscillator divergence and a price action trigger is Confluence and that's where the highest probability lies.. (this is a 1min trigger so only taken 10pips as no convincing follow thru) ie let price action inform your trading decisions.

http://i25.tinypic.com/2ltj4vd.gif
ex member
  • #166,973
  • Sep 18, 2009 5:04am Sep 18, 2009 5:04am
Quoting JamesCZ
I was spontaneous as well, even if I'm very steady person in real life. But I've lost 4 accounts, more than year before, so I said myself stop and tried to develope new system and take a rest. Now I'm back, with my "20-30 pips per day" system. I find out how my trades was and how my head is working and this just fits me. The only bad thing was I didn't use any SLs. Now I'll use them and hope this will help me to get back up and stay there.

GL to you as well, I remember you from the year before from this forum
  • #166,974
  • Sep 18, 2009 5:08am Sep 18, 2009 5:08am
Price action and support/resistance are the 2 most reliable constants in technical trading...base your trading decisions on them...look at the 6297 current lows, a previous 1hr and 4hr swing lo zone, ie a previous near-term obvious imbalance of demand/supply that when re-tested with the confluence of the bottom decscending channel and bids confirmed in the area by a 3rd party (mni) offered a hi-probability trading opp that some took advantage of.) ie confluence of 2 x potential supp/res factors on more than a t/f...What was the trigger? well there was oscillator bullish divergence patterns to 15min and a price action confirm on 1min, 5min and the 15min, the latter being a bullish engulfing pattern...so there again confluence with osc divergence to 3 t/f's under that the potential support first appears on.

G/L
ex member
  • #166,975
  • Sep 18, 2009 5:12am Sep 18, 2009 5:12am
from now on my taking a back seat in this forum.....im keeping it zipped

which u will be all pleased to know
  • #166,976
  • Sep 18, 2009 5:16am Sep 18, 2009 5:16am
Quoting nAVIN2007
from now on my taking a back seat in this forum.....im keeping it zipped

which u will be all pleased to know
Hey buddy. Why? I hope not. I enjoy your input and your humor...
Ghost Rider - WWTBMD?
  • #166,977
  • Sep 18, 2009 5:16am Sep 18, 2009 5:16am
Quoting gammase1
I think we'll always be prone to bad days, or even the odd bad week, when trading, Chris. It's how we deal with these setbacks that shape our chances of success in the future.

I think it's dangerous for new traders to read some of the "I always make 50 pips a day" type of BS, as it downplays how difficult this game is and how disciplined and mentally strong we need to be, particularly when it comes to accepting, and coming back from, losses.

seem easy in dream world....reality different story!
  • #166,978
  • Sep 18, 2009 5:18am Sep 18, 2009 5:18am
Quoting albchr
Hey buddy. Why? I hope not. I enjoy your input and your humor...
thanks buddy..
  • #166,979
  • Sep 18, 2009 5:18am Sep 18, 2009 5:18am
Quoting nAVIN2007
from now on my taking a back seat in this forum.....im keeping it zipped

which u will be all pleased to know
That's a shame, Navin. I enjoy your input...
  • #166,980
  • Sep 18, 2009 5:20am Sep 18, 2009 5:20am
Quoting nAVIN2007
seem easy in dream world....reality different story!
bro...you were pushing all the right buttons....it was this surprise stress test news that shocked the market...believe me even the so-called "Big Bad Boys" (Sorry Paul, I had to say that!!!...lol) got screwed!

Chin up bro...and remember we have to show it to them Invisibles...huh...

We Are The Good Guys!!!
Hear the music before the song is over ...
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